# EDGAR Filing Document

**Accession Number:** 0001126087
**File Stem:** 0001193125-25-196817
**Filing Date:** 2025-9
**Character Count:** 5232922
**Document Hash:** ae119556f2e9b2ef6baf144315cc0f0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196817.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196817

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 171

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brighthouse Funds Trust I
- **CENTRAL INDEX KEY:** 0001126087

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10183
- **FILM NUMBER:** 251295480

**BUSINESS ADDRESS:**
- **STREET 1:** BRIGHTHOUSE INVESTMENT ADVISERS, LLC
- **STREET 2:** 11225 NORTH COMMUNITY HOUSE RD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277
- **BUSINESS PHONE:** 9809495121

**MAIL ADDRESS:**
- **STREET 1:** BRIGHTHOUSE INVESTMENT ADVISERS, LLC
- **STREET 2:** 11225 NORTH COMMUNITY HOUSE RD
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28277

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MET INVESTORS SERIES TRUST
- **DATE OF NAME CHANGE:** 20001010

## Series and Classes Contracts Data

### Invesco Small Cap Growth Portfolio (Series ID: S000011082)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030546 | Class A      |  |
| C000030547 | Class B      |  |
| C000030549 | Class E      |  |

### Loomis Sayles Growth Portfolio (Series ID: S000011083)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030551 | Class A      |  |
| C000030552 | Class B      |  |
| C000030554 | Class E      |  |

### T. Rowe Price Large Cap Value Portfolio (Series ID: S000011088)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030576 | Class A      |  |
| C000030577 | Class B      |  |
| C000030579 | Class E      |  |

### Morgan Stanley Discovery Portfolio (Series ID: S000011089)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030581 | Class A      |  |
| C000030582 | Class B      |  |
| C000030584 | Class E      |  |

### Victory Sycamore Mid Cap Value Portfolio (Series ID: S000011090)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030586 | Class A      |  |
| C000030587 | Class B      |  |
| C000030589 | Class E      |  |

### JPMorgan Core Bond Portfolio (Series ID: S000011093)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030600 | Class A      |  |
| C000030601 | Class B      |  |

### MFS Research International Portfolio (Series ID: S000011096)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030615 | Class A      |  |
| C000030616 | Class B      |  |
| C000030618 | Class E      |  |

### CBRE Global Real Estate Portfolio (Series ID: S000011097)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030620 | Class A      |  |
| C000030621 | Class B      |  |
| C000030623 | Class E      |  |

### PIMCO Inflation Protected Bond Portfolio (Series ID: S000011099)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030630 | Class A      |  |
| C000030631 | Class B      |  |
| C000030633 | Class E      |  |

### PIMCO Total Return Portfolio (Series ID: S000011100)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030635 | Class A      |  |
| C000030636 | Class B      |  |
| C000030638 | Class E      |  |

### T. Rowe Price Mid Cap Growth Portfolio (Series ID: S000011103)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030650 | Class A      |  |
| C000030651 | Class B      |  |
| C000030653 | Class E      |  |

### American Funds Growth Portfolio (Series ID: S000011104)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030657 | Class C      |  |

### Brighthouse Small Cap Value Portfolio (Series ID: S000011105)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030660 | Class A      |  |
| C000030661 | Class B      |  |

### Invesco Comstock Portfolio (Series ID: S000011107)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030670 | Class A      |  |
| C000030671 | Class B      |  |

### Brighthouse Asset Allocation 100 Portfolio (Series ID: S000011109)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030680 | Class A      |  |
| C000030681 | Class B      |  |

### SSGA Growth and Income ETF Portfolio (Series ID: S000011112)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030695 | Class A      |  |
| C000030696 | Class B      |  |
| C000030698 | Class E      |  |

### SSGA Growth ETF Portfolio (Series ID: S000011113)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030700 | Class A      |  |
| C000030701 | Class B      |  |
| C000030703 | Class E      |  |

### Allspring Mid Cap Value Portfolio (Series ID: S000011114)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030705 | Class A      |  |
| C000030706 | Class B      |  |

### Harris Oakmark International Portfolio (Series ID: S000011115)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030710 | Class A      |  |
| C000030711 | Class B      |  |
| C000030713 | Class E      |  |

### JPMorgan Small Cap Value Portfolio (Series ID: S000011118)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030725 | Class A      |  |
| C000030726 | Class B      |  |

### BlackRock High Yield Portfolio (Series ID: S000011123)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030750 | Class A      |  |
| C000030751 | Class B      |  |

### Loomis Sayles Global Allocation Portfolio (Series ID: S000011124)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030755 | Class A      |  |
| C000030756 | Class B      |  |

### Brighthouse/Wellington Large Cap Research Portfolio (Series ID: S000011125)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000030760 | Class A      |  |
| C000030761 | Class B      |  |
| C000030763 | Class E      |  |

### Invesco Global Equity Portfolio (Series ID: S000021940)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000063048 | Class B      |  |
| C000063050 | Class E      |  |
| C000063051 | Class A      |  |

### American Funds Moderate Allocation Portfolio (Series ID: S000021942)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000063057 | Class B      |  |
| C000063058 | Class C      |  |

### American Funds Balanced Allocation Portfolio (Series ID: S000021943)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000063060 | Class B      |  |
| C000063061 | Class C      |  |

### American Funds Aggressive Allocation Portfolio (Series ID: S000021944)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000063063 | Class B      |  |
| C000063064 | Class C      |  |

### Brighthouse/Templeton International Bond Portfolio (Series ID: S000025336)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075557 | Class A      |  |
| C000075558 | Class B      |  |

### Brighthouse/Eaton Vance Floating Rate Portfolio (Series ID: S000028757)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000088087 | Class A      |  |
| C000088088 | Class B      |  |

### PanAgora Global Diversified Risk Portfolio (Series ID: S000032434)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000100071 | Class B      |  |

### AB Global Dynamic Allocation Portfolio (Series ID: S000032435)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000100075 | Class B      |  |

### BlackRock Global Tactical Strategies Portfolio (Series ID: S000032436)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000100078 | Class B      |  |

### Brighthouse Balanced Plus Portfolio (Series ID: S000032437)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000100083 | Class B      |  |

### Brighthouse/Franklin Low Duration Total Return Portfolio (Series ID: S000032438)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000100086 | Class A      |  |
| C000100087 | Class B      |  |

### Western Asset Management Government Income Portfolio (Series ID: S000032439)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000100091 | Class B      |  |

### Invesco Balanced-Risk Allocation Portfolio (Series ID: S000036840)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112664 | Class B      |  |

### JPMorgan Global Active Allocation Portfolio (Series ID: S000036841)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112668 | Class B      |  |

### Schroders Global Multi-Asset Portfolio (Series ID: S000036842)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112671 | Class B      |  |

### MetLife Multi-Index Targeted Risk Portfolio (Series ID: S000038859)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000119619 | Class B      |  |

### Brighthouse/Artisan International Portfolio (Series ID: S000045259)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000140956 | Class A      |  |
| C000140957 | Class B      |  |

### TCW Core Fixed Income Portfolio (Series ID: S000049130)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154912 | Class A      |  |
| C000154913 | Class B      |  |

### AB International Bond Portfolio (Series ID: S000065170)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210964 | Class B      |  |
| C000210967 | Class A      |  |

### SSGA Emerging Markets Enhanced Index Portfolio (Series ID: S000065171)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210968 | Class B      |  |
| C000210971 | Class A      |  |

?xml version='1.0' encoding='ASCII'? Brighthouse Funds Trust I

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-10183

## BRIGHTHOUSE FUNDS TRUST I

#### (Exact name of registrant as specified in charter)

#### 11225 North Community House Rd.

#### Charlotte, NC 28277

#### (Address of principal executive offices) (zip code)

#### Kristi Slavin

#### c/o Brighthouse Investment Advisers, LLC

#### 11225 North Community House Rd.

#### Charlotte, NC 28277

#### (Name and address of agent for service)

#### Copy to:

#### Brian D. McCabe, Esq.

#### Ropes and Gray LLP

#### Prudential Tower

#### 800 Boylston Street

#### Boston, MA 02199

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

#### Date of fiscal year end: December 31

#### Date of reporting period: June 30, 2025

------

#### Item 1. Reports to Shareholders.
(a) The Reports to Shareholders are attached herewith.

# Brighthouse Funds Trust I

# AB Global Dynamic Allocation Portfolio: Class B
![Image](g847693i57c8777a487126299751.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the AB Global Dynamic Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $47 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,746,789,270

* # of Portfolio Investments1,783

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$5,344,362

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 2.8 |
| Microsoft Corp. | 2.7 |
| Apple, Inc. | 2.2 |
| Amazon.com, Inc. | 1.5 |
| Alphabet, Inc. | 1.3 |
| Meta Platforms, Inc. | 1.2 |
| Broadcom, Inc. | 0.9 |
| Berkshire Hathaway, Inc. | 0.6 |
| Tesla, Inc. | 0.6 |
| JPMorgan Chase & Co. | 0.6 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 19.3 |
| U.S. Treasury Bonds | 7.7 |
| French Republic Government Bonds OAT | 1.3 |
| Federal National Mortgage Association | 1.2 |
| Japan Government Two Year Bonds | 1 |
| Italy Buoni Poliennali Del Tesoro | 1 |
| U.K. Gilts | 0.7 |
| Bundesrepublik Deutschland Bundesanleihe | 0.6 |
| Spain Government Bonds | 0.5 |
| Japan Government Twenty Year Bonds | 0.5 |

---

### Top 10 Countries
![Group By Country Chart](g847693i1592b5a50981af530b01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.9 |
| Switzerland | 0.9 |
| Spain | 1 |
| Italy | 1.5 |
| Australia | 1.6 |
| United Kingdom | 2.7 |
| Germany | 2.7 |
| France | 2.9 |
| Japan | 6 |
| United States | 71.7 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i236f2e2ab114995d2430.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Companies | 0.0<sup>Footnote Reference\*</sup> |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Short-Term Investments | 2.3 |
| Foreign Government | 8.5 |
| U.S. Treasury & Government Agencies | 29.2 |
| Common Stocks | 58.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# AB International Bond Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the AB International Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $31 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$408,271,086

* # of Portfolio Investments654

* Portfolio Turnover Rate60%

* Total Advisory Fees Paid$1,126,930

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Japan Government Two Year Bonds | 3.9 |
| Petroleos Mexicanos | 3.6 |
| China Government Bonds | 3.4 |
| U.K. Gilts | 2.9 |
| Dominican Republic International Bonds | 2.3 |
| Canada Government Bonds | 2.1 |
| Japan Government Five Year Bonds | 1.9 |
| Colombia Government International Bonds | 1.9 |
| Italy Buoni Poliennali Del Tesoro | 1.9 |
| Hungary Government International Bonds | 1.8 |

---

### Asset Allocation
![Group By Sector Chart](g847693i23871bc8c28a115d247e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury & Government Agencies | 0.2 |
| Agency Sponsored Mortgage-Backed Securities | 1.1 |
| Non-Agency Mortgage-Backed Securities | 1.2 |
| Asset-Backed Securities | 1.5 |
| Short-Term Investments | 2.6 |
| Corporate Bonds & Notes | 33.4 |
| Foreign Government | 59.4 |

---

### Top 10 Countries
![Group By Country Chart](g847693ieedc175b8d4ffa7b1ced.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Brazil | 2.4 |
| Turkey | 3.4 |
| Colombia | 3.5 |
| France | 4.0 |
| Canada | 4.1 |
| China | 4.4 |
| United Kingdom | 5.6 |
| Mexico | 5.7 |
| United States | 6.7 |
| Japan | 9.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# AB International Bond Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the AB International Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $44 | 0.87%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$408,271,086

* # of Portfolio Investments654

* Portfolio Turnover Rate60%

* Total Advisory Fees Paid$1,126,930

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Japan Government Two Year Bonds | 3.9 |
| Petroleos Mexicanos | 3.6 |
| China Government Bonds | 3.4 |
| U.K. Gilts | 2.9 |
| Dominican Republic International Bonds | 2.3 |
| Canada Government Bonds | 2.1 |
| Japan Government Five Year Bonds | 1.9 |
| Colombia Government International Bonds | 1.9 |
| Italy Buoni Poliennali Del Tesoro | 1.9 |
| Hungary Government International Bonds | 1.8 |

---

### Asset Allocation
![Group By Sector Chart](g847693i80c4c7016ac25fa823d7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury & Government Agencies | 0.2 |
| Agency Sponsored Mortgage-Backed Securities | 1.1 |
| Non-Agency Mortgage-Backed Securities | 1.2 |
| Asset-Backed Securities | 1.5 |
| Short-Term Investments | 2.6 |
| Corporate Bonds & Notes | 33.4 |
| Foreign Government | 59.4 |

---

### Top 10 Countries
![Group By Country Chart](g847693i5ccf0f8f67ca6e461b29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Brazil | 2.4 |
| Turkey | 3.4 |
| Colombia | 3.5 |
| France | 4.0 |
| Canada | 4.1 |
| China | 4.4 |
| United Kingdom | 5.6 |
| Mexico | 5.7 |
| United States | 6.7 |
| Japan | 9.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Allspring Mid Cap Value Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Allspring Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$308,017,770

* # of Portfolio Investments88

* Portfolio Turnover Rate19%

* Total Advisory Fees Paid$998,133

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Keurig Dr. Pepper, Inc. | 3.1 |
| AerCap Holdings NV | 2.9 |
| American Electric Power Co., Inc. | 2.9 |
| CBRE Group, Inc. | 2.8 |
| Labcorp Holdings, Inc. | 2.7 |
| Carlisle Cos., Inc. | 2.6 |
| Arch Capital Group Ltd. | 2.5 |
| Vulcan Materials Co. | 2.4 |
| Jefferies Financial Group, Inc. | 2.4 |
| Brown & Brown, Inc. | 2.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693idec154c637195680ae15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 5.1 |
| Consumer Staples | 5.7 |
| Energy | 5.8 |
| Consumer Discretionary | 6.2 |
| Utilities | 7.0 |
| Real Estate | 8.8 |
| Materials | 9.2 |
| Health Care | 9.6 |
| Financials | 16.2 |
| Industrials | 24.2 |

---

### Top Countries
![Group By Country Chart](g847693id980a785d6d742baf87c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 1.1 |
| Canada | 2.0 |
| Ireland | 2.9 |
| United States | 91.6 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Allspring Mid Cap Value Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Allspring Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $49 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$308,017,770

* # of Portfolio Investments88

* Portfolio Turnover Rate19%

* Total Advisory Fees Paid$998,133

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Keurig Dr. Pepper, Inc. | 3.1 |
| AerCap Holdings NV | 2.9 |
| American Electric Power Co., Inc. | 2.9 |
| CBRE Group, Inc. | 2.8 |
| Labcorp Holdings, Inc. | 2.7 |
| Carlisle Cos., Inc. | 2.6 |
| Arch Capital Group Ltd. | 2.5 |
| Vulcan Materials Co. | 2.4 |
| Jefferies Financial Group, Inc. | 2.4 |
| Brown & Brown, Inc. | 2.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693ied88008207b1418b3e76.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 5.1 |
| Consumer Staples | 5.7 |
| Energy | 5.8 |
| Consumer Discretionary | 6.2 |
| Utilities | 7.0 |
| Real Estate | 8.8 |
| Materials | 9.2 |
| Health Care | 9.6 |
| Financials | 16.2 |
| Industrials | 24.2 |

---

### Top Countries
![Group By Country Chart](g847693i201d1e2d3885dfb03247.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 1.1 |
| Canada | 2.0 |
| Ireland | 2.9 |
| United States | 91.6 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Aggressive Allocation Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the American Funds<sup>®</sup> Aggressive Allocation Portfolio (formerly, American Funds<sup>®</sup> Growth Allocation Portfolio) (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $17 | 0.32%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,936,659,206

* # of Portfolio Investments14

* Portfolio Turnover Rate6%

* Total Advisory Fees Paid$881,193

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds AMCAP Fund, Class R-6 | 11.6 |
| American Funds Fundamental Investors Fund, Class R-6 | 11.1 |
| American Funds International Growth & Income Fund, Class R-6 | 11.0 |
| American Funds Growth Fund, Class 1 | 10.6 |
| American Funds Growth-Income Fund, Class 1 | 10.1 |
| American Funds Washington Mutual Investors Fund, Class 1 | 10.1 |
| American Funds International Fund, Class 1 | 9.1 |
| American Funds American Mutual Fund, Class R-6 | 9.0 |
| American Funds Smallcap World Fund, Inc., Class R6 | 5.1 |
| American Funds The Bond Fund of America, Class 1 | 4.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693if6d1cee5f71ee1023ee3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Global Fixed Income | 1.5 |
| High Yield Fixed Income | 1.9 |
| Emerging Market Equities | 3.0 |
| Global Equities | 5.1 |
| Investment Grade Fixed Income | 5.9 |
| International Developed Market Equities | 20.1 |
| U.S. Large Cap Equities | 62.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Aggressive Allocation Portfolio: Class C
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the American Funds<sup>®</sup> Aggressive Allocation Portfolio (formerly, American Funds<sup>®</sup> Growth Allocation Portfolio) (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $32 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,936,659,206

* # of Portfolio Investments14

* Portfolio Turnover Rate6%

* Total Advisory Fees Paid$881,193

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds AMCAP Fund, Class R-6 | 11.6 |
| American Funds Fundamental Investors Fund, Class R-6 | 11.1 |
| American Funds International Growth & Income Fund, Class R-6 | 11.0 |
| American Funds Growth Fund, Class 1 | 10.6 |
| American Funds Growth-Income Fund, Class 1 | 10.1 |
| American Funds Washington Mutual Investors Fund, Class 1 | 10.1 |
| American Funds International Fund, Class 1 | 9.1 |
| American Funds American Mutual Fund, Class R-6 | 9.0 |
| American Funds Smallcap World Fund, Inc., Class R6 | 5.1 |
| American Funds The Bond Fund of America, Class 1 | 4.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693id3e3a00e48c34cb6750b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Global Fixed Income | 1.5 |
| High Yield Fixed Income | 1.9 |
| Emerging Market Equities | 3.0 |
| Global Equities | 5.1 |
| Investment Grade Fixed Income | 5.9 |
| International Developed Market Equities | 20.1 |
| U.S. Large Cap Equities | 62.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Balanced Allocation Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the American Funds<sup>®</sup> Balanced Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $17 | 0.32%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$4,048,959,117

* # of Portfolio Investments14

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$1,160,181

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds The Bond Fund of America, Class 1 | 13.1 |
| American Funds U.S. Government Securities Fund, Class R-6 | 10.3 |
| American Funds Growth-Income Fund, Class 1 | 9.1 |
| American Funds International Growth & Income Fund, Class R-6 | 8.7 |
| American Funds Growth Fund, Class 1 | 8.6 |
| American Funds Fundamental Investors Fund, Class R-6 | 8.1 |
| American Funds AMCAP Fund, Class R-6 | 8.1 |
| American Funds Washington Mutual Investors Fund, Class 1 | 8.0 |
| American Funds American Mutual Fund, Class R-6 | 7.0 |
| American Funds International Fund, Class 1 | 6.8 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i94b5f4a8767dc98f1942.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 2.0 |
| Global Fixed Income | 2.7 |
| Global Equities | 3.0 |
| High Yield Fixed Income | 4.5 |
| International Developed Market Equities | 15.6 |
| Investment Grade Fixed Income | 23.4 |
| U.S. Large Cap Equities | 48.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Balanced Allocation Portfolio: Class C
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the American Funds<sup>®</sup> Balanced Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $32 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$4,048,959,117

* # of Portfolio Investments14

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$1,160,181

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds The Bond Fund of America, Class 1 | 13.1 |
| American Funds U.S. Government Securities Fund, Class R-6 | 10.3 |
| American Funds Growth-Income Fund, Class 1 | 9.1 |
| American Funds International Growth & Income Fund, Class R-6 | 8.7 |
| American Funds Growth Fund, Class 1 | 8.6 |
| American Funds Fundamental Investors Fund, Class R-6 | 8.1 |
| American Funds AMCAP Fund, Class R-6 | 8.1 |
| American Funds Washington Mutual Investors Fund, Class 1 | 8.0 |
| American Funds American Mutual Fund, Class R-6 | 7.0 |
| American Funds International Fund, Class 1 | 6.8 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i408e3f81b5927ff84c0e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 2.0 |
| Global Fixed Income | 2.7 |
| Global Equities | 3.0 |
| High Yield Fixed Income | 4.5 |
| International Developed Market Equities | 15.6 |
| Investment Grade Fixed Income | 23.4 |
| U.S. Large Cap Equities | 48.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

![Image](g847693i899af2ee991b966631dc.jpg)

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Growth Portfolio: Class C

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the American Funds<sup>®</sup> Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment. The expense table below reflects the expenses of both the American Funds Growth Portfolio (the "Feeder Fund") and the Master Fund.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $47 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,974,405,348

* # of Portfolio Investments1

* Portfolio Turnover Rate6%

* Total Advisory Fees Paid$0

## What did the Portfolio invest in?
The tables below show the investment make up of American Funds Insurance Series Growth Fund (the Master Fund), in which the Feeder Fund invests, representing a percentage of total net assets.

### Top Equity Holdings

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 9.3 |
| NVIDIA Corp. | 5.1 |
| Microsoft Corp. | 4.7 |
| Tesla, Inc. | 4.7 |
| Netflix, Inc. | 4.4 |
| Broadcom, Inc. | 4.2 |
| Alphabet, Inc. | 4.0 |
| Amazon.com, Inc. | 2.4 |
| TransDigm Group, Inc. | 2.1 |
| Intuitive Surgical, Inc. | 2.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i6719d3baecf00e22d757.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7 |
| Materials | 1.4 |
| Energy | 2.0 |
| Consumer Staples | 2.0 |
| Financials | 8.0 |
| Industrials | 10.5 |
| Health Care | 11.1 |
| Consumer Discretionary | 13.8 |
| Communication Services | 20.0 |
| Information Technology | 27.4 |

---

### Top 10 Countries
![Group By Country Chart](g847693i91b728d54ba1456f6563.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 0.2 |
| Mexico | 0.2 |
| United Kingdom | 0.3 |
| Denmark | 0.3 |
| Netherlands | 0.3 |
| South Korea | 0.5 |
| France | 0.7 |
| Taiwan | 0.9 |
| Canada | 3.9 |
| United States | 89.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Moderate Allocation Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the American Funds<sup>®</sup> Moderate Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $17 | 0.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,946,674,353

* # of Portfolio Investments14

* Portfolio Turnover Rate4%

* Total Advisory Fees Paid$658,793

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds U.S. Government Securities Fund, Class R-6 | 18.8 |
| American Funds The Bond Fund of America, Class 1 | 18.3 |
| American Funds Growth-Income Fund, Class 1 | 8.1 |
| American Funds Washington Mutual Investors Fund, Class 1 | 8.1 |
| American Funds American Mutual Fund, Class R-6 | 8.1 |
| American Funds International Growth & Income Fund, Class R-6 | 6.5 |
| American Funds High-Income Trust Fund, Class R-6 | 5.7 |
| American Funds International Fund, Class 1 | 5.6 |
| American Funds Growth Fund, Class 1 | 5.1 |
| American Funds AMCAP Fund, Class R-6 | 5.1 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i92b92ecb910ad9674a87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 1 |
| Global Equities | 1 |
| Global Fixed Income | 3.5 |
| High Yield Fixed Income | 5.7 |
| International Developed Market Equities | 12.1 |
| Investment Grade Fixed Income | 37.2 |
| U.S. Large Cap Equities | 39.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# American Funds<sup>®</sup> Moderate Allocation Portfolio: Class C
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the American Funds<sup>®</sup> Moderate Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $32 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,946,674,353

* # of Portfolio Investments14

* Portfolio Turnover Rate4%

* Total Advisory Fees Paid$658,793

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| American Funds U.S. Government Securities Fund, Class R-6 | 18.8 |
| American Funds The Bond Fund of America, Class 1 | 18.3 |
| American Funds Growth-Income Fund, Class 1 | 8.1 |
| American Funds Washington Mutual Investors Fund, Class 1 | 8.1 |
| American Funds American Mutual Fund, Class R-6 | 8.1 |
| American Funds International Growth & Income Fund, Class R-6 | 6.5 |
| American Funds High-Income Trust Fund, Class R-6 | 5.7 |
| American Funds International Fund, Class 1 | 5.6 |
| American Funds Growth Fund, Class 1 | 5.1 |
| American Funds AMCAP Fund, Class R-6 | 5.1 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i3f87e7ee9f5574a6c54d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 1 |
| Global Equities | 1 |
| Global Fixed Income | 3.5 |
| High Yield Fixed Income | 5.7 |
| International Developed Market Equities | 12.1 |
| Investment Grade Fixed Income | 37.2 |
| U.S. Large Cap Equities | 39.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# BlackRock Global Tactical Strategies Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the BlackRock Global Tactical Strategies Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $45 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,910,929,825

* # of Portfolio Investments83

* Portfolio Turnover Rate8%

* Total Advisory Fees Paid$8,790,807

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| iShares Core MSCI EAFE ETF | 24.5 |
| Vanguard Total Bond Market ETF | 20 |
| iShares Core S&P 500 ETF | 19.6 |
| iShares Core U.S. Aggregate Bond ETF | 15.4 |
| Technology Select Sector SPDR Fund | 2.5 |
| iShares U.S. Real Estate ETF | 2 |
| Financial Select Sector SPDR Fund | 1.2 |
| Communication Services Select Sector SPDR Fund | 1 |
| Consumer Discretionary Select Sector SPDR Fund | 0.9 |
| Health Care Select Sector SPDR Fund | 0.8 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693id92465e902c1c0dfb1dd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Small Cap Equities | 1.6 |
| Real Estate Equities | 2.0 |
| Commodities | 3.9 |
| Investment Grade Fixed Income | 24.4 |
| U.S. Large Cap Equities | 26.4 |
| International Developed Market Equities | 28.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# BlackRock High Yield Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the BlackRock High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $32 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,013,764,759

* # of Portfolio Investments1,209

* Portfolio Turnover Rate26%

* Total Advisory Fees Paid$2,796,185

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Cloud Software Group, Inc. | 2.1 |
| HUB International Ltd. | 1.9 |
| TransDigm, Inc. | 1.9 |
| Venture Global LNG, Inc. | 1.7 |
| Level 3 Financing, Inc. | 1.7 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | 1.1 |
| AthenaHealth Group, Inc. | 1.1 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.1 |
| Clear Channel Outdoor Holdings, Inc. | 1 |
| Fortress Transportation & Infrastructure Investors LLC | 1 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693ib71a1e479297b3fa8e55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Healthcare-Services | 3.0 |
| Oil & Gas | 3.2 |
| Aerospace/Defense | 3.6 |
| Diversified Financial Services | 3.7 |
| Pipelines | 4.5 |
| Media | 5.1 |
| Insurance | 6.2 |
| Commercial Services | 6.4 |
| Software | 6.8 |
| Telecommunications | 7.1 |

---

### Asset Allocation
![Group By Country Chart](g847693ia3f085d94bc70c36e9c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Escrow Shares | 0.0<sup>Footnote Reference\*</sup> |
| Convertible Preferred Stocks | 0.4 |
| Convertible Bonds | 0.7 |
| Short-Term Investments | 0.7 |
| Common Stocks | 0.8 |
| Floating Rate Loans | 8.0 |
| Corporate Bonds & Notes | 88.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# BlackRock High Yield Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the BlackRock High Yield Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $45 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,013,764,759

* # of Portfolio Investments1,209

* Portfolio Turnover Rate26%

* Total Advisory Fees Paid$2,796,185

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Cloud Software Group, Inc. | 2.1 |
| HUB International Ltd. | 1.9 |
| TransDigm, Inc. | 1.9 |
| Venture Global LNG, Inc. | 1.7 |
| Level 3 Financing, Inc. | 1.7 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | 1.1 |
| AthenaHealth Group, Inc. | 1.1 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.1 |
| Clear Channel Outdoor Holdings, Inc. | 1 |
| Fortress Transportation & Infrastructure Investors LLC | 1 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693if3fb2b7991e2ffbfb4b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Healthcare-Services | 3.0 |
| Oil & Gas | 3.2 |
| Aerospace/Defense | 3.6 |
| Diversified Financial Services | 3.7 |
| Pipelines | 4.5 |
| Media | 5.1 |
| Insurance | 6.2 |
| Commercial Services | 6.4 |
| Software | 6.8 |
| Telecommunications | 7.1 |

---

### Asset Allocation
![Group By Country Chart](g847693i62f9f051d6259ec5d0a9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Escrow Shares | 0.0<sup>Footnote Reference\*</sup> |
| Convertible Preferred Stocks | 0.4 |
| Convertible Bonds | 0.7 |
| Short-Term Investments | 0.7 |
| Common Stocks | 0.8 |
| Floating Rate Loans | 8.0 |
| Corporate Bonds & Notes | 88.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Asset Allocation 100 Portfolio: Class A
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 100 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $4 | 0.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,748,124,832

* # of Portfolio Investments30

* Portfolio Turnover Rate7%

* Total Advisory Fees Paid$601,006

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| Loomis Sayles Growth Portfolio, Class A | 6.3 |
| MFS Value Portfolio, Class A | 6.3 |
| Jennison Growth Portfolio, Class A | 6.1 |
| Invesco Comstock Portfolio, Class A | 6.0 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 5.7 |
| Harris Oakmark International Portfolio, Class A | 5.6 |
| T. Rowe Price Large Cap Growth Portfolio, Class A | 5.5 |
| SSGA Emerging Markets Enhanced Index Portfolio, Class A | 5.3 |
| Brighthouse/Dimensional International Small Company Portfolio, Class A | 5.1 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 5.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i30540cfc652730782218.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 2.9 |
| U.S. Mid Cap Equities | 4.4 |
| Global Equities | 4.5 |
| Emerging Market Equities | 5.3 |
| U.S. Small Cap Equities | 10.0 |
| International Developed Market Equities | 23.1 |
| U.S. Large Cap Equities | 49.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Asset Allocation 100 Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Asset Allocation 100 Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $17 | 0.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,748,124,832

* # of Portfolio Investments30

* Portfolio Turnover Rate7%

* Total Advisory Fees Paid$601,006

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| Loomis Sayles Growth Portfolio, Class A | 6.3 |
| MFS Value Portfolio, Class A | 6.3 |
| Jennison Growth Portfolio, Class A | 6.1 |
| Invesco Comstock Portfolio, Class A | 6.0 |
| T. Rowe Price Large Cap Value Portfolio, Class A | 5.7 |
| Harris Oakmark International Portfolio, Class A | 5.6 |
| T. Rowe Price Large Cap Growth Portfolio, Class A | 5.5 |
| SSGA Emerging Markets Enhanced Index Portfolio, Class A | 5.3 |
| Brighthouse/Dimensional International Small Company Portfolio, Class A | 5.1 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio, Class A | 5.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i73b5fc5598c91cceac16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 2.9 |
| U.S. Mid Cap Equities | 4.4 |
| Global Equities | 4.5 |
| Emerging Market Equities | 5.3 |
| U.S. Small Cap Equities | 10.0 |
| International Developed Market Equities | 23.1 |
| U.S. Large Cap Equities | 49.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Balanced Plus Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Balanced Plus Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $37 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$4,876,581,316

* # of Portfolio Investments119

* Portfolio Turnover Rate32%

* Total Advisory Fees Paid$5,757,684

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes | 18.2 |
| U.S. Treasury Bonds | 12.8 |
| BlackRock Bond Income Portfolio, Class A | 7.4 |
| TCW Core Fixed Income Portfolio, Class A | 6.0 |
| PIMCO Total Return Portfolio, Class A | 5.5 |
| JPMorgan Core Bond Portfolio, Class A | 4.3 |
| Harris Oakmark International Portfolio, Class A | 3.9 |
| Western Asset Management U.S. Government Portfolio, Class A | 3.5 |
| Western Asset Management Strategic Bond Opportunities Portfolio, Class A | 3.1 |
| Baillie Gifford International Stock Portfolio, Class A | 2.9 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i8b7971c697cae1d9c16d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 0.9 |
| Emerging Market Equities | 1.9 |
| International Fixed Income | 2.2 |
| Global Equities | 2.4 |
| U.S. Small Cap Equities | 4.9 |
| U.S. Mid Cap Equities | 5.6 |
| High Yield Fixed Income | 5.6 |
| International Developed Market Equities | 12.9 |
| U.S. Large Cap Equities | 31.3 |
| Investment Grade Fixed Income | 66.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Small Cap Value Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Small Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$735,039,458

* # of Portfolio Investments147

* Portfolio Turnover Rate53%

* Total Advisory Fees Paid$2,632,753

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| UMB Financial Corp. | 3.4 |
| Franklin Electric Co., Inc. | 3.2 |
| Mueller Industries, Inc. | 3.1 |
| Innospec, Inc. | 3.0 |
| J&J Snack Foods Corp. | 2.9 |
| Eagle Materials, Inc. | 2.5 |
| Silgan Holdings, Inc. | 2.5 |
| Alamo Group, Inc. | 2.2 |
| UFP Industries, Inc. | 2.0 |
| NewMarket Corp. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i0ad7e33b7722cf56ad89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1 |
| Real Estate | 1.3 |
| Energy | 4.3 |
| Consumer Discretionary | 5.1 |
| Health Care | 5.3 |
| Information Technology | 7 |
| Consumer Staples | 8.1 |
| Materials | 17.4 |
| Financials | 21.4 |
| Industrials | 25.9 |

---

### Top Countries
![Group By Country Chart](g847693i406e92c6d86a4770499d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bermuda | 0.3 |
| Belgium | 0.5 |
| United Kingdom | 2.4 |
| United States | 94.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse Small Cap Value Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse Small Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $49 | 1.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$735,039,458

* # of Portfolio Investments147

* Portfolio Turnover Rate53%

* Total Advisory Fees Paid$2,632,753

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| UMB Financial Corp. | 3.4 |
| Franklin Electric Co., Inc. | 3.2 |
| Mueller Industries, Inc. | 3.1 |
| Innospec, Inc. | 3.0 |
| J&J Snack Foods Corp. | 2.9 |
| Eagle Materials, Inc. | 2.5 |
| Silgan Holdings, Inc. | 2.5 |
| Alamo Group, Inc. | 2.2 |
| UFP Industries, Inc. | 2.0 |
| NewMarket Corp. | 2.0 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i1c787d75fd8c627a408a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1 |
| Real Estate | 1.3 |
| Energy | 4.3 |
| Consumer Discretionary | 5.1 |
| Health Care | 5.3 |
| Information Technology | 7 |
| Consumer Staples | 8.1 |
| Materials | 17.4 |
| Financials | 21.4 |
| Industrials | 25.9 |

---

### Top Countries
![Group By Country Chart](g847693if4bdf0a13c1773ee6b74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bermuda | 0.3 |
| Belgium | 0.5 |
| United Kingdom | 2.4 |
| United States | 94.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Artisan International Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Artisan International Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$838,226,762

* # of Portfolio Investments87

* Portfolio Turnover Rate65%

* Total Advisory Fees Paid$3,087,891

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| LIG Nex1 Co. Ltd. | 5.5 |
| National Grid PLC | 4.5 |
| UBS Group AG | 4.5 |
| Hanwha Aerospace Co. Ltd. | 3.2 |
| Melrose Industries PLC | 3.1 |
| Tencent Holdings Ltd. | 2.9 |
| British American Tobacco PLC | 2.8 |
| Air Liquide SA | 2.6 |
| Aon PLC | 2.4 |
| BNP Paribas SA | 2.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i95eabd6c9e63bb943678.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 1.4 |
| Real Estate | 2.3 |
| Health Care | 2.9 |
| Consumer Discretionary | 3.8 |
| Communication Services | 4.9 |
| Materials | 5.5 |
| Consumer Staples | 8.0 |
| Utilities | 8.6 |
| Financials | 28.6 |
| Industrials | 31.4 |

---

### Top 10 Countries
![Group By Country Chart](g847693ie19366ecf0616fbdd179.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 3.7 |
| Denmark | 4.0 |
| Italy | 4.2 |
| Japan | 4.5 |
| United States | 5.4 |
| Switzerland | 7.0 |
| South Korea | 10.5 |
| Germany | 10.9 |
| France | 14.0 |
| United Kingdom | 21.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Artisan International Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Artisan International Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $59 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$838,226,762

* # of Portfolio Investments87

* Portfolio Turnover Rate65%

* Total Advisory Fees Paid$3,087,891

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| LIG Nex1 Co. Ltd. | 5.5 |
| National Grid PLC | 4.5 |
| UBS Group AG | 4.5 |
| Hanwha Aerospace Co. Ltd. | 3.2 |
| Melrose Industries PLC | 3.1 |
| Tencent Holdings Ltd. | 2.9 |
| British American Tobacco PLC | 2.8 |
| Air Liquide SA | 2.6 |
| Aon PLC | 2.4 |
| BNP Paribas SA | 2.4 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i1ee530da1fd4ae6a2f8a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 1.4 |
| Real Estate | 2.3 |
| Health Care | 2.9 |
| Consumer Discretionary | 3.8 |
| Communication Services | 4.9 |
| Materials | 5.5 |
| Consumer Staples | 8.0 |
| Utilities | 8.6 |
| Financials | 28.6 |
| Industrials | 31.4 |

---

### Top 10 Countries
![Group By Country Chart](g847693id84eb25e5163d57142ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 3.7 |
| Denmark | 4.0 |
| Italy | 4.2 |
| Japan | 4.5 |
| United States | 5.4 |
| Switzerland | 7.0 |
| South Korea | 10.5 |
| Germany | 10.9 |
| France | 14.0 |
| United Kingdom | 21.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Eaton Vance Floating Rate Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Eaton Vance Floating Rate Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$526,055,765

* # of Portfolio Investments459

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$1,586,486

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Quikrete Holdings, Inc. | 1.2 |
| Cloud Software Group, Inc. | 1.1 |
| UKG, Inc. | 1.1 |
| Asurion LLC | 1.1 |
| AmWINS Group, Inc. | 1 |
| TransDigm, Inc. | 1 |
| INEOS U.S. Finance LLC | 1 |
| Epicor Software Corp. | 0.9 |
| USI, Inc. | 0.8 |
| Primo Brands Corp. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i797984f681a08dd9fd6a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Leisure Time | 2.6 |
| Entertainment | 2.7 |
| Retail | 2.9 |
| Building Materials | 3.1 |
| Computers | 3.1 |
| Chemicals | 3.9 |
| Diversified Financial Services | 4.8 |
| Insurance | 6.8 |
| Commercial Services | 10.2 |
| Software | 13.5 |

---

### Asset Allocation
![Group By Country Chart](g847693i8b0f539dc1cfe19a4bd9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0 |
| Convertible Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Common Stocks | 1.2 |
| Corporate Bonds & Notes | 3.1 |
| Short-Term Investments | 4.2 |
| Floating Rate Loans | 92.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Eaton Vance Floating Rate Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Eaton Vance Floating Rate Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $48 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$526,055,765

* # of Portfolio Investments459

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$1,586,486

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Quikrete Holdings, Inc. | 1.2 |
| Cloud Software Group, Inc. | 1.1 |
| UKG, Inc. | 1.1 |
| Asurion LLC | 1.1 |
| AmWINS Group, Inc. | 1 |
| TransDigm, Inc. | 1 |
| INEOS U.S. Finance LLC | 1 |
| Epicor Software Corp. | 0.9 |
| USI, Inc. | 0.8 |
| Primo Brands Corp. | 0.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i68b3faf29b7d56f7da0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Leisure Time | 2.6 |
| Entertainment | 2.7 |
| Retail | 2.9 |
| Building Materials | 3.1 |
| Computers | 3.1 |
| Chemicals | 3.9 |
| Diversified Financial Services | 4.8 |
| Insurance | 6.8 |
| Commercial Services | 10.2 |
| Software | 13.5 |

---

### Asset Allocation
![Group By Country Chart](g847693ibec1bd403f3511b40dd6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0 |
| Convertible Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Common Stocks | 1.2 |
| Corporate Bonds & Notes | 3.1 |
| Short-Term Investments | 4.2 |
| Floating Rate Loans | 92.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Franklin Low Duration Total Return Portfolio: Class A
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Franklin Low Duration Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $25 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$586,005,986

* # of Portfolio Investments578

* Portfolio Turnover Rate37%

* Total Advisory Fees Paid$1,316,642

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 12.5 |
| Federal National Mortgage Association REMICS | 3.3 |
| Federal Home Loan Mortgage Corp. REMICS | 3.0 |
| Federal Home Loan Mortgage Corp. | 2.5 |
| U.S. Treasury STRIPS Coupon | 2.2 |
| Discover Card Execution Note Trust | 1.6 |
| American Express Credit Account Master Trust | 1.6 |
| U.S. Treasury Inflation-Indexed Notes | 1.5 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | 1.4 |
| Goldman Sachs Group, Inc. | 1.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i450569072de81145c6e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0 |
| Escrow Shares | 0.0<sup>Footnote Reference\*</sup> |
| Foreign Government | 0.2 |
| Municipals | 1.8 |
| Short-Term Investments | 3.7 |
| Floating Rate Loans | 4.1 |
| Non-Agency Mortgage-Backed Securities | 7.9 |
| Agency Sponsored Mortgage-Backed Securities | 11.2 |
| U.S. Treasury & Government Agencies | 16.2 |
| Asset-Backed Securities | 16.6 |
| Corporate Bonds & Notes | 38.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Franklin Low Duration Total Return Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Franklin Low Duration Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $37 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$586,005,986

* # of Portfolio Investments578

* Portfolio Turnover Rate37%

* Total Advisory Fees Paid$1,316,642

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 12.5 |
| Federal National Mortgage Association REMICS | 3.3 |
| Federal Home Loan Mortgage Corp. REMICS | 3.0 |
| Federal Home Loan Mortgage Corp. | 2.5 |
| U.S. Treasury STRIPS Coupon | 2.2 |
| Discover Card Execution Note Trust | 1.6 |
| American Express Credit Account Master Trust | 1.6 |
| U.S. Treasury Inflation-Indexed Notes | 1.5 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust | 1.4 |
| Goldman Sachs Group, Inc. | 1.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i886346a20a3ad1d7d962.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 0.0 |
| Escrow Shares | 0.0<sup>Footnote Reference\*</sup> |
| Foreign Government | 0.2 |
| Municipals | 1.8 |
| Short-Term Investments | 3.7 |
| Floating Rate Loans | 4.1 |
| Non-Agency Mortgage-Backed Securities | 7.9 |
| Agency Sponsored Mortgage-Backed Securities | 11.2 |
| U.S. Treasury & Government Agencies | 16.2 |
| Asset-Backed Securities | 16.6 |
| Corporate Bonds & Notes | 38.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Templeton International Bond Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Templeton International Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$356,874,677

* # of Portfolio Investments133

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$1,181,552

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional | 8.8 |
| Malaysia Government Bonds | 8.7 |
| Colombia TES | 6.8 |
| India Government Bonds | 6.6 |
| Republic of South Africa Government Bonds | 6.1 |
| Egypt Treasury Bills | 5.4 |
| Spain Government Bonds | 4.5 |
| Panama Government International Bonds | 4.5 |
| Norway Government Bonds | 4.5 |
| International Bank for Reconstruction & Development | 4.4 |

---

### Asset Allocation
![Group By Sector Chart](g847693if41c1187a9c4c29ab26f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 4.4 |
| Short-Term Investments | 11.7 |
| Foreign Government | 81.4 |

---

### Top 10 Countries
![Group By Country Chart](g847693i203d6f37b79fcaae12b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Norway | 4.4 |
| Panama | 4.5 |
| Spain | 4.5 |
| South Africa | 6.1 |
| India | 6.5 |
| Colombia | 6.8 |
| Egypt | 7.7 |
| Malaysia | 8.7 |
| Brazil | 8.8 |
| Australia | 10.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Templeton International Bond Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Templeton International Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $50 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$356,874,677

* # of Portfolio Investments133

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$1,181,552

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Brazil Notas do Tesouro Nacional | 8.8 |
| Malaysia Government Bonds | 8.7 |
| Colombia TES | 6.8 |
| India Government Bonds | 6.6 |
| Republic of South Africa Government Bonds | 6.1 |
| Egypt Treasury Bills | 5.4 |
| Spain Government Bonds | 4.5 |
| Panama Government International Bonds | 4.5 |
| Norway Government Bonds | 4.5 |
| International Bank for Reconstruction & Development | 4.4 |

---

### Asset Allocation
![Group By Sector Chart](g847693ifa3656bc7155b304011b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 4.4 |
| Short-Term Investments | 11.7 |
| Foreign Government | 81.4 |

---

### Top 10 Countries
![Group By Country Chart](g847693if9af0c9b0b1445f79c90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Norway | 4.4 |
| Panama | 4.5 |
| Spain | 4.5 |
| South Africa | 6.1 |
| India | 6.5 |
| Colombia | 6.8 |
| Egypt | 7.7 |
| Malaysia | 8.7 |
| Brazil | 8.8 |
| Australia | 10.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Wellington Large Cap Research Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Wellington Large Cap Research Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $26 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,405,636,481

* # of Portfolio Investments197

* Portfolio Turnover Rate40%

* Total Advisory Fees Paid$5,631,796

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0 |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.1 |
| Alphabet, Inc. | 4.5 |
| Amazon.com, Inc. | 4.4 |
| Wells Fargo & Co. | 3.4 |
| Broadcom, Inc. | 3.2 |
| Berkshire Hathaway, Inc. | 1.9 |
| Mastercard, Inc. | 1.8 |
| Exxon Mobil Corp. | 1.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693icd88735eb5d33d236416.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.3 |
| Utilities | 2.7 |
| Energy | 3.9 |
| Consumer Staples | 5.5 |
| Industrials | 5.7 |
| Communication Services | 8.9 |
| Health Care | 10.8 |
| Consumer Discretionary | 11.6 |
| Financials | 14.0 |
| Information Technology | 32.2 |

---

### Top Countries
![Group By Country Chart](g847693i05ead468eba6aa53bcfd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bermuda | 0.1 |
| Sweden | 0.2 |
| Denmark | 0.2 |
| Germany | 0.7 |
| Netherlands | 0.9 |
| United Kingdom | 1.3 |
| United States | 95.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Wellington Large Cap Research Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Wellington Large Cap Research Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $39 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,405,636,481

* # of Portfolio Investments197

* Portfolio Turnover Rate40%

* Total Advisory Fees Paid$5,631,796

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0 |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.1 |
| Alphabet, Inc. | 4.5 |
| Amazon.com, Inc. | 4.4 |
| Wells Fargo & Co. | 3.4 |
| Broadcom, Inc. | 3.2 |
| Berkshire Hathaway, Inc. | 1.9 |
| Mastercard, Inc. | 1.8 |
| Exxon Mobil Corp. | 1.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i2a22bc3a1d1508ca3e1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.3 |
| Utilities | 2.7 |
| Energy | 3.9 |
| Consumer Staples | 5.5 |
| Industrials | 5.7 |
| Communication Services | 8.9 |
| Health Care | 10.8 |
| Consumer Discretionary | 11.6 |
| Financials | 14.0 |
| Information Technology | 32.2 |

---

### Top Countries
![Group By Country Chart](g847693i83cda153a7b77c78d3cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bermuda | 0.1 |
| Sweden | 0.2 |
| Denmark | 0.2 |
| Germany | 0.7 |
| Netherlands | 0.9 |
| United Kingdom | 1.3 |
| United States | 95.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Brighthouse/Wellington Large Cap Research Portfolio: Class E
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Brighthouse/Wellington Large Cap Research Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $33 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,405,636,481

* # of Portfolio Investments197

* Portfolio Turnover Rate40%

* Total Advisory Fees Paid$5,631,796

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0 |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.1 |
| Alphabet, Inc. | 4.5 |
| Amazon.com, Inc. | 4.4 |
| Wells Fargo & Co. | 3.4 |
| Broadcom, Inc. | 3.2 |
| Berkshire Hathaway, Inc. | 1.9 |
| Mastercard, Inc. | 1.8 |
| Exxon Mobil Corp. | 1.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i8e55b11ffed13d98a694.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.3 |
| Utilities | 2.7 |
| Energy | 3.9 |
| Consumer Staples | 5.5 |
| Industrials | 5.7 |
| Communication Services | 8.9 |
| Health Care | 10.8 |
| Consumer Discretionary | 11.6 |
| Financials | 14.0 |
| Information Technology | 32.2 |

---

### Top Countries
![Group By Country Chart](g847693i82fa2b1717ca429ea73b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bermuda | 0.1 |
| Sweden | 0.2 |
| Denmark | 0.2 |
| Germany | 0.7 |
| Netherlands | 0.9 |
| United Kingdom | 1.3 |
| United States | 95.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# CBRE Global Real Estate Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the CBRE Global Real Estate Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $34 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$862,369,998

* # of Portfolio Investments98

* Portfolio Turnover Rate55%

* Total Advisory Fees Paid$2,574,048

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 7.1 |
| Simon Property Group, Inc. | 5.2 |
| Equinix, Inc. | 4.9 |
| Realty Income Corp. | 4.6 |
| Extra Space Storage, Inc. | 3.0 |
| VICI Properties, Inc. | 2.9 |
| Public Storage | 2.9 |
| Digital Realty Trust, Inc. | 2.9 |
| Goodman Group | 2.7 |
| Iron Mountain, Inc. | 2.2 |

---

### Top 10 Industries
![Group By Sector Chart](g847693id934775725426cfd6816.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hotels, Restaurants & Leisure | 1 |
| Hotel & Resort REITs | 1.7 |
| Office REITs | 4.1 |
| Diversified REITs | 6 |
| Health Care REITs | 9.3 |
| Residential REITs | 9.4 |
| Real Estate Management & Development | 9.5 |
| Industrial REITs | 13.3 |
| Specialized REITs | 20.9 |
| Retail REITs | 23.9 |

---

### Top 10 Countries
![Group By Country Chart](g847693i8c3c2f928760a3271c8b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 1 |
| Canada | 1.6 |
| Germany | 1.8 |
| Singapore | 3.2 |
| Hong Kong | 3.4 |
| France | 4.2 |
| United Kingdom | 4.5 |
| Australia | 5.9 |
| Japan | 9.3 |
| United States | 62.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# CBRE Global Real Estate Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the CBRE Global Real Estate Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $46 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$862,369,998

* # of Portfolio Investments98

* Portfolio Turnover Rate55%

* Total Advisory Fees Paid$2,574,048

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 7.1 |
| Simon Property Group, Inc. | 5.2 |
| Equinix, Inc. | 4.9 |
| Realty Income Corp. | 4.6 |
| Extra Space Storage, Inc. | 3.0 |
| VICI Properties, Inc. | 2.9 |
| Public Storage | 2.9 |
| Digital Realty Trust, Inc. | 2.9 |
| Goodman Group | 2.7 |
| Iron Mountain, Inc. | 2.2 |

---

### Top 10 Industries
![Group By Sector Chart](g847693icfed28e9303ada43e926.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hotels, Restaurants & Leisure | 1 |
| Hotel & Resort REITs | 1.7 |
| Office REITs | 4.1 |
| Diversified REITs | 6 |
| Health Care REITs | 9.3 |
| Residential REITs | 9.4 |
| Real Estate Management & Development | 9.5 |
| Industrial REITs | 13.3 |
| Specialized REITs | 20.9 |
| Retail REITs | 23.9 |

---

### Top 10 Countries
![Group By Country Chart](g847693i3894f31128966222325b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 1 |
| Canada | 1.6 |
| Germany | 1.8 |
| Singapore | 3.2 |
| Hong Kong | 3.4 |
| France | 4.2 |
| United Kingdom | 4.5 |
| Australia | 5.9 |
| Japan | 9.3 |
| United States | 62.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# CBRE Global Real Estate Portfolio: Class E
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the CBRE Global Real Estate Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $41 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$862,369,998

* # of Portfolio Investments98

* Portfolio Turnover Rate55%

* Total Advisory Fees Paid$2,574,048

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Welltower, Inc. | 7.1 |
| Simon Property Group, Inc. | 5.2 |
| Equinix, Inc. | 4.9 |
| Realty Income Corp. | 4.6 |
| Extra Space Storage, Inc. | 3.0 |
| VICI Properties, Inc. | 2.9 |
| Public Storage | 2.9 |
| Digital Realty Trust, Inc. | 2.9 |
| Goodman Group | 2.7 |
| Iron Mountain, Inc. | 2.2 |

---

### Top 10 Industries
![Group By Sector Chart](g847693ia889fc2a5472a9489f71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hotels, Restaurants & Leisure | 1 |
| Hotel & Resort REITs | 1.7 |
| Office REITs | 4.1 |
| Diversified REITs | 6 |
| Health Care REITs | 9.3 |
| Residential REITs | 9.4 |
| Real Estate Management & Development | 9.5 |
| Industrial REITs | 13.3 |
| Specialized REITs | 20.9 |
| Retail REITs | 23.9 |

---

### Top 10 Countries
![Group By Country Chart](g847693ie7a9e78c413add120ca6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 1 |
| Canada | 1.6 |
| Germany | 1.8 |
| Singapore | 3.2 |
| Hong Kong | 3.4 |
| France | 4.2 |
| United Kingdom | 4.5 |
| Australia | 5.9 |
| Japan | 9.3 |
| United States | 62.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Harris Oakmark International Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Harris Oakmark International Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,091,295,892

* # of Portfolio Investments78

* Portfolio Turnover Rate23%

* Total Advisory Fees Paid$6,954,756

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Glencore PLC | 3.2 |
| BNP Paribas SA | 3.0 |
| Kering SA | 3.0 |
| Continental AG | 2.8 |
| CNH Industrial NV | 2.8 |
| Bayer AG | 2.6 |
| Fresenius Medical Care AG | 2.4 |
| Ashtead Group PLC | 2.4 |
| Bayerische Motoren Werke AG | 2.4 |
| KB Financial Group, Inc. | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g847693i9d486a1bf0f799dc40d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6 |
| Communication Services | 3.0 |
| Materials | 6.0 |
| Information Technology | 6.5 |
| Consumer Staples | 7.3 |
| Health Care | 12.1 |
| Financials | 19.0 |
| Consumer Discretionary | 21.1 |
| Industrials | 21.5 |

---

### Top 10 Countries
![Group By Country Chart](g847693i2d707ae976bc39d43061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 3.2 |
| Australia | 3.2 |
| Sweden | 3.5 |
| Japan | 3.8 |
| South Korea | 4.7 |
| United States | 5.0 |
| Netherlands | 6.4 |
| United Kingdom | 13.1 |
| France | 19.3 |
| Germany | 22.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Harris Oakmark International Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Harris Oakmark International Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $53 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,091,295,892

* # of Portfolio Investments78

* Portfolio Turnover Rate23%

* Total Advisory Fees Paid$6,954,756

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Glencore PLC | 3.2 |
| BNP Paribas SA | 3.0 |
| Kering SA | 3.0 |
| Continental AG | 2.8 |
| CNH Industrial NV | 2.8 |
| Bayer AG | 2.6 |
| Fresenius Medical Care AG | 2.4 |
| Ashtead Group PLC | 2.4 |
| Bayerische Motoren Werke AG | 2.4 |
| KB Financial Group, Inc. | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g847693i86a8695ce7a127d3ad26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6 |
| Communication Services | 3.0 |
| Materials | 6.0 |
| Information Technology | 6.5 |
| Consumer Staples | 7.3 |
| Health Care | 12.1 |
| Financials | 19.0 |
| Consumer Discretionary | 21.1 |
| Industrials | 21.5 |

---

### Top 10 Countries
![Group By Country Chart](g847693ib6b9f3d11b3728825972.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 3.2 |
| Australia | 3.2 |
| Sweden | 3.5 |
| Japan | 3.8 |
| South Korea | 4.7 |
| United States | 5.0 |
| Netherlands | 6.4 |
| United Kingdom | 13.1 |
| France | 19.3 |
| Germany | 22.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Harris Oakmark International Portfolio: Class E
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Harris Oakmark International Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $48 | 0.87%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,091,295,892

* # of Portfolio Investments78

* Portfolio Turnover Rate23%

* Total Advisory Fees Paid$6,954,756

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Glencore PLC | 3.2 |
| BNP Paribas SA | 3.0 |
| Kering SA | 3.0 |
| Continental AG | 2.8 |
| CNH Industrial NV | 2.8 |
| Bayer AG | 2.6 |
| Fresenius Medical Care AG | 2.4 |
| Ashtead Group PLC | 2.4 |
| Bayerische Motoren Werke AG | 2.4 |
| KB Financial Group, Inc. | 2.3 |

---

### Top Sectors
![Group By Sector Chart](g847693idbce74411df4c8fee2a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6 |
| Communication Services | 3.0 |
| Materials | 6.0 |
| Information Technology | 6.5 |
| Consumer Staples | 7.3 |
| Health Care | 12.1 |
| Financials | 19.0 |
| Consumer Discretionary | 21.1 |
| Industrials | 21.5 |

---

### Top 10 Countries
![Group By Country Chart](g847693i410a5cfd1ce5f57ef262.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 3.2 |
| Australia | 3.2 |
| Sweden | 3.5 |
| Japan | 3.8 |
| South Korea | 4.7 |
| United States | 5.0 |
| Netherlands | 6.4 |
| United Kingdom | 13.1 |
| France | 19.3 |
| Germany | 22.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Balanced-Risk Allocation Portfolio: Class B
![Image](g847693ic974703a93548c987085.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Invesco Balanced-Risk Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $48 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$705,304,005

* # of Portfolio Investments92

* Portfolio Turnover Rate9%

* Total Advisory Fees Paid$2,296,606

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Asset Allocation
![Group By Asset Type Chart](g847693i74ad35709a527330c043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Large Cap Equities | 3.5 |
| U.S. Small Cap Equities | 4.2 |
| Emerging Market Equities | 7.7 |
| International Developed Market Equities | 23.8 |
| Commodities | 31.4 |
| Global Developed Bonds | 55.6 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Comstock Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Invesco Comstock Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $29 | 0.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,894,924,923

* # of Portfolio Investments110

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$4,930,295

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Bank of America Corp. | 3.3 |
| Microsoft Corp. | 3.1 |
| Wells Fargo & Co. | 2.9 |
| Cisco Systems, Inc. | 2.8 |
| CVS Health Corp. | 2.4 |
| State Street Corp. | 2.2 |
| Alphabet, Inc. | 2.1 |
| Meta Platforms, Inc. | 2.1 |
| Johnson Controls International PLC | 2.0 |
| Philip Morris International, Inc. | 1.9 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i399de079bd1714c1883b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.1 |
| Utilities | 3.2 |
| Consumer Discretionary | 6.3 |
| Energy | 6.7 |
| Communication Services | 8.3 |
| Consumer Staples | 10.6 |
| Industrials | 10.9 |
| Information Technology | 12.1 |
| Health Care | 15.9 |
| Financials | 19.1 |

---

### Top Countries
![Group By Country Chart](g847693iaec3624b8d21ef9953ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 1 |
| Netherlands | 2.3 |
| Canada | 2.4 |
| United Kingdom | 3 |
| United States | 87.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Comstock Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Invesco Comstock Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $42 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,894,924,923

* # of Portfolio Investments110

* Portfolio Turnover Rate12%

* Total Advisory Fees Paid$4,930,295

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Bank of America Corp. | 3.3 |
| Microsoft Corp. | 3.1 |
| Wells Fargo & Co. | 2.9 |
| Cisco Systems, Inc. | 2.8 |
| CVS Health Corp. | 2.4 |
| State Street Corp. | 2.2 |
| Alphabet, Inc. | 2.1 |
| Meta Platforms, Inc. | 2.1 |
| Johnson Controls International PLC | 2.0 |
| Philip Morris International, Inc. | 1.9 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693if91c1d365024e5d9469e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.1 |
| Utilities | 3.2 |
| Consumer Discretionary | 6.3 |
| Energy | 6.7 |
| Communication Services | 8.3 |
| Consumer Staples | 10.6 |
| Industrials | 10.9 |
| Information Technology | 12.1 |
| Health Care | 15.9 |
| Financials | 19.1 |

---

### Top Countries
![Group By Country Chart](g847693i00ea8a118588e0f45f56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Belgium | 1 |
| Netherlands | 2.3 |
| Canada | 2.4 |
| United Kingdom | 3 |
| United States | 87.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Global Equity Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Invesco Global Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $29 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,134,903,578

* # of Portfolio Investments71

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$2,826,774

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 9.2 |
| Alphabet, Inc. | 8.5 |
| SAP SE | 4.6 |
| NVIDIA Corp. | 4.3 |
| DLF Ltd. | 4.2 |
| S&P Global, Inc. | 4.1 |
| Intuit, Inc. | 3.5 |
| Airbus SE | 3.3 |
| Analog Devices, Inc. | 3.2 |
| Visa, Inc. | 3.2 |

---

### Top Sectors
![Group By Sector Chart](g847693i500c0ef3ed64af6bd3b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.9 |
| Real Estate | 4.2 |
| Industrials | 6.2 |
| Consumer Discretionary | 10.0 |
| Health Care | 11.1 |
| Financials | 12.7 |
| Communication Services | 23.0 |
| Information Technology | 32.1 |

---

### Top 10 Countries
![Group By Country Chart](g847693icc3f7b01810fe4d6c101.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.5 |
| Italy | 1.6 |
| Sweden | 1.6 |
| Netherlands | 2.5 |
| China | 3.0 |
| Japan | 3.2 |
| Germany | 5.3 |
| France | 5.6 |
| India | 6.5 |
| United States | 63.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Global Equity Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Invesco Global Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $42 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,134,903,578

* # of Portfolio Investments71

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$2,826,774

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 9.2 |
| Alphabet, Inc. | 8.5 |
| SAP SE | 4.6 |
| NVIDIA Corp. | 4.3 |
| DLF Ltd. | 4.2 |
| S&P Global, Inc. | 4.1 |
| Intuit, Inc. | 3.5 |
| Airbus SE | 3.3 |
| Analog Devices, Inc. | 3.2 |
| Visa, Inc. | 3.2 |

---

### Top Sectors
![Group By Sector Chart](g847693i8c67e3b32419f8362366.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.9 |
| Real Estate | 4.2 |
| Industrials | 6.2 |
| Consumer Discretionary | 10.0 |
| Health Care | 11.1 |
| Financials | 12.7 |
| Communication Services | 23.0 |
| Information Technology | 32.1 |

---

### Top 10 Countries
![Group By Country Chart](g847693i1dba51c64059f134b367.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.5 |
| Italy | 1.6 |
| Sweden | 1.6 |
| Netherlands | 2.5 |
| China | 3.0 |
| Japan | 3.2 |
| Germany | 5.3 |
| France | 5.6 |
| India | 6.5 |
| United States | 63.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Global Equity Portfolio: Class E
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Invesco Global Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $37 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,134,903,578

* # of Portfolio Investments71

* Portfolio Turnover Rate10%

* Total Advisory Fees Paid$2,826,774

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Meta Platforms, Inc. | 9.2 |
| Alphabet, Inc. | 8.5 |
| SAP SE | 4.6 |
| NVIDIA Corp. | 4.3 |
| DLF Ltd. | 4.2 |
| S&P Global, Inc. | 4.1 |
| Intuit, Inc. | 3.5 |
| Airbus SE | 3.3 |
| Analog Devices, Inc. | 3.2 |
| Visa, Inc. | 3.2 |

---

### Top Sectors
![Group By Sector Chart](g847693i62bcd9dd13fab80ef57e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.9 |
| Real Estate | 4.2 |
| Industrials | 6.2 |
| Consumer Discretionary | 10.0 |
| Health Care | 11.1 |
| Financials | 12.7 |
| Communication Services | 23.0 |
| Information Technology | 32.1 |

---

### Top 10 Countries
![Group By Country Chart](g847693i0d39985d29a932fe08b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.5 |
| Italy | 1.6 |
| Sweden | 1.6 |
| Netherlands | 2.5 |
| China | 3.0 |
| Japan | 3.2 |
| Germany | 5.3 |
| France | 5.6 |
| India | 6.5 |
| United States | 63.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Small Cap Growth Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Invesco Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$838,414,091

* # of Portfolio Investments133

* Portfolio Turnover Rate52%

* Total Advisory Fees Paid$3,051,681

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Carpenter Technology Corp. | 1.8 |
| Encompass Health Corp. | 1.6 |
| MACOM Technology Solutions Holdings, Inc. | 1.5 |
| CyberArk Software Ltd. | 1.5 |
| Clean Harbors, Inc. | 1.4 |
| Q2 Holdings, Inc. | 1.4 |
| Ollie's Bargain Outlet Holdings, Inc. | 1.4 |
| RBC Bearings, Inc. | 1.4 |
| Insmed, Inc. | 1.3 |
| Shake Shack, Inc. | 1.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693ie433811293b0097c1b5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.2 |
| Real Estate | 1.3 |
| Energy | 2.2 |
| Consumer Staples | 2.4 |
| Materials | 2.8 |
| Financials | 11.1 |
| Consumer Discretionary | 12.0 |
| Health Care | 19.1 |
| Information Technology | 21.3 |
| Industrials | 25.0 |

---

### Top Countries
![Group By Country Chart](g847693i8e3b6a32019563d82b65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 0.6 |
| Denmark | 0.9 |
| Thailand | 1.1 |
| Canada | 1.3 |
| United Kingdom | 1.5 |
| United States | 93.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Small Cap Growth Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Invesco Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $52 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$838,414,091

* # of Portfolio Investments133

* Portfolio Turnover Rate52%

* Total Advisory Fees Paid$3,051,681

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Carpenter Technology Corp. | 1.8 |
| Encompass Health Corp. | 1.6 |
| MACOM Technology Solutions Holdings, Inc. | 1.5 |
| CyberArk Software Ltd. | 1.5 |
| Clean Harbors, Inc. | 1.4 |
| Q2 Holdings, Inc. | 1.4 |
| Ollie's Bargain Outlet Holdings, Inc. | 1.4 |
| RBC Bearings, Inc. | 1.4 |
| Insmed, Inc. | 1.3 |
| Shake Shack, Inc. | 1.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i1e2cb3a19a32eb4b819d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.2 |
| Real Estate | 1.3 |
| Energy | 2.2 |
| Consumer Staples | 2.4 |
| Materials | 2.8 |
| Financials | 11.1 |
| Consumer Discretionary | 12.0 |
| Health Care | 19.1 |
| Information Technology | 21.3 |
| Industrials | 25.0 |

---

### Top Countries
![Group By Country Chart](g847693ic0806bb470ceca54216b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 0.6 |
| Denmark | 0.9 |
| Thailand | 1.1 |
| Canada | 1.3 |
| United Kingdom | 1.5 |
| United States | 93.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Invesco Small Cap Growth Portfolio: Class E
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Invesco Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $47 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$838,414,091

* # of Portfolio Investments133

* Portfolio Turnover Rate52%

* Total Advisory Fees Paid$3,051,681

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Carpenter Technology Corp. | 1.8 |
| Encompass Health Corp. | 1.6 |
| MACOM Technology Solutions Holdings, Inc. | 1.5 |
| CyberArk Software Ltd. | 1.5 |
| Clean Harbors, Inc. | 1.4 |
| Q2 Holdings, Inc. | 1.4 |
| Ollie's Bargain Outlet Holdings, Inc. | 1.4 |
| RBC Bearings, Inc. | 1.4 |
| Insmed, Inc. | 1.3 |
| Shake Shack, Inc. | 1.3 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693ic0b19de0bbb5c66dd5ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.2 |
| Real Estate | 1.3 |
| Energy | 2.2 |
| Consumer Staples | 2.4 |
| Materials | 2.8 |
| Financials | 11.1 |
| Consumer Discretionary | 12.0 |
| Health Care | 19.1 |
| Information Technology | 21.3 |
| Industrials | 25.0 |

---

### Top Countries
![Group By Country Chart](g847693i75feb74d1213713bcc3a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Israel | 0.6 |
| Denmark | 0.9 |
| Thailand | 1.1 |
| Canada | 1.3 |
| United Kingdom | 1.5 |
| United States | 93.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Core Bond Portfolio: Class A
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the JPMorgan Core Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,215,528,709

* # of Portfolio Investments1,000

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$2,464,369

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Federal National Mortgage Association | 14.3 |
| U.S. Treasury Notes | 12.0 |
| U.S. Treasury Bonds | 11.6 |
| Government National Mortgage Association | 3.9 |
| U.S. Treasury STRIPS Coupon | 3.3 |
| Federal Home Loan Mortgage Corp. | 3.1 |
| Federal National Mortgage Association-ACES | 2.3 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | 1.4 |
| Government National Mortgage Association REMICS | 1.3 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 1.1 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i1bd7965cb9718fab36c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.1 |
| Foreign Government | 0.5 |
| Non-Agency Mortgage-Backed Securities | 2.2 |
| Short-Term Investments | 2.5 |
| Asset-Backed Securities | 11.8 |
| Corporate Bonds & Notes | 26.2 |
| U.S. Treasury & Government Agencies | 27.1 |
| Agency Sponsored Mortgage-Backed Securities | 29.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Core Bond Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the JPMorgan Core Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,215,528,709

* # of Portfolio Investments1,000

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$2,464,369

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Federal National Mortgage Association | 14.3 |
| U.S. Treasury Notes | 12.0 |
| U.S. Treasury Bonds | 11.6 |
| Government National Mortgage Association | 3.9 |
| U.S. Treasury STRIPS Coupon | 3.3 |
| Federal Home Loan Mortgage Corp. | 3.1 |
| Federal National Mortgage Association-ACES | 2.3 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | 1.4 |
| Government National Mortgage Association REMICS | 1.3 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | 1.1 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i7bf7266c6f98598e3c75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.1 |
| Foreign Government | 0.5 |
| Non-Agency Mortgage-Backed Securities | 2.2 |
| Short-Term Investments | 2.5 |
| Asset-Backed Securities | 11.8 |
| Corporate Bonds & Notes | 26.2 |
| U.S. Treasury & Government Agencies | 27.1 |
| Agency Sponsored Mortgage-Backed Securities | 29.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Global Active Allocation Portfolio: Class B
![Image](g847693i57c8777a487126299751.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the JPMorgan Global Active Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $50 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,381,351,936

* # of Portfolio Investments1,489

* Portfolio Turnover Rate36%

* Total Advisory Fees Paid$4,454,257

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| SPDR Bloomberg High Yield Bond ETF | 2 |
| Microsoft Corp. | 1.8 |
| NVIDIA Corp. | 1.5 |
| Amazon.com, Inc. | 1.2 |
| Bank of America Corp. | 1.1 |
| Meta Platforms, Inc. | 1.1 |
| Apple, Inc. | 1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 0.7 |
| Walt Disney Co. | 0.5 |
| Safran SA | 0.4 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 1.8 |
| Federal National Mortgage Association | 1.5 |
| U.S. Treasury Bonds | 1 |
| SK Hynix, Inc. | 0.9 |
| Southern Co. | 0.9 |
| Cellnex Telecom SA | 0.8 |
| Uber Technologies, Inc. | 0.8 |
| Akamai Technologies, Inc. | 0.7 |
| Alibaba Group Holding Ltd. | 0.7 |
| Welltower OP LLC | 0.6 |

---

### Top 10 Countries
![Group By Country Chart](g847693i17c61b340ea041376a80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.9 |
| Taiwan | 1.2 |
| South Korea | 1.4 |
| Spain | 1.7 |
| Germany | 2.8 |
| Japan | 2.8 |
| United Kingdom | 2.8 |
| France | 3.2 |
| China | 4.2 |
| United States | 53.0 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i5774c9210c6d5ef6c40c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.0<sup>Footnote Reference\*</sup> |
| Non-Agency Mortgage-Backed Securities | 0.4 |
| Convertible Preferred Stocks | 0.9 |
| Asset-Backed Securities | 1.3 |
| Investment Companies | 2.0 |
| U.S. Treasury & Government Agencies | 3.0 |
| Agency Sponsored Mortgage-Backed Securities | 3.2 |
| Corporate Bonds & Notes | 11.8 |
| Short-Term Investments | 16.1 |
| Convertible Bonds | 18.1 |
| Common Stocks | 41.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Small Cap Value Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$319,789,215

* # of Portfolio Investments433

* Portfolio Turnover Rate44%

* Total Advisory Fees Paid$1,042,587

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Southwest Gas Holdings, Inc. | 1.1 |
| Old National Bancorp | 0.9 |
| Sanmina Corp. | 0.9 |
| PotlatchDeltic Corp. | 0.8 |
| Ladder Capital Corp. | 0.7 |
| Bank of NT Butterfield & Son Ltd. | 0.7 |
| ABM Industries, Inc. | 0.7 |
| Jackson Financial, Inc. | 0.7 |
| Essent Group Ltd. | 0.7 |
| Enterprise Financial Services Corp. | 0.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i9af960e1e108cd155e20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.1 |
| Materials | 4.7 |
| Utilities | 5.1 |
| Energy | 6.3 |
| Health Care | 7.4 |
| Information Technology | 9.0 |
| Real Estate | 9.8 |
| Consumer Discretionary | 11.5 |
| Industrials | 11.8 |
| Financials | 27.7 |

---

### Top 10 Countries
![Group By Country Chart](g847693i0fd1e58f9efedc56fcb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Panama | 0.2 |
| Switzerland | 0.2 |
| Hong Kong | 0.2 |
| Monaco | 0.4 |
| United Kingdom | 0.5 |
| Puerto Rico | 0.8 |
| Bermuda | 1.1 |
| Canada | 1.3 |
| United States | 92.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# JPMorgan Small Cap Value Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $50 | 1.03%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$319,789,215

* # of Portfolio Investments433

* Portfolio Turnover Rate44%

* Total Advisory Fees Paid$1,042,587

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Southwest Gas Holdings, Inc. | 1.1 |
| Old National Bancorp | 0.9 |
| Sanmina Corp. | 0.9 |
| PotlatchDeltic Corp. | 0.8 |
| Ladder Capital Corp. | 0.7 |
| Bank of NT Butterfield & Son Ltd. | 0.7 |
| ABM Industries, Inc. | 0.7 |
| Jackson Financial, Inc. | 0.7 |
| Essent Group Ltd. | 0.7 |
| Enterprise Financial Services Corp. | 0.7 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i44dae1fcfe431fb97ad1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.1 |
| Materials | 4.7 |
| Utilities | 5.1 |
| Energy | 6.3 |
| Health Care | 7.4 |
| Information Technology | 9.0 |
| Real Estate | 9.8 |
| Consumer Discretionary | 11.5 |
| Industrials | 11.8 |
| Financials | 27.7 |

---

### Top 10 Countries
![Group By Country Chart](g847693i1556b2bf376f4496f554.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Panama | 0.2 |
| Switzerland | 0.2 |
| Hong Kong | 0.2 |
| Monaco | 0.4 |
| United Kingdom | 0.5 |
| Puerto Rico | 0.8 |
| Bermuda | 1.1 |
| Canada | 1.3 |
| United States | 92.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Global Allocation Portfolio: Class A
![Image](g847693i57c8777a487126299751.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Loomis Sayles Global Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$371,341,994

* # of Portfolio Investments457

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$1,246,698

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.3 |
| Amazon.com, Inc. | 3.5 |
| S&P Global, Inc. | 3.3 |
| Mastercard, Inc. | 3.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7 |
| Parker-Hannifin Corp. | 2.5 |
| Blackrock, Inc. | 2.5 |
| Roper Technologies, Inc. | 2.2 |
| O'Reilly Automotive, Inc. | 2.1 |
| Linde PLC | 2.1 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 2.1 |
| Glencore Funding LLC | 1.3 |
| EchoStar Corp. | 1.2 |
| Boeing Co. | 0.9 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.8 |
| CSC Holdings LLC | 0.8 |
| Broadcom, Inc. | 0.8 |
| U.K. Gilts | 0.7 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | 0.7 |
| Canada Government Bonds | 0.7 |

---

### Top 10 Countries
![Group By Country Chart](g847693i8e2dc2cb9ab164cda353.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mexico | 1 |
| Israel | 1.2 |
| Australia | 2.1 |
| Sweden | 2.2 |
| Netherlands | 2.3 |
| Taiwan | 2.7 |
| Japan | 2.7 |
| Canada | 3 |
| United Kingdom | 4.1 |
| United States | 67.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i6bec4aa6afc12bc737e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.1 |
| Convertible Bonds | 0.5 |
| Floating Rate Loans | 1 |
| Short-Term Investments | 1.8 |
| U.S. Treasury & Government Agencies | 2.7 |
| Foreign Government | 8.2 |
| Corporate Bonds & Notes | 18.1 |
| Common Stocks | 67.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Global Allocation Portfolio: Class B
![Image](g847693i57c8777a487126299751.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Loomis Sayles Global Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $53 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$371,341,994

* # of Portfolio Investments457

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$1,246,698

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.3 |
| Amazon.com, Inc. | 3.5 |
| S&P Global, Inc. | 3.3 |
| Mastercard, Inc. | 3.1 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7 |
| Parker-Hannifin Corp. | 2.5 |
| Blackrock, Inc. | 2.5 |
| Roper Technologies, Inc. | 2.2 |
| O'Reilly Automotive, Inc. | 2.1 |
| Linde PLC | 2.1 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 2.1 |
| Glencore Funding LLC | 1.3 |
| EchoStar Corp. | 1.2 |
| Boeing Co. | 0.9 |
| Teva Pharmaceutical Finance Netherlands III BV | 0.8 |
| CSC Holdings LLC | 0.8 |
| Broadcom, Inc. | 0.8 |
| U.K. Gilts | 0.7 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | 0.7 |
| Canada Government Bonds | 0.7 |

---

### Top 10 Countries
![Group By Country Chart](g847693i88b1f86675430ab9a7c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mexico | 1 |
| Israel | 1.2 |
| Australia | 2.1 |
| Sweden | 2.2 |
| Netherlands | 2.3 |
| Taiwan | 2.7 |
| Japan | 2.7 |
| Canada | 3 |
| United Kingdom | 4.1 |
| United States | 67.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693ia0cb677cbf384de976b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipals | 0.1 |
| Convertible Bonds | 0.5 |
| Floating Rate Loans | 1 |
| Short-Term Investments | 1.8 |
| U.S. Treasury & Government Agencies | 2.7 |
| Foreign Government | 8.2 |
| Corporate Bonds & Notes | 18.1 |
| Common Stocks | 67.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Growth Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Loomis Sayles Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $28 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$3,217,294,687

* # of Portfolio Investments56

* Portfolio Turnover Rate1%

* Total Advisory Fees Paid$7,992,404

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1 |
| Meta Platforms, Inc. | 8.5 |
| Netflix, Inc. | 8.0 |
| Tesla, Inc. | 6.4 |
| Amazon.com, Inc. | 5.9 |
| Oracle Corp. | 5.6 |
| Alphabet, Inc. | 5.3 |
| Visa, Inc. | 4.9 |
| Boeing Co. | 4.8 |
| Microsoft Corp. | 4.7 |

---

### Top Sectors
![Group By Sector Chart](g847693i1ded93032ac7d22874e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.5 |
| Industrials | 6.8 |
| Financials | 8.6 |
| Health Care | 10.4 |
| Consumer Discretionary | 16.0 |
| Communication Services | 24.6 |
| Information Technology | 29.8 |

---

### Top Countries
![Group By Country Chart](g847693id7990688316d551ebec6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.6 |
| Denmark | 1.4 |
| Canada | 2.5 |
| United States | 94.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Growth Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Loomis Sayles Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $41 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$3,217,294,687

* # of Portfolio Investments56

* Portfolio Turnover Rate1%

* Total Advisory Fees Paid$7,992,404

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1 |
| Meta Platforms, Inc. | 8.5 |
| Netflix, Inc. | 8.0 |
| Tesla, Inc. | 6.4 |
| Amazon.com, Inc. | 5.9 |
| Oracle Corp. | 5.6 |
| Alphabet, Inc. | 5.3 |
| Visa, Inc. | 4.9 |
| Boeing Co. | 4.8 |
| Microsoft Corp. | 4.7 |

---

### Top Sectors
![Group By Sector Chart](g847693i399a3293f714b1ecabbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.5 |
| Industrials | 6.8 |
| Financials | 8.6 |
| Health Care | 10.4 |
| Consumer Discretionary | 16.0 |
| Communication Services | 24.6 |
| Information Technology | 29.8 |

---

### Top Countries
![Group By Country Chart](g847693i3dc76b4cbe762ebbe1aa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.6 |
| Denmark | 1.4 |
| Canada | 2.5 |
| United States | 94.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Loomis Sayles Growth Portfolio: Class E
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Loomis Sayles Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $36 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$3,217,294,687

* # of Portfolio Investments56

* Portfolio Turnover Rate1%

* Total Advisory Fees Paid$7,992,404

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.1 |
| Meta Platforms, Inc. | 8.5 |
| Netflix, Inc. | 8.0 |
| Tesla, Inc. | 6.4 |
| Amazon.com, Inc. | 5.9 |
| Oracle Corp. | 5.6 |
| Alphabet, Inc. | 5.3 |
| Visa, Inc. | 4.9 |
| Boeing Co. | 4.8 |
| Microsoft Corp. | 4.7 |

---

### Top Sectors
![Group By Sector Chart](g847693i6dcd5744112a23dd04e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.5 |
| Industrials | 6.8 |
| Financials | 8.6 |
| Health Care | 10.4 |
| Consumer Discretionary | 16.0 |
| Communication Services | 24.6 |
| Information Technology | 29.8 |

---

### Top Countries
![Group By Country Chart](g847693i64580087e9abd54df4b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.6 |
| Denmark | 1.4 |
| Canada | 2.5 |
| United States | 94.2 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# MetLife Multi-Index Targeted Risk Portfolio: Class B
![Image](g847693ic974703a93548c987085.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the MetLife Multi-Index Targeted Risk Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $20 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$5,383,256,490

* # of Portfolio Investments31

* Portfolio Turnover Rate4%

* Total Advisory Fees Paid$4,166,843

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Asset Allocation
![Group By Asset Type Chart](g847693i049f3f806c06989b9121.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Small Cap Equities | 3.7 |
| U.S. Mid Cap Equities | 6.2 |
| International Developed Market Equities | 14.2 |
| U.S. Large Cap Equities | 21.0 |
| Investment Grade Fixed Income | 40.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# MFS<sup>®</sup> Research International Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the MFS<sup>®</sup> Research International Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $34 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,422,821,560

* # of Portfolio Investments127

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid$4,103,576

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Schneider Electric SE | 2.8 |
| Roche Holding AG | 2.6 |
| Hitachi Ltd. | 2.5 |
| Linde PLC | 2.1 |
| Nestle SA | 2.1 |
| Euronext NV | 2.0 |
| Barclays PLC | 2.0 |
| NatWest Group PLC | 1.9 |
| Novo Nordisk AS | 1.7 |
| BNP Paribas SA | 1.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693idb6721f72be315458be2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7 |
| Energy | 3.9 |
| Communication Services | 4.7 |
| Consumer Staples | 7.1 |
| Materials | 7.6 |
| Information Technology | 7.7 |
| Consumer Discretionary | 9.3 |
| Health Care | 10.4 |
| Industrials | 19.4 |
| Financials | 24.7 |

---

### Top 10 Countries
![Group By Country Chart](g847693i00d3b0deaf322f83a031.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 1.8 |
| Denmark | 2.3 |
| Canada | 2.5 |
| Switzerland | 3.3 |
| Germany | 4.9 |
| France | 7.7 |
| Netherlands | 8.3 |
| United Kingdom | 14.8 |
| United States | 18.0 |
| Japan | 18.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# MFS<sup>®</sup> Research International Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the MFS<sup>®</sup> Research International Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $48 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,422,821,560

* # of Portfolio Investments127

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid$4,103,576

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Schneider Electric SE | 2.8 |
| Roche Holding AG | 2.6 |
| Hitachi Ltd. | 2.5 |
| Linde PLC | 2.1 |
| Nestle SA | 2.1 |
| Euronext NV | 2.0 |
| Barclays PLC | 2.0 |
| NatWest Group PLC | 1.9 |
| Novo Nordisk AS | 1.7 |
| BNP Paribas SA | 1.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i207950983ba1cf687ccb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7 |
| Energy | 3.9 |
| Communication Services | 4.7 |
| Consumer Staples | 7.1 |
| Materials | 7.6 |
| Information Technology | 7.7 |
| Consumer Discretionary | 9.3 |
| Health Care | 10.4 |
| Industrials | 19.4 |
| Financials | 24.7 |

---

### Top 10 Countries
![Group By Country Chart](g847693i3b2a2c84f1f7cbc8fa0d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 1.8 |
| Denmark | 2.3 |
| Canada | 2.5 |
| Switzerland | 3.3 |
| Germany | 4.9 |
| France | 7.7 |
| Netherlands | 8.3 |
| United Kingdom | 14.8 |
| United States | 18.0 |
| Japan | 18.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# MFS<sup>®</sup> Research International Portfolio: Class E
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the MFS<sup>®</sup> Research International Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $42 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,422,821,560

* # of Portfolio Investments127

* Portfolio Turnover Rate15%

* Total Advisory Fees Paid$4,103,576

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Schneider Electric SE | 2.8 |
| Roche Holding AG | 2.6 |
| Hitachi Ltd. | 2.5 |
| Linde PLC | 2.1 |
| Nestle SA | 2.1 |
| Euronext NV | 2.0 |
| Barclays PLC | 2.0 |
| NatWest Group PLC | 1.9 |
| Novo Nordisk AS | 1.7 |
| BNP Paribas SA | 1.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i6584abe765119d9e1056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.7 |
| Energy | 3.9 |
| Communication Services | 4.7 |
| Consumer Staples | 7.1 |
| Materials | 7.6 |
| Information Technology | 7.7 |
| Consumer Discretionary | 9.3 |
| Health Care | 10.4 |
| Industrials | 19.4 |
| Financials | 24.7 |

---

### Top 10 Countries
![Group By Country Chart](g847693ib62c83089f4c052440b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 1.8 |
| Denmark | 2.3 |
| Canada | 2.5 |
| Switzerland | 3.3 |
| Germany | 4.9 |
| France | 7.7 |
| Netherlands | 8.3 |
| United Kingdom | 14.8 |
| United States | 18.0 |
| Japan | 18.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Morgan Stanley Discovery Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Morgan Stanley Discovery Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $36 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,447,121,474

* # of Portfolio Investments80

* Portfolio Turnover Rate48%

* Total Advisory Fees Paid$3,940,516

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.1 |
| QXO, Inc. | 6.5 |
| Affirm Holdings, Inc. | 6.3 |
| MicroStrategy, Inc. | 5.8 |
| ROBLOX Corp. | 5.8 |
| IonQ, Inc. | 5.0 |
| Core & Main, Inc. | 5.0 |
| Royalty Pharma PLC | 4.8 |
| Trade Desk, Inc. | 4.8 |
| Aurora Innovation, Inc. | 3.6 |

---

### Top Sectors
![Group By Sector Chart](g847693i8d3606bf0ec89bd21a39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.4 |
| Consumer Staples | 4.1 |
| Health Care | 9.5 |
| Communication Services | 10.5 |
| Financials | 10.9 |
| Industrials | 12.2 |
| Consumer Discretionary | 12.4 |
| Information Technology | 36.9 |

---

### Top Countries
![Group By Country Chart](g847693i015296e01e5de07310a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Israel | 7.1 |
| United States | 91.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Morgan Stanley Discovery Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Morgan Stanley Discovery Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $50 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,447,121,474

* # of Portfolio Investments80

* Portfolio Turnover Rate48%

* Total Advisory Fees Paid$3,940,516

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.1 |
| QXO, Inc. | 6.5 |
| Affirm Holdings, Inc. | 6.3 |
| MicroStrategy, Inc. | 5.8 |
| ROBLOX Corp. | 5.8 |
| IonQ, Inc. | 5.0 |
| Core & Main, Inc. | 5.0 |
| Royalty Pharma PLC | 4.8 |
| Trade Desk, Inc. | 4.8 |
| Aurora Innovation, Inc. | 3.6 |

---

### Top Sectors
![Group By Sector Chart](g847693i8187518d4a8fe4379742.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.4 |
| Consumer Staples | 4.1 |
| Health Care | 9.5 |
| Communication Services | 10.5 |
| Financials | 10.9 |
| Industrials | 12.2 |
| Consumer Discretionary | 12.4 |
| Information Technology | 36.9 |

---

### Top Countries
![Group By Country Chart](g847693i3408b93e4335755013e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Israel | 7.1 |
| United States | 91.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Morgan Stanley Discovery Portfolio: Class E
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Morgan Stanley Discovery Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $44 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,447,121,474

* # of Portfolio Investments80

* Portfolio Turnover Rate48%

* Total Advisory Fees Paid$3,940,516

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Cloudflare, Inc. | 13.1 |
| QXO, Inc. | 6.5 |
| Affirm Holdings, Inc. | 6.3 |
| MicroStrategy, Inc. | 5.8 |
| ROBLOX Corp. | 5.8 |
| IonQ, Inc. | 5.0 |
| Core & Main, Inc. | 5.0 |
| Royalty Pharma PLC | 4.8 |
| Trade Desk, Inc. | 4.8 |
| Aurora Innovation, Inc. | 3.6 |

---

### Top Sectors
![Group By Sector Chart](g847693ie4bc4740799759dc8480.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.4 |
| Consumer Staples | 4.1 |
| Health Care | 9.5 |
| Communication Services | 10.5 |
| Financials | 10.9 |
| Industrials | 12.2 |
| Consumer Discretionary | 12.4 |
| Information Technology | 36.9 |

---

### Top Countries
![Group By Country Chart](g847693i8534eab6a7cd9eb0040d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.2 |
| Israel | 7.1 |
| United States | 91.7 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PanAgora Global Diversified Risk Portfolio: Class B
![Image](g847693i57c8777a487126299751.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the PanAgora Global Diversified Risk Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $48 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,221,367,009

* # of Portfolio Investments686

* Portfolio Turnover Rate52%

* Total Advisory Fees Paid$3,813,888

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Iberdrola SA | 0.2 |
| Spotify Technology SA | 0.2 |
| Shell PLC | 0.2 |
| Novartis AG | 0.2 |
| Apple, Inc. | 0.1 |
| Enel SpA | 0.1 |
| BP PLC | 0.1 |
| BHP Group Ltd. | 0.1 |
| SAP SE | 0.1 |
| Walmart, Inc. | 0.1 |

---

### Top Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 11 |
| U.S. Treasury Inflation-Indexed Bonds | 1 |

---

### Top 10 Countries
![Group By Country Chart](g847693iadf4b357445b4aff2427.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Italy | 0.3 |
| Switzerland | 0.3 |
| Spain | 0.3 |
| France | 0.4 |
| Germany | 0.5 |
| Australia | 0.5 |
| United Kingdom | 0.8 |
| Canada | 0.8 |
| Japan | 1.3 |
| United States | 17.6 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i486a51b562b7204d008f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Global Developed Inflation-Linked | 3.8 |
| U.S. Small Cap Equities | 4.1 |
| U.S. Large Cap Equities | 6.7 |
| Emerging Market Equities | 14.2 |
| International Developed Equities | 24.2 |
| Commodities | 38.4 |
| Global Developed Bonds | 63.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Inflation Protected Bond Portfolio: Class A
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the PIMCO Inflation Protected Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 1.03%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,466,761,932

* # of Portfolio Investments580

* Portfolio Turnover Rate97%

* Total Advisory Fees Paid$3,539,376

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 58.4 |
| U.S. Treasury Inflation-Indexed Bonds | 29.0 |
| Uniform Mortgage-Backed Security, TBA | 11.4 |
| Government National Mortgage Association | 4.9 |
| Japan Government CPI-Linked Bonds | 2.1 |
| French Republic Government Bonds OAT | 1.7 |
| Federal Home Loan Mortgage Corp. | 0.9 |
| Federal National Mortgage Association | 0.7 |
| Bosphorus CLO VI DAC | 0.6 |
| Man Euro CLO DAC | 0.6 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693id18ba04e965097f38056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.1 |
| Corporate Bonds & Notes | 0.4 |
| Non-Agency Mortgage-Backed Securities | 1.4 |
| Foreign Government | 4.6 |
| Asset-Backed Securities | 8.7 |
| Agency Sponsored Mortgage-Backed Securities | 19.2 |
| Short-Term Investments | 39.9 |
| U.S. Treasury & Government Agencies | 87.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Inflation Protected Bond Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the PIMCO Inflation Protected Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $65 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,466,761,932

* # of Portfolio Investments580

* Portfolio Turnover Rate97%

* Total Advisory Fees Paid$3,539,376

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 58.4 |
| U.S. Treasury Inflation-Indexed Bonds | 29.0 |
| Uniform Mortgage-Backed Security, TBA | 11.4 |
| Government National Mortgage Association | 4.9 |
| Japan Government CPI-Linked Bonds | 2.1 |
| French Republic Government Bonds OAT | 1.7 |
| Federal Home Loan Mortgage Corp. | 0.9 |
| Federal National Mortgage Association | 0.7 |
| Bosphorus CLO VI DAC | 0.6 |
| Man Euro CLO DAC | 0.6 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i414049c27cc5916d3166.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.1 |
| Corporate Bonds & Notes | 0.4 |
| Non-Agency Mortgage-Backed Securities | 1.4 |
| Foreign Government | 4.6 |
| Asset-Backed Securities | 8.7 |
| Agency Sponsored Mortgage-Backed Securities | 19.2 |
| Short-Term Investments | 39.9 |
| U.S. Treasury & Government Agencies | 87.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Inflation Protected Bond Portfolio: Class E
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the PIMCO Inflation Protected Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $60 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,466,761,932

* # of Portfolio Investments580

* Portfolio Turnover Rate97%

* Total Advisory Fees Paid$3,539,376

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Indexed Notes | 58.4 |
| U.S. Treasury Inflation-Indexed Bonds | 29.0 |
| Uniform Mortgage-Backed Security, TBA | 11.4 |
| Government National Mortgage Association | 4.9 |
| Japan Government CPI-Linked Bonds | 2.1 |
| French Republic Government Bonds OAT | 1.7 |
| Federal Home Loan Mortgage Corp. | 0.9 |
| Federal National Mortgage Association | 0.7 |
| Bosphorus CLO VI DAC | 0.6 |
| Man Euro CLO DAC | 0.6 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693ia0d4efb56ed27b715a11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Convertible Preferred Stocks | 0.1 |
| Corporate Bonds & Notes | 0.4 |
| Non-Agency Mortgage-Backed Securities | 1.4 |
| Foreign Government | 4.6 |
| Asset-Backed Securities | 8.7 |
| Agency Sponsored Mortgage-Backed Securities | 19.2 |
| Short-Term Investments | 39.9 |
| U.S. Treasury & Government Agencies | 87.4 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Total Return Portfolio: Class A
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $29 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$3,560,701,402

* # of Portfolio Investments1,558

* Portfolio Turnover Rate279%

* Total Advisory Fees Paid$8,066,814

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA | 36.3 |
| U.S. Treasury Bonds | 13.7 |
| Government National Mortgage Association, TBA | 4.7 |
| Federal National Mortgage Association | 3.0 |
| Federal Home Loan Mortgage Corp. | 2.5 |
| U.S. Treasury Inflation-Indexed Bonds | 2.2 |
| Government National Mortgage Association REMICS | 2.1 |
| U.S. Treasury Inflation-Indexed Notes | 1.7 |
| UBS Group AG | 1.4 |
| Benchmark Mortgage Trust | 1.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693idef638d8ca248391fafb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Floating Rate Loans | 0.2 |
| Municipals | 1.1 |
| Short-Term Investments | 2.9 |
| Foreign Government | 7.3 |
| Asset-Backed Securities | 8.5 |
| Non-Agency Mortgage-Backed Securities | 11.8 |
| U.S. Treasury & Government Agencies | 17.9 |
| Corporate Bonds & Notes | 44.5 |
| Agency Sponsored Mortgage-Backed Securities | 49.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Total Return Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $42 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$3,560,701,402

* # of Portfolio Investments1,558

* Portfolio Turnover Rate279%

* Total Advisory Fees Paid$8,066,814

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA | 36.3 |
| U.S. Treasury Bonds | 13.7 |
| Government National Mortgage Association, TBA | 4.7 |
| Federal National Mortgage Association | 3.0 |
| Federal Home Loan Mortgage Corp. | 2.5 |
| U.S. Treasury Inflation-Indexed Bonds | 2.2 |
| Government National Mortgage Association REMICS | 2.1 |
| U.S. Treasury Inflation-Indexed Notes | 1.7 |
| UBS Group AG | 1.4 |
| Benchmark Mortgage Trust | 1.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i4b52348fb3dbd274ff8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Floating Rate Loans | 0.2 |
| Municipals | 1.1 |
| Short-Term Investments | 2.9 |
| Foreign Government | 7.3 |
| Asset-Backed Securities | 8.5 |
| Non-Agency Mortgage-Backed Securities | 11.8 |
| U.S. Treasury & Government Agencies | 17.9 |
| Corporate Bonds & Notes | 44.5 |
| Agency Sponsored Mortgage-Backed Securities | 49.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# PIMCO Total Return Portfolio: Class E
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the PIMCO Total Return Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $37 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$3,560,701,402

* # of Portfolio Investments1,558

* Portfolio Turnover Rate279%

* Total Advisory Fees Paid$8,066,814

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA | 36.3 |
| U.S. Treasury Bonds | 13.7 |
| Government National Mortgage Association, TBA | 4.7 |
| Federal National Mortgage Association | 3.0 |
| Federal Home Loan Mortgage Corp. | 2.5 |
| U.S. Treasury Inflation-Indexed Bonds | 2.2 |
| Government National Mortgage Association REMICS | 2.1 |
| U.S. Treasury Inflation-Indexed Notes | 1.7 |
| UBS Group AG | 1.4 |
| Benchmark Mortgage Trust | 1.3 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693if77aca32dc0cbe25f3e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Floating Rate Loans | 0.2 |
| Municipals | 1.1 |
| Short-Term Investments | 2.9 |
| Foreign Government | 7.3 |
| Asset-Backed Securities | 8.5 |
| Non-Agency Mortgage-Backed Securities | 11.8 |
| U.S. Treasury & Government Agencies | 17.9 |
| Corporate Bonds & Notes | 44.5 |
| Agency Sponsored Mortgage-Backed Securities | 49.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Schroders Global Multi-Asset Portfolio: Class B
![Image](g847693i57c8777a487126299751.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Schroders Global Multi-Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $49 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$600,981,384

* # of Portfolio Investments944

* Portfolio Turnover Rate22%

* Total Advisory Fees Paid$1,904,736

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 3.2 |
| Microsoft Corp. | 2.9 |
| Apple, Inc. | 2.2 |
| Alphabet, Inc. | 1.8 |
| Amazon.com, Inc. | 1.7 |
| Meta Platforms, Inc. | 1.4 |
| Broadcom, Inc. | 1 |
| JPMorgan Chase & Co. | 0.8 |
| Netflix, Inc. | 0.7 |
| Visa, Inc. | 0.6 |

---

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Wells Fargo & Co. | 1.5 |
| JPMorgan Chase & Co. | 1.4 |
| Bank of America Corp. | 1.4 |
| Morgan Stanley | 1 |
| Citibank NA | 0.7 |
| UBS Group AG | 0.7 |
| Pfizer Investment Enterprises Pte. Ltd. | 0.6 |
| General Motors Financial Co., Inc. | 0.6 |
| AT&T, Inc. | 0.6 |
| UnitedHealth Group, Inc. | 0.6 |

---

### Top 10 Countries
![Group By Country Chart](g847693i4c7d712a88e739994074.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 0.8 |
| Italy | 1 |
| Ireland | 1.1 |
| France | 1.3 |
| Switzerland | 1.3 |
| Germany | 1.7 |
| United Kingdom | 2 |
| Canada | 2 |
| Japan | 2.4 |
| United States | 75.6 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i636b1a585fb812a4debe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Warrants | 0.0 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Short-Term Investments | 3.7 |
| Corporate Bonds & Notes | 35.0 |
| Common Stocks | 57.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Emerging Markets Enhanced Index Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the SSGA Emerging Markets Enhanced Index Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $29 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,148,370,464

* # of Portfolio Investments598

* Portfolio Turnover Rate30%

* Total Advisory Fees Paid$1,418,620

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.2 |
| Tencent Holdings Ltd. | 4.8 |
| Samsung Electronics Co. Ltd. | 2.8 |
| Alibaba Group Holding Ltd. | 2.7 |
| Xiaomi Corp. | 1.6 |
| SK Hynix, Inc. | 1.6 |
| HDFC Bank Ltd. | 1.3 |
| Reliance Industries Ltd. | 1 |
| Hon Hai Precision Industry Co. Ltd. | 1 |
| ICICI Bank Ltd. | 0.9 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693ia6b4c1afd5f2c7202fe4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.6 |
| Health Care | 3.4 |
| Energy | 4.0 |
| Consumer Staples | 4.2 |
| Materials | 5.4 |
| Industrials | 6.7 |
| Communication Services | 9.9 |
| Consumer Discretionary | 12.5 |
| Information Technology | 23.8 |
| Financials | 24.4 |

---

### Top 10 Countries
![Group By Country Chart](g847693i78318abc3cb26b9fc943.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Thailand | 1.1 |
| United Arab Emirates | 1.7 |
| Mexico | 2.0 |
| South Africa | 2.8 |
| Saudi Arabia | 3.4 |
| Brazil | 4.3 |
| South Korea | 11.0 |
| India | 17.8 |
| Taiwan | 18.7 |
| China | 27.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Emerging Markets Enhanced Index Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the SSGA Emerging Markets Enhanced Index Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $42 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,148,370,464

* # of Portfolio Investments598

* Portfolio Turnover Rate30%

* Total Advisory Fees Paid$1,418,620

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.2 |
| Tencent Holdings Ltd. | 4.8 |
| Samsung Electronics Co. Ltd. | 2.8 |
| Alibaba Group Holding Ltd. | 2.7 |
| Xiaomi Corp. | 1.6 |
| SK Hynix, Inc. | 1.6 |
| HDFC Bank Ltd. | 1.3 |
| Reliance Industries Ltd. | 1 |
| Hon Hai Precision Industry Co. Ltd. | 1 |
| ICICI Bank Ltd. | 0.9 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i7dd7b49495692905dd9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.6 |
| Health Care | 3.4 |
| Energy | 4.0 |
| Consumer Staples | 4.2 |
| Materials | 5.4 |
| Industrials | 6.7 |
| Communication Services | 9.9 |
| Consumer Discretionary | 12.5 |
| Information Technology | 23.8 |
| Financials | 24.4 |

---

### Top 10 Countries
![Group By Country Chart](g847693i8a7aa33da205fd44d9ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Thailand | 1.1 |
| United Arab Emirates | 1.7 |
| Mexico | 2.0 |
| South Africa | 2.8 |
| Saudi Arabia | 3.4 |
| Brazil | 4.3 |
| South Korea | 11.0 |
| India | 17.8 |
| Taiwan | 18.7 |
| China | 27.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth and Income ETF Portfolio: Class A
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the SSGA Growth and Income ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $17 | 0.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,655,436,071

* # of Portfolio Investments54

* Portfolio Turnover Rate65%

* Total Advisory Fees Paid$2,509,113

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| Vanguard Total Bond Market ETF | 19.6 |
| SPDR S&P 500 ETF Trust | 13.3 |
| iShares Core S&P 500 ETF | 11.2 |
| iShares Core MSCI Emerging Markets ETF | 7.6 |
| SPDR Portfolio Developed World ex-U.S. ETF | 5.5 |
| SPDR Gold Shares | 4.3 |
| SPDR Bloomberg High Yield Bond ETF | 4.0 |
| iShares 0-5 Year TIPS Bond ETF | 4.0 |
| Vanguard Long-Term Corporate Bond ETF | 3.6 |
| iShares Core S&P Small-Cap ETF | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693iff76e8c0b3ed0fcb6093.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Eastate Equities | 2.9 |
| U.S. Mid Cap Equities | 3.0 |
| U.S. Small Cap Equities | 3.5 |
| Commodities | 6.8 |
| International Developed Market Equities | 7.5 |
| Emerging Market Equities | 7.6 |
| High Yield Fixed Income | 9.1 |
| Investment Grade Fixed Income | 28.2 |
| U.S. Large Cap Equities | 30.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth and Income ETF Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the SSGA Growth and Income ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $30 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,655,436,071

* # of Portfolio Investments54

* Portfolio Turnover Rate65%

* Total Advisory Fees Paid$2,509,113

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| Vanguard Total Bond Market ETF | 19.6 |
| SPDR S&P 500 ETF Trust | 13.3 |
| iShares Core S&P 500 ETF | 11.2 |
| iShares Core MSCI Emerging Markets ETF | 7.6 |
| SPDR Portfolio Developed World ex-U.S. ETF | 5.5 |
| SPDR Gold Shares | 4.3 |
| SPDR Bloomberg High Yield Bond ETF | 4.0 |
| iShares 0-5 Year TIPS Bond ETF | 4.0 |
| Vanguard Long-Term Corporate Bond ETF | 3.6 |
| iShares Core S&P Small-Cap ETF | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693ia7503c55fd140df1d0a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Eastate Equities | 2.9 |
| U.S. Mid Cap Equities | 3.0 |
| U.S. Small Cap Equities | 3.5 |
| Commodities | 6.8 |
| International Developed Market Equities | 7.5 |
| Emerging Market Equities | 7.6 |
| High Yield Fixed Income | 9.1 |
| Investment Grade Fixed Income | 28.2 |
| U.S. Large Cap Equities | 30.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth and Income ETF Portfolio: Class E
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the SSGA Growth and Income ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $25 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,655,436,071

* # of Portfolio Investments54

* Portfolio Turnover Rate65%

* Total Advisory Fees Paid$2,509,113

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| Vanguard Total Bond Market ETF | 19.6 |
| SPDR S&P 500 ETF Trust | 13.3 |
| iShares Core S&P 500 ETF | 11.2 |
| iShares Core MSCI Emerging Markets ETF | 7.6 |
| SPDR Portfolio Developed World ex-U.S. ETF | 5.5 |
| SPDR Gold Shares | 4.3 |
| SPDR Bloomberg High Yield Bond ETF | 4.0 |
| iShares 0-5 Year TIPS Bond ETF | 4.0 |
| Vanguard Long-Term Corporate Bond ETF | 3.6 |
| iShares Core S&P Small-Cap ETF | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i0a363fba17711e44c252.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Eastate Equities | 2.9 |
| U.S. Mid Cap Equities | 3.0 |
| U.S. Small Cap Equities | 3.5 |
| Commodities | 6.8 |
| International Developed Market Equities | 7.5 |
| Emerging Market Equities | 7.6 |
| High Yield Fixed Income | 9.1 |
| Investment Grade Fixed Income | 28.2 |
| U.S. Large Cap Equities | 30.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth ETF Portfolio: Class A
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the SSGA Growth ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $19 | 0.36%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$731,808,517

* # of Portfolio Investments40

* Portfolio Turnover Rate69%

* Total Advisory Fees Paid$1,139,622

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| SPDR S&P 500 ETF Trust | 15.2 |
| iShares Core S&P 500 ETF | 13.2 |
| iShares Core MSCI Emerging Markets ETF | 10.1 |
| SPDR Portfolio Developed World ex-U.S. ETF | 9.9 |
| Vanguard Total Bond Market ETF | 6.5 |
| iShares Core S&P Small-Cap ETF | 5.0 |
| iShares Core S&P Mid-Cap ETF | 4.5 |
| SPDR Gold Shares | 4.2 |
| Vanguard Long-Term Corporate Bond ETF | 3.6 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i6b7293729fb10cd7294e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 3.9 |
| U.S. Mid Cap Equities | 4.5 |
| U.S. Small Cap Equities | 5.0 |
| High Yield Fixed Income | 6.0 |
| Commodities | 7.6 |
| Emerging Market Equities | 10.1 |
| Investment Grade Fixed Income | 11.1 |
| International Developed Market Equities | 12.9 |
| U.S. Large Cap Equities | 37.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth ETF Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the SSGA Growth ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $31 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$731,808,517

* # of Portfolio Investments40

* Portfolio Turnover Rate69%

* Total Advisory Fees Paid$1,139,622

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| SPDR S&P 500 ETF Trust | 15.2 |
| iShares Core S&P 500 ETF | 13.2 |
| iShares Core MSCI Emerging Markets ETF | 10.1 |
| SPDR Portfolio Developed World ex-U.S. ETF | 9.9 |
| Vanguard Total Bond Market ETF | 6.5 |
| iShares Core S&P Small-Cap ETF | 5.0 |
| iShares Core S&P Mid-Cap ETF | 4.5 |
| SPDR Gold Shares | 4.2 |
| Vanguard Long-Term Corporate Bond ETF | 3.6 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i1b4f679013cdc28fe8c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 3.9 |
| U.S. Mid Cap Equities | 4.5 |
| U.S. Small Cap Equities | 5.0 |
| High Yield Fixed Income | 6.0 |
| Commodities | 7.6 |
| Emerging Market Equities | 10.1 |
| Investment Grade Fixed Income | 11.1 |
| International Developed Market Equities | 12.9 |
| U.S. Large Cap Equities | 37.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# SSGA Growth ETF Portfolio: Class E
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the SSGA Growth ETF Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $26 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$731,808,517

* # of Portfolio Investments40

* Portfolio Turnover Rate69%

* Total Advisory Fees Paid$1,139,622

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Holdings

---

| | |
|:---|:---|
| SPDR S&P 500 ETF Trust | 15.2 |
| iShares Core S&P 500 ETF | 13.2 |
| iShares Core MSCI Emerging Markets ETF | 10.1 |
| SPDR Portfolio Developed World ex-U.S. ETF | 9.9 |
| Vanguard Total Bond Market ETF | 6.5 |
| iShares Core S&P Small-Cap ETF | 5.0 |
| iShares Core S&P Mid-Cap ETF | 4.5 |
| SPDR Gold Shares | 4.2 |
| Vanguard Long-Term Corporate Bond ETF | 3.6 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693id86d4b9af1a7499813bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate Equities | 3.9 |
| U.S. Mid Cap Equities | 4.5 |
| U.S. Small Cap Equities | 5.0 |
| High Yield Fixed Income | 6.0 |
| Commodities | 7.6 |
| Emerging Market Equities | 10.1 |
| Investment Grade Fixed Income | 11.1 |
| International Developed Market Equities | 12.9 |
| U.S. Large Cap Equities | 37.3 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Large Cap Value Portfolio: Class A

![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the T. Rowe Price Large Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $26 | 0.52%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,509,759,139

* # of Portfolio Investments106

* Portfolio Turnover Rate22%

* Total Advisory Fees Paid$6,141,828

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Bank of America Corp. | 3.8 |
| Charles Schwab Corp. | 2.6 |
| Kenvue, Inc. | 2.5 |
| Elevance Health, Inc. | 2.5 |
| Wells Fargo & Co. | 2.4 |
| Alphabet, Inc. | 2.3 |
| L3Harris Technologies, Inc. | 2.3 |
| ConocoPhillips | 2.2 |
| Hartford Insurance Group, Inc. | 2.2 |
| Amazon.com, Inc. | 2.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i50342aa0ea7533ca361a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.4 |
| Consumer Discretionary | 5.1 |
| Utilities | 5.2 |
| Communication Services | 6.0 |
| Energy | 8.1 |
| Information Technology | 9.3 |
| Consumer Staples | 10.0 |
| Health Care | 13.8 |
| Industrials | 14.0 |
| Financials | 21.4 |

---

### Top Countries
![Group By Country Chart](g847693id1ea14fc0ff4a5ea076c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.5 |
| United Kingdom | 0.6 |
| Ireland | 0.9 |
| South Korea | 1 |
| France | 1 |
| Germany | 1 |
| United States | 93.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Large Cap Value Portfolio: Class B

![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the T. Rowe Price Large Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $39 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,509,759,139

* # of Portfolio Investments106

* Portfolio Turnover Rate22%

* Total Advisory Fees Paid$6,141,828

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Bank of America Corp. | 3.8 |
| Charles Schwab Corp. | 2.6 |
| Kenvue, Inc. | 2.5 |
| Elevance Health, Inc. | 2.5 |
| Wells Fargo & Co. | 2.4 |
| Alphabet, Inc. | 2.3 |
| L3Harris Technologies, Inc. | 2.3 |
| ConocoPhillips | 2.2 |
| Hartford Insurance Group, Inc. | 2.2 |
| Amazon.com, Inc. | 2.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i2bbffc9b48c995151f2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.4 |
| Consumer Discretionary | 5.1 |
| Utilities | 5.2 |
| Communication Services | 6.0 |
| Energy | 8.1 |
| Information Technology | 9.3 |
| Consumer Staples | 10.0 |
| Health Care | 13.8 |
| Industrials | 14.0 |
| Financials | 21.4 |

---

### Top Countries
![Group By Country Chart](g847693ifd1ab237ad179f7a15d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.5 |
| United Kingdom | 0.6 |
| Ireland | 0.9 |
| South Korea | 1 |
| France | 1 |
| Germany | 1 |
| United States | 93.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Large Cap Value Portfolio: Class E

![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the T. Rowe Price Large Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $34 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,509,759,139

* # of Portfolio Investments106

* Portfolio Turnover Rate22%

* Total Advisory Fees Paid$6,141,828

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Bank of America Corp. | 3.8 |
| Charles Schwab Corp. | 2.6 |
| Kenvue, Inc. | 2.5 |
| Elevance Health, Inc. | 2.5 |
| Wells Fargo & Co. | 2.4 |
| Alphabet, Inc. | 2.3 |
| L3Harris Technologies, Inc. | 2.3 |
| ConocoPhillips | 2.2 |
| Hartford Insurance Group, Inc. | 2.2 |
| Amazon.com, Inc. | 2.1 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i909d8b7593646c898f66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.4 |
| Consumer Discretionary | 5.1 |
| Utilities | 5.2 |
| Communication Services | 6.0 |
| Energy | 8.1 |
| Information Technology | 9.3 |
| Consumer Staples | 10.0 |
| Health Care | 13.8 |
| Industrials | 14.0 |
| Financials | 21.4 |

---

### Top Countries
![Group By Country Chart](g847693i144e4b4bb8eba08a8843.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 0.5 |
| United Kingdom | 0.6 |
| Ireland | 0.9 |
| South Korea | 1 |
| France | 1 |
| Germany | 1 |
| United States | 93.9 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Mid Cap Growth Portfolio: Class A

![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the T. Rowe Price Mid Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $33 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,188,334,942

* # of Portfolio Investments166

* Portfolio Turnover Rate18%

* Total Advisory Fees Paid$3,617,853

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Veeva Systems, Inc. | 2.2 |
| Hologic, Inc. | 2.1 |
| Alnylam Pharmaceuticals, Inc. | 1.9 |
| PTC, Inc. | 1.8 |
| Hilton Worldwide Holdings, Inc. | 1.7 |
| Cheniere Energy, Inc. | 1.7 |
| Tyler Technologies, Inc. | 1.7 |
| Agilent Technologies, Inc. | 1.6 |
| Yum! Brands, Inc. | 1.6 |
| Textron, Inc. | 1.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i7cc8aa6a148ad13a6a5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9 |
| Consumer Staples | 3.7 |
| Materials | 3.7 |
| Communication Services | 4.8 |
| Energy | 4.9 |
| Financials | 8.9 |
| Consumer Discretionary | 14.9 |
| Industrials | 16.7 |
| Health Care | 18.9 |
| Information Technology | 19.7 |

---

### Top Countries
![Group By Country Chart](g847693i99e7a5f3bdf4784fccfa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 0.6 |
| Switzerland | 0.7 |
| Netherlands | 0.8 |
| Germany | 0.9 |
| United Kingdom | 1.4 |
| United States | 92.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Mid Cap Growth Portfolio: Class B

![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the T. Rowe Price Mid Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $45 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,188,334,942

* # of Portfolio Investments166

* Portfolio Turnover Rate18%

* Total Advisory Fees Paid$3,617,853

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Veeva Systems, Inc. | 2.2 |
| Hologic, Inc. | 2.1 |
| Alnylam Pharmaceuticals, Inc. | 1.9 |
| PTC, Inc. | 1.8 |
| Hilton Worldwide Holdings, Inc. | 1.7 |
| Cheniere Energy, Inc. | 1.7 |
| Tyler Technologies, Inc. | 1.7 |
| Agilent Technologies, Inc. | 1.6 |
| Yum! Brands, Inc. | 1.6 |
| Textron, Inc. | 1.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693ib345bb18241bbe1a410a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9 |
| Consumer Staples | 3.7 |
| Materials | 3.7 |
| Communication Services | 4.8 |
| Energy | 4.9 |
| Financials | 8.9 |
| Consumer Discretionary | 14.9 |
| Industrials | 16.7 |
| Health Care | 18.9 |
| Information Technology | 19.7 |

---

### Top Countries
![Group By Country Chart](g847693i458255d9c208ace8c1a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 0.6 |
| Switzerland | 0.7 |
| Netherlands | 0.8 |
| Germany | 0.9 |
| United Kingdom | 1.4 |
| United States | 92.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I
T. Rowe Price Mid Cap Growth Portfolio: Class E

![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the T. Rowe Price Mid Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $40 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,188,334,942

* # of Portfolio Investments166

* Portfolio Turnover Rate18%

* Total Advisory Fees Paid$3,617,853

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| Veeva Systems, Inc. | 2.2 |
| Hologic, Inc. | 2.1 |
| Alnylam Pharmaceuticals, Inc. | 1.9 |
| PTC, Inc. | 1.8 |
| Hilton Worldwide Holdings, Inc. | 1.7 |
| Cheniere Energy, Inc. | 1.7 |
| Tyler Technologies, Inc. | 1.7 |
| Agilent Technologies, Inc. | 1.6 |
| Yum! Brands, Inc. | 1.6 |
| Textron, Inc. | 1.6 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i5418b1a039168b554f62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9 |
| Consumer Staples | 3.7 |
| Materials | 3.7 |
| Communication Services | 4.8 |
| Energy | 4.9 |
| Financials | 8.9 |
| Consumer Discretionary | 14.9 |
| Industrials | 16.7 |
| Health Care | 18.9 |
| Information Technology | 19.7 |

---

### Top Countries
![Group By Country Chart](g847693i8090f3759ae0c02e12f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Denmark | 0.6 |
| Switzerland | 0.7 |
| Netherlands | 0.8 |
| Germany | 0.9 |
| United Kingdom | 1.4 |
| United States | 92.8 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# TCW Core Fixed Income Portfolio: Class A
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the TCW Core Fixed Income Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $24 | 0.47%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,258,998,797

* # of Portfolio Investments411

* Portfolio Turnover Rate237%

* Total Advisory Fees Paid$2,667,026

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 23.7 |
| Federal National Mortgage Association | 12.5 |
| Federal Home Loan Mortgage Corp. | 8.5 |
| U.S. Treasury Bonds | 8.1 |
| Uniform Mortgage-Backed Security, TBA | 6.5 |
| Government National Mortgage Association, TBA | 4.4 |
| Government National Mortgage Association | 2.2 |
| CIM Trust | 2.1 |
| U.S. Treasury Inflation-Indexed Notes | 1.2 |
| JP Morgan Mortgage Trust | 1.1 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i47950ffc0dd16366c71e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Government | 0.1 |
| Municipals | 0.6 |
| Short-Term Investments | 5.0 |
| Non-Agency Mortgage-Backed Securities | 8.9 |
| Asset-Backed Securities | 9.1 |
| Corporate Bonds & Notes | 17.8 |
| U.S. Treasury & Government Agencies | 33.0 |
| Agency Sponsored Mortgage-Backed Securities | 35.6 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# TCW Core Fixed Income Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the TCW Core Fixed Income Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $36 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,258,998,797

* # of Portfolio Investments411

* Portfolio Turnover Rate237%

* Total Advisory Fees Paid$2,667,026

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| U.S. Treasury Notes | 23.7 |
| Federal National Mortgage Association | 12.5 |
| Federal Home Loan Mortgage Corp. | 8.5 |
| U.S. Treasury Bonds | 8.1 |
| Uniform Mortgage-Backed Security, TBA | 6.5 |
| Government National Mortgage Association, TBA | 4.4 |
| Government National Mortgage Association | 2.2 |
| CIM Trust | 2.1 |
| U.S. Treasury Inflation-Indexed Notes | 1.2 |
| JP Morgan Mortgage Trust | 1.1 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i371e4460340fa5428a43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Foreign Government | 0.1 |
| Municipals | 0.6 |
| Short-Term Investments | 5.0 |
| Non-Agency Mortgage-Backed Securities | 8.9 |
| Asset-Backed Securities | 9.1 |
| Corporate Bonds & Notes | 17.8 |
| U.S. Treasury & Government Agencies | 33.0 |
| Agency Sponsored Mortgage-Backed Securities | 35.6 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Victory Sycamore Mid Cap Value Portfolio: Class A
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Victory Sycamore Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$861,435,198

* # of Portfolio Investments109

* Portfolio Turnover Rate27%

* Total Advisory Fees Paid$2,409,528

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| U.S. Foods Holding Corp. | 2.5 |
| Alliant Energy Corp. | 2.4 |
| Quest Diagnostics, Inc. | 2.0 |
| Crown Holdings, Inc. | 2.0 |
| Fidelity National Financial, Inc. | 1.9 |
| Performance Food Group Co. | 1.9 |
| Willis Towers Watson PLC | 1.8 |
| Genpact Ltd. | 1.8 |
| Expedia Group, Inc. | 1.8 |
| American Water Works Co., Inc. | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693i21a036365fe22e6e8de6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 5.0 |
| Utilities | 5.1 |
| Health Care | 5.9 |
| Real Estate | 7.8 |
| Consumer Discretionary | 7.8 |
| Consumer Staples | 8.1 |
| Information Technology | 9.9 |
| Materials | 13.7 |
| Financials | 14.7 |
| Industrials | 18.2 |

---

### Top Countries
![Group By Country Chart](g847693icd23b4ce6b88e10f6978.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 0.7 |
| Canada | 1.3 |
| Israel | 1.5 |
| United States | 93.0 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Victory Sycamore Mid Cap Value Portfolio: Class B
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Victory Sycamore Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$861,435,198

* # of Portfolio Investments109

* Portfolio Turnover Rate27%

* Total Advisory Fees Paid$2,409,528

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| U.S. Foods Holding Corp. | 2.5 |
| Alliant Energy Corp. | 2.4 |
| Quest Diagnostics, Inc. | 2.0 |
| Crown Holdings, Inc. | 2.0 |
| Fidelity National Financial, Inc. | 1.9 |
| Performance Food Group Co. | 1.9 |
| Willis Towers Watson PLC | 1.8 |
| Genpact Ltd. | 1.8 |
| Expedia Group, Inc. | 1.8 |
| American Water Works Co., Inc. | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693ic29d44b76d887414f347.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 5.0 |
| Utilities | 5.1 |
| Health Care | 5.9 |
| Real Estate | 7.8 |
| Consumer Discretionary | 7.8 |
| Consumer Staples | 8.1 |
| Information Technology | 9.9 |
| Materials | 13.7 |
| Financials | 14.7 |
| Industrials | 18.2 |

---

### Top Countries
![Group By Country Chart](g847693i6226cd2d8380fbad779d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 0.7 |
| Canada | 1.3 |
| Israel | 1.5 |
| United States | 93.0 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Victory Sycamore Mid Cap Value Portfolio: Class E
![Image](g847693i899af2ee991b966631dc.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Victory Sycamore Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class E | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$861,435,198

* # of Portfolio Investments109

* Portfolio Turnover Rate27%

* Total Advisory Fees Paid$2,409,528

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Equity Holdings

---

| | |
|:---|:---|
| U.S. Foods Holding Corp. | 2.5 |
| Alliant Energy Corp. | 2.4 |
| Quest Diagnostics, Inc. | 2.0 |
| Crown Holdings, Inc. | 2.0 |
| Fidelity National Financial, Inc. | 1.9 |
| Performance Food Group Co. | 1.9 |
| Willis Towers Watson PLC | 1.8 |
| Genpact Ltd. | 1.8 |
| Expedia Group, Inc. | 1.8 |
| American Water Works Co., Inc. | 1.8 |

---

### Top 10 Sectors
![Group By Sector Chart](g847693icbf2b92b0eb91387d204.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 5.0 |
| Utilities | 5.1 |
| Health Care | 5.9 |
| Real Estate | 7.8 |
| Consumer Discretionary | 7.8 |
| Consumer Staples | 8.1 |
| Information Technology | 9.9 |
| Materials | 13.7 |
| Financials | 14.7 |
| Industrials | 18.2 |

---

### Top Countries
![Group By Country Chart](g847693i9a6552d60b9f4283d962.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Jersey, Channel Islands | 0.7 |
| Canada | 1.3 |
| Israel | 1.5 |
| United States | 93.0 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

# Brighthouse Funds Trust I

# Western Asset Management Government Income Portfolio: Class B
![Image](g847693i45ae20e27a94cf75a0f6.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Western Asset Management Government Income Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://dfinview.com/BHFT. You can also request this information by contacting us at 1-888-243-1956.

## What were the Portfolio costs for last six months?
This example shows the expenses you would have paid over the reporting period based on a hypothetical $10,000 investment.

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| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class B | $37 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$512,848,424

* # of Portfolio Investments806

* Portfolio Turnover Rate79%

* Total Advisory Fees Paid$1,054,443

## What did the Portfolio invest in?
The tables below show the investment make up of the Portfolio, representing a percentage of total net assets.

### Top 10 Fixed Income Issuers

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 17.5 |
| Federal National Mortgage Association | 14.6 |
| Resolution Funding Corp. Principal STRIPS | 11.4 |
| U.S. Treasury Bonds | 10.1 |
| Federal Farm Credit Banks Funding Corp. | 7.2 |
| Government National Mortgage Association | 5.3 |
| Uniform Mortgage-Backed Security, TBA | 4.1 |
| Tennessee Valley Authority Generic STRIPS | 3.1 |
| U.S. Treasury Notes | 2.7 |
| Federal Home Loan Mortgage Corp. STRIPS | 2.5 |

---

### Asset Allocation
![Group By Asset Type Chart](g847693i6dc1cc5df028c9651b67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Non-Agency Mortgage-Backed Securities | 1.5 |
| Short-Term Investments | 2.9 |
| Foreign Government | 6.7 |
| Agency Sponsored Mortgage-Backed Securities | 46.1 |
| U.S. Treasury & Government Agencies | 49.5 |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://dfinview.com/BHFT](g847693if076ae4efdde023294f7.jpg)

If you wish to view additional information about the Portfolio, including but not limited to financial statements or holdings, please visit https://dfinview.com/BHFT.

Phone: 1-888-243-1956

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(b) Not applicable.

#### Item 2. Code of Ethics.
Item applicable only to annual report on Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
Item applicable only to annual report on Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Item applicable only to annual report on Form N-CSR.

#### Item 5. Audit Committees of Listed Registrants.
Not applicable to the registrant.

#### Item 6. Investments.
(a) Schedules of Investments are included as part of the reports to shareholders filed under Item 7(a) of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

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Brighthouse Funds Trust I

Semi-Annual Financial Statements

June 30, 2025

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**Brighthouse Funds Trust I**

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ***Section*** A**Schedule of Investments (Item 6), Financial Statements and Financial Highlights (Item 7)** |  |
| Glossary of Abbreviations  | **BHFTI-**2 |
| AB Global Dynamic Allocation Portfolio  | **BHFTI-**3 |
| AB International Bond Portfolio  | **BHFTI-**31 |
| Allspring Mid Cap Value Portfolio  | **BHFTI-**51 |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio (formerly, American Funds<sup>®</sup> Growth Allocation Portfolio)  | **BHFTI-**58 |
| American Funds<sup>®</sup> Balanced Allocation Portfolio  | **BHFTI-**63 |
| American Funds<sup>®</sup> Growth Portfolio  | **BHFTI-**68 |
| American Funds<sup>®</sup> Moderate Allocation Portfolio  | **BHFTI-**72 |
| BlackRock Global Tactical Strategies Portfolio  | **BHFTI-**76 |
| BlackRock High Yield Portfolio  | **BHFTI-**85 |
| Brighthouse Asset Allocation 100 Portfolio  | **BHFTI-**116 |
| Brighthouse Balanced Plus Portfolio  | **BHFTI-**122 |
| Brighthouse Small Cap Value Portfolio  | **BHFTI-**132 |
| Brighthouse/Artisan International Portfolio  | **BHFTI-**140 |
| Brighthouse/Eaton Vance Floating Rate Portfolio  | **BHFTI-**147 |
| Brighthouse/Franklin Low Duration Total Return Portfolio  | **BHFTI-**163 |
| Brighthouse/Templeton International Bond Portfolio  | **BHFTI-**183 |
| Brighthouse/Wellington Large Cap Research Portfolio  | **BHFTI-**192 |
| CBRE Global Real Estate Portfolio  | **BHFTI-**202 |
| Harris Oakmark International Portfolio  | **BHFTI-**210 |
| Invesco Balanced-Risk Allocation Portfolio  | **BHFTI-**218 |
| Invesco Comstock Portfolio  | **BHFTI-**227 |
| Invesco Global Equity Portfolio  | **BHFTI-**236 |
| Invesco Small Cap Growth Portfolio  | **BHFTI-**243 |
| JPMorgan Core Bond Portfolio  | **BHFTI-**251 |
| JPMorgan Global Active Allocation Portfolio  | **BHFTI-**271 |
| JPMorgan Small Cap Value Portfolio  | **BHFTI-**302 |
| Loomis Sayles Global Allocation Portfolio  | **BHFTI-**313 |
| Loomis Sayles Growth Portfolio  | **BHFTI-**330 |
| MetLife Multi-Index Targeted Risk Portfolio  | **BHFTI-**337 |
| MFS<sup>®</sup> Research International Portfolio  | **BHFTI-**343 |
| Morgan Stanley Discovery Portfolio  | **BHFTI-**351 |
| PanAgora Global Diversified Risk Portfolio  | **BHFTI-**360 |
| PIMCO Inflation Protected Bond Portfolio  | **BHFTI-**376 |
| PIMCO Total Return Portfolio  | **BHFTI-**395 |
| Schroders Global Multi-Asset Portfolio  | **BHFTI-**428 |
| SSGA Emerging Markets Enhanced Index Portfolio  | **BHFTI-**449 |
| SSGA Growth and Income ETF Portfolio  | **BHFTI-**461 |
| SSGA Growth ETF Portfolio  | **BHFTI-**469 |
| T. Rowe Price Large Cap Value Portfolio  | **BHFTI-**476 |
| T. Rowe Price Mid Cap Growth Portfolio  | **BHFTI-**485 |
| TCW Core Fixed Income Portfolio  | **BHFTI-**494 |
| Victory Sycamore Mid Cap Value Portfolio  | **BHFTI-**507 |
| Western Asset Management Government Income Portfolio  | **BHFTI-**515 |
| ***Section*** BNotes to Financial Statements | **BHFTI-**527 |
| ***Section*** CReport of Independent Registered Public Accounting Firm | **BHFTI-**554 |
| ***Section*** DShareholder Votes | **BHFTI-**555 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Item 8)** |  |
| Not applicable |  |
| **Proxy Disclosures for Open-End Management Investment Companies (Item 9)** |  |
| Proxy Disclosures for Open-End Management Investment Companies is included within Section D under Item 7 above. |  |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Item 10)** |  |
| Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included under Statements of Operations in the Financial Statements under Item 7 above. |  |
| **Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)** |  |
| Not applicable |  |

---

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**Brighthouse Funds Trust I**

**Glossary of Abbreviations**

Counterparties

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ANZ) — Australia & New Zealand Banking Corp.

&nbsp;&nbsp;&nbsp;&nbsp;(BBH) — Brown Brothers Harriman & Co.

&nbsp;&nbsp;&nbsp;&nbsp;(BBP) — Barclays Bank PLC

&nbsp;&nbsp;&nbsp;&nbsp;(BNP) — BNP Paribas SA

&nbsp;&nbsp;&nbsp;&nbsp;(BOA) — Bank of America NA

&nbsp;&nbsp;&nbsp;&nbsp;(CBNA) — Citibank NA

&nbsp;&nbsp;&nbsp;&nbsp;(CIBC) — Canadian Imperial Bank of Commerce

&nbsp;&nbsp;&nbsp;&nbsp;(DBAG) — Deutsche Bank AG

&nbsp;&nbsp;&nbsp;&nbsp;(GSBU) — Goldman Sachs Bank USA

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(GSC) — Goldman Sachs & Co.

&nbsp;&nbsp;&nbsp;&nbsp;(GSI) — Goldman Sachs International

&nbsp;&nbsp;&nbsp;&nbsp;(HSBC) — HSBC Bank PLC

&nbsp;&nbsp;&nbsp;&nbsp;(HSBCU) — HSBC Bank USA

&nbsp;&nbsp;&nbsp;&nbsp;(JPMC) — JPMorgan Chase Bank NA

&nbsp;&nbsp;&nbsp;&nbsp;(MBL) — Macquarie Bank, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;(MLI) — Merrill Lynch International

&nbsp;&nbsp;&nbsp;&nbsp;(MSC) — Morgan Stanley & Co.

&nbsp;&nbsp;&nbsp;&nbsp;(MSCS) — Morgan Stanley Capital Services LLC

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(MSIP) — Morgan Stanley & Co. International PLC

&nbsp;&nbsp;&nbsp;&nbsp;(RBC) — Royal Bank of Canada

&nbsp;&nbsp;&nbsp;&nbsp;(SCB) — Standard Chartered Bank

&nbsp;&nbsp;&nbsp;&nbsp;(SG) — Societe Generale Paris

&nbsp;&nbsp;&nbsp;&nbsp;(SSBT) — State Street Bank and Trust Co.

&nbsp;&nbsp;&nbsp;&nbsp;(TDB) — Toronto Dominion Bank

&nbsp;&nbsp;&nbsp;&nbsp;(UBSA) — UBS AG

Currencies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(AUD) — Australian Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(BRL) — Brazilian Real

&nbsp;&nbsp;&nbsp;&nbsp;(CAD) — Canadian Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(CHF) — Swiss Franc

&nbsp;&nbsp;&nbsp;&nbsp;(CLP) — Chilean Peso

&nbsp;&nbsp;&nbsp;&nbsp;(CNH) — Chinese Renminbi

&nbsp;&nbsp;&nbsp;&nbsp;(CNY) — Chinese Yuan

&nbsp;&nbsp;&nbsp;&nbsp;(COP) — Colombian Peso

&nbsp;&nbsp;&nbsp;&nbsp;(DKK) — Danish Krone

&nbsp;&nbsp;&nbsp;&nbsp;(EGP) — Egypt Pound

&nbsp;&nbsp;&nbsp;&nbsp;(EUR) — Euro

&nbsp;&nbsp;&nbsp;&nbsp;(GBP) — British Pound

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(GHS) — Ghanaian Cedi

&nbsp;&nbsp;&nbsp;&nbsp;(HKD) — Hong Kong Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(HUF) — Hungarian Forint

&nbsp;&nbsp;&nbsp;&nbsp;(IDR) — Indonesian Rupiah

&nbsp;&nbsp;&nbsp;&nbsp;(ILS) — Israeli Shekel

&nbsp;&nbsp;&nbsp;&nbsp;(INR) — Indian Rupee

&nbsp;&nbsp;&nbsp;&nbsp;(JPY) — Japanese Yen

&nbsp;&nbsp;&nbsp;&nbsp;(KRW) — South Korean Won

&nbsp;&nbsp;&nbsp;&nbsp;(MXN) — Peso

&nbsp;&nbsp;&nbsp;&nbsp;(MYR) — Malaysian Ringgit

&nbsp;&nbsp;&nbsp;&nbsp;(NOK) — Norwegian Krone

&nbsp;&nbsp;&nbsp;&nbsp;(NZD) — New Zealand Dollar

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(PEN) — Peruvian Nuevo Sol

&nbsp;&nbsp;&nbsp;&nbsp;(PLN) — Polish Zloty

&nbsp;&nbsp;&nbsp;&nbsp;(RSD) — Serbian Dinar

&nbsp;&nbsp;&nbsp;&nbsp;(SEK) — Swedish Krona

&nbsp;&nbsp;&nbsp;&nbsp;(SGD) — Singapore Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(THB) — Thai Baht

&nbsp;&nbsp;&nbsp;&nbsp;(TRY) — Turkish Lira

&nbsp;&nbsp;&nbsp;&nbsp;(TWD) — Taiwanese New Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(USD) — United States Dollar

&nbsp;&nbsp;&nbsp;&nbsp;(UYU) — Uruguay Peso

&nbsp;&nbsp;&nbsp;&nbsp;(ZAR) — South African Rand

Index Abbreviations

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (BBSW) | — Australian 3 Month Bank Bill Rate |
| (CDI) | — Brazil Interbank Deposit Rate |
| (CDX.NA.HY) | — Markit North America High Yield CDS Index |
| (CDX.NA.IG) | — Markit North America Investment Grade CDS <br> Index<br>|
| (CNRR) | — China 7 Day Reverse Repo Rates |
| (CPALEMU) | — Euro Area All Items Index Non-Seasonally <br> Adjusted<br>|
| (CPI) | — Consumer Price Index |
| (CPURNSA) | — U.S. Consumer Price for All Urban Consumers <br> Non-Seasonally Adjusted<br>|
| (ECOFC) | — Enterprise 11th District COFI Replacement Index |
| (ESTR) | — Euro Short Term Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (EURIBOR) | — Euro Interbank Offered Rate |
| (FEDL) | — Federal Funds Rate |
| (FRCPXT) | — France Consumer Price ex-Tobacco Index |
| (H15) | — U.S. Treasury Yield Curve Rate T-Note Constant <br> Maturity Index<br>|
| (HICP) | — Harmonized Index of Consumer Prices |
| (ITRX.AUS) | — Markit iTraxx Australia Index |
| (MTA) | — Monthly Treasury Average Index |
| (NZDBB) | — New Zealand Dollar Bank Bill Index |
| (OBFR) | — U.S. Overnight Bank Funding Rate |
| (PRIME) | — U.S. Federal Reserve Prime Rate |
| (RFUCCT) | — Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| (SOFR) | — Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR30A) — Secured Overnight Financing Rate 30-Day Average

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR90A) — Secured Overnight Financing Rate 90-Day Average

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SONIA) — Sterling Overnight Interbank Average Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TONA) — Tokyo Overnight Average Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR) — Term Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UKG) — U.K. Government Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UKRPI) — United Kingdom Retail Price Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UST) — U.S. Treasury Bill Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USTBMM) — U.S. Treasury Bill Money Market Yield

Other Abbreviations

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ACES) — Alternative Credit Enhancement Securities

&nbsp;&nbsp;&nbsp;&nbsp;(ADR) — American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(ARM) — Adjustable-Rate Mortgage

&nbsp;&nbsp;&nbsp;&nbsp;(CDS) — Credit Default Swap

&nbsp;&nbsp;&nbsp;&nbsp;(CLO) — Collateralized Loan Obligation

&nbsp;&nbsp;&nbsp;&nbsp;(CMS) — Constant Maturity Swap

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(DAC) — Designated Activity Company

&nbsp;&nbsp;&nbsp;&nbsp;(ETF) — Exchange-Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;(GDR) — Global Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(ICE) — Intercontinental Exchange, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(IG) — Investment Grade

&nbsp;&nbsp;&nbsp;&nbsp;(IRS) — Interest Rate Swap

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(MTN) — Medium-Term Note

&nbsp;&nbsp;&nbsp;&nbsp;(NVDR) — Non-Voting Depository Receipts

&nbsp;&nbsp;&nbsp;&nbsp;(REIT) — Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(REMICS) — Real Estate Mortgage Investment Conduit

&nbsp;&nbsp;&nbsp;&nbsp;(STACR) — Structured Agency Credit Risk

**BHFTI-2**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—58.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Airbus SE | 8671 | &nbsp;&nbsp; $1814354 |
| Axon Enterprise, Inc. (a) | 914 | &nbsp;&nbsp; 756737 |
| BAE Systems PLC | 43958 | &nbsp;&nbsp; 1138039 |
| Boeing Co. (a) | 9461 | &nbsp;&nbsp; 1982363 |
| Dassault Aviation SA | 286 | &nbsp;&nbsp; 101344 |
| Elbit Systems Ltd.  | 391 | &nbsp;&nbsp; 173858 |
| General Dynamics Corp.  | 3201 | &nbsp;&nbsp; 933604 |
| General Electric Co.  | 13538 | &nbsp;&nbsp; 3484546 |
| Howmet Aerospace, Inc. (b) | 5109 | &nbsp;&nbsp; 950938 |
| Huntington Ingalls Industries, Inc.  | 494 | &nbsp;&nbsp; 119281 |
| Kongsberg Gruppen ASA | 6390 | &nbsp;&nbsp; 247857 |
| L3Harris Technologies, Inc.  | 2375 | &nbsp;&nbsp; 595745 |
| Leonardo SpA | 5906 | &nbsp;&nbsp; 333052 |
| Lockheed Martin Corp.  | 2642 | &nbsp;&nbsp; 1223616 |
| Melrose Industries PLC | 18614 | &nbsp;&nbsp; 135675 |
| MTU Aero Engines AG | 786 | &nbsp;&nbsp; 349532 |
| Northrop Grumman Corp.  | 1716 | &nbsp;&nbsp; 857966 |
| Rheinmetall AG | 652 | &nbsp;&nbsp; 1379447 |
| Rolls-Royce Holdings PLC | 123713 | &nbsp;&nbsp; 1643685 |
| RTX Corp.  | 16803 | &nbsp;&nbsp; 2453574 |
| Saab AB - Class B | 4676 | &nbsp;&nbsp; 261169 |
| Safran SA | 5255 | &nbsp;&nbsp; 1711469 |
| Singapore Technologies Engineering Ltd.  | 23071 | &nbsp;&nbsp; 141382 |
| Textron, Inc.  | 2303 | &nbsp;&nbsp; 184908 |
| Thales SA | 1352 | &nbsp;&nbsp; 398305 |
| TransDigm Group, Inc.  | 707 | &nbsp;&nbsp; 1075093 |
|  |  | &nbsp;&nbsp; 24447539 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| CH Robinson Worldwide, Inc.  | 1497 | &nbsp;&nbsp; 143637 |
| Deutsche Post AG | 14009 | &nbsp;&nbsp; 647573 |
| DSV AS | 2982 | &nbsp;&nbsp; 716334 |
| Expeditors International of Washington, Inc.  | 1766 | &nbsp;&nbsp; 201766 |
| FedEx Corp. (b) | 2795 | &nbsp;&nbsp; 635331 |
| InPost SA (a) | 3284 | &nbsp;&nbsp; 54554 |
| SG Holdings Co. Ltd.  | 4626 | &nbsp;&nbsp; 51603 |
| United Parcel Service, Inc. - Class B | 9225 | &nbsp;&nbsp; 931172 |
|  |  | &nbsp;&nbsp; 3381970 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aisin Corp.  | 7698 | &nbsp;&nbsp; 98202 |
| Aptiv PLC (a) | 2894 | &nbsp;&nbsp; 197429 |
| Bridgestone Corp.  | 8371 | &nbsp;&nbsp; 341838 |
| Cie Generale des Etablissements Michelin SCA | 9785 | &nbsp;&nbsp; 364094 |
| Continental AG | 1606 | &nbsp;&nbsp; 140144 |
| Denso Corp.  | 27634 | &nbsp;&nbsp; 372686 |
| Sumitomo Electric Industries Ltd.  | 10401 | &nbsp;&nbsp; 221744 |
|  |  | &nbsp;&nbsp; 1736137 |
| **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
| Bayerische Motoren Werke AG | 4231 | &nbsp;&nbsp; 375884 |
| Ferrari NV | 1839 | &nbsp;&nbsp; 901652 |
| Ford Motor Co.  | 49101 | &nbsp;&nbsp; 532746 |
| General Motors Co.  | 12551 | &nbsp;&nbsp; 617635 |
| Honda Motor Co. Ltd.  | 61647 | &nbsp;&nbsp; 594447 |
| Isuzu Motors Ltd.  | 7792 | &nbsp;&nbsp; 98651 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Automobiles—(Continued)** | **Automobiles—(Continued)** | **Automobiles—(Continued)** |
| Mercedes-Benz Group AG | 10538 | &nbsp;&nbsp; $616578 |
| Nissan Motor Co. Ltd. (a) (b) | 32561 | &nbsp;&nbsp; 79090 |
| Renault SA | 2806 | &nbsp;&nbsp; 129496 |
| Stellantis NV | 29423 | &nbsp;&nbsp; 295048 |
| Subaru Corp.  | 8526 | &nbsp;&nbsp; 148132 |
| Suzuki Motor Corp.  | 22918 | &nbsp;&nbsp; 276097 |
| Tesla, Inc. (a) | 35298 | &nbsp;&nbsp; 11212763 |
| Toyota Motor Corp.  | 138242 | &nbsp;&nbsp; 2374605 |
| Yamaha Motor Co. Ltd.  | 13482 | &nbsp;&nbsp; 100548 |
|  |  | &nbsp;&nbsp; 18353372 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| ABN AMRO Bank NV | 6688 | &nbsp;&nbsp; 183118 |
| AIB Group PLC | 30589 | &nbsp;&nbsp; 251653 |
| ANZ Group Holdings Ltd.  | 43359 | &nbsp;&nbsp; 832214 |
| Banco Bilbao Vizcaya Argentaria SA | 84100 | &nbsp;&nbsp; 1293466 |
| Banco BPM SpA (b) | 16587 | &nbsp;&nbsp; 193749 |
| Banco de Sabadell SA | 78619 | &nbsp;&nbsp; 250355 |
| Banco Santander SA | 221113 | &nbsp;&nbsp; 1830501 |
| Bank Hapoalim BM | 18311 | &nbsp;&nbsp; 351662 |
| Bank Leumi Le-Israel BM | 21886 | &nbsp;&nbsp; 407259 |
| Bank of America Corp.  | 83523 | &nbsp;&nbsp; 3952308 |
| Bank of Ireland Group PLC | 14379 | &nbsp;&nbsp; 205190 |
| Bankinter SA | 9840 | &nbsp;&nbsp; 128443 |
| Banque Cantonale Vaudoise | 440 | &nbsp;&nbsp; 50817 |
| Barclays PLC | 208694 | &nbsp;&nbsp; 966605 |
| BNP Paribas SA | 14851 | &nbsp;&nbsp; 1337619 |
| BOC Hong Kong Holdings Ltd.  | 53814 | &nbsp;&nbsp; 234089 |
| BPER Banca SpA | 14525 | &nbsp;&nbsp; 132077 |
| CaixaBank SA | 57591 | &nbsp;&nbsp; 498954 |
| Chiba Bank Ltd. (b) | 8193 | &nbsp;&nbsp; 75494 |
| Citigroup, Inc.  | 23677 | &nbsp;&nbsp; 2015386 |
| Citizens Financial Group, Inc.  | 5514 | &nbsp;&nbsp; 246752 |
| Commerzbank AG | 12967 | &nbsp;&nbsp; 409135 |
| Commonwealth Bank of Australia | 24420 | &nbsp;&nbsp; 2969580 |
| Concordia Financial Group Ltd.  | 15056 | &nbsp;&nbsp; 97364 |
| Credit Agricole SA | 15454 | &nbsp;&nbsp; 292769 |
| Danske Bank AS | 10066 | &nbsp;&nbsp; 410397 |
| DBS Group Holdings Ltd.  | 31167 | &nbsp;&nbsp; 1102043 |
| DNB Bank ASA | 13069 | &nbsp;&nbsp; 361622 |
| Erste Group Bank AG | 4493 | &nbsp;&nbsp; 381884 |
| Fifth Third Bancorp | 8449 | &nbsp;&nbsp; 347507 |
| FinecoBank Banca Fineco SpA | 8927 | &nbsp;&nbsp; 198145 |
| Hang Seng Bank Ltd.  | 11003 | &nbsp;&nbsp; 165082 |
| HSBC Holdings PLC | 257899 | &nbsp;&nbsp; 3122399 |
| Huntington Bancshares, Inc.  | 18337 | &nbsp;&nbsp; 307328 |
| ING Groep NV | 45929 | &nbsp;&nbsp; 1007905 |
| Intesa Sanpaolo SpA | 220826 | &nbsp;&nbsp; 1272912 |
| Israel Discount Bank Ltd. - Class A | 17946 | &nbsp;&nbsp; 178950 |
| Japan Post Bank Co. Ltd.  | 26257 | &nbsp;&nbsp; 283448 |
| JPMorgan Chase & Co.  | 35270 | &nbsp;&nbsp; 10225126 |
| KBC Group NV | 3351 | &nbsp;&nbsp; 344676 |
| KeyCorp | 12565 | &nbsp;&nbsp; 218882 |
| Lloyds Banking Group PLC | 877725 | &nbsp;&nbsp; 924327 |
| M&T Bank Corp.  | 2093 | &nbsp;&nbsp; 406021 |
| Mediobanca Banca di Credito Finanziario SpA | 7298 | &nbsp;&nbsp; 169729 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-3**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Mitsubishi UFJ Financial Group, Inc.  | 167278 | &nbsp;&nbsp; $2290308 |
| Mizrahi Tefahot Bank Ltd.  | 2270 | &nbsp;&nbsp; 148003 |
| Mizuho Financial Group, Inc.  | 34802 | &nbsp;&nbsp; 958069 |
| National Australia Bank Ltd.  | 44690 | &nbsp;&nbsp; 1157803 |
| NatWest Group PLC | 117877 | &nbsp;&nbsp; 827672 |
| Nordea Bank Abp | 45847 | &nbsp;&nbsp; 681734 |
| Oversea-Chinese Banking Corp. Ltd.  | 49871 | &nbsp;&nbsp; 640288 |
| PNC Financial Services Group, Inc.  | 4994 | &nbsp;&nbsp; 930981 |
| Regions Financial Corp.  | 11466 | &nbsp;&nbsp; 269680 |
| Resona Holdings, Inc.  | 30261 | &nbsp;&nbsp; 277748 |
| Skandinaviska Enskilda Banken AB - Class A (b) | 23159 | &nbsp;&nbsp; 404471 |
| Societe Generale SA | 10511 | &nbsp;&nbsp; 602283 |
| Standard Chartered PLC | 29461 | &nbsp;&nbsp; 488244 |
| Sumitomo Mitsui Financial Group, Inc.  | 53879 | &nbsp;&nbsp; 1350748 |
| Sumitomo Mitsui Trust Group, Inc.  | 9378 | &nbsp;&nbsp; 248596 |
| Svenska Handelsbanken AB - A Shares (b) | 21284 | &nbsp;&nbsp; 284643 |
| Swedbank AB - A Shares (b) | 12390 | &nbsp;&nbsp; 328268 |
| Truist Financial Corp.  | 16599 | &nbsp;&nbsp; 713591 |
| U.S. Bancorp | 19677 | &nbsp;&nbsp; 890384 |
| UniCredit SpA | 20283 | &nbsp;&nbsp; 1360383 |
| United Overseas Bank Ltd.  | 18875 | &nbsp;&nbsp; 534762 |
| Wells Fargo & Co.  | 41486 | &nbsp;&nbsp; 3323858 |
| Westpac Banking Corp.  | 49954 | &nbsp;&nbsp; 1113338 |
|  |  | &nbsp;&nbsp; 60460797 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Anheuser-Busch InBev SA | 14424 | &nbsp;&nbsp; 991702 |
| Asahi Group Holdings Ltd.  | 21127 | &nbsp;&nbsp; 282755 |
| Brown-Forman Corp. - Class B (b) | 2297 | &nbsp;&nbsp; 61812 |
| Carlsberg AS - Class B | 1394 | &nbsp;&nbsp; 197738 |
| Coca-Cola Co.  | 48838 | &nbsp;&nbsp; 3455289 |
| Coca-Cola Europacific Partners PLC | 3362 | &nbsp;&nbsp; 311725 |
| Coca-Cola HBC AG | 3253 | &nbsp;&nbsp; 168884 |
| Constellation Brands, Inc. - Class A | 1960 | &nbsp;&nbsp; 318853 |
| Davide Campari-Milano NV | 8986 | &nbsp;&nbsp; 60454 |
| Diageo PLC | 32473 | &nbsp;&nbsp; 816811 |
| Heineken Holding NV | 1892 | &nbsp;&nbsp; 141110 |
| Heineken NV (b) | 4203 | &nbsp;&nbsp; 368003 |
| Keurig Dr. Pepper, Inc.  | 15060 | &nbsp;&nbsp; 497884 |
| Kirin Holdings Co. Ltd.  | 11383 | &nbsp;&nbsp; 159405 |
| Molson Coors Beverage Co. - Class B (b) | 2172 | &nbsp;&nbsp; 104451 |
| Monster Beverage Corp. (a) | 8832 | &nbsp;&nbsp; 553236 |
| PepsiCo, Inc.  | 17300 | &nbsp;&nbsp; 2284292 |
| Pernod Ricard SA | 2945 | &nbsp;&nbsp; 294179 |
| Suntory Beverage & Food Ltd.  | 2065 | &nbsp;&nbsp; 66101 |
|  |  | &nbsp;&nbsp; 11134684 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| AbbVie, Inc.  | 22268 | &nbsp;&nbsp; 4133386 |
| Amgen, Inc.  | 6776 | &nbsp;&nbsp; 1891927 |
| Argenx SE (a) | 891 | &nbsp;&nbsp; 491216 |
| Biogen, Inc. (a) | 1846 | &nbsp;&nbsp; 231839 |
| CSL Ltd.  | 7066 | &nbsp;&nbsp; 1113778 |
| Genmab AS (a) | 936 | &nbsp;&nbsp; 193679 |
| Gilead Sciences, Inc.  | 15720 | &nbsp;&nbsp; 1742876 |
| Grifols SA (a) | 4354 | &nbsp;&nbsp; 53087 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Incyte Corp. (a) | 2026 | &nbsp;&nbsp; $137971 |
| Moderna, Inc. (a) | 4272 | &nbsp;&nbsp; 117864 |
| Regeneron Pharmaceuticals, Inc.  | 1327 | &nbsp;&nbsp; 696675 |
| Swedish Orphan Biovitrum AB (a) | 2858 | &nbsp;&nbsp; 87209 |
| Vertex Pharmaceuticals, Inc. (a) | 3239 | &nbsp;&nbsp; 1442003 |
|  |  | &nbsp;&nbsp; 12333510 |
| **Broadline Retail — 1.7%** | **Broadline Retail — 1.7%** | **Broadline Retail — 1.7%** |
| Amazon.com, Inc. (a) | 118974 | &nbsp;&nbsp; 26101706 |
| eBay, Inc.  | 6042 | &nbsp;&nbsp; 449887 |
| Next PLC | 1703 | &nbsp;&nbsp; 290942 |
| Pan Pacific International Holdings Corp.  | 5586 | &nbsp;&nbsp; 191993 |
| Prosus NV (a) | 19093 | &nbsp;&nbsp; 1069531 |
| Rakuten Group, Inc. (a) | 22061 | &nbsp;&nbsp; 121424 |
| Wesfarmers Ltd.  | 16560 | &nbsp;&nbsp; 923760 |
|  |  | &nbsp;&nbsp; 29149243 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| A.O. Smith Corp.  | 1490 | &nbsp;&nbsp; 97699 |
| AGC, Inc.  | 2866 | &nbsp;&nbsp; 83858 |
| Allegion PLC (b) | 1097 | &nbsp;&nbsp; 158100 |
| Assa Abloy AB - Class B | 14628 | &nbsp;&nbsp; 457414 |
| Builders FirstSource, Inc. (a) | 1452 | &nbsp;&nbsp; 169434 |
| Carrier Global Corp.  | 10186 | &nbsp;&nbsp; 745513 |
| Cie de Saint-Gobain SA | 6554 | &nbsp;&nbsp; 771000 |
| Daikin Industries Ltd.  | 3829 | &nbsp;&nbsp; 452352 |
| Geberit AG (b) | 488 | &nbsp;&nbsp; 384631 |
| Johnson Controls International PLC | 8290 | &nbsp;&nbsp; 875590 |
| Kingspan Group PLC | 2258 | &nbsp;&nbsp; 192019 |
| Lennox International, Inc.  | 404 | &nbsp;&nbsp; 231589 |
| Masco Corp.  | 2674 | &nbsp;&nbsp; 172099 |
| Nibe Industrier AB - B Shares | 22120 | &nbsp;&nbsp; 94595 |
| Rockwool AS - B Shares | 1378 | &nbsp;&nbsp; 64469 |
| Trane Technologies PLC | 2829 | &nbsp;&nbsp; 1237433 |
|  |  | &nbsp;&nbsp; 6187795 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| 3i Group PLC | 14204 | &nbsp;&nbsp; 803472 |
| Ameriprise Financial, Inc.  | 1213 | &nbsp;&nbsp; 647415 |
| Amundi SA | 899 | &nbsp;&nbsp; 72874 |
| ASX Ltd.  | 2836 | &nbsp;&nbsp; 130216 |
| Bank of New York Mellon Corp.  | 9053 | &nbsp;&nbsp; 824819 |
| Blackrock, Inc.  | 1836 | &nbsp;&nbsp; 1926423 |
| Blackstone, Inc.  | 9232 | &nbsp;&nbsp; 1380923 |
| Cboe Global Markets, Inc.  | 1320 | &nbsp;&nbsp; 307837 |
| Charles Schwab Corp.  | 21495 | &nbsp;&nbsp; 1961204 |
| CME Group, Inc.  | 4545 | &nbsp;&nbsp; 1252693 |
| Coinbase Global, Inc. - Class A (a) | 2647 | &nbsp;&nbsp; 927747 |
| CVC Capital Partners PLC | 3103 | &nbsp;&nbsp; 63542 |
| Daiwa Securities Group, Inc.  | 19458 | &nbsp;&nbsp; 138391 |
| Deutsche Bank AG | 27008 | &nbsp;&nbsp; 801296 |
| Deutsche Boerse AG | 2748 | &nbsp;&nbsp; 896679 |
| EQT AB | 5435 | &nbsp;&nbsp; 182109 |
| Euronext NV | 1141 | &nbsp;&nbsp; 195244 |
| FactSet Research Systems, Inc.  | 480 | &nbsp;&nbsp; 214694 |
| Franklin Resources, Inc. (b) | 3910 | &nbsp;&nbsp; 93254 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-4**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
| Futu Holdings Ltd. (ADR) | 892 | &nbsp;&nbsp; $110242 |
| Goldman Sachs Group, Inc.  | 3936 | &nbsp;&nbsp; 2785704 |
| Hong Kong Exchanges & Clearing Ltd.  | 17527 | &nbsp;&nbsp; 937790 |
| Intercontinental Exchange, Inc.  | 7247 | &nbsp;&nbsp; 1329607 |
| Invesco Ltd.  | 5651 | &nbsp;&nbsp; 89116 |
| Japan Exchange Group, Inc.  | 14529 | &nbsp;&nbsp; 147324 |
| Julius Baer Group Ltd.  | 3007 | &nbsp;&nbsp; 202904 |
| KKR & Co., Inc.  | 8515 | &nbsp;&nbsp; 1132750 |
| London Stock Exchange Group PLC | 6955 | &nbsp;&nbsp; 1016255 |
| Macquarie Group Ltd.  | 5284 | &nbsp;&nbsp; 795583 |
| MarketAxess Holdings, Inc.  | 476 | &nbsp;&nbsp; 106310 |
| Moody's Corp.  | 1953 | &nbsp;&nbsp; 979605 |
| Morgan Stanley | 15608 | &nbsp;&nbsp; 2198543 |
| MSCI, Inc.  | 979 | &nbsp;&nbsp; 564628 |
| Nasdaq, Inc.  | 5220 | &nbsp;&nbsp; 466772 |
| Nomura Holdings, Inc.  | 43887 | &nbsp;&nbsp; 288217 |
| Northern Trust Corp.  | 2472 | &nbsp;&nbsp; 313425 |
| Partners Group Holding AG | 331 | &nbsp;&nbsp; 433991 |
| Raymond James Financial, Inc.  | 2326 | &nbsp;&nbsp; 356739 |
| S&P Global, Inc.  | 3973 | &nbsp;&nbsp; 2094923 |
| SBI Holdings, Inc.  | 3943 | &nbsp;&nbsp; 136988 |
| Schroders PLC | 10579 | &nbsp;&nbsp; 52492 |
| Singapore Exchange Ltd.  | 12119 | &nbsp;&nbsp; 141759 |
| State Street Corp.  | 3639 | &nbsp;&nbsp; 386971 |
| T. Rowe Price Group, Inc.  | 2808 | &nbsp;&nbsp; 270972 |
| UBS Group AG | 47994 | &nbsp;&nbsp; 1630747 |
|  |  | &nbsp;&nbsp; 31791189 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Air Liquide SA | 8440 | &nbsp;&nbsp; 1743247 |
| Air Products & Chemicals, Inc.  | 2806 | &nbsp;&nbsp; 791460 |
| Akzo Nobel NV | 2493 | &nbsp;&nbsp; 174467 |
| Albemarle Corp. (b) | 1483 | &nbsp;&nbsp; 92940 |
| Arkema SA | 833 | &nbsp;&nbsp; 61494 |
| Asahi Kasei Corp.  | 17935 | &nbsp;&nbsp; 127400 |
| BASF SE | 13025 | &nbsp;&nbsp; 642453 |
| CF Industries Holdings, Inc.  | 2195 | &nbsp;&nbsp; 201940 |
| Corteva, Inc.  | 8647 | &nbsp;&nbsp; 644461 |
| Covestro AG (a) | 2621 | &nbsp;&nbsp; 186488 |
| Croda International PLC | 1936 | &nbsp;&nbsp; 77821 |
| Dow, Inc.  | 8878 | &nbsp;&nbsp; 235089 |
| DSM-Firmenich AG (b) | 2714 | &nbsp;&nbsp; 288581 |
| DuPont de Nemours, Inc.  | 5273 | &nbsp;&nbsp; 361675 |
| Eastman Chemical Co.  | 1453 | &nbsp;&nbsp; 108481 |
| Ecolab, Inc.  | 3179 | &nbsp;&nbsp; 856550 |
| EMS-Chemie Holding AG | 102 | &nbsp;&nbsp; 77148 |
| Evonik Industries AG | 3973 | &nbsp;&nbsp; 81900 |
| Givaudan SA | 135 | &nbsp;&nbsp; 654805 |
| ICL Group Ltd.  | 11301 | &nbsp;&nbsp; 77424 |
| International Flavors & Fragrances, Inc.  | 3241 | &nbsp;&nbsp; 238376 |
| Linde PLC | 6006 | &nbsp;&nbsp; 2817895 |
| LyondellBasell Industries NV - Class A (b) | 3269 | &nbsp;&nbsp; 189144 |
| Mitsubishi Chemical Group Corp.  | 19765 | &nbsp;&nbsp; 103617 |
| Mosaic Co.  | 4007 | &nbsp;&nbsp; 146175 |
| Nippon Paint Holdings Co. Ltd.  | 13804 | &nbsp;&nbsp; 110843 |
| Nippon Sanso Holdings Corp.  | 2549 | &nbsp;&nbsp; 96386 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Nitto Denko Corp.  | 10291 | &nbsp;&nbsp; $198475 |
| Novonesis (Novozymes) - B Shares | 5142 | &nbsp;&nbsp; 369226 |
| PPG Industries, Inc.  | 2926 | &nbsp;&nbsp; 332832 |
| Sherwin-Williams Co.  | 2923 | &nbsp;&nbsp; 1003641 |
| Shin-Etsu Chemical Co. Ltd.  | 26268 | &nbsp;&nbsp; 865606 |
| Sika AG | 2225 | &nbsp;&nbsp; 603790 |
| Syensqo SA | 1066 | &nbsp;&nbsp; 82472 |
| Symrise AG | 1938 | &nbsp;&nbsp; 203496 |
| Toray Industries, Inc.  | 20204 | &nbsp;&nbsp; 137999 |
| Yara International ASA | 2417 | &nbsp;&nbsp; 89283 |
|  |  | &nbsp;&nbsp; 15075080 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Brambles Ltd.  | 20032 | &nbsp;&nbsp; 308792 |
| Cintas Corp.  | 4327 | &nbsp;&nbsp; 964358 |
| Copart, Inc. (a) | 11060 | &nbsp;&nbsp; 542714 |
| Dai Nippon Printing Co. Ltd.  | 5787 | &nbsp;&nbsp; 87714 |
| Rentokil Initial PLC | 36849 | &nbsp;&nbsp; 178344 |
| Republic Services, Inc.  | 2560 | &nbsp;&nbsp; 631322 |
| Rollins, Inc.  | 3543 | &nbsp;&nbsp; 199896 |
| Secom Co. Ltd.  | 6136 | &nbsp;&nbsp; 220828 |
| Securitas AB - B Shares | 7178 | &nbsp;&nbsp; 107409 |
| TOPPAN Holdings, Inc.  | 3479 | &nbsp;&nbsp; 94416 |
| Veralto Corp.  | 3119 | &nbsp;&nbsp; 314863 |
| Waste Management, Inc.  | 4607 | &nbsp;&nbsp; 1054174 |
|  |  | &nbsp;&nbsp; 4704830 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. (a) | 13030 | &nbsp;&nbsp; 1333099 |
| Cisco Systems, Inc.  | 50238 | &nbsp;&nbsp; 3485512 |
| F5, Inc. (a) | 727 | &nbsp;&nbsp; 213971 |
| Juniper Networks, Inc.  | 4176 | &nbsp;&nbsp; 166748 |
| Motorola Solutions, Inc.  | 2108 | &nbsp;&nbsp; 886330 |
| Nokia OYJ | 77721 | &nbsp;&nbsp; 401904 |
| Telefonaktiebolaget LM Ericsson - B Shares | 40540 | &nbsp;&nbsp; 347444 |
|  |  | &nbsp;&nbsp; 6835008 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| ACS Actividades de Construccion y Servicios SA (b) | 2577 | &nbsp;&nbsp; 178964 |
| Bouygues SA | 2766 | &nbsp;&nbsp; 125211 |
| Eiffage SA | 1001 | &nbsp;&nbsp; 140776 |
| Ferrovial SE | 7453 | &nbsp;&nbsp; 397381 |
| Kajima Corp.  | 6205 | &nbsp;&nbsp; 161674 |
| Obayashi Corp.  | 9480 | &nbsp;&nbsp; 143461 |
| Quanta Services, Inc.  | 1862 | &nbsp;&nbsp; 703985 |
| Skanska AB - B Shares | 4967 | &nbsp;&nbsp; 115693 |
| Taisei Corp.  | 2251 | &nbsp;&nbsp; 131004 |
| Vinci SA | 7224 | &nbsp;&nbsp; 1066350 |
|  |  | &nbsp;&nbsp; 3164499 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Amrize Ltd. (a) | 7606 | &nbsp;&nbsp; 379413 |
| Heidelberg Materials AG | 1953 | &nbsp;&nbsp; 458846 |
| Holcim AG | 7606 | &nbsp;&nbsp; 566937 |
| James Hardie Industries PLC (a) | 6274 | &nbsp;&nbsp; 173191 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-5**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Construction Materials—(Continued)** | **Construction Materials—(Continued)** | **Construction Materials—(Continued)** |
| Martin Marietta Materials, Inc.  | 771 | &nbsp;&nbsp; $423248 |
| Vulcan Materials Co.  | 1666 | &nbsp;&nbsp; 434526 |
|  |  | &nbsp;&nbsp; 2436161 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| American Express Co.  | 7001 | &nbsp;&nbsp; 2233179 |
| Capital One Financial Corp.  | 8034 | &nbsp;&nbsp; 1709314 |
| Synchrony Financial | 4904 | &nbsp;&nbsp; 327293 |
|  |  | &nbsp;&nbsp; 4269786 |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| Aeon Co. Ltd.  | 9544 | &nbsp;&nbsp; 292718 |
| Carrefour SA | 7917 | &nbsp;&nbsp; 111610 |
| Coles Group Ltd.  | 19573 | &nbsp;&nbsp; 268493 |
| Costco Wholesale Corp.  | 5599 | &nbsp;&nbsp; 5542674 |
| Dollar General Corp.  | 2774 | &nbsp;&nbsp; 317290 |
| Dollar Tree, Inc. (a) | 2550 | &nbsp;&nbsp; 252552 |
| J Sainsbury PLC | 25658 | &nbsp;&nbsp; 102069 |
| Jeronimo Martins SGPS SA | 4133 | &nbsp;&nbsp; 104658 |
| Kesko OYJ - B Shares | 3987 | &nbsp;&nbsp; 98420 |
| Kobe Bussan Co. Ltd.  | 2227 | &nbsp;&nbsp; 69270 |
| Koninklijke Ahold Delhaize NV | 13323 | &nbsp;&nbsp; 557003 |
| Kroger Co. (b) | 8397 | &nbsp;&nbsp; 602317 |
| Marks & Spencer Group PLC | 30204 | &nbsp;&nbsp; 146935 |
| MatsukiyoCocokara & Co.  | 4850 | &nbsp;&nbsp; 99938 |
| Seven & i Holdings Co. Ltd.  | 32297 | &nbsp;&nbsp; 520898 |
| Sysco Corp.  | 6171 | &nbsp;&nbsp; 467391 |
| Target Corp.  | 5780 | &nbsp;&nbsp; 570197 |
| Tesco PLC | 98195 | &nbsp;&nbsp; 540920 |
| Walgreens Boots Alliance, Inc.  | 9047 | &nbsp;&nbsp; 103860 |
| Walmart, Inc.  | 54870 | &nbsp;&nbsp; 5365189 |
| Woolworths Group Ltd.  | 17828 | &nbsp;&nbsp; 365056 |
|  |  | &nbsp;&nbsp; 16499458 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Amcor PLC (b) | 18231 | &nbsp;&nbsp; 167543 |
| Avery Dennison Corp.  | 1013 | &nbsp;&nbsp; 177751 |
| Ball Corp.  | 3764 | &nbsp;&nbsp; 211123 |
| International Paper Co.  | 6651 | &nbsp;&nbsp; 311466 |
| Packaging Corp. of America | 1125 | &nbsp;&nbsp; 212006 |
| SIG Group AG | 4464 | &nbsp;&nbsp; 82675 |
| Smurfit WestRock PLC | 6237 | &nbsp;&nbsp; 269127 |
|  |  | &nbsp;&nbsp; 1431691 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| D'ieteren Group | 313 | &nbsp;&nbsp; 67207 |
| Genuine Parts Co.  | 1754 | &nbsp;&nbsp; 212778 |
| LKQ Corp.  | 3279 | &nbsp;&nbsp; 121356 |
| Pool Corp. (b) | 480 | &nbsp;&nbsp; 139910 |
|  |  | &nbsp;&nbsp; 541251 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Pearson PLC | 8717 | &nbsp;&nbsp; 128300 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
| Activia Properties, Inc.  | 93 | &nbsp;&nbsp; $79314 |
| AEW U.K. REIT PLC | 5825 | &nbsp;&nbsp; 8668 |
| Alexander & Baldwin, Inc.  | 3442 | &nbsp;&nbsp; 61371 |
| American Assets Trust, Inc.  | 2451 | &nbsp;&nbsp; 48407 |
| Argosy Property Ltd.  | 35864 | &nbsp;&nbsp; 23638 |
| British Land Co. PLC | 46294 | &nbsp;&nbsp; 239242 |
| Broadstone Net Lease, Inc.  | 8944 | &nbsp;&nbsp; 143551 |
| Charter Hall Group | 22345 | &nbsp;&nbsp; 282248 |
| Charter Hall Long Wale REIT | 32324 | &nbsp;&nbsp; 86804 |
| Covivio SA | 3380 | &nbsp;&nbsp; 213417 |
| Custodian Property Income REIT PLC | 18926 | &nbsp;&nbsp; 20303 |
| Daiwa House REIT Investment Corp.  | 98 | &nbsp;&nbsp; 165609 |
| Essential Properties Realty Trust, Inc. (b) | 9368 | &nbsp;&nbsp; 298933 |
| Global Net Lease, Inc. (b) | 9319 | &nbsp;&nbsp; 70358 |
| GPT Group | 91410 | &nbsp;&nbsp; 291202 |
| Growthpoint Properties Australia Ltd.  | 12424 | &nbsp;&nbsp; 19059 |
| H&R Real Estate Investment Trust (b) | 12342 | &nbsp;&nbsp; 96796 |
| Hankyu Hanshin REIT, Inc.  | 30 | &nbsp;&nbsp; 32542 |
| Heiwa Real Estate REIT, Inc.  | 46 | &nbsp;&nbsp; 43173 |
| Hulic Reit, Inc.  | 59 | &nbsp;&nbsp; 63863 |
| ICADE | 2177 | &nbsp;&nbsp; 61178 |
| KDX Realty Investment Corp.  | 176 | &nbsp;&nbsp; 190653 |
| Land Securities Group PLC | 45670 | &nbsp;&nbsp; 395649 |
| LondonMetric Property PLC | 106462 | &nbsp;&nbsp; 296709 |
| Mapletree Pan Asia Commercial Trust | 106604 | &nbsp;&nbsp; 105666 |
| Merlin Properties Socimi SA | 17939 | &nbsp;&nbsp; 235208 |
| Mirai Corp.  | 84 | &nbsp;&nbsp; 25781 |
| Mirvac Group | 187469 | &nbsp;&nbsp; 272069 |
| Mori Trust Reit, Inc.  | 112 | &nbsp;&nbsp; 53644 |
| NIPPON REIT Investment Corp.  | 77 | &nbsp;&nbsp; 47265 |
| Nomura Real Estate Master Fund, Inc.  | 196 | &nbsp;&nbsp; 200336 |
| NTT UD REIT Investment Corp.  | 61 | &nbsp;&nbsp; 54219 |
| OUE Real Estate Investment Trust | 105960 | &nbsp;&nbsp; 25007 |
| Picton Property Income Ltd.  | 25249 | &nbsp;&nbsp; 27861 |
| Schroder Real Estate Investment Trust Ltd.  | 23321 | &nbsp;&nbsp; 17398 |
| Sekisui House Reit, Inc.  | 185 | &nbsp;&nbsp; 97471 |
| SK REITs Co. Ltd.  | 7660 | &nbsp;&nbsp; 26222 |
| Star Asia Investment Corp.  | 115 | &nbsp;&nbsp; 45654 |
| Stockland | 146372 | &nbsp;&nbsp; 517777 |
| Stoneweg Europe Stapled Trust | 15230 | &nbsp;&nbsp; 27269 |
| Stride Property Group | 22860 | &nbsp;&nbsp; 15724 |
| Sunlight Real Estate Investment Trust | 46460 | &nbsp;&nbsp; 13364 |
| Suntec Real Estate Investment Trust | 99778 | &nbsp;&nbsp; 88710 |
| Takara Leben Real Estate Investment Corp.  | 41 | &nbsp;&nbsp; 25681 |
| Tokyu REIT, Inc.  | 38 | &nbsp;&nbsp; 51427 |
| United Urban Investment Corp.  | 145 | &nbsp;&nbsp; 156162 |
| WP Carey, Inc.  | 10324 | &nbsp;&nbsp; 644011 |
|  |  | &nbsp;&nbsp; 6006613 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc.  | 90545 | &nbsp;&nbsp; 2620372 |
| BT Group PLC | 87203 | &nbsp;&nbsp; 231951 |
| Cellnex Telecom SA (a) | 7216 | &nbsp;&nbsp; 281020 |
| Deutsche Telekom AG | 50935 | &nbsp;&nbsp; 1864843 |
| Elisa OYJ | 2076 | &nbsp;&nbsp; 115638 |
| HKT Trust & HKT Ltd.  | 55578 | &nbsp;&nbsp; 82999 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-6**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Telecommunication Services—(Continued)** | **Diversified Telecommunication Services—(Continued)** | **Diversified Telecommunication Services—(Continued)** |
| Infrastrutture Wireless Italiane SpA | 4080 | &nbsp;&nbsp; $49894 |
| Koninklijke KPN NV | 56749 | &nbsp;&nbsp; 276987 |
| Nippon Telegraph & Telephone Corp.  | 436141 | &nbsp;&nbsp; 465764 |
| Orange SA | 27174 | &nbsp;&nbsp; 414825 |
| Singapore Telecommunications Ltd.  | 108461 | &nbsp;&nbsp; 325930 |
| Swisscom AG | 378 | &nbsp;&nbsp; 268385 |
| Telecom Italia SpA (a) | 156620 | &nbsp;&nbsp; 77253 |
| Telefonica SA (b) | 53781 | &nbsp;&nbsp; 283714 |
| Telenor ASA | 8988 | &nbsp;&nbsp; 140385 |
| Telia Co. AB | 34436 | &nbsp;&nbsp; 124351 |
| Telstra Group Ltd.  | 58763 | &nbsp;&nbsp; 187191 |
| Verizon Communications, Inc.  | 53101 | &nbsp;&nbsp; 2297680 |
|  |  | &nbsp;&nbsp; 10109182 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| Acciona SA | 360 | &nbsp;&nbsp; 64803 |
| Alliant Energy Corp.  | 3237 | &nbsp;&nbsp; 195741 |
| American Electric Power Co., Inc.  | 6726 | &nbsp;&nbsp; 697890 |
| BKW AG | 308 | &nbsp;&nbsp; 67422 |
| Chubu Electric Power Co., Inc.  | 9408 | &nbsp;&nbsp; 116341 |
| CK Infrastructure Holdings Ltd.  | 9405 | &nbsp;&nbsp; 62279 |
| CLP Holdings Ltd.  | 23715 | &nbsp;&nbsp; 199767 |
| Constellation Energy Corp.  | 3946 | &nbsp;&nbsp; 1273611 |
| Contact Energy Ltd.  | 11717 | &nbsp;&nbsp; 64284 |
| Duke Energy Corp.  | 9788 | &nbsp;&nbsp; 1154984 |
| Edison International | 4883 | &nbsp;&nbsp; 251963 |
| EDP SA | 45803 | &nbsp;&nbsp; 198860 |
| Elia Group SA | 716 | &nbsp;&nbsp; 82414 |
| Endesa SA (b) | 4636 | &nbsp;&nbsp; 146853 |
| Enel SpA | 118687 | &nbsp;&nbsp; 1126478 |
| Entergy Corp.  | 5409 | &nbsp;&nbsp; 449596 |
| Evergy, Inc.  | 2901 | &nbsp;&nbsp; 199966 |
| Eversource Energy | 4627 | &nbsp;&nbsp; 294370 |
| Exelon Corp.  | 12680 | &nbsp;&nbsp; 550566 |
| FirstEnergy Corp.  | 6470 | &nbsp;&nbsp; 260482 |
| Fortum OYJ (b) | 6548 | &nbsp;&nbsp; 122732 |
| Iberdrola SA | 84585 | &nbsp;&nbsp; 1626017 |
| Kansai Electric Power Co., Inc.  | 13853 | &nbsp;&nbsp; 163941 |
| NextEra Energy, Inc.  | 25939 | &nbsp;&nbsp; 1800685 |
| NRG Energy, Inc.  | 2555 | &nbsp;&nbsp; 410282 |
| Origin Energy Ltd.  | 25146 | &nbsp;&nbsp; 178592 |
| PG&E Corp.  | 27669 | &nbsp;&nbsp; 385706 |
| Pinnacle West Capital Corp. (b) | 1434 | &nbsp;&nbsp; 128300 |
| Power Assets Holdings Ltd.  | 20083 | &nbsp;&nbsp; 129079 |
| PPL Corp.  | 9313 | &nbsp;&nbsp; 315618 |
| Redeia Corp. SA (b) | 5923 | &nbsp;&nbsp; 126839 |
| Southern Co.  | 13821 | &nbsp;&nbsp; 1269182 |
| SSE PLC | 16145 | &nbsp;&nbsp; 405840 |
| Terna - Rete Elettrica Nazionale | 20538 | &nbsp;&nbsp; 211253 |
| Verbund AG | 994 | &nbsp;&nbsp; 76340 |
| Xcel Energy, Inc.  | 7243 | &nbsp;&nbsp; 493248 |
|  |  | &nbsp;&nbsp; 15302324 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| ABB Ltd.  | 23078 | &nbsp;&nbsp; 1379641 |
| AMETEK, Inc.  | 2918 | &nbsp;&nbsp; 528041 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment—(Continued)** | **Electrical Equipment—(Continued)** | **Electrical Equipment—(Continued)** |
| Eaton Corp. PLC | 4985 | &nbsp;&nbsp; $1779595 |
| Emerson Electric Co.  | 7113 | &nbsp;&nbsp; 948376 |
| Fuji Electric Co. Ltd.  | 1999 | &nbsp;&nbsp; 91779 |
| Fujikura Ltd. (b) | 3700 | &nbsp;&nbsp; 194426 |
| GE Vernova, Inc.  | 3480 | &nbsp;&nbsp; 1841442 |
| Generac Holdings, Inc. (a) | 752 | &nbsp;&nbsp; 107694 |
| Hubbell, Inc.  | 677 | &nbsp;&nbsp; 276494 |
| Legrand SA | 3906 | &nbsp;&nbsp; 521739 |
| Mitsubishi Electric Corp.  | 27787 | &nbsp;&nbsp; 600116 |
| NIDEC Corp.  | 12201 | &nbsp;&nbsp; 236174 |
| Prysmian SpA | 4100 | &nbsp;&nbsp; 289130 |
| Rockwell Automation, Inc.  | 1426 | &nbsp;&nbsp; 473675 |
| Schneider Electric SE | 7980 | &nbsp;&nbsp; 2127932 |
| Siemens Energy AG (a) | 9914 | &nbsp;&nbsp; 1145688 |
| Vestas Wind Systems AS | 14741 | &nbsp;&nbsp; 221500 |
|  |  | &nbsp;&nbsp; 12763442 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Amphenol Corp. - Class A | 15276 | &nbsp;&nbsp; 1508505 |
| CDW Corp.  | 1681 | &nbsp;&nbsp; 300210 |
| Corning, Inc.  | 9724 | &nbsp;&nbsp; 511385 |
| Halma PLC | 5542 | &nbsp;&nbsp; 243494 |
| Hexagon AB - B Shares | 30296 | &nbsp;&nbsp; 304438 |
| Jabil, Inc.  | 1382 | &nbsp;&nbsp; 301414 |
| Keyence Corp.  | 2850 | &nbsp;&nbsp; 1144385 |
| Keysight Technologies, Inc. (a) | 2181 | &nbsp;&nbsp; 357379 |
| Kyocera Corp.  | 18750 | &nbsp;&nbsp; 225118 |
| Murata Manufacturing Co. Ltd.  | 24320 | &nbsp;&nbsp; 359740 |
| Omron Corp.  | 2578 | &nbsp;&nbsp; 69690 |
| Ralliant Corp. (a) | 1435 | &nbsp;&nbsp; 69567 |
| Shimadzu Corp.  | 3448 | &nbsp;&nbsp; 85514 |
| TDK Corp.  | 28380 | &nbsp;&nbsp; 331938 |
| TE Connectivity PLC | 3763 | &nbsp;&nbsp; 634705 |
| Teledyne Technologies, Inc. (a) | 588 | &nbsp;&nbsp; 301238 |
| Trimble, Inc. (a) | 3100 | &nbsp;&nbsp; 235538 |
| Yokogawa Electric Corp.  | 3327 | &nbsp;&nbsp; 88653 |
| Zebra Technologies Corp. - Class A (a) | 648 | &nbsp;&nbsp; 199817 |
|  |  | &nbsp;&nbsp; 7272728 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Baker Hughes Co.  | 12489 | &nbsp;&nbsp; 478828 |
| Halliburton Co.  | 10950 | &nbsp;&nbsp; 223161 |
| Schlumberger NV (b) | 17670 | &nbsp;&nbsp; 597246 |
| Tenaris SA | 5940 | &nbsp;&nbsp; 110949 |
|  |  | &nbsp;&nbsp; 1410184 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| Bollore SE | 10329 | &nbsp;&nbsp; 64904 |
| Capcom Co. Ltd.  | 5097 | &nbsp;&nbsp; 174011 |
| CTS Eventim AG & Co. KGaA | 911 | &nbsp;&nbsp; 113449 |
| Electronic Arts, Inc.  | 2992 | &nbsp;&nbsp; 477822 |
| Konami Group Corp.  | 1420 | &nbsp;&nbsp; 224237 |
| Live Nation Entertainment, Inc. (a) (b) | 1978 | &nbsp;&nbsp; 299232 |
| Netflix, Inc. (a) | 5396 | &nbsp;&nbsp; 7225945 |
| Nexon Co. Ltd.  | 4756 | &nbsp;&nbsp; 95717 |
| Nintendo Co. Ltd.  | 16087 | &nbsp;&nbsp; 1543017 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-7**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Sea Ltd. (ADR) (a) | 5582 | &nbsp;&nbsp; $892785 |
| Spotify Technology SA (a) | 2240 | &nbsp;&nbsp; 1718842 |
| Take-Two Interactive Software, Inc. (a) | 2070 | &nbsp;&nbsp; 502700 |
| TKO Group Holdings, Inc.  | 840 | &nbsp;&nbsp; 152838 |
| Toho Co. Ltd.  | 1681 | &nbsp;&nbsp; 99328 |
| Universal Music Group NV | 16057 | &nbsp;&nbsp; 521068 |
| Walt Disney Co.  | 22803 | &nbsp;&nbsp; 2827800 |
| Warner Bros Discovery, Inc. (a) | 28159 | &nbsp;&nbsp; 322702 |
|  |  | &nbsp;&nbsp; 17256397 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| Adyen NV (a) | 368 | &nbsp;&nbsp; 675689 |
| Apollo Global Management, Inc. (b) | 5638 | &nbsp;&nbsp; 799863 |
| Banca Mediolanum SpA | 3264 | &nbsp;&nbsp; 56236 |
| Berkshire Hathaway, Inc. - Class B (a) | 23121 | &nbsp;&nbsp; 11231488 |
| Corpay, Inc. (a) | 879 | &nbsp;&nbsp; 291670 |
| Edenred SE | 3525 | &nbsp;&nbsp; 109330 |
| Eurazeo SE | 587 | &nbsp;&nbsp; 41947 |
| EXOR NV | 1290 | &nbsp;&nbsp; 130093 |
| Fidelity National Information Services, Inc.  | 6681 | &nbsp;&nbsp; 543900 |
| Fiserv, Inc. (a) | 7176 | &nbsp;&nbsp; 1237214 |
| Global Payments, Inc.  | 3123 | &nbsp;&nbsp; 249965 |
| Groupe Bruxelles Lambert NV | 1212 | &nbsp;&nbsp; 103158 |
| Industrivarden AB - A Shares | 1740 | &nbsp;&nbsp; 63168 |
| Industrivarden AB - C Shares | 2260 | &nbsp;&nbsp; 81688 |
| Infratil Ltd.  | 13423 | &nbsp;&nbsp; 86747 |
| Investor AB - B Shares | 25257 | &nbsp;&nbsp; 747461 |
| Jack Henry & Associates, Inc.  | 920 | &nbsp;&nbsp; 165756 |
| L E Lundbergforetagen AB - B Shares | 1109 | &nbsp;&nbsp; 55317 |
| M&G PLC | 33340 | &nbsp;&nbsp; 117647 |
| Mastercard, Inc. - Class A | 10273 | &nbsp;&nbsp; 5772810 |
| Mitsubishi HC Capital, Inc.  | 12805 | &nbsp;&nbsp; 94440 |
| Nexi SpA | 7182 | &nbsp;&nbsp; 42944 |
| ORIX Corp.  | 17017 | &nbsp;&nbsp; 383701 |
| PayPal Holdings, Inc. (a) | 12478 | &nbsp;&nbsp; 927365 |
| Sofina SA | 225 | &nbsp;&nbsp; 74164 |
| Visa, Inc. - Class A (b) | 21738 | &nbsp;&nbsp; 7718077 |
| Washington H Soul Pattinson & Co. Ltd.  | 3489 | &nbsp;&nbsp; 96568 |
| Wise PLC - Class A (a) | 9725 | &nbsp;&nbsp; 138863 |
|  |  | &nbsp;&nbsp; 32037269 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Ajinomoto Co., Inc.  | 13222 | &nbsp;&nbsp; 352882 |
| Archer-Daniels-Midland Co.  | 6036 | &nbsp;&nbsp; 318580 |
| Associated British Foods PLC | 4805 | &nbsp;&nbsp; 135754 |
| Barry Callebaut AG | 52 | &nbsp;&nbsp; 56534 |
| Bunge Global SA | 1684 | &nbsp;&nbsp; 135192 |
| Campbell's Co. (b) | 2482 | &nbsp;&nbsp; 76073 |
| Chocoladefabriken Lindt & Spruengli AG | 2 | &nbsp;&nbsp; 333234 |
| Chocoladefabriken Lindt & Spruengli AG (Participation <br> Certificate)<br>| 14 | &nbsp;&nbsp; 235558 |
| Conagra Brands, Inc.  | 6021 | &nbsp;&nbsp; 123250 |
| Danone SA | 9420 | &nbsp;&nbsp; 769644 |
| General Mills, Inc. (b) | 6953 | &nbsp;&nbsp; 360235 |
| Hershey Co.  | 1864 | &nbsp;&nbsp; 309331 |
| Hormel Foods Corp.  | 3670 | &nbsp;&nbsp; 111018 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Food Products—(Continued)** | **Food Products—(Continued)** | **Food Products—(Continued)** |
| J.M. Smucker Co.  | 1342 | &nbsp;&nbsp; $131784 |
| JDE Peet's NV | 2494 | &nbsp;&nbsp; 71265 |
| Kellanova | 3391 | &nbsp;&nbsp; 269686 |
| Kerry Group PLC - Class A | 2409 | &nbsp;&nbsp; 266037 |
| Kikkoman Corp. (b) | 9893 | &nbsp;&nbsp; 91677 |
| Kraft Heinz Co.  | 11004 | &nbsp;&nbsp; 284123 |
| Lamb Weston Holdings, Inc.  | 1799 | &nbsp;&nbsp; 93278 |
| Lotus Bakeries NV | 6 | &nbsp;&nbsp; 57804 |
| McCormick & Co., Inc.  | 3185 | &nbsp;&nbsp; 241487 |
| MEIJI Holdings Co. Ltd.  | 3518 | &nbsp;&nbsp; 77842 |
| Mondelez International, Inc. - Class A | 16316 | &nbsp;&nbsp; 1100351 |
| Mowi ASA | 6793 | &nbsp;&nbsp; 131252 |
| Nestle SA | 38233 | &nbsp;&nbsp; 3797371 |
| Nissin Foods Holdings Co. Ltd.  | 2835 | &nbsp;&nbsp; 58969 |
| Orkla ASA | 10232 | &nbsp;&nbsp; 111214 |
| Salmar ASA | 976 | &nbsp;&nbsp; 42307 |
| Tyson Foods, Inc. - Class A | 3610 | &nbsp;&nbsp; 201943 |
| WH Group Ltd.  | 121898 | &nbsp;&nbsp; 117398 |
| Wilmar International Ltd.  | 28157 | &nbsp;&nbsp; 63532 |
| Yakult Honsha Co. Ltd.  | 3727 | &nbsp;&nbsp; 70112 |
|  |  | &nbsp;&nbsp; 10596717 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| APA Group | 19040 | &nbsp;&nbsp; 102385 |
| Atmos Energy Corp. (b) | 2002 | &nbsp;&nbsp; 308528 |
| Hong Kong & China Gas Co. Ltd.  | 163278 | &nbsp;&nbsp; 137190 |
| Osaka Gas Co. Ltd.  | 5315 | &nbsp;&nbsp; 136022 |
| Snam SpA (b) | 29434 | &nbsp;&nbsp; 178777 |
| Tokyo Gas Co. Ltd.  | 4795 | &nbsp;&nbsp; 159409 |
|  |  | &nbsp;&nbsp; 1022311 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Central Japan Railway Co.  | 11320 | &nbsp;&nbsp; 253538 |
| CSX Corp.  | 24325 | &nbsp;&nbsp; 793725 |
| East Japan Railway Co.  | 13229 | &nbsp;&nbsp; 285499 |
| Grab Holdings Ltd. - Class A (a) | 34634 | &nbsp;&nbsp; 174209 |
| Hankyu Hanshin Holdings, Inc.  | 3335 | &nbsp;&nbsp; 90646 |
| JB Hunt Transport Services, Inc.  | 1002 | &nbsp;&nbsp; 143887 |
| MTR Corp. Ltd.  | 22500 | &nbsp;&nbsp; 80901 |
| Norfolk Southern Corp.  | 2856 | &nbsp;&nbsp; 731050 |
| Old Dominion Freight Line, Inc. (b) | 2370 | &nbsp;&nbsp; 384651 |
| Tokyo Metro Co. Ltd.  | 4200 | &nbsp;&nbsp; 48920 |
| Tokyu Corp. (b) | 7267 | &nbsp;&nbsp; 86361 |
| Uber Technologies, Inc. (a) | 26350 | &nbsp;&nbsp; 2458455 |
| Union Pacific Corp.  | 7622 | &nbsp;&nbsp; 1753670 |
| West Japan Railway Co.  | 6509 | &nbsp;&nbsp; 149236 |
|  |  | &nbsp;&nbsp; 7434748 |
| **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
| Abbott Laboratories | 21878 | &nbsp;&nbsp; 2975627 |
| Alcon AG | 7292 | &nbsp;&nbsp; 647422 |
| Align Technology, Inc. (a) | 885 | &nbsp;&nbsp; 167557 |
| Baxter International, Inc.  | 6440 | &nbsp;&nbsp; 195003 |
| Becton Dickinson & Co.  | 3622 | &nbsp;&nbsp; 623890 |
| BioMerieux | 605 | &nbsp;&nbsp; 83724 |
| Boston Scientific Corp. (a) | 18591 | &nbsp;&nbsp; 1996859 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-8**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** | **Health Care Equipment & Supplies—(Continued)** |
| Cochlear Ltd.  | 955 | &nbsp;&nbsp; $188838 |
| Coloplast AS - Class B | 1841 | &nbsp;&nbsp; 175212 |
| Cooper Cos., Inc. (a) | 2518 | &nbsp;&nbsp; 179181 |
| Demant AS (a) | 1248 | &nbsp;&nbsp; 52117 |
| Dexcom, Inc. (a) | 4928 | &nbsp;&nbsp; 430165 |
| DiaSorin SpA | 327 | &nbsp;&nbsp; 35024 |
| Edwards Lifesciences Corp. (a) | 7440 | &nbsp;&nbsp; 581882 |
| EssilorLuxottica SA | 4339 | &nbsp;&nbsp; 1191970 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 8557 | &nbsp;&nbsp; 188082 |
| GE HealthCare Technologies, Inc.  | 5768 | &nbsp;&nbsp; 427236 |
| Hologic, Inc. (a) | 2830 | &nbsp;&nbsp; 184403 |
| Hoya Corp.  | 5061 | &nbsp;&nbsp; 600816 |
| IDEXX Laboratories, Inc. (a) | 1033 | &nbsp;&nbsp; 554039 |
| Insulet Corp. (a) | 885 | &nbsp;&nbsp; 278049 |
| Intuitive Surgical, Inc. (a) | 4499 | &nbsp;&nbsp; 2444802 |
| Koninklijke Philips NV | 12143 | &nbsp;&nbsp; 291537 |
| Medtronic PLC | 16174 | &nbsp;&nbsp; 1409888 |
| Olympus Corp.  | 16649 | &nbsp;&nbsp; 197549 |
| ResMed, Inc.  | 1853 | &nbsp;&nbsp; 478074 |
| Siemens Healthineers AG | 4938 | &nbsp;&nbsp; 273925 |
| Smith & Nephew PLC | 12146 | &nbsp;&nbsp; 185598 |
| Solventum Corp. (a) | 1743 | &nbsp;&nbsp; 132189 |
| Sonova Holding AG | 740 | &nbsp;&nbsp; 221050 |
| STERIS PLC | 1239 | &nbsp;&nbsp; 297633 |
| Straumann Holding AG | 1629 | &nbsp;&nbsp; 213399 |
| Stryker Corp.  | 4332 | &nbsp;&nbsp; 1713869 |
| Sysmex Corp.  | 7317 | &nbsp;&nbsp; 127326 |
| Terumo Corp.  | 19466 | &nbsp;&nbsp; 357303 |
| Zimmer Biomet Holdings, Inc.  | 2511 | &nbsp;&nbsp; 229028 |
|  |  | &nbsp;&nbsp; 20330266 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Cardinal Health, Inc.  | 3047 | &nbsp;&nbsp; 511896 |
| Cencora, Inc.  | 2177 | &nbsp;&nbsp; 652773 |
| Centene Corp. (a) | 6255 | &nbsp;&nbsp; 339521 |
| Chartwell Retirement Residences | 13160 | &nbsp;&nbsp; 179654 |
| Cigna Group | 3454 | &nbsp;&nbsp; 1141823 |
| CVS Health Corp.  | 15903 | &nbsp;&nbsp; 1096989 |
| DaVita, Inc. (a) (b) | 555 | &nbsp;&nbsp; 79060 |
| Elevance Health, Inc.  | 2925 | &nbsp;&nbsp; 1137708 |
| Fresenius Medical Care AG | 3212 | &nbsp;&nbsp; 184164 |
| Fresenius SE & Co. KGaA | 6164 | &nbsp;&nbsp; 310004 |
| HCA Healthcare, Inc.  | 2255 | &nbsp;&nbsp; 863890 |
| Henry Schein, Inc. (a) | 1573 | &nbsp;&nbsp; 114908 |
| Humana, Inc.  | 1522 | &nbsp;&nbsp; 372099 |
| Labcorp Holdings, Inc.  | 1052 | &nbsp;&nbsp; 276161 |
| McKesson Corp.  | 1581 | &nbsp;&nbsp; 1158525 |
| Molina Healthcare, Inc. (a) (b) | 700 | &nbsp;&nbsp; 208530 |
| NMC Health PLC (a) (c) (d) | 8180 | &nbsp;&nbsp; 0 |
| Quest Diagnostics, Inc.  | 1400 | &nbsp;&nbsp; 251482 |
| Sigma Healthcare Ltd.  | 67399 | &nbsp;&nbsp; 132475 |
| Sonic Healthcare Ltd.  | 6661 | &nbsp;&nbsp; 117453 |
| UnitedHealth Group, Inc.  | 11608 | &nbsp;&nbsp; 3621348 |
| Universal Health Services, Inc. - Class B | 741 | &nbsp;&nbsp; 134232 |
|  |  | &nbsp;&nbsp; 12884695 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Aedifica SA | 2267 | &nbsp;&nbsp; $176312 |
| Alexandria Real Estate Equities, Inc.  | 10113 | &nbsp;&nbsp; 734507 |
| American Healthcare REIT, Inc. (b) | 7506 | &nbsp;&nbsp; 275771 |
| Assura PLC | 151632 | &nbsp;&nbsp; 104592 |
| CareTrust REIT, Inc.  | 8908 | &nbsp;&nbsp; 272585 |
| Cofinimmo SA | 1818 | &nbsp;&nbsp; 165240 |
| Health Care & Medical Investment Corp.  | 16 | &nbsp;&nbsp; 12859 |
| Healthcare Realty Trust, Inc.  | 15630 | &nbsp;&nbsp; 247892 |
| HealthCo REIT | 19718 | &nbsp;&nbsp; 9543 |
| Healthpeak Properties, Inc.  | 41842 | &nbsp;&nbsp; 732654 |
| Life Science REIT PLC | 13652 | &nbsp;&nbsp; 8544 |
| LTC Properties, Inc. (b) | 2145 | &nbsp;&nbsp; 74239 |
| Medical Properties Trust, Inc. (b) | 24198 | &nbsp;&nbsp; 104293 |
| National Health Investors, Inc.  | 2179 | &nbsp;&nbsp; 152792 |
| NorthWest Healthcare Properties Real Estate Investment Trust | 11786 | &nbsp;&nbsp; 43102 |
| Omega Healthcare Investors, Inc.  | 13679 | &nbsp;&nbsp; 501335 |
| Parkway Life Real Estate Investment Trust | 20840 | &nbsp;&nbsp; 67219 |
| Primary Health Properties PLC | 61248 | &nbsp;&nbsp; 83204 |
| Sabra Health Care REIT, Inc. (b) | 11210 | &nbsp;&nbsp; 206712 |
| Sila Realty Trust, Inc. (b) | 2623 | &nbsp;&nbsp; 62086 |
| Target Healthcare REIT PLC | 29587 | &nbsp;&nbsp; 42350 |
| Ventas, Inc.  | 26296 | &nbsp;&nbsp; 1660592 |
| Welltower, Inc.  | 38895 | &nbsp;&nbsp; 5979328 |
|  |  | &nbsp;&nbsp; 11717751 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| M3, Inc.  | 6440 | &nbsp;&nbsp; 88453 |
| Pro Medicus Ltd.  | 839 | &nbsp;&nbsp; 157449 |
|  |  | &nbsp;&nbsp; 245902 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Apple Hospitality REIT, Inc.  | 10559 | &nbsp;&nbsp; 123224 |
| CapitaLand Ascott Trust | 124248 | &nbsp;&nbsp; 86503 |
| CDL Hospitality Trusts | 38124 | &nbsp;&nbsp; 23542 |
| DiamondRock Hospitality Co. (b) | 9836 | &nbsp;&nbsp; 75344 |
| Far East Hospitality Trust | 45260 | &nbsp;&nbsp; 20124 |
| Hoshino Resorts REIT, Inc.  | 26 | &nbsp;&nbsp; 43468 |
| Host Hotels & Resorts, Inc.  | 41482 | &nbsp;&nbsp; 637163 |
| Invincible Investment Corp.  | 346 | &nbsp;&nbsp; 148947 |
| Japan Hotel REIT Investment Corp.  | 231 | &nbsp;&nbsp; 121876 |
| Park Hotels & Resorts, Inc.  | 9354 | &nbsp;&nbsp; 95691 |
| Pebblebrook Hotel Trust (b) | 5542 | &nbsp;&nbsp; 55365 |
| RLJ Lodging Trust (b) | 6998 | &nbsp;&nbsp; 50945 |
| Ryman Hospitality Properties, Inc.  | 2774 | &nbsp;&nbsp; 273711 |
| Sunstone Hotel Investors, Inc.  | 9083 | &nbsp;&nbsp; 78840 |
| Xenia Hotels & Resorts, Inc.  | 4793 | &nbsp;&nbsp; 60248 |
|  |  | &nbsp;&nbsp; 1894991 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| Accor SA | 2783 | &nbsp;&nbsp; 145593 |
| Airbnb, Inc. - Class A (a) | 5460 | &nbsp;&nbsp; 722576 |
| Amadeus IT Group SA | 6574 | &nbsp;&nbsp; 556149 |
| Aristocrat Leisure Ltd.  | 8215 | &nbsp;&nbsp; 352401 |
| Booking Holdings, Inc.  | 417 | &nbsp;&nbsp; 2414113 |
| Caesars Entertainment, Inc. (a) | 2680 | &nbsp;&nbsp; 76085 |
| Carnival Corp. (a) | 13216 | &nbsp;&nbsp; 371634 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-9**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Chipotle Mexican Grill, Inc. (a) | 17096 | &nbsp;&nbsp; $959940 |
| Compass Group PLC | 24770 | &nbsp;&nbsp; 838964 |
| Darden Restaurants, Inc.  | 1478 | &nbsp;&nbsp; 322160 |
| Delivery Hero SE (a) | 2787 | &nbsp;&nbsp; 75460 |
| Domino's Pizza, Inc.  | 436 | &nbsp;&nbsp; 196462 |
| DoorDash, Inc. - Class A (a) (b) | 4279 | &nbsp;&nbsp; 1054816 |
| Entain PLC | 8868 | &nbsp;&nbsp; 109916 |
| Evolution AB | 2164 | &nbsp;&nbsp; 172107 |
| Expedia Group, Inc. (b) | 1556 | &nbsp;&nbsp; 262466 |
| FDJ UNITED | 1622 | &nbsp;&nbsp; 63655 |
| Galaxy Entertainment Group Ltd.  | 31915 | &nbsp;&nbsp; 142013 |
| Genting Singapore Ltd.  | 88487 | &nbsp;&nbsp; 49788 |
| Hilton Worldwide Holdings, Inc.  | 3035 | &nbsp;&nbsp; 808342 |
| InterContinental Hotels Group PLC | 2164 | &nbsp;&nbsp; 247086 |
| Las Vegas Sands Corp. (b) | 4335 | &nbsp;&nbsp; 188616 |
| Lottery Corp. Ltd.  | 32487 | &nbsp;&nbsp; 113968 |
| Marriott International, Inc. - Class A | 2886 | &nbsp;&nbsp; 788484 |
| McDonald's Corp.  | 9039 | &nbsp;&nbsp; 2640925 |
| MGM Resorts International (a) | 2822 | &nbsp;&nbsp; 97049 |
| Norwegian Cruise Line Holdings Ltd. (a) | 5546 | &nbsp;&nbsp; 112473 |
| Oriental Land Co. Ltd. (b) | 15724 | &nbsp;&nbsp; 362418 |
| PPHE Hotel Group Ltd.  | 1094 | &nbsp;&nbsp; 24043 |
| Royal Caribbean Cruises Ltd. (b) | 3123 | &nbsp;&nbsp; 977936 |
| Sands China Ltd. (a) | 35525 | &nbsp;&nbsp; 74129 |
| Sodexo SA | 1291 | &nbsp;&nbsp; 79450 |
| Starbucks Corp.  | 14328 | &nbsp;&nbsp; 1312875 |
| Whitbread PLC | 2576 | &nbsp;&nbsp; 99962 |
| Wynn Resorts Ltd.  | 1130 | &nbsp;&nbsp; 105847 |
| Yum! Brands, Inc.  | 3520 | &nbsp;&nbsp; 521594 |
| Zensho Holdings Co. Ltd.  | 1363 | &nbsp;&nbsp; 82557 |
|  |  | &nbsp;&nbsp; 17524052 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| Barratt Redrow PLC | 20044 | &nbsp;&nbsp; 125565 |
| DR Horton, Inc.  | 3577 | &nbsp;&nbsp; 461147 |
| Garmin Ltd.  | 1938 | &nbsp;&nbsp; 404499 |
| Lennar Corp. - Class A | 2945 | &nbsp;&nbsp; 325746 |
| Mohawk Industries, Inc. (a) | 661 | &nbsp;&nbsp; 69299 |
| NVR, Inc. (a) | 38 | &nbsp;&nbsp; 280655 |
| Panasonic Holdings Corp.  | 34063 | &nbsp;&nbsp; 365927 |
| PulteGroup, Inc.  | 2554 | &nbsp;&nbsp; 269345 |
| Sekisui House Ltd.  | 8735 | &nbsp;&nbsp; 192621 |
| Sony Group Corp.  | 89759 | &nbsp;&nbsp; 2339974 |
|  |  | &nbsp;&nbsp; 4834778 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Church & Dwight Co., Inc.  | 3103 | &nbsp;&nbsp; 298229 |
| Clorox Co.  | 1554 | &nbsp;&nbsp; 186589 |
| Colgate-Palmolive Co.  | 10236 | &nbsp;&nbsp; 930453 |
| Essity AB - Class B (b) | 8790 | &nbsp;&nbsp; 243427 |
| Henkel AG & Co. KGaA | 1517 | &nbsp;&nbsp; 109895 |
| Kimberly-Clark Corp.  | 4184 | &nbsp;&nbsp; 539401 |
| Procter & Gamble Co.  | 29578 | &nbsp;&nbsp; 4712367 |
| Reckitt Benckiser Group PLC | 9950 | &nbsp;&nbsp; 676868 |
| Unicharm Corp.  | 16312 | &nbsp;&nbsp; 118146 |
|  |  | &nbsp;&nbsp; 7815375 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| AES Corp.  | 8969 | &nbsp;&nbsp; $94354 |
| EDP Renovaveis SA | 4604 | &nbsp;&nbsp; 51430 |
| Meridian Energy Ltd.  | 19087 | &nbsp;&nbsp; 68650 |
| Orsted AS (a) | 2454 | &nbsp;&nbsp; 105366 |
| RWE AG | 9227 | &nbsp;&nbsp; 385590 |
| Vistra Corp.  | 4292 | &nbsp;&nbsp; 831832 |
|  |  | &nbsp;&nbsp; 1537222 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 3M Co. (b) | 6848 | &nbsp;&nbsp; 1042539 |
| CK Hutchison Holdings Ltd.  | 38902 | &nbsp;&nbsp; 240150 |
| DCC PLC | 1444 | &nbsp;&nbsp; 93736 |
| Hikari Tsushin, Inc.  | 250 | &nbsp;&nbsp; 73687 |
| Hitachi Ltd.  | 66847 | &nbsp;&nbsp; 1936480 |
| Honeywell International, Inc.  | 8202 | &nbsp;&nbsp; 1910082 |
| Investment AB Latour - B Shares | 2161 | &nbsp;&nbsp; 56969 |
| Jardine Matheson Holdings Ltd.  | 2360 | &nbsp;&nbsp; 113454 |
| Keppel Ltd.  | 21590 | &nbsp;&nbsp; 126132 |
| Lifco AB - B Shares | 3403 | &nbsp;&nbsp; 137792 |
| Sekisui Chemical Co. Ltd.  | 5541 | &nbsp;&nbsp; 100172 |
| Siemens AG | 11090 | &nbsp;&nbsp; 2844311 |
| Smiths Group PLC | 4899 | &nbsp;&nbsp; 151073 |
| Swire Pacific Ltd. - Class A | 5365 | &nbsp;&nbsp; 46016 |
|  |  | &nbsp;&nbsp; 8872593 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| AIMS APAC REIT | 33560 | &nbsp;&nbsp; 34857 |
| Americold Realty Trust, Inc.  | 13580 | &nbsp;&nbsp; 225835 |
| ARGAN SA | 782 | &nbsp;&nbsp; 60376 |
| CapitaLand Ascendas REIT | 224160 | &nbsp;&nbsp; 472605 |
| Centuria Industrial REIT | 29933 | &nbsp;&nbsp; 61486 |
| CRE Logistics REIT, Inc.  | 27 | &nbsp;&nbsp; 28287 |
| Dexus Industria REIT | 15141 | &nbsp;&nbsp; 27114 |
| Dream Industrial Real Estate Investment Trust (b) | 13574 | &nbsp;&nbsp; 117523 |
| EastGroup Properties, Inc.  | 2483 | &nbsp;&nbsp; 414959 |
| ESR Kendall Square REIT Co. Ltd.  | 5727 | &nbsp;&nbsp; 17822 |
| ESR-REIT | 33905 | &nbsp;&nbsp; 65664 |
| First Industrial Realty Trust, Inc.  | 6096 | &nbsp;&nbsp; 293401 |
| Frasers Logistics & Commercial Trust | 131420 | &nbsp;&nbsp; 88395 |
| GLP J-Reit | 208 | &nbsp;&nbsp; 187188 |
| Goodman Group | 124155 | &nbsp;&nbsp; 2798400 |
| Goodman Property Trust | 45945 | &nbsp;&nbsp; 54013 |
| Granite Real Estate Investment Trust | 2952 | &nbsp;&nbsp; 149968 |
| Industrial & Infrastructure Fund Investment Corp.  | 113 | &nbsp;&nbsp; 95314 |
| Innovative Industrial Properties, Inc.  | 1310 | &nbsp;&nbsp; 72338 |
| Japan Logistics Fund, Inc.  | 122 | &nbsp;&nbsp; 79209 |
| LaSalle Logiport REIT | 79 | &nbsp;&nbsp; 76258 |
| Lineage, Inc. (b) | 3364 | &nbsp;&nbsp; 146401 |
| LXP Industrial Trust (b) | 13745 | &nbsp;&nbsp; 113534 |
| Mapletree Industrial Trust | 98222 | &nbsp;&nbsp; 157625 |
| Mapletree Logistics Trust | 161009 | &nbsp;&nbsp; 149486 |
| Mitsubishi Estate Logistics REIT Investment Corp.  | 63 | &nbsp;&nbsp; 52037 |
| Mitsui Fudosan Logistics Park, Inc.  | 142 | &nbsp;&nbsp; 103041 |
| Montea NV | 992 | &nbsp;&nbsp; 76031 |
| Nippon Prologis REIT, Inc.  | 317 | &nbsp;&nbsp; 175089 |
| Prologis, Inc.  | 55878 | &nbsp;&nbsp; 5873895 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-10**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** | **Industrial REITs—(Continued)** |
| Rexford Industrial Realty, Inc. (b) | 11289 | &nbsp;&nbsp; $401550 |
| Segro PLC | 83024 | &nbsp;&nbsp; 774676 |
| SOSiLA Logistics REIT, Inc.  | 31 | &nbsp;&nbsp; 24709 |
| STAG Industrial, Inc.  | 8891 | &nbsp;&nbsp; 322566 |
| Terreno Realty Corp. (b) | 4822 | &nbsp;&nbsp; 270370 |
| Tritax Big Box REIT PLC | 116797 | &nbsp;&nbsp; 236686 |
| Warehouse REIT PLC | 18266 | &nbsp;&nbsp; 28418 |
| Warehouses De Pauw CVA | 8535 | &nbsp;&nbsp; 208023 |
|  |  | &nbsp;&nbsp; 14535149 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Admiral Group PLC | 3800 | &nbsp;&nbsp; 170580 |
| Aegon Ltd.  | 19300 | &nbsp;&nbsp; 139801 |
| Aflac, Inc.  | 6243 | &nbsp;&nbsp; 658387 |
| Ageas SA | 2178 | &nbsp;&nbsp; 147065 |
| AIA Group Ltd.  | 156127 | &nbsp;&nbsp; 1404015 |
| Allianz SE | 5635 | &nbsp;&nbsp; 2283135 |
| Allstate Corp.  | 3343 | &nbsp;&nbsp; 672979 |
| American International Group, Inc.  | 7484 | &nbsp;&nbsp; 640556 |
| Aon PLC - Class A | 2728 | &nbsp;&nbsp; 973241 |
| Arch Capital Group Ltd.  | 4729 | &nbsp;&nbsp; 430575 |
| Arthur J Gallagher & Co. (b) | 3208 | &nbsp;&nbsp; 1026945 |
| ASR Nederland NV | 2159 | &nbsp;&nbsp; 143401 |
| Assurant, Inc.  | 647 | &nbsp;&nbsp; 127776 |
| Aviva PLC | 39082 | &nbsp;&nbsp; 332263 |
| AXA SA | 25856 | &nbsp;&nbsp; 1270857 |
| Baloise Holding AG | 602 | &nbsp;&nbsp; 142475 |
| Brown & Brown, Inc. (b) | 2994 | &nbsp;&nbsp; 331945 |
| Chubb Ltd.  | 4701 | &nbsp;&nbsp; 1361974 |
| Cincinnati Financial Corp.  | 1961 | &nbsp;&nbsp; 292032 |
| Dai-ichi Life Holdings, Inc.  | 51276 | &nbsp;&nbsp; 387597 |
| Erie Indemnity Co. - Class A (b) | 315 | &nbsp;&nbsp; 109239 |
| Everest Group Ltd.  | 542 | &nbsp;&nbsp; 184199 |
| Generali | 12597 | &nbsp;&nbsp; 448393 |
| Gjensidige Forsikring ASA | 2919 | &nbsp;&nbsp; 74013 |
| Globe Life, Inc.  | 1059 | &nbsp;&nbsp; 131623 |
| Hannover Rueck SE | 880 | &nbsp;&nbsp; 276914 |
| Hartford Insurance Group, Inc.  | 3628 | &nbsp;&nbsp; 460284 |
| Helvetia Holding AG | 542 | &nbsp;&nbsp; 127515 |
| Insurance Australia Group Ltd.  | 34525 | &nbsp;&nbsp; 205203 |
| Japan Post Holdings Co. Ltd.  | 25996 | &nbsp;&nbsp; 239950 |
| Japan Post Insurance Co. Ltd.  | 2808 | &nbsp;&nbsp; 63329 |
| Legal & General Group PLC | 85690 | &nbsp;&nbsp; 299537 |
| Loews Corp.  | 2229 | &nbsp;&nbsp; 204310 |
| Marsh & McLennan Cos., Inc.  | 6195 | &nbsp;&nbsp; 1354475 |
| Medibank Pvt Ltd.  | 40198 | &nbsp;&nbsp; 133811 |
| MetLife, Inc. (e) | 7302 | &nbsp;&nbsp; 587227 |
| MS&AD Insurance Group Holdings, Inc.  | 18788 | &nbsp;&nbsp; 419090 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1952 | &nbsp;&nbsp; 1265943 |
| NN Group NV | 3927 | &nbsp;&nbsp; 261018 |
| Phoenix Group Holdings PLC | 10249 | &nbsp;&nbsp; 92659 |
| Poste Italiane SpA | 6673 | &nbsp;&nbsp; 143406 |
| Principal Financial Group, Inc. (b) | 2654 | &nbsp;&nbsp; 210807 |
| Progressive Corp.  | 7389 | &nbsp;&nbsp; 1971829 |
| Prudential Financial, Inc.  | 4465 | &nbsp;&nbsp; 479720 |
| Prudential PLC | 38079 | &nbsp;&nbsp; 478060 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| QBE Insurance Group Ltd.  | 22037 | &nbsp;&nbsp; $339289 |
| Sampo OYJ - A Shares | 35335 | &nbsp;&nbsp; 380247 |
| Sompo Holdings, Inc.  | 13002 | &nbsp;&nbsp; 389528 |
| Suncorp Group Ltd.  | 15808 | &nbsp;&nbsp; 224849 |
| Swiss Life Holding AG | 419 | &nbsp;&nbsp; 425227 |
| Swiss Re AG | 4401 | &nbsp;&nbsp; 763737 |
| T&D Holdings, Inc.  | 7121 | &nbsp;&nbsp; 155761 |
| Talanx AG | 942 | &nbsp;&nbsp; 121982 |
| Tokio Marine Holdings, Inc.  | 26765 | &nbsp;&nbsp; 1129071 |
| Travelers Cos., Inc.  | 2860 | &nbsp;&nbsp; 765164 |
| Tryg AS | 4948 | &nbsp;&nbsp; 127947 |
| Unipol Assicurazioni SpA | 5236 | &nbsp;&nbsp; 103814 |
| W.R. Berkley Corp.  | 3787 | &nbsp;&nbsp; 278231 |
| Willis Towers Watson PLC | 1259 | &nbsp;&nbsp; 385884 |
| Zurich Insurance Group AG | 2136 | &nbsp;&nbsp; 1497854 |
|  |  | &nbsp;&nbsp; 30248738 |
| **Interactive Media & Services — 2.6%** | **Interactive Media & Services — 2.6%** | **Interactive Media & Services — 2.6%** |
| Alphabet, Inc. - Class A | 73577 | &nbsp;&nbsp; 12966475 |
| Alphabet, Inc. - Class C | 59631 | &nbsp;&nbsp; 10577943 |
| Auto Trader Group PLC | 12833 | &nbsp;&nbsp; 145330 |
| CAR Group Ltd.  | 5513 | &nbsp;&nbsp; 135792 |
| LY Corp.  | 41789 | &nbsp;&nbsp; 153887 |
| Match Group, Inc.  | 3167 | &nbsp;&nbsp; 97829 |
| Meta Platforms, Inc. - Class A | 27623 | &nbsp;&nbsp; 20388260 |
| REA Group Ltd.  | 771 | &nbsp;&nbsp; 122047 |
| Scout24 SE | 1095 | &nbsp;&nbsp; 151004 |
|  |  | &nbsp;&nbsp; 44738567 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Accenture PLC - Class A | 7890 | &nbsp;&nbsp; 2358242 |
| Akamai Technologies, Inc. (a) | 1895 | &nbsp;&nbsp; 151145 |
| Capgemini SE | 2376 | &nbsp;&nbsp; 406675 |
| Cognizant Technology Solutions Corp. - Class A | 6239 | &nbsp;&nbsp; 486829 |
| EPAM Systems, Inc. (a) | 715 | &nbsp;&nbsp; 126426 |
| Fujitsu Ltd.  | 25723 | &nbsp;&nbsp; 624967 |
| Gartner, Inc. (a) | 969 | &nbsp;&nbsp; 391689 |
| GoDaddy, Inc. - Class A (a) | 1781 | &nbsp;&nbsp; 320687 |
| International Business Machines Corp. (b) | 11663 | &nbsp;&nbsp; 3438019 |
| NEC Corp.  | 17955 | &nbsp;&nbsp; 525878 |
| NEXTDC Ltd. (a) | 30320 | &nbsp;&nbsp; 289404 |
| Nomura Research Institute Ltd.  | 5541 | &nbsp;&nbsp; 222659 |
| NTT Data Group Corp. (b) | 4122 | &nbsp;&nbsp; 113987 |
| Obic Co. Ltd.  | 4676 | &nbsp;&nbsp; 182204 |
| Otsuka Corp.  | 3323 | &nbsp;&nbsp; 67665 |
| SCSK Corp.  | 2310 | &nbsp;&nbsp; 69562 |
| SUNeVision Holdings Ltd.  | 28840 | &nbsp;&nbsp; 27830 |
| TIS, Inc.  | 3105 | &nbsp;&nbsp; 104133 |
| VeriSign, Inc.  | 1026 | &nbsp;&nbsp; 296309 |
| Wix.com Ltd. (a) | 772 | &nbsp;&nbsp; 122331 |
|  |  | &nbsp;&nbsp; 10326641 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Bandai Namco Holdings, Inc.  | 8697 | &nbsp;&nbsp; 311339 |
| Hasbro, Inc.  | 1654 | &nbsp;&nbsp; 122098 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-11**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Leisure Products—(Continued)** | **Leisure Products—(Continued)** | **Leisure Products—(Continued)** |
| Shimano, Inc.  | 1079 | &nbsp;&nbsp; $156618 |
|  |  | &nbsp;&nbsp; 590055 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Agilent Technologies, Inc.  | 3599 | &nbsp;&nbsp; 424718 |
| Bio-Techne Corp.  | 1994 | &nbsp;&nbsp; 102591 |
| Charles River Laboratories International, Inc. (a) | 645 | &nbsp;&nbsp; 97866 |
| Danaher Corp.  | 8073 | &nbsp;&nbsp; 1594740 |
| Eurofins Scientific SE | 1728 | &nbsp;&nbsp; 123137 |
| IQVIA Holdings, Inc. (a) | 2110 | &nbsp;&nbsp; 332515 |
| Lonza Group AG | 1054 | &nbsp;&nbsp; 753090 |
| Mettler-Toledo International, Inc. (a) | 264 | &nbsp;&nbsp; 310126 |
| Qiagen NV (a) | 3155 | &nbsp;&nbsp; 151907 |
| Revvity, Inc. (b) | 1535 | &nbsp;&nbsp; 148465 |
| Sartorius Stedim Biotech | 426 | &nbsp;&nbsp; 101952 |
| Thermo Fisher Scientific, Inc.  | 4825 | &nbsp;&nbsp; 1956345 |
| Waters Corp. (a) | 749 | &nbsp;&nbsp; 261431 |
| West Pharmaceutical Services, Inc.  | 914 | &nbsp;&nbsp; 199983 |
|  |  | &nbsp;&nbsp; 6558866 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Alfa Laval AB | 4223 | &nbsp;&nbsp; 177881 |
| Alstom SA (a) | 5052 | &nbsp;&nbsp; 118112 |
| Atlas Copco AB - A Shares | 39196 | &nbsp;&nbsp; 634955 |
| Atlas Copco AB - B Shares | 22779 | &nbsp;&nbsp; 324558 |
| Caterpillar, Inc.  | 6029 | &nbsp;&nbsp; 2340518 |
| Cummins, Inc.  | 1734 | &nbsp;&nbsp; 567885 |
| Daifuku Co. Ltd.  | 4664 | &nbsp;&nbsp; 120566 |
| Daimler Truck Holding AG | 6933 | &nbsp;&nbsp; 328139 |
| Deere & Co.  | 3195 | &nbsp;&nbsp; 1624625 |
| Dover Corp.  | 1731 | &nbsp;&nbsp; 317171 |
| Epiroc AB - A Shares | 9620 | &nbsp;&nbsp; 209349 |
| Epiroc AB - B Shares | 5692 | &nbsp;&nbsp; 109133 |
| FANUC Corp.  | 13768 | &nbsp;&nbsp; 374517 |
| Fortive Corp.  | 4304 | &nbsp;&nbsp; 224367 |
| GEA Group AG | 2138 | &nbsp;&nbsp; 149567 |
| Hoshizaki Corp.  | 1636 | &nbsp;&nbsp; 56537 |
| IDEX Corp.  | 955 | &nbsp;&nbsp; 167669 |
| IHI Corp.  | 2100 | &nbsp;&nbsp; 228006 |
| Illinois Tool Works, Inc.  | 3369 | &nbsp;&nbsp; 832985 |
| Indutrade AB (b) | 3988 | &nbsp;&nbsp; 108925 |
| Ingersoll Rand, Inc.  | 5082 | &nbsp;&nbsp; 422721 |
| Knorr-Bremse AG | 1059 | &nbsp;&nbsp; 102357 |
| Komatsu Ltd.  | 13178 | &nbsp;&nbsp; 431346 |
| Kone OYJ - Class B | 4960 | &nbsp;&nbsp; 326661 |
| Kubota Corp. (b) | 14239 | &nbsp;&nbsp; 159645 |
| Makita Corp.  | 3464 | &nbsp;&nbsp; 106520 |
| Metso OYJ (b) | 9075 | &nbsp;&nbsp; 117533 |
| Minebea Mitsumi, Inc.  | 5332 | &nbsp;&nbsp; 77963 |
| Mitsubishi Heavy Industries Ltd.  | 46809 | &nbsp;&nbsp; 1173014 |
| Nordson Corp.  | 684 | &nbsp;&nbsp; 146629 |
| Otis Worldwide Corp.  | 5002 | &nbsp;&nbsp; 495298 |
| PACCAR, Inc.  | 6615 | &nbsp;&nbsp; 628822 |
| Parker-Hannifin Corp.  | 1624 | &nbsp;&nbsp; 1134315 |
| Pentair PLC | 2084 | &nbsp;&nbsp; 213943 |
| Rational AG | 75 | &nbsp;&nbsp; 62901 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Sandvik AB | 15560 | &nbsp;&nbsp; $357072 |
| Schindler Holding AG | 343 | &nbsp;&nbsp; 124521 |
| Schindler Holding AG (Participation Certificate) | 594 | &nbsp;&nbsp; 221252 |
| SKF AB - B Shares (b) | 4979 | &nbsp;&nbsp; 114361 |
| SMC Corp.  | 809 | &nbsp;&nbsp; 291340 |
| Snap-on, Inc. (b) | 661 | &nbsp;&nbsp; 205690 |
| Spirax Group PLC | 1074 | &nbsp;&nbsp; 87812 |
| Stanley Black & Decker, Inc. (b) | 1945 | &nbsp;&nbsp; 131774 |
| Techtronic Industries Co. Ltd.  | 21429 | &nbsp;&nbsp; 236052 |
| Toyota Industries Corp.  | 2372 | &nbsp;&nbsp; 267267 |
| Trelleborg AB - B Shares | 2954 | &nbsp;&nbsp; 110250 |
| VAT Group AG | 394 | &nbsp;&nbsp; 166829 |
| Volvo AB - B Shares (b) | 23180 | &nbsp;&nbsp; 650816 |
| Wartsila OYJ Abp | 7341 | &nbsp;&nbsp; 173490 |
| Westinghouse Air Brake Technologies Corp.  | 2155 | &nbsp;&nbsp; 451149 |
| Xylem, Inc.  | 3064 | &nbsp;&nbsp; 396359 |
| Yangzijiang Shipbuilding Holdings Ltd.  | 38000 | &nbsp;&nbsp; 66412 |
|  |  | &nbsp;&nbsp; 18667579 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| AP Moller - Maersk AS - Class A | 43 | &nbsp;&nbsp; 79411 |
| AP Moller - Maersk AS - Class B | 62 | &nbsp;&nbsp; 115579 |
| Kawasaki Kisen Kaisha Ltd.  | 5157 | &nbsp;&nbsp; 72823 |
| Kuehne & Nagel International AG (b) | 705 | &nbsp;&nbsp; 153090 |
| Mitsui OSK Lines Ltd. (b) | 5067 | &nbsp;&nbsp; 168958 |
| Nippon Yusen KK | 6417 | &nbsp;&nbsp; 230386 |
| SITC International Holdings Co. Ltd.  | 19964 | &nbsp;&nbsp; 64083 |
|  |  | &nbsp;&nbsp; 884330 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Charter Communications, Inc. - Class A (a) | 1218 | &nbsp;&nbsp; 497930 |
| Comcast Corp. - Class A | 47574 | &nbsp;&nbsp; 1697916 |
| Dentsu Group, Inc.  | 2864 | &nbsp;&nbsp; 63550 |
| Fox Corp. - Class A | 2748 | &nbsp;&nbsp; 153998 |
| Fox Corp. - Class B | 1664 | &nbsp;&nbsp; 85912 |
| Informa PLC | 19590 | &nbsp;&nbsp; 216744 |
| Interpublic Group of Cos., Inc.  | 4699 | &nbsp;&nbsp; 115031 |
| News Corp. - Class A | 4769 | &nbsp;&nbsp; 141735 |
| News Corp. - Class B | 1409 | &nbsp;&nbsp; 48343 |
| Omnicom Group, Inc.  | 2479 | &nbsp;&nbsp; 178339 |
| Paramount Global - Class B | 7505 | &nbsp;&nbsp; 96814 |
| Publicis Groupe SA | 3340 | &nbsp;&nbsp; 377055 |
| WPP PLC | 15746 | &nbsp;&nbsp; 110066 |
|  |  | &nbsp;&nbsp; 3783433 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| Anglo American PLC | 16260 | &nbsp;&nbsp; 480016 |
| Antofagasta PLC | 5756 | &nbsp;&nbsp; 143011 |
| ArcelorMittal SA | 6847 | &nbsp;&nbsp; 216420 |
| BHP Group Ltd.  | 74071 | &nbsp;&nbsp; 1780261 |
| BlueScope Steel Ltd.  | 6402 | &nbsp;&nbsp; 97898 |
| Boliden AB (a) | 4149 | &nbsp;&nbsp; 129783 |
| Evolution Mining Ltd.  | 29228 | &nbsp;&nbsp; 152442 |
| Fortescue Ltd.  | 24711 | &nbsp;&nbsp; 248680 |
| Freeport-McMoRan, Inc.  | 18127 | &nbsp;&nbsp; 785805 |
| Glencore PLC (a) | 149631 | &nbsp;&nbsp; 582645 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-12**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
| JFE Holdings, Inc. (b) | 8435 | &nbsp;&nbsp; $97913 |
| Newmont Corp.  | 14360 | &nbsp;&nbsp; 836614 |
| Nippon Steel Corp.  | 14140 | &nbsp;&nbsp; 268312 |
| Norsk Hydro ASA | 20526 | &nbsp;&nbsp; 116979 |
| Northern Star Resources Ltd.  | 19818 | &nbsp;&nbsp; 245123 |
| Nucor Corp.  | 2962 | &nbsp;&nbsp; 383698 |
| Rio Tinto Ltd.  | 5417 | &nbsp;&nbsp; 381980 |
| Rio Tinto PLC | 16469 | &nbsp;&nbsp; 959690 |
| South32 Ltd.  | 65869 | &nbsp;&nbsp; 126267 |
| Steel Dynamics, Inc.  | 1786 | &nbsp;&nbsp; 228626 |
| Sumitomo Metal Mining Co. Ltd.  | 3594 | &nbsp;&nbsp; 88296 |
|  |  | &nbsp;&nbsp; 8350459 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Ameren Corp.  | 3404 | &nbsp;&nbsp; 326920 |
| CenterPoint Energy, Inc.  | 8221 | &nbsp;&nbsp; 302040 |
| Centrica PLC | 73365 | &nbsp;&nbsp; 162716 |
| CMS Energy Corp.  | 3769 | &nbsp;&nbsp; 261116 |
| Consolidated Edison, Inc.  | 4370 | &nbsp;&nbsp; 438530 |
| Dominion Energy, Inc.  | 10596 | &nbsp;&nbsp; 598886 |
| DTE Energy Co.  | 2614 | &nbsp;&nbsp; 346250 |
| E.ON SE | 32764 | &nbsp;&nbsp; 603282 |
| Engie SA | 26654 | &nbsp;&nbsp; 627662 |
| National Grid PLC | 73583 | &nbsp;&nbsp; 1075885 |
| NiSource, Inc.  | 5928 | &nbsp;&nbsp; 239136 |
| Public Service Enterprise Group, Inc.  | 6284 | &nbsp;&nbsp; 528987 |
| Sembcorp Industries Ltd.  | 12635 | &nbsp;&nbsp; 68094 |
| Sempra | 7990 | &nbsp;&nbsp; 605402 |
| Veolia Environnement SA | 9187 | &nbsp;&nbsp; 327725 |
| WEC Energy Group, Inc.  | 4007 | &nbsp;&nbsp; 417529 |
|  |  | &nbsp;&nbsp; 6930160 |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| Abacus Group | 19896 | &nbsp;&nbsp; 14670 |
| Allied Properties Real Estate Investment Trust (b) | 6018 | &nbsp;&nbsp; 75835 |
| Brandywine Realty Trust (b) | 8117 | &nbsp;&nbsp; 34822 |
| BXP, Inc.  | 9381 | &nbsp;&nbsp; 632936 |
| Centuria Office REIT | 23572 | &nbsp;&nbsp; 17454 |
| Champion REIT | 84436 | &nbsp;&nbsp; 22361 |
| CLS Holdings PLC | 6403 | &nbsp;&nbsp; 6162 |
| COPT Defense Properties | 5373 | &nbsp;&nbsp; 148187 |
| Cousins Properties, Inc. (b) | 7948 | &nbsp;&nbsp; 238678 |
| Cromwell Property Group | 64050 | &nbsp;&nbsp; 14348 |
| Daiwa Office Investment Corp.  | 24 | &nbsp;&nbsp; 53271 |
| Derwent London PLC | 5063 | &nbsp;&nbsp; 144028 |
| Dexus | 50211 | &nbsp;&nbsp; 219777 |
| Douglas Emmett, Inc.  | 7638 | &nbsp;&nbsp; 114876 |
| Easterly Government Properties, Inc.  | 1875 | &nbsp;&nbsp; 41625 |
| Empire State Realty Trust, Inc. - Class A | 6507 | &nbsp;&nbsp; 52642 |
| Gecina SA | 3107 | &nbsp;&nbsp; 341862 |
| Global One Real Estate Investment Corp.  | 45 | &nbsp;&nbsp; 42646 |
| Great Portland Estates PLC | 18455 | &nbsp;&nbsp; 90885 |
| Helical PLC | 5010 | &nbsp;&nbsp; 15813 |
| Highwoods Properties, Inc. (b) | 5050 | &nbsp;&nbsp; 157004 |
| Ichigo Office REIT Investment Corp.  | 44 | &nbsp;&nbsp; 28034 |
| Inmobiliaria Colonial Socimi SA (b) | 17097 | &nbsp;&nbsp; 121044 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Office REITs—(Continued)** | **Office REITs—(Continued)** | **Office REITs—(Continued)** |
| Japan Excellent, Inc.  | 53 | &nbsp;&nbsp; $49179 |
| Japan Prime Realty Investment Corp. (b) | 168 | &nbsp;&nbsp; 108025 |
| Japan Real Estate Investment Corp.  | 319 | &nbsp;&nbsp; 261158 |
| JBG SMITH Properties (b) | 3482 | &nbsp;&nbsp; 60239 |
| JR Global Reit | 8408 | &nbsp;&nbsp; 16135 |
| Keppel REIT | 112592 | &nbsp;&nbsp; 78385 |
| Kilroy Realty Corp. (b) | 5587 | &nbsp;&nbsp; 191690 |
| Mori Hills REIT Investment Corp.  | 67 | &nbsp;&nbsp; 62290 |
| Nippon Building Fund, Inc.  | 482 | &nbsp;&nbsp; 444657 |
| NSI NV | 700 | &nbsp;&nbsp; 19684 |
| One REIT, Inc.  | 10 | &nbsp;&nbsp; 17873 |
| Orix JREIT, Inc.  | 125 | &nbsp;&nbsp; 163009 |
| Paramount Group, Inc. (a) (b) | 8806 | &nbsp;&nbsp; 53717 |
| Piedmont Realty Trust, Inc. - Class A | 5836 | &nbsp;&nbsp; 42544 |
| Precinct Properties Group | 66665 | &nbsp;&nbsp; 48740 |
| Prosperity REIT | 61010 | &nbsp;&nbsp; 10718 |
| Regional REIT Ltd.  | 5961 | &nbsp;&nbsp; 9919 |
| Sankei Real Estate, Inc.  | 20 | &nbsp;&nbsp; 12777 |
| Shinhan Alpha REIT Co. Ltd.  | 5490 | &nbsp;&nbsp; 22942 |
| SL Green Realty Corp.  | 3388 | &nbsp;&nbsp; 209717 |
| Vornado Realty Trust | 8401 | &nbsp;&nbsp; 321254 |
| Workspace Group PLC | 6211 | &nbsp;&nbsp; 35858 |
|  |  | &nbsp;&nbsp; 4869470 |
| **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** |
| Aker BP ASA | 4612 | &nbsp;&nbsp; 117667 |
| APA Corp.  | 4666 | &nbsp;&nbsp; 85341 |
| BP PLC | 233732 | &nbsp;&nbsp; 1165963 |
| Chevron Corp.  | 21082 | &nbsp;&nbsp; 3018732 |
| ConocoPhillips | 16093 | &nbsp;&nbsp; 1444186 |
| Coterra Energy, Inc.  | 9289 | &nbsp;&nbsp; 235755 |
| Devon Energy Corp. (b) | 8286 | &nbsp;&nbsp; 263578 |
| Diamondback Energy, Inc.  | 2357 | &nbsp;&nbsp; 323852 |
| ENEOS Holdings, Inc.  | 39832 | &nbsp;&nbsp; 196597 |
| Eni SpA (b) | 32147 | &nbsp;&nbsp; 520679 |
| EOG Resources, Inc.  | 7095 | &nbsp;&nbsp; 848633 |
| EQT Corp.  | 7526 | &nbsp;&nbsp; 438916 |
| Equinor ASA | 12226 | &nbsp;&nbsp; 308697 |
| Expand Energy Corp.  | 2653 | &nbsp;&nbsp; 310242 |
| Exxon Mobil Corp.  | 54908 | &nbsp;&nbsp; 5919082 |
| Galp Energia SGPS SA | 6090 | &nbsp;&nbsp; 111803 |
| Hess Corp.  | 3486 | &nbsp;&nbsp; 482950 |
| Idemitsu Kosan Co. Ltd.  | 11881 | &nbsp;&nbsp; 71896 |
| Inpex Corp.  | 12850 | &nbsp;&nbsp; 180303 |
| Kinder Morgan, Inc.  | 24384 | &nbsp;&nbsp; 716890 |
| Marathon Petroleum Corp.  | 3986 | &nbsp;&nbsp; 662114 |
| Neste OYJ (b) | 6175 | &nbsp;&nbsp; 83326 |
| Occidental Petroleum Corp. (b) | 8522 | &nbsp;&nbsp; 358009 |
| OMV AG | 2150 | &nbsp;&nbsp; 116879 |
| ONEOK, Inc.  | 7826 | &nbsp;&nbsp; 638836 |
| Phillips 66 Co.  | 5209 | &nbsp;&nbsp; 621434 |
| Repsol SA | 16895 | &nbsp;&nbsp; 247491 |
| Santos Ltd.  | 47406 | &nbsp;&nbsp; 238504 |
| Shell PLC | 87352 | &nbsp;&nbsp; 3061058 |
| Targa Resources Corp.  | 2751 | &nbsp;&nbsp; 478894 |
| Texas Pacific Land Corp. (b) | 238 | &nbsp;&nbsp; 251421 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-13**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| TotalEnergies SE | 29813 | &nbsp;&nbsp; $1833719 |
| Valero Energy Corp. (b) | 3993 | &nbsp;&nbsp; 536739 |
| Williams Cos., Inc.  | 15376 | &nbsp;&nbsp; 965766 |
| Woodside Energy Group Ltd.  | 27710 | &nbsp;&nbsp; 427055 |
|  |  | &nbsp;&nbsp; 27283007 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Holmen AB - B Shares | 1113 | &nbsp;&nbsp; 44158 |
| Mondi PLC | 6443 | &nbsp;&nbsp; 105219 |
| Stora Enso OYJ - R Shares | 8501 | &nbsp;&nbsp; 92169 |
| Svenska Cellulosa AB SCA - Class B | 8867 | &nbsp;&nbsp; 115326 |
| UPM-Kymmene OYJ (b) | 7791 | &nbsp;&nbsp; 212712 |
|  |  | &nbsp;&nbsp; 569584 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| ANA Holdings, Inc.  | 2359 | &nbsp;&nbsp; 46231 |
| Delta Air Lines, Inc.  | 8093 | &nbsp;&nbsp; 398014 |
| Deutsche Lufthansa AG | 8745 | &nbsp;&nbsp; 73940 |
| International Consolidated Airlines Group SA | 18141 | &nbsp;&nbsp; 85188 |
| Japan Airlines Co. Ltd.  | 2139 | &nbsp;&nbsp; 43573 |
| Qantas Airways Ltd.  | 10822 | &nbsp;&nbsp; 76507 |
| Ryanair Holdings PLC | 12408 | &nbsp;&nbsp; 351045 |
| Singapore Airlines Ltd.  | 22047 | &nbsp;&nbsp; 120939 |
| Southwest Airlines Co.  | 7476 | &nbsp;&nbsp; 242521 |
| United Airlines Holdings, Inc. (a) | 4148 | &nbsp;&nbsp; 330305 |
|  |  | &nbsp;&nbsp; 1768263 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| Beiersdorf AG | 1448 | &nbsp;&nbsp; 181889 |
| Estee Lauder Cos., Inc. - Class A | 2954 | &nbsp;&nbsp; 238683 |
| Kao Corp.  | 6786 | &nbsp;&nbsp; 303735 |
| Kenvue, Inc.  | 24184 | &nbsp;&nbsp; 506171 |
| L'Oreal SA | 3509 | &nbsp;&nbsp; 1502488 |
| Shiseido Co. Ltd.  | 5854 | &nbsp;&nbsp; 104201 |
| Unilever PLC | 36504 | &nbsp;&nbsp; 2223428 |
|  |  | &nbsp;&nbsp; 5060595 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| Astellas Pharma, Inc.  | 26383 | &nbsp;&nbsp; 258697 |
| AstraZeneca PLC | 22628 | &nbsp;&nbsp; 3155651 |
| Bayer AG | 14337 | &nbsp;&nbsp; 431115 |
| Bristol-Myers Squibb Co.  | 25597 | &nbsp;&nbsp; 1184885 |
| Chugai Pharmaceutical Co. Ltd.  | 9794 | &nbsp;&nbsp; 511967 |
| Daiichi Sankyo Co. Ltd.  | 25049 | &nbsp;&nbsp; 583283 |
| Eisai Co. Ltd.  | 3863 | &nbsp;&nbsp; 110967 |
| Eli Lilly & Co.  | 9939 | &nbsp;&nbsp; 7747749 |
| Galderma Group AG | 1563 | &nbsp;&nbsp; 227707 |
| GSK PLC | 60067 | &nbsp;&nbsp; 1145042 |
| Haleon PLC | 131691 | &nbsp;&nbsp; 677551 |
| Hikma Pharmaceuticals PLC | 2429 | &nbsp;&nbsp; 66296 |
| Ipsen SA | 550 | &nbsp;&nbsp; 65573 |
| Johnson & Johnson | 30369 | &nbsp;&nbsp; 4638865 |
| Kyowa Kirin Co. Ltd.  | 3435 | &nbsp;&nbsp; 58891 |
| Merck & Co., Inc.  | 31908 | &nbsp;&nbsp; 2525837 |
| Merck KGaA | 1886 | &nbsp;&nbsp; 244239 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Novartis AG | 27743 | &nbsp;&nbsp; $3356211 |
| Novo Nordisk AS - Class B | 46998 | &nbsp;&nbsp; 3279425 |
| Ono Pharmaceutical Co. Ltd.  | 5487 | &nbsp;&nbsp; 59476 |
| Orion OYJ - Class B | 1582 | &nbsp;&nbsp; 119080 |
| Otsuka Holdings Co. Ltd.  | 6414 | &nbsp;&nbsp; 317559 |
| Pfizer, Inc.  | 71482 | &nbsp;&nbsp; 1732724 |
| Recordati Industria Chimica e Farmaceutica SpA | 1679 | &nbsp;&nbsp; 105637 |
| Roche Holding AG | 10252 | &nbsp;&nbsp; 3351486 |
| Roche Holding AG (Bearer Shares) | 467 | &nbsp;&nbsp; 162485 |
| Sandoz Group AG | 6100 | &nbsp;&nbsp; 335166 |
| Sanofi SA | 16201 | &nbsp;&nbsp; 1567570 |
| Shionogi & Co. Ltd.  | 10990 | &nbsp;&nbsp; 198305 |
| Takeda Pharmaceutical Co. Ltd. (b) | 23191 | &nbsp;&nbsp; 715875 |
| Teva Pharmaceutical Industries Ltd. (ADR) (a) | 16737 | &nbsp;&nbsp; 280512 |
| UCB SA | 1845 | &nbsp;&nbsp; 362469 |
| Viatris, Inc.  | 15056 | &nbsp;&nbsp; 134450 |
| Zoetis, Inc.  | 5648 | &nbsp;&nbsp; 880806 |
|  |  | &nbsp;&nbsp; 40593551 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Automatic Data Processing, Inc.  | 5132 | &nbsp;&nbsp; 1582709 |
| Broadridge Financial Solutions, Inc.  | 1476 | &nbsp;&nbsp; 358712 |
| Bureau Veritas SA | 4637 | &nbsp;&nbsp; 159970 |
| Computershare Ltd.  | 7680 | &nbsp;&nbsp; 201651 |
| Dayforce, Inc. (a) | 2006 | &nbsp;&nbsp; 111112 |
| Equifax, Inc. (b) | 1564 | &nbsp;&nbsp; 405655 |
| Experian PLC | 13399 | &nbsp;&nbsp; 690270 |
| Intertek Group PLC | 2388 | &nbsp;&nbsp; 155415 |
| Jacobs Solutions, Inc.  | 1546 | &nbsp;&nbsp; 203222 |
| Leidos Holdings, Inc.  | 1655 | &nbsp;&nbsp; 261093 |
| Paychex, Inc. (b) | 4042 | &nbsp;&nbsp; 587949 |
| Paycom Software, Inc. (b) | 594 | &nbsp;&nbsp; 137452 |
| Randstad NV | 1584 | &nbsp;&nbsp; 73157 |
| Recruit Holdings Co. Ltd.  | 20491 | &nbsp;&nbsp; 1206495 |
| RELX PLC | 26957 | &nbsp;&nbsp; 1462278 |
| SGS SA | 2351 | &nbsp;&nbsp; 239106 |
| Teleperformance SE | 787 | &nbsp;&nbsp; 76416 |
| Verisk Analytics, Inc.  | 1781 | &nbsp;&nbsp; 554782 |
| Wolters Kluwer NV | 3481 | &nbsp;&nbsp; 582104 |
|  |  | &nbsp;&nbsp; 9049548 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| abrdn European Logistics Income PLC | 20109 | &nbsp;&nbsp; 17123 |
| Aeon Mall Co. Ltd. (a) | 4299 | &nbsp;&nbsp; 85704 |
| Allreal Holding AG | 700 | &nbsp;&nbsp; 164427 |
| Amot Investments Ltd.  | 10898 | &nbsp;&nbsp; 73759 |
| Aroundtown SA (a) | 33822 | &nbsp;&nbsp; 123978 |
| Atrium Ljungberg AB - B Shares | 10912 | &nbsp;&nbsp; 39027 |
| Azrieli Group Ltd.  | 2363 | &nbsp;&nbsp; 217716 |
| CA Immobilien Anlagen AG | 1313 | &nbsp;&nbsp; 37498 |
| CapitaLand Investment Ltd.  | 142371 | &nbsp;&nbsp; 296835 |
| Castellum AB | 19063 | &nbsp;&nbsp; 251774 |
| Catena AB | 2006 | &nbsp;&nbsp; 102426 |
| CBRE Group, Inc. - Class A (a) | 3728 | &nbsp;&nbsp; 522367 |
| Cibus Nordic Real Estate AB publ | 3410 | &nbsp;&nbsp; 67460 |
| City Developments Ltd.  | 18756 | &nbsp;&nbsp; 76615 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-14**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** |
| Citycon OYJ (a) | 3700 | &nbsp;&nbsp; $16589 |
| CK Asset Holdings Ltd.  | 28214 | &nbsp;&nbsp; 124545 |
| Corem Property Group AB - Class B (b) | 35826 | &nbsp;&nbsp; 19707 |
| CoStar Group, Inc. (a) (b) | 5316 | &nbsp;&nbsp; 427406 |
| Daito Trust Construction Co. Ltd.  | 828 | &nbsp;&nbsp; 90253 |
| Daiwa House Industry Co. Ltd.  | 8223 | &nbsp;&nbsp; 283292 |
| Deutsche EuroShop AG | 486 | &nbsp;&nbsp; 11703 |
| Deutsche Wohnen SE | 2349 | &nbsp;&nbsp; 66680 |
| Dios Fastigheter AB | 4797 | &nbsp;&nbsp; 35128 |
| Entra ASA (a) | 2102 | &nbsp;&nbsp; 27851 |
| Fabege AB | 9799 | &nbsp;&nbsp; 88248 |
| Fastighets AB Balder - B Shares (a) | 42936 | &nbsp;&nbsp; 320957 |
| FastPartner AB - Class A | 2233 | &nbsp;&nbsp; 13673 |
| Grainger PLC | 33461 | &nbsp;&nbsp; 101067 |
| Grand City Properties SA | 3249 | &nbsp;&nbsp; 42437 |
| Heba Fastighets AB - Class B | 3515 | &nbsp;&nbsp; 11788 |
| Heiwa Real Estate Co. Ltd.  | 1940 | &nbsp;&nbsp; 29440 |
| Henderson Land Development Co. Ltd.  | 84533 | &nbsp;&nbsp; 296097 |
| Hiag Immobilien Holding AG | 200 | &nbsp;&nbsp; 27885 |
| Hongkong Land Holdings Ltd.  | 65202 | &nbsp;&nbsp; 376486 |
| Hufvudstaden AB - A Shares | 4828 | &nbsp;&nbsp; 63086 |
| Hulic Co. Ltd. (b) | 28861 | &nbsp;&nbsp; 290585 |
| Hysan Development Co. Ltd.  | 27829 | &nbsp;&nbsp; 50048 |
| Intea Fastigheter AB | 2783 | &nbsp;&nbsp; 22836 |
| Intershop Holding AG | 256 | &nbsp;&nbsp; 45862 |
| Kennedy-Wilson Holdings, Inc.  | 5703 | &nbsp;&nbsp; 38780 |
| Kojamo OYJ (a) | 7256 | &nbsp;&nbsp; 94649 |
| LEG Immobilien SE | 4680 | &nbsp;&nbsp; 415212 |
| Lifestyle Communities Ltd.  | 4566 | &nbsp;&nbsp; 21047 |
| Logistea AB - Class B | 8940 | &nbsp;&nbsp; 14662 |
| Melisron Ltd.  | 1149 | &nbsp;&nbsp; 131050 |
| Mitsubishi Estate Co. Ltd.  | 68863 | &nbsp;&nbsp; 1288428 |
| Mitsui Fudosan Co. Ltd.  | 162927 | &nbsp;&nbsp; 1573949 |
| Mobimo Holding AG | 345 | &nbsp;&nbsp; 141146 |
| Neobo Fastigheter AB (a) | 3851 | &nbsp;&nbsp; 6978 |
| New World Development Co. Ltd. (a) (b) | 65246 | &nbsp;&nbsp; 47496 |
| Nomura Real Estate Holdings, Inc.  | 24808 | &nbsp;&nbsp; 145043 |
| NP3 Fastigheter AB (b) | 1498 | &nbsp;&nbsp; 42770 |
| Nyfosa AB | 7592 | &nbsp;&nbsp; 75684 |
| Pandox AB | 4782 | &nbsp;&nbsp; 84285 |
| Peach Property Group AG (a) | 1539 | &nbsp;&nbsp; 13937 |
| Platzer Fastigheter Holding AB - Class B | 2989 | &nbsp;&nbsp; 25231 |
| PSP Swiss Property AG | 2176 | &nbsp;&nbsp; 401846 |
| Public Property Invest AS (a) | 6104 | &nbsp;&nbsp; 14508 |
| Sagax AB - Class B | 13366 | &nbsp;&nbsp; 305545 |
| Samhallsbyggnadsbolaget i Norden AB (a) | 48315 | &nbsp;&nbsp; 28974 |
| Sino Land Co. Ltd.  | 225283 | &nbsp;&nbsp; 239771 |
| Sirius Real Estate Ltd.  | 70494 | &nbsp;&nbsp; 94364 |
| StorageVault Canada, Inc. (b) | 10645 | &nbsp;&nbsp; 31972 |
| Sumitomo Realty & Development Co. Ltd. (b) | 20252 | &nbsp;&nbsp; 780805 |
| Sun Hung Kai Properties Ltd.  | 87305 | &nbsp;&nbsp; 1002480 |
| Swire Properties Ltd.  | 46489 | &nbsp;&nbsp; 116233 |
| Swiss Prime Site AG | 4859 | &nbsp;&nbsp; 730000 |
| TAG Immobilien AG | 7978 | &nbsp;&nbsp; 141788 |
| Tokyo Tatemono Co. Ltd.  | 9203 | &nbsp;&nbsp; 163564 |
| UOL Group Ltd.  | 21706 | &nbsp;&nbsp; 105548 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** |
| VGP NV | 639 | &nbsp;&nbsp; $64313 |
| Vonovia SE | 44696 | &nbsp;&nbsp; 1574377 |
| Wallenstam AB - Class B (b) | 16630 | &nbsp;&nbsp; 84855 |
| Wharf Holdings Ltd.  | 15121 | &nbsp;&nbsp; 46114 |
| Wharf Real Estate Investment Co. Ltd.  | 98504 | &nbsp;&nbsp; 278953 |
| Wihlborgs Fastigheter AB | 12843 | &nbsp;&nbsp; 139708 |
|  |  | &nbsp;&nbsp; 15466423 |
| **Residential REITs — 0.7%** | **Residential REITs — 0.7%** | **Residential REITs — 0.7%** |
| Advance Residence Investment Corp.  | 124 | &nbsp;&nbsp; 128816 |
| Altarea SCA | 300 | &nbsp;&nbsp; 35799 |
| American Homes 4 Rent - Class A | 16275 | &nbsp;&nbsp; 587039 |
| Apartment Investment & Management Co. - Class A | 6224 | &nbsp;&nbsp; 53838 |
| AvalonBay Communities, Inc. (b) | 8566 | &nbsp;&nbsp; 1743181 |
| Boardwalk Real Estate Investment Trust | 1925 | &nbsp;&nbsp; 98939 |
| Camden Property Trust | 6466 | &nbsp;&nbsp; 728654 |
| Canadian Apartment Properties REIT (b) | 7656 | &nbsp;&nbsp; 249681 |
| Care Property Invest NV | 1763 | &nbsp;&nbsp; 25906 |
| Centerspace | 794 | &nbsp;&nbsp; 47791 |
| Comforia Residential REIT, Inc.  | 31 | &nbsp;&nbsp; 61718 |
| Daiwa Securities Living Investments Corp.  | 91 | &nbsp;&nbsp; 60367 |
| Elme Communities | 4149 | &nbsp;&nbsp; 65969 |
| Empiric Student Property PLC | 31661 | &nbsp;&nbsp; 44682 |
| Equity LifeStyle Properties, Inc. (b) | 9029 | &nbsp;&nbsp; 556818 |
| Equity Residential | 22352 | &nbsp;&nbsp; 1508537 |
| Essex Property Trust, Inc. (b) | 3847 | &nbsp;&nbsp; 1090240 |
| Home Invest Belgium SA | 459 | &nbsp;&nbsp; 10983 |
| Home REIT PLC (a) (c) (d) | 72879 | &nbsp;&nbsp; 0 |
| Independence Realty Trust, Inc. (b) | 10965 | &nbsp;&nbsp; 193971 |
| Ingenia Communities Group | 19267 | &nbsp;&nbsp; 69390 |
| InterRent Real Estate Investment Trust (b) | 6732 | &nbsp;&nbsp; 66838 |
| Invitation Homes, Inc.  | 36331 | &nbsp;&nbsp; 1191657 |
| Irish Residential Properties REIT PLC | 24187 | &nbsp;&nbsp; 29073 |
| Killam Apartment Real Estate Investment Trust | 5644 | &nbsp;&nbsp; 81277 |
| Mid-America Apartment Communities, Inc.  | 7017 | &nbsp;&nbsp; 1038586 |
| NexPoint Residential Trust, Inc.  | 1060 | &nbsp;&nbsp; 35319 |
| Nippon Accommodations Fund, Inc.  | 111 | &nbsp;&nbsp; 90757 |
| PRS REIT PLC | 24053 | &nbsp;&nbsp; 35729 |
| Residential Secure Income PLC | 8786 | &nbsp;&nbsp; 7114 |
| Samty Residential Investment Corp.  | 16 | &nbsp;&nbsp; 10768 |
| Social Housing Reit PLC | 17692 | &nbsp;&nbsp; 17160 |
| Starts Proceed Investment Corp.  | 10 | &nbsp;&nbsp; 12316 |
| Sun Communities, Inc. (b) | 6018 | &nbsp;&nbsp; 761217 |
| UDR, Inc.  | 19534 | &nbsp;&nbsp; 797573 |
| UMH Properties, Inc.  | 3680 | &nbsp;&nbsp; 61787 |
| UNITE Group PLC | 19804 | &nbsp;&nbsp; 231204 |
| Veris Residential, Inc.  | 3722 | &nbsp;&nbsp; 55421 |
| Xior Student Housing NV | 1730 | &nbsp;&nbsp; 62634 |
|  |  | &nbsp;&nbsp; 11948749 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Acadia Realty Trust (b) | 6222 | &nbsp;&nbsp; 115543 |
| AEON REIT Investment Corp.  | 81 | &nbsp;&nbsp; 71284 |
| Agree Realty Corp. (b) | 5156 | &nbsp;&nbsp; 376697 |
| Ascencio | 282 | &nbsp;&nbsp; 16001 |
| Brixmor Property Group, Inc.  | 14502 | &nbsp;&nbsp; 377632 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-15**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Retail REITs—(Continued)** | **Retail REITs—(Continued)** | **Retail REITs—(Continued)** |
| BWP Trust | 26235 | &nbsp;&nbsp; $60782 |
| CapitaLand Integrated Commercial Trust | 356446 | &nbsp;&nbsp; 608431 |
| Carmila SA (a) | 2572 | &nbsp;&nbsp; 50446 |
| Charter Hall Retail REIT | 26990 | &nbsp;&nbsp; 68289 |
| Choice Properties Real Estate Investment Trust | 13174 | &nbsp;&nbsp; 143857 |
| Crombie Real Estate Investment Trust (b) | 5146 | &nbsp;&nbsp; 56193 |
| Curbline Properties Corp. (b) | 4622 | &nbsp;&nbsp; 105520 |
| Eurocommercial Properties NV | 2002 | &nbsp;&nbsp; 63177 |
| Federal Realty Investment Trust | 5025 | &nbsp;&nbsp; 477325 |
| First Capital Real Estate Investment Trust (b) | 10091 | &nbsp;&nbsp; 134497 |
| Fortune Real Estate Investment Trust | 71830 | &nbsp;&nbsp; 44166 |
| Frasers Centrepoint Trust | 61210 | &nbsp;&nbsp; 109772 |
| Frontier Real Estate Investment Corp.  | 117 | &nbsp;&nbsp; 66677 |
| Fukuoka REIT Corp.  | 34 | &nbsp;&nbsp; 40702 |
| Getty Realty Corp. (b) | 2446 | &nbsp;&nbsp; 67607 |
| Hamborner REIT AG | 3409 | &nbsp;&nbsp; 23932 |
| Hammerson PLC | 22294 | &nbsp;&nbsp; 92204 |
| HomeCo Daily Needs REIT | 83904 | &nbsp;&nbsp; 69308 |
| Immobiliare Grande Distribuzione SIIQ SpA | 2586 | &nbsp;&nbsp; 9450 |
| InvenTrust Properties Corp. (b) | 3679 | &nbsp;&nbsp; 100805 |
| Japan Metropolitan Fund Invest | 319 | &nbsp;&nbsp; 226130 |
| Kimco Realty Corp.  | 40401 | &nbsp;&nbsp; 849229 |
| Kite Realty Group Trust | 10413 | &nbsp;&nbsp; 235854 |
| Kiwi Property Group Ltd.  | 66970 | &nbsp;&nbsp; 36284 |
| Klepierre SA | 13024 | &nbsp;&nbsp; 516021 |
| Lendlease Global Commercial REIT | 80274 | &nbsp;&nbsp; 32856 |
| Link REIT | 165265 | &nbsp;&nbsp; 881014 |
| LOTTE REIT Co. Ltd.  | 7118 | &nbsp;&nbsp; 19768 |
| Macerich Co.  | 11975 | &nbsp;&nbsp; 193755 |
| Mercialys SA | 4438 | &nbsp;&nbsp; 55654 |
| NETSTREIT Corp. (b) | 3876 | &nbsp;&nbsp; 65621 |
| NewRiver REIT PLC | 21186 | &nbsp;&nbsp; 21465 |
| NNN REIT, Inc.  | 8907 | &nbsp;&nbsp; 384604 |
| Phillips Edison & Co., Inc.  | 5954 | &nbsp;&nbsp; 208569 |
| Primaris Real Estate Investment Trust | 4817 | &nbsp;&nbsp; 52070 |
| Realty Income Corp.  | 53582 | &nbsp;&nbsp; 3086859 |
| Regency Centers Corp.  | 10663 | &nbsp;&nbsp; 759525 |
| Region RE Ltd.  | 54908 | &nbsp;&nbsp; 79713 |
| Retail Estates NV | 539 | &nbsp;&nbsp; 39033 |
| RioCan Real Estate Investment Trust (b) | 14140 | &nbsp;&nbsp; 183895 |
| Scentre Group | 324094 | &nbsp;&nbsp; 761731 |
| Shaftesbury Capital PLC | 69901 | &nbsp;&nbsp; 149949 |
| Simon Property Group, Inc.  | 19302 | &nbsp;&nbsp; 3102990 |
| SmartCentres Real Estate Investment Trust (b) | 6137 | &nbsp;&nbsp; 115326 |
| Starhill Global REIT | 67620 | &nbsp;&nbsp; 27130 |
| Supermarket Income REIT PLC | 58554 | &nbsp;&nbsp; 68447 |
| Tanger, Inc. (b) | 5270 | &nbsp;&nbsp; 161157 |
| Unibail-Rodamco-Westfield (a) | 6345 | &nbsp;&nbsp; 607211 |
| Urban Edge Properties | 5998 | &nbsp;&nbsp; 111923 |
| Vastned NV | 480 | &nbsp;&nbsp; 18143 |
| Vicinity Ltd.  | 239378 | &nbsp;&nbsp; 390634 |
| Waypoint REIT Ltd.  | 30112 | &nbsp;&nbsp; 48700 |
| Wereldhave NV | 1800 | &nbsp;&nbsp; 36217 |
|  |  | &nbsp;&nbsp; 16877774 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** | **Semiconductors & Semiconductor Equipment — 5.4%** |
| Advanced Micro Devices, Inc. (a) | 20440 | &nbsp;&nbsp; $2900436 |
| Advantest Corp.  | 11131 | &nbsp;&nbsp; 824538 |
| Analog Devices, Inc.  | 6258 | &nbsp;&nbsp; 1489529 |
| Applied Materials, Inc.  | 10251 | &nbsp;&nbsp; 1876651 |
| ASM International NV | 684 | &nbsp;&nbsp; 437942 |
| ASML Holding NV | 5747 | &nbsp;&nbsp; 4601320 |
| BE Semiconductor Industries NV | 1184 | &nbsp;&nbsp; 177242 |
| Broadcom, Inc.  | 59126 | &nbsp;&nbsp; 16298082 |
| Disco Corp.  | 1302 | &nbsp;&nbsp; 385247 |
| Enphase Energy, Inc. (a) | 1671 | &nbsp;&nbsp; 66255 |
| First Solar, Inc. (a) | 1350 | &nbsp;&nbsp; 223479 |
| Infineon Technologies AG | 19056 | &nbsp;&nbsp; 810847 |
| Intel Corp.  | 54618 | &nbsp;&nbsp; 1223443 |
| KLA Corp.  | 1676 | &nbsp;&nbsp; 1501260 |
| Lam Research Corp. (b) | 16192 | &nbsp;&nbsp; 1576129 |
| Lasertec Corp.  | 1133 | &nbsp;&nbsp; 152659 |
| Microchip Technology, Inc.  | 6784 | &nbsp;&nbsp; 477390 |
| Micron Technology, Inc.  | 14054 | &nbsp;&nbsp; 1732155 |
| Monolithic Power Systems, Inc.  | 603 | &nbsp;&nbsp; 441022 |
| NVIDIA Corp.  | 308913 | &nbsp;&nbsp; 48805165 |
| NXP Semiconductors NV | 3206 | &nbsp;&nbsp; 700479 |
| ON Semiconductor Corp. (a) (b) | 5316 | &nbsp;&nbsp; 278612 |
| QUALCOMM, Inc.  | 13951 | &nbsp;&nbsp; 2221836 |
| Renesas Electronics Corp.  | 24600 | &nbsp;&nbsp; 302733 |
| SCREEN Holdings Co. Ltd.  | 1148 | &nbsp;&nbsp; 93223 |
| Skyworks Solutions, Inc.  | 2028 | &nbsp;&nbsp; 151127 |
| STMicroelectronics NV | 9880 | &nbsp;&nbsp; 300644 |
| Teradyne, Inc.  | 2054 | &nbsp;&nbsp; 184696 |
| Texas Instruments, Inc.  | 11483 | &nbsp;&nbsp; 2384100 |
| Tokyo Electron Ltd.  | 6534 | &nbsp;&nbsp; 1247469 |
|  |  | &nbsp;&nbsp; 93865710 |
| **Software — 4.7%** | **Software — 4.7%** | **Software — 4.7%** |
| Adobe, Inc. (a) | 5491 | &nbsp;&nbsp; 2124358 |
| ANSYS, Inc. (a) | 1103 | &nbsp;&nbsp; 387396 |
| Autodesk, Inc. (a) | 2712 | &nbsp;&nbsp; 839554 |
| Cadence Design Systems, Inc. (a) | 3459 | &nbsp;&nbsp; 1065891 |
| Check Point Software Technologies Ltd. (a) | 1265 | &nbsp;&nbsp; 279881 |
| Crowdstrike Holdings, Inc. - Class A (a) (b) | 3107 | &nbsp;&nbsp; 1582426 |
| CyberArk Software Ltd. (a) | 686 | &nbsp;&nbsp; 279120 |
| Dassault Systemes SE | 9781 | &nbsp;&nbsp; 354543 |
| Fair Isaac Corp. (a) (b) | 308 | &nbsp;&nbsp; 563012 |
| Fortinet, Inc. (a) | 8024 | &nbsp;&nbsp; 848297 |
| Gen Digital, Inc.  | 6841 | &nbsp;&nbsp; 201125 |
| Intuit, Inc.  | 3531 | &nbsp;&nbsp; 2781122 |
| Microsoft Corp. (f) | 93771 | &nbsp;&nbsp; 46642633 |
| Monday.com Ltd. (a) | 593 | &nbsp;&nbsp; 186487 |
| Nemetschek SE | 843 | &nbsp;&nbsp; 122182 |
| Nice Ltd. (a) | 923 | &nbsp;&nbsp; 156411 |
| Oracle Corp.  | 20463 | &nbsp;&nbsp; 4473826 |
| Oracle Corp. Japan | 544 | &nbsp;&nbsp; 64912 |
| Palantir Technologies, Inc. - Class A (a) | 25856 | &nbsp;&nbsp; 3524690 |
| Palo Alto Networks, Inc. (a) (b) | 8352 | &nbsp;&nbsp; 1709153 |
| PTC, Inc. (a) | 1518 | &nbsp;&nbsp; 261612 |
| Roper Technologies, Inc.  | 1353 | &nbsp;&nbsp; 766934 |
| Sage Group PLC | 14423 | &nbsp;&nbsp; 247880 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-16**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Salesforce, Inc.  | 12071 | &nbsp;&nbsp; $3291641 |
| SAP SE | 15239 | &nbsp;&nbsp; 4635516 |
| ServiceNow, Inc. (a) | 2598 | &nbsp;&nbsp; 2670952 |
| Synopsys, Inc. (a) | 1950 | &nbsp;&nbsp; 999726 |
| Temenos AG | 823 | &nbsp;&nbsp; 58967 |
| Trend Micro, Inc.  | 1892 | &nbsp;&nbsp; 130696 |
| Tyler Technologies, Inc. (a) | 540 | &nbsp;&nbsp; 320134 |
| WiseTech Global Ltd.  | 2930 | &nbsp;&nbsp; 210289 |
| Workday, Inc. - Class A (a) | 2699 | &nbsp;&nbsp; 647760 |
| Xero Ltd. (a) | 2123 | &nbsp;&nbsp; 251261 |
|  |  | &nbsp;&nbsp; 82680387 |
| **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** |
| Abacus Storage King | 21890 | &nbsp;&nbsp; 22060 |
| American Tower Corp.  | 5894 | &nbsp;&nbsp; 1302692 |
| Arena REIT | 18595 | &nbsp;&nbsp; 45407 |
| Big Yellow Group PLC | 8825 | &nbsp;&nbsp; 122619 |
| Charter Hall Social Infrastructure REIT | 17195 | &nbsp;&nbsp; 32715 |
| Crown Castle, Inc.  | 5482 | &nbsp;&nbsp; 563166 |
| CubeSmart | 10782 | &nbsp;&nbsp; 458235 |
| Digital Core REIT Management Pte. Ltd.  | 40570 | &nbsp;&nbsp; 21520 |
| Digital Realty Trust, Inc.  | 20058 | &nbsp;&nbsp; 3496711 |
| EPR Properties | 3554 | &nbsp;&nbsp; 207056 |
| Equinix, Inc.  | 5883 | &nbsp;&nbsp; 4679750 |
| Extra Space Storage, Inc.  | 12709 | &nbsp;&nbsp; 1873815 |
| Four Corners Property Trust, Inc. (b) | 4704 | &nbsp;&nbsp; 126585 |
| Gaming & Leisure Properties, Inc.  | 12571 | &nbsp;&nbsp; 586814 |
| Iron Mountain, Inc. (b) | 17680 | &nbsp;&nbsp; 1813437 |
| Keppel DC REIT | 85170 | &nbsp;&nbsp; 156115 |
| National Storage Affiliates Trust (b) | 3354 | &nbsp;&nbsp; 107294 |
| National Storage REIT | 57758 | &nbsp;&nbsp; 87667 |
| Public Storage (b) | 9511 | &nbsp;&nbsp; 2790718 |
| Safehold, Inc.  | 2647 | &nbsp;&nbsp; 41187 |
| Safestore Holdings PLC | 10129 | &nbsp;&nbsp; 98464 |
| SBA Communications Corp.  | 1356 | &nbsp;&nbsp; 318443 |
| Shurgard Self Storage Ltd.  | 1512 | &nbsp;&nbsp; 65956 |
| VICI Properties, Inc.  | 64285 | &nbsp;&nbsp; 2095691 |
| Weyerhaeuser Co.  | 9152 | &nbsp;&nbsp; 235115 |
|  |  | &nbsp;&nbsp; 21349232 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| AutoZone, Inc. (a) | 212 | &nbsp;&nbsp; 786993 |
| Avolta AG | 1283 | &nbsp;&nbsp; 69822 |
| Best Buy Co., Inc.  | 2454 | &nbsp;&nbsp; 164737 |
| CarMax, Inc. (a) | 1940 | &nbsp;&nbsp; 130387 |
| Fast Retailing Co. Ltd.  | 2799 | &nbsp;&nbsp; 959144 |
| H & M Hennes & Mauritz AB - B Shares (b) | 8268 | &nbsp;&nbsp; 116328 |
| Home Depot, Inc.  | 12530 | &nbsp;&nbsp; 4593999 |
| Industria de Diseno Textil SA | 15918 | &nbsp;&nbsp; 829478 |
| JD Sports Fashion PLC | 37813 | &nbsp;&nbsp; 46023 |
| Kingfisher PLC | 26027 | &nbsp;&nbsp; 103997 |
| Lowe's Cos., Inc.  | 7122 | &nbsp;&nbsp; 1580158 |
| Nitori Holdings Co. Ltd.  | 1132 | &nbsp;&nbsp; 109476 |
| O'Reilly Automotive, Inc. (a) | 10875 | &nbsp;&nbsp; 980164 |
| Ross Stores, Inc.  | 4162 | &nbsp;&nbsp; 530988 |
| Sanrio Co. Ltd.  | 2600 | &nbsp;&nbsp; 125766 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| TJX Cos., Inc.  | 14180 | &nbsp;&nbsp; $1751088 |
| Tractor Supply Co.  | 6738 | &nbsp;&nbsp; 355564 |
| Ulta Beauty, Inc. (a) | 585 | &nbsp;&nbsp; 273675 |
| Williams-Sonoma, Inc.  | 1553 | &nbsp;&nbsp; 253714 |
| Zalando SE (a) | 3277 | &nbsp;&nbsp; 107892 |
| ZOZO, Inc.  | 5933 | &nbsp;&nbsp; 64048 |
|  |  | &nbsp;&nbsp; 13933441 |
| **Technology Hardware, Storage & Peripherals — 2.4%** | **Technology Hardware, Storage & Peripherals — 2.4%** | **Technology Hardware, Storage & Peripherals — 2.4%** |
| Apple, Inc. (f) | 189486 | &nbsp;&nbsp; 38876843 |
| Canon, Inc. (b) | 13598 | &nbsp;&nbsp; 393856 |
| Dell Technologies, Inc. - Class C (b) | 3935 | &nbsp;&nbsp; 482431 |
| FUJIFILM Holdings Corp.  | 16326 | &nbsp;&nbsp; 354760 |
| Hewlett Packard Enterprise Co.  | 16701 | &nbsp;&nbsp; 341535 |
| HP, Inc.  | 11829 | &nbsp;&nbsp; 289337 |
| Logitech International SA | 2220 | &nbsp;&nbsp; 200607 |
| NetApp, Inc.  | 2564 | &nbsp;&nbsp; 273194 |
| Ricoh Co. Ltd.  | 7855 | &nbsp;&nbsp; 74161 |
| Seagate Technology Holdings PLC | 2670 | &nbsp;&nbsp; 385361 |
| Super Micro Computer, Inc. (a) (b) | 6352 | &nbsp;&nbsp; 311311 |
| Western Digital Corp.  | 4387 | &nbsp;&nbsp; 280724 |
|  |  | &nbsp;&nbsp; 42264120 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| adidas AG | 2495 | &nbsp;&nbsp; 581583 |
| Asics Corp.  | 9663 | &nbsp;&nbsp; 246848 |
| Cie Financiere Richemont SA - Class A | 7845 | &nbsp;&nbsp; 1483656 |
| Deckers Outdoor Corp. (a) | 1914 | &nbsp;&nbsp; 197276 |
| Hermes International SCA | 462 | &nbsp;&nbsp; 1253412 |
| Kering SA | 1087 | &nbsp;&nbsp; 237121 |
| Lululemon Athletica, Inc. (a) | 1413 | &nbsp;&nbsp; 335700 |
| LVMH Moet Hennessy Louis Vuitton SE | 4014 | &nbsp;&nbsp; 2105149 |
| Moncler SpA | 3410 | &nbsp;&nbsp; 194697 |
| NIKE, Inc. - Class B | 14900 | &nbsp;&nbsp; 1058496 |
| Pandora AS | 1197 | &nbsp;&nbsp; 210099 |
| Ralph Lauren Corp.  | 503 | &nbsp;&nbsp; 137963 |
| Swatch Group AG | 422 | &nbsp;&nbsp; 68872 |
| Tapestry, Inc.  | 2611 | &nbsp;&nbsp; 229272 |
|  |  | &nbsp;&nbsp; 8340144 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| Altria Group, Inc.  | 21378 | &nbsp;&nbsp; 1253392 |
| British American Tobacco PLC | 28907 | &nbsp;&nbsp; 1367947 |
| Imperial Brands PLC | 11416 | &nbsp;&nbsp; 450678 |
| Japan Tobacco, Inc. (b) | 17464 | &nbsp;&nbsp; 514181 |
| Philip Morris International, Inc.  | 19613 | &nbsp;&nbsp; 3572116 |
|  |  | &nbsp;&nbsp; 7158314 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| AddTech AB - B Shares | 3794 | &nbsp;&nbsp; 129239 |
| AerCap Holdings NV | 2686 | &nbsp;&nbsp; 314262 |
| Ashtead Group PLC | 6304 | &nbsp;&nbsp; 404108 |
| Beijer Ref AB | 5618 | &nbsp;&nbsp; 88762 |
| Brenntag SE | 1791 | &nbsp;&nbsp; 118620 |
| Bunzl PLC | 4782 | &nbsp;&nbsp; 152307 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-17**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** | **Trading Companies & Distributors—(Continued)** |
| Fastenal Co.  | 14466 | &nbsp;&nbsp; $607572 |
| IMCD NV | 863 | &nbsp;&nbsp; 116143 |
| ITOCHU Corp.  | 17304 | &nbsp;&nbsp; 909409 |
| Marubeni Corp.  | 20643 | &nbsp;&nbsp; 415406 |
| Mitsubishi Corp.  | 49863 | &nbsp;&nbsp; 995751 |
| Mitsui & Co. Ltd.  | 36078 | &nbsp;&nbsp; 735068 |
| MonotaRO Co. Ltd.  | 3643 | &nbsp;&nbsp; 71909 |
| Reece Ltd.  | 3300 | &nbsp;&nbsp; 31171 |
| Rexel SA | 3265 | &nbsp;&nbsp; 100756 |
| SGH Ltd.  | 2970 | &nbsp;&nbsp; 105707 |
| Sumitomo Corp.  | 15897 | &nbsp;&nbsp; 409661 |
| Toyota Tsusho Corp.  | 9309 | &nbsp;&nbsp; 210261 |
| United Rentals, Inc.  | 824 | &nbsp;&nbsp; 620802 |
| WW Grainger, Inc.  | 559 | &nbsp;&nbsp; 581494 |
|  |  | &nbsp;&nbsp; 7118408 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Aena SME SA | 10940 | &nbsp;&nbsp; 292030 |
| Aeroports de Paris SA | 506 | &nbsp;&nbsp; 63509 |
| Auckland International Airport Ltd.  | 24639 | &nbsp;&nbsp; 116529 |
| Getlink SE | 4266 | &nbsp;&nbsp; 82446 |
| Transurban Group | 45363 | &nbsp;&nbsp; 417688 |
|  |  | &nbsp;&nbsp; 972202 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| American Water Works Co., Inc.  | 2458 | &nbsp;&nbsp; 341932 |
| Severn Trent PLC | 4053 | &nbsp;&nbsp; 152439 |
| United Utilities Group PLC | 9953 | &nbsp;&nbsp; 156280 |
|  |  | &nbsp;&nbsp; 650651 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| KDDI Corp.  | 44780 | &nbsp;&nbsp; 769336 |
| SoftBank Corp.  | 417715 | &nbsp;&nbsp; 645522 |
| SoftBank Group Corp.  | 13947 | &nbsp;&nbsp; 1011228 |
| Tele2 AB - B Shares | 7990 | &nbsp;&nbsp; 116788 |
| T-Mobile U.S., Inc.  | 6049 | &nbsp;&nbsp; 1441234 |
| Vodafone Group PLC | 291065 | &nbsp;&nbsp; 310832 |
|  |  | &nbsp;&nbsp; 4294940 |
| Total Common Stocks <br>(Cost $629,631,329) <br>|  | &nbsp;&nbsp; 1024660330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **U.S. Treasury & Government Agencies—29.2%** | **U.S. Treasury & Government Agencies—29.2%** | **U.S. Treasury & Government Agencies—29.2%** |
| **Federal Agencies — 2.1%** | **Federal Agencies — 2.1%** | **Federal Agencies — 2.1%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 4.125%, 01/22/26 | 2135000 | &nbsp;&nbsp; 2133995 |
| 4.625%, 03/05/26 (b) | 1425000 | &nbsp;&nbsp; 1429499 |
| Federal Home Loan Banks |  |  |
| 4.125%, 01/15/27 | 1565000 | &nbsp;&nbsp; 1572724 |
| 4.625%, 11/17/26 | 5685000 | &nbsp;&nbsp; 5734649 |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.250%, 07/15/32 | 2554000 | &nbsp;&nbsp; 2895738 |
| 6.750%, 03/15/31 (b) | 2509000 | &nbsp;&nbsp; 2870697 |
| Federal National Mortgage Association |  |  |
| 6.625%, 11/15/30 (b) | 10946000 | &nbsp;&nbsp; 12384535 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Federal Agencies—(Continued)** | **Federal Agencies—(Continued)** | **Federal Agencies—(Continued)** |
| Federal National Mortgage Association |  |  |
| 7.250%, 05/15/30 | 7228000 | &nbsp;&nbsp; $8324336 |
|  |  | &nbsp;&nbsp; 37346173 |
| **U.S. Treasury — 27.1%** | **U.S. Treasury — 27.1%** | **U.S. Treasury — 27.1%** |
| U.S. Treasury Bonds |  |  |
| 1.125%, 05/15/40 | 7184000 | &nbsp;&nbsp; 4466427 |
| 1.250%, 05/15/50 | 2539200 | &nbsp;&nbsp; 1219610 |
| 2.250%, 08/15/46 | 14116700 | &nbsp;&nbsp; 9248093 |
| 2.250%, 08/15/49 | 3018100 | &nbsp;&nbsp; 1893268 |
| 2.250%, 02/15/52 | 10134700 | &nbsp;&nbsp; 6190481 |
| 2.375%, 11/15/49 | 3241800 | &nbsp;&nbsp; 2085009 |
| 2.500%, 02/15/45 | 3923400 | &nbsp;&nbsp; 2762012 |
| 2.750%, 08/15/47 | 2487400 | &nbsp;&nbsp; 1772856 |
| 2.875%, 05/15/43 | 3596200 | &nbsp;&nbsp; 2771743 |
| 2.875%, 08/15/45 | 13722300 | &nbsp;&nbsp; 10260099 |
| 2.875%, 05/15/49 | 2619500 | &nbsp;&nbsp; 1880412 |
| 2.875%, 05/15/52 | 6427100 | &nbsp;&nbsp; 4523072 |
| 3.000%, 05/15/45 | 1975000 | &nbsp;&nbsp; 1512804 |
| 3.000%, 02/15/47 | 2293600 | &nbsp;&nbsp; 1721902 |
| 3.000%, 05/15/47 | 2558200 | &nbsp;&nbsp; 1915752 |
| 3.000%, 02/15/48 | 1892700 | &nbsp;&nbsp; 1406291 |
| 3.000%, 08/15/48 | 6630600 | &nbsp;&nbsp; 4903795 |
| 3.000%, 02/15/49 | 1948700 | &nbsp;&nbsp; 1435796 |
| 3.125%, 02/15/43 | 6077800 | &nbsp;&nbsp; 4887643 |
| 3.625%, 08/15/43 | 5467900 | &nbsp;&nbsp; 4704103 |
| 3.625%, 02/15/53 | 1898200 | &nbsp;&nbsp; 1549554 |
| 3.625%, 05/15/53 | 7244800 | &nbsp;&nbsp; 5909040 |
| 3.750%, 08/15/41 | 2588700 | &nbsp;&nbsp; 2319212 |
| 4.000%, 11/15/52 | 2014500 | &nbsp;&nbsp; 1761822 |
| 4.250%, 08/15/54 | 3462400 | &nbsp;&nbsp; 3161874 |
| 4.375%, 05/15/41 | 873000 | &nbsp;&nbsp; 846026 |
| 4.500%, 08/15/39 | 3327600 | &nbsp;&nbsp; 3315122 |
| 4.500%, 11/15/54 | 1031300 | &nbsp;&nbsp; 982797 |
| 4.750%, 11/15/53 | 3149500 | &nbsp;&nbsp; 3120958 |
| 5.250%, 11/15/28 | 12075700 | &nbsp;&nbsp; 12652126 |
| 5.250%, 02/15/29 | 4385300 | &nbsp;&nbsp; 4623408 |
| 5.500%, 08/15/28 | 4001800 | &nbsp;&nbsp; 4218773 |
| 6.125%, 11/15/27 | 13259200 | &nbsp;&nbsp; 13984830 |
| 6.250%, 05/15/30 (b) | 2878800 | &nbsp;&nbsp; 3190070 |
| 6.375%, 08/15/27 | 1831000 | &nbsp;&nbsp; 1930489 |
| U.S. Treasury Notes |  |  |
| 0.625%, 08/15/30 | 2950500 | &nbsp;&nbsp; 2516339 |
| 1.125%, 10/31/26 | 6539500 | &nbsp;&nbsp; 6306275 |
| 1.250%, 12/31/26 | 11968600 | &nbsp;&nbsp; 11521180 |
| 1.375%, 11/15/31 | 4796700 | &nbsp;&nbsp; 4103989 |
| 1.500%, 01/31/27 | 4730000 | &nbsp;&nbsp; 4562418 |
| 1.500%, 02/15/30 | 4515500 | &nbsp;&nbsp; 4086175 |
| 1.875%, 02/28/27 | 9607700 | &nbsp;&nbsp; 9312338 |
| 1.875%, 02/15/32 | 14127500 | &nbsp;&nbsp; 12410126 |
| 2.000%, 11/15/26 | 18869600 | &nbsp;&nbsp; 18398597 |
| 2.250%, 02/15/27 | 6859800 | &nbsp;&nbsp; 6692592 |
| 2.250%, 08/15/27 (g) (h) | 22370000 | &nbsp;&nbsp; 21698900 |
| 2.250%, 11/15/27 (h) | 23594500 | &nbsp;&nbsp; 22815697 |
| 2.375%, 05/15/29 | 13154000 | &nbsp;&nbsp; 12512742 |
| 2.625%, 02/15/29 | 6069100 | &nbsp;&nbsp; 5844591 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-18**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Notes |  |  |
| 2.750%, 08/15/32 | 7848700 | &nbsp;&nbsp; $7240426 |
| 2.875%, 05/15/28 | 2762800 | &nbsp;&nbsp; 2701177 |
| 2.875%, 05/15/32 | 16169900 | &nbsp;&nbsp; 15087275 |
| 3.125%, 11/15/28 | 4377400 | &nbsp;&nbsp; 4295666 |
| 3.375%, 05/15/33 | 8062700 | &nbsp;&nbsp; 7685706 |
| 3.500%, 04/30/28 | 2837900 | &nbsp;&nbsp; 2822491 |
| 3.500%, 09/30/29 | 7136500 | &nbsp;&nbsp; 7064577 |
| 3.500%, 02/15/33 | 6097900 | &nbsp;&nbsp; 5878280 |
| 3.625%, 03/31/28 | 2769200 | &nbsp;&nbsp; 2764440 |
| 3.625%, 05/31/28 (b) | 1413400 | &nbsp;&nbsp; 1410419 |
| 3.625%, 08/31/29 | 3972900 | &nbsp;&nbsp; 3953191 |
| 3.625%, 09/30/31 | 5842600 | &nbsp;&nbsp; 5744919 |
| 3.750%, 12/31/28 | 5386100 | &nbsp;&nbsp; 5390939 |
| 3.750%, 12/31/30 | 13065300 | &nbsp;&nbsp; 13000484 |
| 3.875%, 12/31/27 | 5689200 | &nbsp;&nbsp; 5713201 |
| 3.875%, 08/15/33 | 6278300 | &nbsp;&nbsp; 6182654 |
| 3.875%, 08/15/34 | 7095700 | &nbsp;&nbsp; 6928009 |
| 4.000%, 02/29/28 | 2804900 | &nbsp;&nbsp; 2826156 |
| 4.000%, 06/30/28 | 5729100 | &nbsp;&nbsp; 5778334 |
| 4.000%, 01/31/29 | 3185500 | &nbsp;&nbsp; 3214244 |
| 4.000%, 02/15/34 | 8198600 | &nbsp;&nbsp; 8113091 |
| 4.125%, 10/31/27 | 4147900 | &nbsp;&nbsp; 4185814 |
| 4.125%, 03/31/29 | 3453300 | &nbsp;&nbsp; 3499973 |
| 4.125%, 11/15/32 | 6941500 | &nbsp;&nbsp; 6989494 |
| 4.250%, 02/28/29 | 5982100 | &nbsp;&nbsp; 6087488 |
| 4.250%, 06/30/29 | 7470400 | &nbsp;&nbsp; 7609303 |
| 4.250%, 11/15/34 | 1518800 | &nbsp;&nbsp; 1523784 |
| 4.250%, 05/15/35 | 3835200 | &nbsp;&nbsp; 3841192 |
| 4.375%, 08/31/28 | 9731800 | &nbsp;&nbsp; 9923775 |
| 4.375%, 11/30/28 | 3178900 | &nbsp;&nbsp; 3245086 |
| 4.375%, 05/15/34 | 3233200 | &nbsp;&nbsp; 3283592 |
| 4.500%, 05/31/29 | 3715100 | &nbsp;&nbsp; 3816394 |
| 4.500%, 11/15/33 | 6607100 | &nbsp;&nbsp; 6786731 |
| 4.625%, 09/30/28 | 3891900 | &nbsp;&nbsp; 3999687 |
| 4.625%, 04/30/29 | 2504200 | &nbsp;&nbsp; 2582456 |
| 4.625%, 02/15/35 (b) | 3176500 | &nbsp;&nbsp; 3277255 |
|  |  | &nbsp;&nbsp; 472356931 |
| Total U.S. Treasury & Government Agencies <br>(Cost $540,955,215) <br>|  | &nbsp;&nbsp; 509703104 |
| **Foreign Government—8.5%** | **Foreign Government—8.5%** | **Foreign Government—8.5%** |
| **Sovereign — 8.5%** | **Sovereign — 8.5%** | **Sovereign — 8.5%** |
| Australia Government Bonds |  |  |
| 2.500%, 05/21/30 (AUD) | 1867000 | &nbsp;&nbsp; 1175733 |
| 2.750%, 05/21/41 (AUD) | 224000 | &nbsp;&nbsp; 117929 |
| 3.000%, 11/21/33 (AUD) | 634000 | &nbsp;&nbsp; 387303 |
| 3.750%, 04/21/37 (AUD) | 1257000 | &nbsp;&nbsp; 787179 |
| 4.750%, 06/21/54 (AUD) | 151000 | &nbsp;&nbsp; 97859 |
| Bundesobligation |  |  |
| Zero Coupon, 10/09/26 (EUR) | 4655000 | &nbsp;&nbsp; 5358504 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| Zero Coupon, 02/15/31 (EUR) | 1527148 | &nbsp;&nbsp; 1591239 |
| Zero Coupon, 08/15/50 (EUR) | 1204444 | &nbsp;&nbsp; 670862 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| 1.250%, 08/15/48 (EUR) | 263072 | &nbsp;&nbsp; $219566 |
| 2.200%, 02/15/34 (EUR) | 616167 | &nbsp;&nbsp; 708138 |
| 2.500%, 08/15/54 (EUR) | 389451 | &nbsp;&nbsp; 407637 |
| 3.250%, 07/04/42 (EUR) | 353597 | &nbsp;&nbsp; 432999 |
| 4.250%, 07/04/39 (EUR) | 1677500 | &nbsp;&nbsp; 2290096 |
| 5.500%, 01/04/31 (EUR) | 2832600 | &nbsp;&nbsp; 3896655 |
| Bundesschatzanweisungen |  |  |
| 2.700%, 09/17/26 (EUR) | 1629000 | &nbsp;&nbsp; 1938147 |
| Canada Government Bonds |  |  |
| 1.500%, 06/01/26 (CAD) | 1477000 | &nbsp;&nbsp; 1073918 |
| 2.750%, 06/01/33 (CAD) | 2260000 | &nbsp;&nbsp; 1613508 |
| 3.500%, 12/01/45 (CAD) | 1217000 | &nbsp;&nbsp; 892881 |
| 4.000%, 08/01/26 (CAD) | 2003000 | &nbsp;&nbsp; 1492774 |
| 5.750%, 06/01/29 (CAD) | 1511000 | &nbsp;&nbsp; 1231480 |
| Denmark Government Bonds |  |  |
| 0.500%, 11/15/29 (DKK) | 2246769 | &nbsp;&nbsp; 332571 |
| 4.500%, 11/15/39 (DKK) | 2059107 | &nbsp;&nbsp; 391595 |
| Finland Government Bonds |  |  |
| Zero Coupon, 09/15/26 (144A) (EUR) | 1308000 | &nbsp;&nbsp; 1506416 |
| 0.125%, 09/15/31 (144A) (EUR) | 852000 | &nbsp;&nbsp; 862970 |
| 1.375%, 04/15/47 (144A) (EUR) | 224000 | &nbsp;&nbsp; 179415 |
| French Republic Government Bonds OAT |  |  |
| Zero Coupon, 05/25/32 (144A) (EUR) | 309077 | &nbsp;&nbsp; 299562 |
| 0.500%, 05/25/26 (144A) (EUR) | 7888399 | &nbsp;&nbsp; 9176866 |
| 1.250%, 05/25/36 (144A) (EUR) | 2117382 | &nbsp;&nbsp; 2015286 |
| 1.500%, 05/25/50 (144A) (EUR) | 1594779 | &nbsp;&nbsp; 1159450 |
| 2.500%, 05/25/30 (144A) (EUR) | 4231291 | &nbsp;&nbsp; 4978136 |
| 3.000%, 05/25/33 (144A) (EUR) | 2974532 | &nbsp;&nbsp; 3500846 |
| 3.250%, 05/25/45 (144A) (EUR) | 1471647 | &nbsp;&nbsp; 1606016 |
| 4.000%, 04/25/60 (144A) (EUR) | 292000 | &nbsp;&nbsp; 339421 |
| Ireland Government Bonds |  |  |
| 0.200%, 10/18/30 (EUR) | 539399 | &nbsp;&nbsp; 565810 |
| 1.300%, 05/15/33 (EUR) | 355000 | &nbsp;&nbsp; 376927 |
| 2.000%, 02/18/45 (EUR) | 193922 | &nbsp;&nbsp; 184134 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 1.650%, 03/01/32 (144A) (EUR) | 7934000 | &nbsp;&nbsp; 8635762 |
| 1.800%, 03/01/41 (144A) (EUR) | 529000 | &nbsp;&nbsp; 472865 |
| 3.100%, 08/28/26 (EUR) | 4026000 | &nbsp;&nbsp; 4801529 |
| 3.250%, 09/01/46 (144A) (EUR) | 196000 | &nbsp;&nbsp; 205224 |
| 3.800%, 08/01/28 (EUR) | 773000 | &nbsp;&nbsp; 952524 |
| 3.850%, 09/01/49 (144A) (EUR) | 1487000 | &nbsp;&nbsp; 1682617 |
| 5.000%, 08/01/39 (144A) (EUR) | 482000 | &nbsp;&nbsp; 646211 |
| Japan Government Forty Year Bonds |  |  |
| 1.700%, 03/20/54 (JPY) | 245750000 | &nbsp;&nbsp; 1336032 |
| Japan Government Ten Year Bonds |  |  |
| 0.100%, 06/20/31 (JPY) | 326050000 | &nbsp;&nbsp; 2140172 |
| 1.200%, 12/20/34 (JPY) | 96150000 | &nbsp;&nbsp; 655780 |
| Japan Government Thirty Year Bonds |  |  |
| 0.400%, 12/20/49 (JPY) | 513900000 | &nbsp;&nbsp; 2161410 |
| 0.500%, 09/20/46 (JPY) | 196300000 | &nbsp;&nbsp; 930511 |
| 0.700%, 06/20/51 (JPY) | 86150000 | &nbsp;&nbsp; 376433 |
| 0.700%, 12/20/51 (JPY) | 228000000 | &nbsp;&nbsp; 982440 |
| 1.800%, 09/20/43 (JPY) | 35400000 | &nbsp;&nbsp; 228674 |
| 1.900%, 09/20/42 (JPY) | 354800000 | &nbsp;&nbsp; 2356431 |
| 2.300%, 03/20/40 (JPY) | 34600000 | &nbsp;&nbsp; 249479 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-19**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Japan Government Twenty Year Bonds |  |  |
| 0.500%, 09/20/36 (JPY) | 732900000 | &nbsp;&nbsp; $4513286 |
| 1.500%, 03/20/33 (JPY) | 274550000 | &nbsp;&nbsp; 1948132 |
| 1.700%, 09/20/32 (JPY) | 125600000 | &nbsp;&nbsp; 904943 |
| 1.700%, 09/20/33 (JPY) | 119000000 | &nbsp;&nbsp; 855250 |
| Japan Government Two Year Bonds |  |  |
| 0.400%, 06/01/26 (JPY) | 760850000 | &nbsp;&nbsp; 5276312 |
| 0.400%, 07/01/26 (JPY) | 963350000 | &nbsp;&nbsp; 6677657 |
| 0.400%, 08/01/26 (JPY) | 206200000 | &nbsp;&nbsp; 1428988 |
| 0.600%, 12/01/26 (JPY) | 706200000 | &nbsp;&nbsp; 4900416 |
| Kingdom of Belgium Government Bonds |  |  |
| 0.800%, 06/22/27 (144A) (EUR) | 569000 | &nbsp;&nbsp; 655219 |
| 0.900%, 06/22/29 (144A) (EUR) | 663616 | &nbsp;&nbsp; 740860 |
| 1.250%, 04/22/33 (144A) (EUR) | 1077905 | &nbsp;&nbsp; 1131354 |
| 1.600%, 06/22/47 (144A) (EUR) | 967081 | &nbsp;&nbsp; 769193 |
| 4.250%, 03/28/41 (144A) (EUR) | 185177 | &nbsp;&nbsp; 235548 |
| 5.000%, 03/28/35 (144A) (EUR) | 132363 | &nbsp;&nbsp; 180786 |
| Mexico Bonos |  |  |
| 7.500%, 05/26/33 (MXN) | 17076700 | &nbsp;&nbsp; 830633 |
| 7.750%, 05/29/31 (MXN) | 19804200 | &nbsp;&nbsp; 1005403 |
| Netherlands Government Bonds |  |  |
| Zero Coupon, 07/15/31 (144A) (EUR) | 1318106 | &nbsp;&nbsp; 1343675 |
| Zero Coupon, 01/15/52 (144A) (EUR) | 233051 | &nbsp;&nbsp; 121133 |
| 2.750%, 01/15/47 (144A) (EUR) | 210328 | &nbsp;&nbsp; 232922 |
| 3.750%, 01/15/42 (144A) (EUR) | 472291 | &nbsp;&nbsp; 604347 |
| 5.500%, 01/15/28 (144A) (EUR) | 581117 | &nbsp;&nbsp; 743883 |
| New Zealand Government Bonds |  |  |
| 2.000%, 05/15/32 (NZD) | 1082000 | &nbsp;&nbsp; 572686 |
| Norway Government Bonds |  |  |
| 1.250%, 09/17/31 (144A) (NOK) | 3871000 | &nbsp;&nbsp; 332289 |
| Portugal Obrigacoes do Tesouro OT |  |  |
| 2.875%, 10/20/34 (144A) (EUR) | 1056858 | &nbsp;&nbsp; 1236979 |
| Republic of Austria Government Bonds |  |  |
| Zero Coupon, 02/20/31 (144A) (EUR) | 786000 | &nbsp;&nbsp; 805358 |
| 0.750%, 10/20/26 (144A) (EUR) | 1522000 | &nbsp;&nbsp; 1766956 |
| 3.150%, 06/20/44 (144A) (EUR) | 729000 | &nbsp;&nbsp; 826682 |
| 4.150%, 03/15/37 (144A) (EUR) | 267000 | &nbsp;&nbsp; 345244 |
| Republic of Poland Government Bonds |  |  |
| 5.750%, 04/25/29 (PLN) | 5998000 | &nbsp;&nbsp; 1723288 |
| Singapore Government Bonds |  |  |
| 2.750%, 03/01/46 (SGD) | 252000 | &nbsp;&nbsp; 212286 |
| 2.875%, 08/01/28 (SGD) | 560000 | &nbsp;&nbsp; 454559 |
| 3.375%, 09/01/33 (SGD) | 497000 | &nbsp;&nbsp; 424488 |
| Spain Government Bonds |  |  |
| 1.000%, 10/31/50 (144A) (EUR) | 759000 | &nbsp;&nbsp; 485355 |
| 1.450%, 10/31/27 (144A) (EUR) | 658000 | &nbsp;&nbsp; 765232 |
| 1.950%, 07/30/30 (144A) (EUR) | 3180000 | &nbsp;&nbsp; 3649108 |
| 2.900%, 10/31/46 (144A) (EUR) | 854000 | &nbsp;&nbsp; 875026 |
| 3.550%, 10/31/33 (144A) (EUR) | 849000 | &nbsp;&nbsp; 1041082 |
| 4.200%, 01/31/37 (144A) (EUR) | 1652000 | &nbsp;&nbsp; 2105988 |
| Sweden Government Bonds |  |  |
| 1.750%, 11/11/33 (SEK) | 2965000 | &nbsp;&nbsp; 304050 |
| U.K. Gilts |  |  |
| 0.375%, 10/22/30 (GBP) | 1592066 | &nbsp;&nbsp; 1823916 |
| 1.000%, 01/31/32 (GBP) | 5188787 | &nbsp;&nbsp; 5861848 |
| 1.750%, 01/22/49 (GBP) | 646490 | &nbsp;&nbsp; 474673 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| U.K. Gilts |  |  |
| 4.250%, 12/07/46 (GBP) | 3527007 | &nbsp;&nbsp; $4246828 |
| Total Foreign Government <br>(Cost $156,663,338) <br>|  | &nbsp;&nbsp; 148107783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Preferred Stocks—0.0%** | **Preferred Stocks—0.0%** | **Preferred Stocks—0.0%** |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| Bayerische Motoren Werke AG | 817 | &nbsp;&nbsp; 67700 |
| Dr. Ing hc F Porsche AG | 1662 | &nbsp;&nbsp; 82119 |
| Porsche Automobil Holding SE | 2235 | &nbsp;&nbsp; 88623 |
| Volkswagen AG (b) | 3009 | &nbsp;&nbsp; 317736 |
|  |  | &nbsp;&nbsp; 556178 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Henkel AG & Co. KGaA | 2471 | &nbsp;&nbsp; 194025 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| Sartorius AG | 383 | &nbsp;&nbsp; 97478 |
| Total Preferred Stocks <br>(Cost $1,173,233) <br>|  | &nbsp;&nbsp; 847681 |
| **Investment Companies—0.0%** | **Investment Companies—0.0%** | **Investment Companies—0.0%** |
| **Exchange-Traded Funds — 0.0%** | **Exchange-Traded Funds — 0.0%** | **Exchange-Traded Funds — 0.0%** |
| iShares U.S. Real Estate ETF | 1377 | &nbsp;&nbsp; 130498 |
| Vanguard Global ex-U.S. Real Estate ETF | 1879 | &nbsp;&nbsp; 86716 |
| Total Investment Companies <br>(Cost $215,731) <br>|  | &nbsp;&nbsp; 217214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.3%** | **Short-Term Investments—2.3%** | **Short-Term Investments—2.3%** |
| **Repurchase Agreement—2.3%** | **Repurchase Agreement—2.3%** | **Repurchase Agreement—2.3%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $39,892,121; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $40,686,466<br>| 39888520 | &nbsp;&nbsp; 39888520 |
| Total Short-Term Investments <br>(Cost $39,888,520) <br>|  | &nbsp;&nbsp; 39888520 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (i)—0.9%** | **Securities Lending Reinvestments (i)—0.9%** | **Securities Lending Reinvestments (i)—0.9%** |
| **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (j)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (j)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (j)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (j)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares 4.250% (j)<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-20**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (i)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.270% (j)<br>| 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 6000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificate of Deposit—0.1%** | **Certificate of Deposit—0.1%** | **Certificate of Deposit—0.1%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (k) | 1000000 | &nbsp;&nbsp; 999998 |
| **Repurchase Agreements—0.5%** | **Repurchase Agreements—0.5%** | **Repurchase Agreements—0.5%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,113,074<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,000,122; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates <br> ranging from 01/25/30 - 04/20/74, and an aggregate <br> market value of $1,020,124<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,528,585; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 2.000% - 4.750%, maturity dates ranging <br> from 02/15/45 - 11/15/53, and an aggregate market <br> value of $1,558,968<br>| 1528399 | &nbsp;&nbsp; 1528399 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,100,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $1,000,126; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,115,105<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $1,500,185; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,668,928<br>| 1500000 | &nbsp;&nbsp; 1500000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $2,000,246; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,200,271<br>| 2000000 | &nbsp;&nbsp; $2000000 |
|  |  | &nbsp;&nbsp; 9028399 |
| Total Securities Lending Reinvestments <br>(Cost $16,028,399) <br>|  | &nbsp;&nbsp; 16028397 |
| Total Investments—99.6% <br>(Cost $1,384,555,765) <br>|  | &nbsp;&nbsp; 1739453029 |
| Other assets and liabilities (net)—0.4%  |  | &nbsp;&nbsp; 7336241 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1746789270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $20,766,744 and the collateral received consisted of cash in the amount of $16,028,399 and non-cash collateral with a value of $5,393,770. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities. 

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2025, these securities represent 0.0% of net assets. 

(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. 

(e) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.) 

(f) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2025, the market value of securities pledged was $68,627,634. 

(g) All or a portion of the security was pledged as collateral against open OTC derivative contracts. As of June 30, 2025, the market value of securities pledged was $582,000. 

(h) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2025, the market value of securities pledged was $25,201,953. 

(i) Represents investment of cash collateral received from securities on loan as of June 30, 2025. 

(j) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(k) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the market value of 144A securities was $58,261,282, which is 3.3% of net assets. 

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-21**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $599362 | &nbsp;&nbsp; $(1482)<br>| &nbsp;&nbsp; $761 | &nbsp;&nbsp; $(11414)<br>| &nbsp;&nbsp; $587227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| MetLife, Inc. | &nbsp;&nbsp; $8133 | &nbsp;&nbsp; 7302 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55520405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79880244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $124 <br>,435842<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85305040 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(9761909)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9761909)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (6266490)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6266490)<br>|
| Total Borrowings | &nbsp;&nbsp; $(16028399)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(16028399)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(16028399)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 11790548 | MSIP | 08/21/25 | USD | 7709627 | &nbsp;&nbsp; $58021 |
| AUD | &nbsp;&nbsp; 16951221 | UBSA | 08/21/25 | USD | 11062943 | &nbsp;&nbsp; 104572 |
| CAD | &nbsp;&nbsp; 59165173 | MSIP | 08/28/25 | USD | 43746067 | &nbsp;&nbsp; (173479)<br>|
| CAD | &nbsp;&nbsp; 1105525 | SSBT | 08/28/25 | USD | 817952 | &nbsp;&nbsp; (3781)<br>|
| EUR | &nbsp;&nbsp; 6901073 | GSBU | 07/09/25 | USD | 7907174 | &nbsp;&nbsp; 225690 |
| EUR | &nbsp;&nbsp; 16777194 | MSIP | 07/09/25 | USD | 19135078 | &nbsp;&nbsp; 636722 |
| EUR | &nbsp;&nbsp; 372682 | SSBT | 07/09/25 | USD | 425140 | &nbsp;&nbsp; 14063 |
| EUR | &nbsp;&nbsp; 408409 | SSBT | 07/09/25 | USD | 456637 | &nbsp;&nbsp; 24670 |
| GBP | &nbsp;&nbsp; 7547404 | CBNA | 07/16/25 | USD | 10088464 | &nbsp;&nbsp; 272121 |
| GBP | &nbsp;&nbsp; 9498667 | CBNA | 07/16/25 | USD | 12696678 | &nbsp;&nbsp; 342474 |
| GBP | &nbsp;&nbsp; 8518853 | MSIP | 07/16/25 | USD | 11539660 | &nbsp;&nbsp; 154467 |
| NOK | &nbsp;&nbsp; 210925341 | UBSA | 09/04/25 | USD | 20819106 | &nbsp;&nbsp; 115323 |
| NZD | &nbsp;&nbsp; 7297174 | GSBU | 08/21/25 | USD | 4424328 | &nbsp;&nbsp; 30995 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-22**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Forward Foreign Currency Exchange Contracts — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | <br>**Settlement**<br> **Date**<br>| <br>**In Exchange**<br> **for** | <br>**In Exchange**<br> **for** | <br>**Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 26807203 | JPMC | 08/21/25 | USD | 17465330 | &nbsp;&nbsp; $(195336)<br>|
| AUD | &nbsp;&nbsp; 3954534 | MSIP | 08/21/25 | USD | 2585798 | &nbsp;&nbsp; (19460)<br>|
| CAD | &nbsp;&nbsp; 1105525 | SSBT | 08/28/25 | USD | 818137 | &nbsp;&nbsp; 3966 |
| CAD | &nbsp;&nbsp; 8720443 | UBSA | 08/28/25 | USD | 6459243 | &nbsp;&nbsp; 37014 |
| CHF | &nbsp;&nbsp; 21362241 | BOA | 07/09/25 | USD | 26182586 | &nbsp;&nbsp; (764185)<br>|
| DKK | &nbsp;&nbsp; 3775458 | SSBT | 09/04/25 | USD | 591321 | &nbsp;&nbsp; (7616)<br>|
| EUR | &nbsp;&nbsp; 22475280 | CBNA | 07/16/25 | USD | 25326494 | &nbsp;&nbsp; (1172714)<br>|
| EUR | &nbsp;&nbsp; 2365671 | GSBU | 07/09/25 | USD | 2668281 | &nbsp;&nbsp; (119645)<br>|
| EUR | &nbsp;&nbsp; 24101305 | HSBCU | 07/23/25 | USD | 27628090 | &nbsp;&nbsp; (801419)<br>|
| EUR | &nbsp;&nbsp; 16777194 | JPMC | 07/09/25 | USD | 18698287 | &nbsp;&nbsp; (1073514)<br>|
| EUR | &nbsp;&nbsp; 6830776 | JPMC | 07/09/25 | USD | 7612942 | &nbsp;&nbsp; (437077)<br>|
| EUR | &nbsp;&nbsp; 23708664 | MSIP | 07/09/25 | USD | 27040704 | &nbsp;&nbsp; (899783)<br>|
| EUR | &nbsp;&nbsp; 395688 | SSBT | 07/09/25 | USD | 450697 | &nbsp;&nbsp; (15619)<br>|
| EUR | &nbsp;&nbsp; 356052 | SSBT | 07/09/25 | USD | 406796 | &nbsp;&nbsp; (12808)<br>|
| EUR | &nbsp;&nbsp; 296462 | SSBT | 07/09/25 | USD | 344479 | &nbsp;&nbsp; (4899)<br>|
| GBP | &nbsp;&nbsp; 8025416 | BBP | 07/16/25 | USD | 10859600 | &nbsp;&nbsp; (157169)<br>|
| GBP | &nbsp;&nbsp; 9278264 | CBNA | 07/16/25 | USD | 12338727 | &nbsp;&nbsp; (397870)<br>|
| GBP | &nbsp;&nbsp; 7547404 | CBNA | 07/16/25 | USD | 10036938 | &nbsp;&nbsp; (323647)<br>|
| GBP | &nbsp;&nbsp; 12897744 | MSIP | 07/16/25 | USD | 17503090 | &nbsp;&nbsp; (202094)<br>|
| GBP | &nbsp;&nbsp; 9992104 | MSIP | 07/16/25 | USD | 13559945 | &nbsp;&nbsp; (156566)<br>|
| JPY | &nbsp;&nbsp; 2727524875 | JPMC | 09/03/25 | USD | 18772355 | &nbsp;&nbsp; (302265)<br>|
| JPY | &nbsp;&nbsp; 2920104340 | MSIP | 08/27/25 | USD | 20025678 | &nbsp;&nbsp; (379692)<br>|
| JPY | &nbsp;&nbsp; 2727524875 | MSIP | 08/27/25 | USD | 18704994 | &nbsp;&nbsp; (354652)<br>|
| MXN | &nbsp;&nbsp; 31463209 | BNP | 08/22/25 | USD | 1643612 | &nbsp;&nbsp; (24243)<br>|
| MXN | &nbsp;&nbsp; 3083382 | SSBT | 08/22/25 | USD | 161766 | &nbsp;&nbsp; (1683)<br>|
| NOK | &nbsp;&nbsp; 3386192 | SSBT | 09/04/25 | USD | 335146 | &nbsp;&nbsp; (934)<br>|
| NZD | &nbsp;&nbsp; 7297174 | JPMC | 08/21/25 | USD | 4422763 | &nbsp;&nbsp; (32559)<br>|
| NZD | &nbsp;&nbsp; 1993688 | JPMC | 08/21/25 | USD | 1208360 | &nbsp;&nbsp; (8896)<br>|
| NZD | &nbsp;&nbsp; 932534 | SSBT | 08/21/25 | USD | 564761 | &nbsp;&nbsp; (4602)<br>|
| PLN | &nbsp;&nbsp; 5686462 | SSBT | 07/18/25 | USD | 1507629 | &nbsp;&nbsp; (69436)<br>|
| PLN | &nbsp;&nbsp; 492831 | SSBT | 07/18/25 | USD | 133814 | &nbsp;&nbsp; (2866)<br>|
| SEK | &nbsp;&nbsp; 95218510 | MSIP | 09/04/25 | USD | 10068788 | &nbsp;&nbsp; (37726)<br>|
| SEK | &nbsp;&nbsp; 2859524 | SSBT | 09/04/25 | USD | 301914 | &nbsp;&nbsp; (1596)<br>|
| SGD | &nbsp;&nbsp; 984442 | SSBT | 07/17/25 | USD | 766036 | &nbsp;&nbsp; (9053)<br>|
| SGD | &nbsp;&nbsp; 399330 | SSBT | 07/17/25 | USD | 313080 | &nbsp;&nbsp; (1328)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(6150114)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 84 | CAD | 10248000 | &nbsp;&nbsp; $42993 |
| MSCI EAFE Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 11 | USD | 1474935 | &nbsp;&nbsp; 17396 |
| MSCI Singapore Index Futures | &nbsp;&nbsp; 07/30/25 | &nbsp;&nbsp; 4 | SGD | 164500 | &nbsp;&nbsp; 2349 |
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 555 | USD | 60819675 | &nbsp;&nbsp; 1350304 |
| S&P Midcap 400 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 191 | USD | 59697050 | &nbsp;&nbsp; 1804529 |
| S&P TSX 60 Index Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 76 | CAD | 24320000 | &nbsp;&nbsp; 233127 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 61 | GBP | 5674830 | &nbsp;&nbsp; 183294 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 51 | USD | 10609195 | &nbsp;&nbsp; 35739 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 6 | USD | 654000 | &nbsp;&nbsp; 8147 |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 94 | USD | 10539750 | &nbsp;&nbsp; 148209 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 22 | USD | 2620750 | &nbsp;&nbsp; 89700 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-23**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Futures Contracts — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | <br>**Expiration**<br> **Date**<br>| <br>**Number of**<br> **Contracts**<br>| <br>**Notional**<br> **Value** | <br>**Notional**<br> **Value** | <br>**Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (61)<br>| AUD | (6991775)<br>| &nbsp;&nbsp; $(35562)<br>|
| Euro STOXX 50 Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (279)<br>| EUR | (14862330)<br>| &nbsp;&nbsp; 54137 |
| Euro-Bund Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (32)<br>| EUR | (4164800)<br>| &nbsp;&nbsp; 10754 |
| FTSE 100 Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (107)<br>| GBP | (9404765)<br>| &nbsp;&nbsp; 172964 |
| Hang Seng Index Futures | &nbsp;&nbsp; 07/30/25 | &nbsp;&nbsp; (6)<br>| HKD | (7225200)<br>| &nbsp;&nbsp; 217 |
| Japanese Government Bond 10 Year Futures | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; (16)<br>| JPY | (2224320000)<br>| &nbsp;&nbsp; (40350)<br>|
| OMX Stockholm 30 Index Futures | &nbsp;&nbsp; 07/18/25 | &nbsp;&nbsp; (22)<br>| SEK | (5484600)<br>| &nbsp;&nbsp; (8754)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (78)<br>| USD | (24389625)<br>| &nbsp;&nbsp; (592178)<br>|
| SPI 200 Index Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; (34)<br>| AUD | (7256450)<br>| &nbsp;&nbsp; 4269 |
| TOPIX Index Futures | &nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp; (41)<br>| JPY | (1170755000)<br>| &nbsp;&nbsp; (198027)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $3283257 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | 12M SOFR | Annually | 3.728<br> %<br>| Annually | 07/01/35 | USD | 430880000 | $1198407 | $— | $1198407 |

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Fixed Rate** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premium** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Receive | 0.000% | Maturity | 09/19/25 | MSCS | Swiss Market Index Futures<br> CHF | 3873537 | $82194 | $— | $82194 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | OTC swap contracts at market value | &nbsp;&nbsp; $82194 |  |  |
|  | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 3639292 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $798959 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 2020098 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 8170212 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 1198407 |  |  |
|  | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 518836 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 75912 |
| Total |  | &nbsp;&nbsp; $7458827 |  | &nbsp;&nbsp; $9045083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.

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

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-24**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Citibank NA | &nbsp;&nbsp; $614595 | &nbsp;&nbsp;&nbsp;&nbsp; $(614595)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 256685 | &nbsp;&nbsp;&nbsp;&nbsp; (119645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137040 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 849210 | &nbsp;&nbsp;&nbsp;&nbsp; (849210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 82194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82194 |
| State Street Bank and Trust | &nbsp;&nbsp; 42699 | &nbsp;&nbsp;&nbsp;&nbsp; (42699)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 256909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256909 |
|  | &nbsp;&nbsp; $2102292 | &nbsp;&nbsp;&nbsp;&nbsp; $(1626149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $476143 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $764185 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $764185 |
| Barclays Bank PLC | &nbsp;&nbsp; 157169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157169 |
| BNP Paribas SA | &nbsp;&nbsp; 24243 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24243 |
| Citibank NA | &nbsp;&nbsp; 1894231 | &nbsp;&nbsp;&nbsp;&nbsp; (614595)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1279636 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 119645 | &nbsp;&nbsp;&nbsp;&nbsp; (119645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA | &nbsp;&nbsp; 801419 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 801419 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 2049647 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1640000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 409647 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 2223452 | &nbsp;&nbsp;&nbsp;&nbsp; (849210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1374242 |
| State Street Bank and Trust | &nbsp;&nbsp; 136221 | &nbsp;&nbsp;&nbsp;&nbsp; (42699)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93522 |
|  | &nbsp;&nbsp; $8170212 | &nbsp;&nbsp;&nbsp;&nbsp; $(1626149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1640000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4904063 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(13133016)<br>| &nbsp;&nbsp;&nbsp; $(13133016)<br>|
| Futures contracts | &nbsp;&nbsp; (1800591)<br>| &nbsp;&nbsp;&nbsp; (44464566)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (46265157)<br>|
| Swap contracts | &nbsp;&nbsp; 12328550 | &nbsp;&nbsp;&nbsp; (599117)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11729433 |
|  | &nbsp;&nbsp; $10527959 | &nbsp;&nbsp;&nbsp; $(45063683)<br>| &nbsp;&nbsp;&nbsp; $(13133016)<br>| &nbsp;&nbsp;&nbsp; $(47668740)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9939616)<br>| &nbsp;&nbsp;&nbsp; $(9939616)<br>|
| Futures contracts | &nbsp;&nbsp; 411509 | &nbsp;&nbsp;&nbsp; 11585956 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11997465 |
| Swap contracts | &nbsp;&nbsp; 1312211 | &nbsp;&nbsp;&nbsp; 72228 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1384439 |
|  | &nbsp;&nbsp; $1723720 | &nbsp;&nbsp;&nbsp; $11658184 | &nbsp;&nbsp;&nbsp; $(9939616)<br>| &nbsp;&nbsp;&nbsp; $3442288 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-25**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $535376799 |
| Futures contracts long | &nbsp;&nbsp; 176819340 |
| Futures contracts short | &nbsp;&nbsp; (115146687)<br>|
| Swap contracts | &nbsp;&nbsp; 445408790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $14618371 | &nbsp;&nbsp; $9829168 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24447539 |
| Air Freight & Logistics | &nbsp;&nbsp; 1911906 | &nbsp;&nbsp; 1470064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3381970 |
| Automobile Components | &nbsp;&nbsp; 197429 | &nbsp;&nbsp; 1538708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1736137 |
| Automobiles | &nbsp;&nbsp; 12363144 | &nbsp;&nbsp; 5990228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18353372 |
| Banks | &nbsp;&nbsp; 23847804 | &nbsp;&nbsp; 36612993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60460797 |
| Beverages | &nbsp;&nbsp; 7587542 | &nbsp;&nbsp; 3547142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11134684 |
| Biotechnology | &nbsp;&nbsp; 10394541 | &nbsp;&nbsp; 1938969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12333510 |
| Broadline Retail | &nbsp;&nbsp; 26551593 | &nbsp;&nbsp; 2597650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29149243 |
| Building Products | &nbsp;&nbsp; 3687457 | &nbsp;&nbsp; 2500338 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6187795 |
| Capital Markets | &nbsp;&nbsp; 22723316 | &nbsp;&nbsp; 9067873 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31791189 |
| Chemicals | &nbsp;&nbsp; 8020659 | &nbsp;&nbsp; 7054421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15075080 |
| Commercial Services & Supplies | &nbsp;&nbsp; 3707327 | &nbsp;&nbsp; 997503 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4704830 |
| Communications Equipment | &nbsp;&nbsp; 6085660 | &nbsp;&nbsp; 749348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6835008 |
| Construction & Engineering | &nbsp;&nbsp; 703985 | &nbsp;&nbsp; 2460514 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3164499 |
| Construction Materials | &nbsp;&nbsp; 1237187 | &nbsp;&nbsp; 1198974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2436161 |
| Consumer Finance | &nbsp;&nbsp; 4269786 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4269786 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 13221470 | &nbsp;&nbsp; 3277988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16499458 |
| Containers & Packaging | &nbsp;&nbsp; 1349016 | &nbsp;&nbsp; 82675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1431691 |
| Distributors | &nbsp;&nbsp; 474044 | &nbsp;&nbsp; 67207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 541251 |
| Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 128300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128300 |
| Diversified REITs | &nbsp;&nbsp; 1390696 | &nbsp;&nbsp; 4615917 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6006613 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 4918052 | &nbsp;&nbsp; 5191130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10109182 |
| Electric Utilities | &nbsp;&nbsp; 10132190 | &nbsp;&nbsp; 5170134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15302324 |
| Electrical Equipment | &nbsp;&nbsp; 5955317 | &nbsp;&nbsp; 6808125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12763442 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4419758 | &nbsp;&nbsp; 2852970 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7272728 |
| Energy Equipment & Services | &nbsp;&nbsp; 1299235 | &nbsp;&nbsp; 110949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1410184 |
| Entertainment | &nbsp;&nbsp; 14420666 | &nbsp;&nbsp; 2835731 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17256397 |
| Financial Services | &nbsp;&nbsp; 28938108 | &nbsp;&nbsp; 3099161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32037269 |
| Food Products | &nbsp;&nbsp; 3756331 | &nbsp;&nbsp; 6840386 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10596717 |
| Gas Utilities | &nbsp;&nbsp; 308528 | &nbsp;&nbsp; 713783 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1022311 |
| Ground Transportation | &nbsp;&nbsp; 6439647 | &nbsp;&nbsp; 995101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7434748 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 15299374 | &nbsp;&nbsp; 5030892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20330266 |
| Health Care Providers & Services | &nbsp;&nbsp; 12140599 | &nbsp;&nbsp; 744096 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12884695 |
| Health Care REITs | &nbsp;&nbsp; 11047888 | &nbsp;&nbsp; 669863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11717751 |
| Health Care Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; 245902 | &nbsp;&nbsp; — | &nbsp;&nbsp; 245902 |
| Hotel & Resort REITs | &nbsp;&nbsp; 1450531 | &nbsp;&nbsp; 444460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1894991 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 13934393 | &nbsp;&nbsp; 3589659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17524052 |
| Household Durables | &nbsp;&nbsp; 1810691 | &nbsp;&nbsp; 3024087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4834778 |
| Household Products | &nbsp;&nbsp; 6667039 | &nbsp;&nbsp; 1148336 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7815375 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 926186 | &nbsp;&nbsp; 611036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1537222 |
| Industrial Conglomerates | &nbsp;&nbsp; 2952621 | &nbsp;&nbsp; 5919972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8872593 |
| Industrial REITs | &nbsp;&nbsp; 8402340 | &nbsp;&nbsp; 6132809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14535149 |
| Insurance | &nbsp;&nbsp; 13639402 | &nbsp;&nbsp; 16609336 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30248738 |
| Interactive Media & Services | &nbsp;&nbsp; 44030507 | &nbsp;&nbsp; 708060 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44738567 |
| IT Services | &nbsp;&nbsp; 7691677 | &nbsp;&nbsp; 2634964 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10326641 |
| Leisure Products | &nbsp;&nbsp; 122098 | &nbsp;&nbsp; 467957 | &nbsp;&nbsp; — | &nbsp;&nbsp; 590055 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 5428780 | &nbsp;&nbsp; 1130086 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6558866 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-26**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Machinery | &nbsp;&nbsp; $10301920 | &nbsp;&nbsp; $8365659 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18667579 |
| Marine Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 884330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 884330 |
| Media | &nbsp;&nbsp; 3016018 | &nbsp;&nbsp; 767415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3783433 |
| Metals & Mining | &nbsp;&nbsp; 2234743 | &nbsp;&nbsp; 6115716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8350459 |
| Multi-Utilities | &nbsp;&nbsp; 4064796 | &nbsp;&nbsp; 2865364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6930160 |
| Office REITs | &nbsp;&nbsp; 2375766 | &nbsp;&nbsp; 2493704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4869470 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 18601370 | &nbsp;&nbsp; 8681637 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27283007 |
| Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 569584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 569584 |
| Passenger Airlines | &nbsp;&nbsp; 970840 | &nbsp;&nbsp; 797423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1768263 |
| Personal Care Products | &nbsp;&nbsp; 744854 | &nbsp;&nbsp; 4315741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5060595 |
| Pharmaceuticals | &nbsp;&nbsp; 19125828 | &nbsp;&nbsp; 21467723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40593551 |
| Professional Services | &nbsp;&nbsp; 4202686 | &nbsp;&nbsp; 4846862 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9049548 |
| Real Estate Management & Development | &nbsp;&nbsp; 1020525 | &nbsp;&nbsp; 14445898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15466423 |
| Residential REITs | &nbsp;&nbsp; 11014333 | &nbsp;&nbsp; 934416 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 11948749 |
| Retail REITs | &nbsp;&nbsp; 11467053 | &nbsp;&nbsp; 5410721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16877774 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 84531846 | &nbsp;&nbsp; 9333864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93865710 |
| Software | &nbsp;&nbsp; 76447730 | &nbsp;&nbsp; 6232657 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82680387 |
| Specialized REITs | &nbsp;&nbsp; 20696709 | &nbsp;&nbsp; 652523 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21349232 |
| Specialty Retail | &nbsp;&nbsp; 11401467 | &nbsp;&nbsp; 2531974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13933441 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 41240736 | &nbsp;&nbsp; 1023384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42264120 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1958707 | &nbsp;&nbsp; 6381437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8340144 |
| Tobacco | &nbsp;&nbsp; 4825508 | &nbsp;&nbsp; 2332806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7158314 |
| Trading Companies & Distributors | &nbsp;&nbsp; 2124130 | &nbsp;&nbsp; 4994278 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7118408 |
| Transportation Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp; 972202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 972202 |
| Water Utilities | &nbsp;&nbsp; 341932 | &nbsp;&nbsp; 308719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 650651 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 1441234 | &nbsp;&nbsp; 2853706 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4294940 |
| Total Common Stocks | &nbsp;&nbsp; 724625622 | &nbsp;&nbsp; 300034708 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1024660330 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 509703104 | &nbsp;&nbsp; — | &nbsp;&nbsp; 509703104 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 148107783 | &nbsp;&nbsp; — | &nbsp;&nbsp; 148107783 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 847681 | &nbsp;&nbsp; — | &nbsp;&nbsp; 847681 |
| Total Investment Companies\* | &nbsp;&nbsp; 217214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 217214 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 39888520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39888520 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000000 |
| Certificate of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 999998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 999998 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 9028399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9028399 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 10028397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16028397 |
| Total Investments | &nbsp;&nbsp; $730842836 | &nbsp;&nbsp; $1008610193 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1739453029 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16028399)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16028399)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2020098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2020098 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8170212)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8170212)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6150114)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6150114)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $4158128 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4158128 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (874871)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (874871)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $3283257 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3283257 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1198407 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1198407 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82194 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82194 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Consolidated Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-27**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1738865802 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 587227 |
| Cash | &nbsp;&nbsp; 24687092 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 1782881 |
| Cash collateral for OTC derivative contracts | &nbsp;&nbsp; 1640000 |
| OTC swap contracts at market value | &nbsp;&nbsp; 82194 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 2020098 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 173355 |
| Fund shares sold | &nbsp;&nbsp; 2917 |
| Dividends and interest | &nbsp;&nbsp; 8123681 |
| Variation margin on futures contracts | &nbsp;&nbsp; 201449 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 1787337 |
| Prepaid expenses | &nbsp;&nbsp; 13289 |
| Total Assets | &nbsp;&nbsp; 1779967322 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 8170212 |
| Collateral for securities loaned | &nbsp;&nbsp; 16028399 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5160448 |
| Fund shares redeemed | &nbsp;&nbsp; 1633165 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 874630 |
| Distribution and service fees | &nbsp;&nbsp; 351587 |
| Deferred trustees' fees | &nbsp;&nbsp; 210951 |
| Other expenses | &nbsp;&nbsp; 748660 |
| Total Liabilities | &nbsp;&nbsp; 33178052 |
| **Net Assets**  | &nbsp;&nbsp; $1746789270 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1465878817 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 280910453 |
| **Net Assets**  | &nbsp;&nbsp; $1746789270 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $1746789270 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 193304707 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $9.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,384,211,252.

(b) Includes securities loaned at value of $20,766,744.

(c) Identified cost of affiliated investments was $344,513.

(d) Identified cost of cash denominated in foreign currencies was $1,760,777.

**Consolidated§ Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $11202585 |
| Dividends from affiliated investments | &nbsp;&nbsp; 8133 |
| Interest | &nbsp;&nbsp; 11123924 |
| Securities lending income | &nbsp;&nbsp; 35477 |
| Total investment income | &nbsp;&nbsp; 22370119 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5406349 |
| Administration fees | &nbsp;&nbsp; 54353 |
| Custodian and accounting fees | &nbsp;&nbsp; 187556 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2149335 |
| Audit and tax services | &nbsp;&nbsp; 55815 |
| Legal | &nbsp;&nbsp; 26618 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20034 |
| Shareholder reporting | &nbsp;&nbsp; 50231 |
| Insurance | &nbsp;&nbsp; 10799 |
| Miscellaneous | &nbsp;&nbsp; 47513 |
| Total expenses | &nbsp;&nbsp; 8008603 |
| Less management fee waiver | &nbsp;&nbsp; (61987)<br>|
| Net expenses | &nbsp;&nbsp; 7946616 |
| **Net Investment Income** | &nbsp;&nbsp; 14423503 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (12865532)<br>|
| Affiliated investments | &nbsp;&nbsp; 761 |
| Futures contracts | &nbsp;&nbsp; (46265157)<br>|
| Swap contracts | &nbsp;&nbsp; 11729433 |
| Foreign currency transactions | &nbsp;&nbsp; 699168 |
| Forward foreign currency transactions | &nbsp;&nbsp; (13133016)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (59834343)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 123092599 |
| Affiliated investments | &nbsp;&nbsp; (11414)<br>|
| Futures contracts | &nbsp;&nbsp; 11997465 |
| Swap contracts | &nbsp;&nbsp; 1384439 |
| Foreign currency transactions | &nbsp;&nbsp; 388530 |
| Forward foreign currency transactions | &nbsp;&nbsp; (9939616)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 126912003 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 67077660 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $81501163 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $668,566.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-28**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14423503 | &nbsp;&nbsp; $41771707 |
| Net realized gain (loss) | &nbsp;&nbsp; (59834343)<br>| &nbsp;&nbsp; 317374617 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 126912003 | &nbsp;&nbsp; (156764342)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 81501163 | &nbsp;&nbsp; 202381982 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (284738357)<br>| &nbsp;&nbsp; (33463713)<br>|
| **Total distributions** | &nbsp;&nbsp; (284738357)<br>| &nbsp;&nbsp; (33463713)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 167898151 | &nbsp;&nbsp; (1079496536)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (35339043)<br>| &nbsp;&nbsp; (910578267)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1782128313 | &nbsp;&nbsp; 2692706580 |
| End of period | &nbsp;&nbsp; $1746789270 | &nbsp;&nbsp; $1782128313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 201355 | &nbsp;&nbsp; $2073266 | &nbsp;&nbsp; 485152 | &nbsp;&nbsp; $4972240 |
| Reinvestments | &nbsp;&nbsp; 32210221 | &nbsp;&nbsp; 284738357 | &nbsp;&nbsp; 3343028 | &nbsp;&nbsp; 33463713 |
| Redemptions | &nbsp;&nbsp; (11697901)<br>| &nbsp;&nbsp; (118913472)<br>| &nbsp;&nbsp; (107523436)<br>| &nbsp;&nbsp; (1117932489)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 20713675 | &nbsp;&nbsp; $167898151 | &nbsp;&nbsp; (103695256)<br>| &nbsp;&nbsp; $(1079496536)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $167898151 |  | &nbsp;&nbsp; $(1079496536)<br>|

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-29**

------

**Brighthouse Funds Trust I**

**AB Global Dynamic Allocation Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $12.47 | &nbsp;&nbsp; $12.78 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Total income (loss) from investment operations | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.76)<br>|
| Total distributions | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.98)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp; $12.47 |
| **Total Return (%)** (b) | 4.84 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp; (20.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.09 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.93 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net ratio of expenses to average net assets (%) (e) | 0.92 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Ratio of net investment income (loss) to average net assets (%) | 1.68 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1746.8 | &nbsp;&nbsp; $1782.1 | &nbsp;&nbsp; $2692.7 | &nbsp;&nbsp; $2771.8 | &nbsp;&nbsp; $3934.7 | &nbsp;&nbsp; $4093.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-30**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—59.4% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| Bank Gospodarstwa Krajowego |  |  |
| 5.375%, 05/22/33 (144A) | 552000 | &nbsp;&nbsp; $556456 |
| 6.250%, 07/09/54 (144A) | 1465000 | &nbsp;&nbsp; 1452368 |
|  |  | &nbsp;&nbsp; 2008824 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| Hong Kong Mortgage Corp. Ltd. |  |  |
| 2.600%, 10/18/31 (CNY) | 4270000 | &nbsp;&nbsp; 618597 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| Hydro Quebec Interest STRIPS |  |  |
| Zero Coupon, 08/15/41 (CAD) (a) | 273300 | &nbsp;&nbsp; 97124 |
| Zero Coupon, 02/15/42 (CAD) (a) | 273300 | &nbsp;&nbsp; 94878 |
| Zero Coupon, 08/15/42 (CAD) (a) | 273299 | &nbsp;&nbsp; 92270 |
| Zero Coupon, 02/15/44 (CAD) (a) | 273299 | &nbsp;&nbsp; 85449 |
| Zero Coupon, 08/15/44 (CAD) (a) | 273299 | &nbsp;&nbsp; 83391 |
|  |  | &nbsp;&nbsp; 453112 |
| **Regional Government — 0.4%** | **Regional Government — 0.4%** | **Regional Government — 0.4%** |
| Province of Ontario Generic Coupon STRIPS |  |  |
| Zero Coupon, 12/02/37 (CAD) (a) | 273299 | &nbsp;&nbsp; 118329 |
| Zero Coupon, 12/02/38 (CAD) (a) | 274776 | &nbsp;&nbsp; 113040 |
| Zero Coupon, 06/02/39 (CAD) (a) | 274776 | &nbsp;&nbsp; 110449 |
| Zero Coupon, 06/02/40 (CAD) (a) | 274776 | &nbsp;&nbsp; 104616 |
| Zero Coupon, 12/02/40 (CAD) (a) | 273299 | &nbsp;&nbsp; 101286 |
| Zero Coupon, 06/02/41 (CAD) (a) | 273300 | &nbsp;&nbsp; 98641 |
| Zero Coupon, 12/02/41 (CAD) (a) | 274776 | &nbsp;&nbsp; 96815 |
| Zero Coupon, 06/02/42 (CAD) (a) | 274776 | &nbsp;&nbsp; 94151 |
| Province of Quebec |  |  |
| 4.400%, 12/01/55 (CAD) | 850000 | &nbsp;&nbsp; 619309 |
|  |  | &nbsp;&nbsp; 1456636 |
| **Sovereign — 58.2%** | **Sovereign — 58.2%** | **Sovereign — 58.2%** |
| Airport Authority Hong Kong |  |  |
| 2.930%, 06/05/34 (CNY) | 3410000 | &nbsp;&nbsp; 501828 |
| Angola Government International Bonds |  |  |
| 8.000%, 11/26/29 | 3542000 | &nbsp;&nbsp; 3207756 |
| 8.250%, 05/09/28 | 738000 | &nbsp;&nbsp; 698062 |
| Argentina Republic Government International Bonds |  |  |
| 0.750%, 07/09/30 (b) | 1568503 | &nbsp;&nbsp; 1250881 |
| 1.000%, 07/09/29 | 1739349 | &nbsp;&nbsp; 1455835 |
| 4.125%, 07/09/35 (b) | 3434329 | &nbsp;&nbsp; 2310337 |
| 5.000%, 01/09/38 (b) | 1411508 | &nbsp;&nbsp; 1006008 |
| Australia Government Bonds |  |  |
| 4.500%, 04/21/33 (AUD) | 2840000 | &nbsp;&nbsp; 1940959 |
| 4.750%, 06/21/54 (AUD) | 2226000 | &nbsp;&nbsp; 1442613 |
| Baiterek National Managing Holding JSC |  |  |
| 5.450%, 05/08/28 (144A) | 414000 | &nbsp;&nbsp; 418855 |
| Brazil Government International Bonds |  |  |
| 5.000%, 01/27/45 | 260000 | &nbsp;&nbsp; 197632 |
| 7.125%, 05/13/54 (c) | 1131000 | &nbsp;&nbsp; 1081680 |
| Brazil Notas do Tesouro Nacional |  |  |
| 6.000%, 08/15/50 (BRL) (d) | 3698000 | &nbsp;&nbsp; 2732289 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| 2.600%, 05/15/41 (EUR) | 1450000 | &nbsp;&nbsp; 1634281 |
| 3.250%, 07/04/42 (EUR) | 788000 | &nbsp;&nbsp; 964949 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Caisse Francaise de Financement Local SA |  |  |
| 0.010%, 02/22/28 (EUR) | 800000 | &nbsp;&nbsp; $885727 |
| 3.250%, 02/19/29 (EUR) | 200000 | &nbsp;&nbsp; 241310 |
| Canada Government Bonds |  |  |
| 2.750%, 03/01/30 (CAD) | 11583000 | &nbsp;&nbsp; 8476536 |
| Canada Housing Trust No. 1 |  |  |
| 3.550%, 09/15/32 (144A) (CAD) | 5230000 | &nbsp;&nbsp; 3900099 |
| Chile Government International Bonds |  |  |
| 3.750%, 01/14/32 (EUR) | 127000 | &nbsp;&nbsp; 152166 |
| 4.125%, 07/05/34 (EUR) | 221000 | &nbsp;&nbsp; 267839 |
| China Government Bonds |  |  |
| 1.610%, 02/15/35 (CNY) | 14460000 | &nbsp;&nbsp; 2003172 |
| 2.110%, 08/25/34 (CNY) | 36510000 | &nbsp;&nbsp; 5268905 |
| 2.120%, 06/25/31 (CNY) | 2690000 | &nbsp;&nbsp; 386351 |
| 2.800%, 11/15/32 (CNY) | 37570000 | &nbsp;&nbsp; 5669552 |
| 3.000%, 10/15/53 (CNY) | 4210000 | &nbsp;&nbsp; 728489 |
| Colombia Government International Bonds |  |  |
| 3.125%, 04/15/31 (c) | 1908000 | &nbsp;&nbsp; 1564784 |
| 3.250%, 04/22/32 (c) | 1701000 | &nbsp;&nbsp; 1344138 |
| 4.125%, 02/22/42 | 857000 | &nbsp;&nbsp; 541000 |
| 7.375%, 04/25/30 (c) | 639000 | &nbsp;&nbsp; 660618 |
| 8.000%, 04/20/33 (c) | 1285000 | &nbsp;&nbsp; 1328600 |
| 8.000%, 11/14/35 | 2460000 | &nbsp;&nbsp; 2470553 |
| Colombia TES |  |  |
| 6.250%, 07/09/36 (COP) | 2260200000 | &nbsp;&nbsp; 356997 |
| Costa Rica Government International Bonds |  |  |
| 7.300%, 11/13/54 | 325000 | &nbsp;&nbsp; 336437 |
| 7.300%, 11/13/54 (144A) | 285000 | &nbsp;&nbsp; 295029 |
| Dominican Republic International Bonds |  |  |
| 4.875%, 09/23/32 (c) | 2128000 | &nbsp;&nbsp; 1962761 |
| 5.950%, 01/25/27 | 1920000 | &nbsp;&nbsp; 1935552 |
| 6.000%, 02/22/33 | 1323000 | &nbsp;&nbsp; 1305007 |
| 6.500%, 02/15/48 | 354000 | &nbsp;&nbsp; 334619 |
| 6.950%, 03/15/37 (144A) | 1848000 | &nbsp;&nbsp; 1878862 |
| 8.625%, 04/20/27 | 1840000 | &nbsp;&nbsp; 1904768 |
| Ecuador Government International Bonds |  |  |
| 5.500%, 07/31/35 (b) | 2013215 | &nbsp;&nbsp; 1458554 |
| 5.500%, 07/31/35 (144A) (b) | 2548887 | &nbsp;&nbsp; 1846643 |
| 6.900%, 07/31/30 (b) | 1364194 | &nbsp;&nbsp; 1183438 |
| Egypt Government International Bonds |  |  |
| 5.800%, 09/30/27 | 495000 | &nbsp;&nbsp; 484429 |
| 5.875%, 02/16/31 | 252000 | &nbsp;&nbsp; 222736 |
| 7.053%, 01/15/32 | 1539000 | &nbsp;&nbsp; 1404350 |
| 7.300%, 09/30/33 | 1594000 | &nbsp;&nbsp; 1416456 |
| 7.500%, 01/31/27 | 420000 | &nbsp;&nbsp; 426480 |
| 7.625%, 05/29/32 | 304000 | &nbsp;&nbsp; 280323 |
| 8.625%, 02/04/30 (144A) | 1489000 | &nbsp;&nbsp; 1503945 |
| El Salvador Government International Bonds |  |  |
| 8.625%, 02/28/29 | 2119000 | &nbsp;&nbsp; 2203760 |
| 9.650%, 11/21/54 (c) | 562000 | &nbsp;&nbsp; 577455 |
| European Union |  |  |
| 3.375%, 10/05/54 (EUR) | 2302000 | &nbsp;&nbsp; 2470360 |
| 4.000%, 04/04/44 (EUR) | 1313000 | &nbsp;&nbsp; 1616087 |
| Finland Government Bonds |  |  |
| 1.500%, 09/15/32 (144A) (EUR) | 429000 | &nbsp;&nbsp; 465275 |

---

*See accompanying notes to financial statements.*

**BHFTI-31**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| French Republic Government Bonds OAT |  |  |
| 2.500%, 05/25/43 (144A) (EUR) | 913278 | &nbsp;&nbsp; $901280 |
| Ghana Government International Bonds |  |  |
| Zero Coupon, 07/03/26 (144A) | 115128 | &nbsp;&nbsp; 111583 |
| Zero Coupon, 01/03/30 (144A) | 262213 | &nbsp;&nbsp; 218899 |
| 5.000%, 07/03/29 (144A) (b) | 1160874 | &nbsp;&nbsp; 1086783 |
| 5.000%, 07/03/35 (b) | 808000 | &nbsp;&nbsp; 628952 |
| 5.000%, 07/03/35 (144A) (b) | 423356 | &nbsp;&nbsp; 328840 |
| Guatemala Government Bonds |  |  |
| 6.050%, 08/06/31 (144A) | 641000 | &nbsp;&nbsp; 651500 |
| Hazine Mustesarligi Varlik Kiralama AS |  |  |
| 6.750%, 09/01/30 (144A) | 790000 | &nbsp;&nbsp; 789169 |
| 8.509%, 01/14/29 (144A) | 770000 | &nbsp;&nbsp; 820621 |
| Hong Kong Government Infrastructure Bonds Programme |  |  |
| 2.460%, 11/20/34 (CNY) | 2350000 | &nbsp;&nbsp; 345342 |
| Hong Kong Government International Bonds |  |  |
| 2.800%, 07/24/34 (CNY) | 2000000 | &nbsp;&nbsp; 295802 |
| 3.300%, 06/07/33 (CNY) | 2120000 | &nbsp;&nbsp; 322670 |
| Hungary Government International Bonds |  |  |
| 5.375%, 09/12/33 (EUR) | 348000 | &nbsp;&nbsp; 441486 |
| 5.500%, 06/16/34 | 955000 | &nbsp;&nbsp; 938017 |
| 5.500%, 06/16/34 (144A) | 620000 | &nbsp;&nbsp; 609006 |
| 5.500%, 03/26/36 | 2444000 | &nbsp;&nbsp; 2355901 |
| 6.750%, 09/25/52 | 1875000 | &nbsp;&nbsp; 1912537 |
| 6.750%, 09/23/55 (144A) | 996000 | &nbsp;&nbsp; 1003568 |
| Indonesia Government International Bonds |  |  |
| 1.000%, 07/28/29 (EUR) | 388000 | &nbsp;&nbsp; 422595 |
| Indonesia Treasury Bonds |  |  |
| 6.875%, 04/15/29 (IDR) | 42139000000 | &nbsp;&nbsp; 2644458 |
| Israel Government International Bonds |  |  |
| 5.375%, 02/19/30 (c) | 575000 | &nbsp;&nbsp; 585970 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 3.250%, 03/01/38 (144A) (EUR) | 510000 | &nbsp;&nbsp; 575828 |
| 3.450%, 07/15/31 (EUR) | 2857000 | &nbsp;&nbsp; 3473064 |
| 4.050%, 10/30/37 (144A) (EUR) | 1387000 | &nbsp;&nbsp; 1706031 |
| 4.200%, 03/01/34 (EUR) | 1539000 | &nbsp;&nbsp; 1943828 |
| Ivory Coast Government International Bonds |  |  |
| 5.750%, 12/31/32 (b) | 297219 | &nbsp;&nbsp; 282361 |
| 6.125%, 06/15/33 | 812000 | &nbsp;&nbsp; 737493 |
| 6.375%, 03/03/28 | 1032000 | &nbsp;&nbsp; 1033763 |
| Jamaica Government International Bonds |  |  |
| 7.875%, 07/28/45 | 573000 | &nbsp;&nbsp; 667482 |
| Japan Government Five Year Bonds |  |  |
| 0.300%, 06/20/28 (JPY) | 1161050000 | &nbsp;&nbsp; 7946950 |
| Japan Government Forty Year Bonds |  |  |
| 1.300%, 03/20/63 (JPY) | 151800000 | &nbsp;&nbsp; 645781 |
| 2.200%, 03/20/51 (JPY) | 273650000 | &nbsp;&nbsp; 1731574 |
| Japan Government Thirty Year Bonds |  |  |
| 0.400%, 12/20/49 (JPY) | 264800000 | &nbsp;&nbsp; 1113721 |
| 0.600%, 09/20/50 (JPY) | 219600000 | &nbsp;&nbsp; 953351 |
| 1.600%, 12/20/53 (JPY) | 199550000 | &nbsp;&nbsp; 1061555 |
| 1.800%, 03/20/54 (JPY) | 175200000 | &nbsp;&nbsp; 975952 |
| 2.400%, 03/20/55 (JPY) | 270850000 | &nbsp;&nbsp; 1725875 |
| Japan Government Twenty Year Bonds |  |  |
| 0.500%, 09/20/36 (JPY) | 541250000 | &nbsp;&nbsp; 3333082 |
| 1.400%, 12/20/42 (JPY) | 541450000 | &nbsp;&nbsp; 3315439 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Japan Government Two Year Bonds |  |  |
| 0.700%, 02/01/27 (JPY) | 2312900000 | &nbsp;&nbsp; $16064621 |
| Jordan Government International Bonds |  |  |
| 7.500%, 01/13/29 (144A) | 1196000 | &nbsp;&nbsp; 1226841 |
| 7.750%, 01/15/28 | 617000 | &nbsp;&nbsp; 637727 |
| Kingdom of Belgium Government Bonds |  |  |
| 3.300%, 06/22/54 (144A) (EUR) | 1094000 | &nbsp;&nbsp; 1147604 |
| Korea Treasury Bonds |  |  |
| 2.625%, 03/10/55 (KRW) | 2100000000 | &nbsp;&nbsp; 1522890 |
| 4.125%, 12/10/33 (KRW) | 2045230000 | &nbsp;&nbsp; 1663749 |
| Lebanon Government International Bonds |  |  |
| 6.000%, 01/27/23 (e) | 4888000 | &nbsp;&nbsp; 917478 |
| Malaysia Government Bonds |  |  |
| 4.642%, 11/07/33 (MYR) | 6234000 | &nbsp;&nbsp; 1600546 |
| Mexico Bonos |  |  |
| 8.000%, 07/31/53 (MXN) | 16876000 | &nbsp;&nbsp; 738822 |
| 8.500%, 02/28/30 (MXN) | 60393000 | &nbsp;&nbsp; 3196585 |
| Morocco Government International Bonds |  |  |
| 4.000%, 12/15/50 | 2889000 | &nbsp;&nbsp; 1968147 |
| Nigeria Government International Bonds |  |  |
| 6.125%, 09/28/28 | 4870000 | &nbsp;&nbsp; 4648217 |
| Oman Government International Bonds |  |  |
| 5.625%, 01/17/28 | 1215000 | &nbsp;&nbsp; 1241272 |
| 7.375%, 10/28/32 | 1055000 | &nbsp;&nbsp; 1195162 |
| Oriental Republic of Uruguay |  |  |
| 5.250%, 09/10/60 | 1054670 | &nbsp;&nbsp; 954287 |
| Pakistan Government International Bonds |  |  |
| 6.000%, 04/08/26 | 598000 | &nbsp;&nbsp; 587985 |
| 8.875%, 04/08/51 | 697000 | &nbsp;&nbsp; 572972 |
| Panama Government International Bonds |  |  |
| 3.870%, 07/23/60 | 2167000 | &nbsp;&nbsp; 1232544 |
| 6.853%, 03/28/54 (c) | 419000 | &nbsp;&nbsp; 383335 |
| 9.375%, 04/01/29 | 215000 | &nbsp;&nbsp; 242456 |
| Paraguay Government International Bonds |  |  |
| 5.400%, 03/30/50 | 1631000 | &nbsp;&nbsp; 1394505 |
| Peru Government Bonds |  |  |
| 6.850%, 08/12/35 (144A) (PEN) | 4180000 | &nbsp;&nbsp; 1213390 |
| 7.300%, 08/12/33 (144A) (PEN) | 10804000 | &nbsp;&nbsp; 3317566 |
| Peru Government International Bonds |  |  |
| 2.780%, 12/01/60 | 1350000 | &nbsp;&nbsp; 723911 |
| 3.000%, 01/15/34 (c) | 495000 | &nbsp;&nbsp; 416592 |
| Philippines Government International Bonds |  |  |
| 3.200%, 07/06/46 | 819000 | &nbsp;&nbsp; 576722 |
| 4.200%, 03/29/47 | 630000 | &nbsp;&nbsp; 514517 |
| Republic of Austria Government Bonds |  |  |
| 0.900%, 02/20/32 (144A) (EUR) | 1930000 | &nbsp;&nbsp; 2034488 |
| Republic of Kenya Government International Bonds |  |  |
| 8.000%, 05/22/32 | 400000 | &nbsp;&nbsp; 373404 |
| Republic of Poland Government Bonds |  |  |
| 4.500%, 07/25/30 (PLN) | 10224000 | &nbsp;&nbsp; 2782322 |
| Republic of South Africa Government Bonds |  |  |
| 8.750%, 02/28/48 (ZAR) | 26835000 | &nbsp;&nbsp; 1215929 |
| Republic of South Africa Government International Bonds |  |  |
| 4.850%, 09/30/29 | 1501000 | &nbsp;&nbsp; 1447297 |
| 5.650%, 09/27/47 | 442000 | &nbsp;&nbsp; 330773 |
| 7.950%, 11/19/54 | 686000 | &nbsp;&nbsp; 654446 |

---

*See accompanying notes to financial statements.*

**BHFTI-32**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Republic of South Africa Government International Bonds |  |  |
| 7.950%, 11/19/54 (144A) | 1131000 | &nbsp;&nbsp; $1078138 |
| Republic of Uzbekistan International Bonds |  |  |
| 6.900%, 02/28/32 | 1094000 | &nbsp;&nbsp; 1125061 |
| 6.947%, 05/25/32 (144A) | 1391000 | &nbsp;&nbsp; 1430425 |
| Romania Government International Bonds |  |  |
| 3.000%, 02/14/31 | 800000 | &nbsp;&nbsp; 684100 |
| 3.625%, 03/27/32 | 558000 | &nbsp;&nbsp; 478393 |
| 3.625%, 03/27/32 (144A) | 434000 | &nbsp;&nbsp; 372237 |
| 4.000%, 02/14/51 | 868000 | &nbsp;&nbsp; 542214 |
| 5.875%, 01/30/29 | 580000 | &nbsp;&nbsp; 583968 |
| 6.000%, 05/25/34 | 400000 | &nbsp;&nbsp; 383559 |
| 7.500%, 02/10/37 | 1540000 | &nbsp;&nbsp; 1598215 |
| 7.625%, 01/17/53 | 248000 | &nbsp;&nbsp; 250570 |
| Saudi Government International Bonds |  |  |
| 3.375%, 03/05/32 (144A) (EUR) | 368000 | &nbsp;&nbsp; 431957 |
| 3.450%, 02/02/61 | 1407000 | &nbsp;&nbsp; 870081 |
| 3.750%, 01/21/55 | 756000 | &nbsp;&nbsp; 514757 |
| Senegal Government International Bonds |  |  |
| 4.750%, 03/13/28 (EUR) | 740000 | &nbsp;&nbsp; 687871 |
| 6.750%, 03/13/48 | 610000 | &nbsp;&nbsp; 366622 |
| 7.750%, 06/10/31 | 1171000 | &nbsp;&nbsp; 856594 |
| Serbia International Bonds |  |  |
| 6.500%, 09/26/33 (144A) | 262000 | &nbsp;&nbsp; 275846 |
| Spain Government Bonds |  |  |
| 3.450%, 07/30/43 (144A) (EUR) | 1755000 | &nbsp;&nbsp; 1981345 |
| Sri Lanka Government International Bonds |  |  |
| 3.100%, 01/15/30 (144A) (b) | 192441 | &nbsp;&nbsp; 171272 |
| 3.350%, 03/15/33 (144A) (b) | 2033499 | &nbsp;&nbsp; 1638738 |
| 3.600%, 05/15/36 (144A) (b) | 367167 | &nbsp;&nbsp; 298323 |
| 3.600%, 02/15/38 (144A) (b) | 624642 | &nbsp;&nbsp; 506351 |
| 4.000%, 04/15/28 (144A) | 392041 | &nbsp;&nbsp; 367539 |
| Trinidad & Tobago Government International Bonds |  |  |
| 6.400%, 06/26/34 | 265000 | &nbsp;&nbsp; 259575 |
| 6.400%, 06/26/34 (144A) (c) | 905000 | &nbsp;&nbsp; 886475 |
| Turkiye Government International Bonds |  |  |
| 4.875%, 04/16/43 | 714000 | &nbsp;&nbsp; 503519 |
| 5.250%, 03/13/30 (c) | 1715000 | &nbsp;&nbsp; 1630074 |
| 5.875%, 06/26/31 | 874000 | &nbsp;&nbsp; 830830 |
| 6.125%, 10/24/28 | 1008000 | &nbsp;&nbsp; 1011246 |
| 6.500%, 01/03/35 | 801000 | &nbsp;&nbsp; 757175 |
| 7.250%, 05/29/32 | 1493000 | &nbsp;&nbsp; 1498522 |
| Turkiye Ihracat Kredi Bankasi AS |  |  |
| 6.875%, 07/03/28 (144A) † | 306000 | &nbsp;&nbsp; 306308 |
| 9.000%, 01/28/27 (144A) † | 600000 | &nbsp;&nbsp; 626767 |
| U.K. Gilts |  |  |
| 0.875%, 01/31/46 (GBP) | 427722 | &nbsp;&nbsp; 270630 |
| 1.500%, 07/31/53 (GBP) | 680710 | &nbsp;&nbsp; 423912 |
| 3.500%, 01/22/45 (GBP) | 1778938 | &nbsp;&nbsp; 1944940 |
| 4.000%, 10/22/31 (GBP) | 2755811 | &nbsp;&nbsp; 3759986 |
| 4.250%, 12/07/40 (GBP) | 1643000 | &nbsp;&nbsp; 2089483 |
| 4.375%, 03/07/30 (GBP) | 2266000 | &nbsp;&nbsp; 3165786 |
| 4.375%, 07/31/54 (GBP) | 206505 | &nbsp;&nbsp; 245532 |
| Ukraine Government International Bonds |  |  |
| Zero Coupon, 02/01/30 (144A) (b) | 40830 | &nbsp;&nbsp; 19373 |
| Zero Coupon, 02/01/36 (144A) (b) | 107448 | &nbsp;&nbsp; 50621 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Ukraine Government International Bonds |  |  |
| 1.750%, 02/01/29 (b) | 618707 | &nbsp;&nbsp; $378783 |
| 1.750%, 02/01/34 (b) | 1085203 | &nbsp;&nbsp; 557352 |
| 1.750%, 02/01/34 (144A) (b) | 258234 | &nbsp;&nbsp; 131592 |
| 1.750%, 02/01/35 (b) | 952176 | &nbsp;&nbsp; 480441 |
| 1.750%, 02/01/35 (144A) (b) | 298989 | &nbsp;&nbsp; 150742 |
| 1.750%, 02/01/36 (b) | 1055359 | &nbsp;&nbsp; 514803 |
| 1.750%, 02/01/36 (144A) (b) | 190250 | &nbsp;&nbsp; 91899 |
| 3.000%, 02/01/30 (b) | 169173 | &nbsp;&nbsp; 80381 |
| 3.000%, 02/01/35 (b) | 2353706 | &nbsp;&nbsp; 1084531 |
| 3.000%, 02/01/36 (b) | 445195 | &nbsp;&nbsp; 209803 |
| Uruguay Government International Bonds |  |  |
| 4.975%, 04/20/55 | 857005 | &nbsp;&nbsp; 758638 |
| Venezuela Government International Bonds |  |  |
| 9.250%, 09/15/27 (e) | 4149000 | &nbsp;&nbsp; 829800 |
| Zambia Government International Bonds |  |  |
| 0.500%, 12/31/53 | 517862 | &nbsp;&nbsp; 355765 |
| 5.750%, 06/30/33 (b) | 461089 | &nbsp;&nbsp; 423125 |
|  |  | &nbsp;&nbsp; 237803923 |
| Total Foreign Government <br>(Cost $244,274,040) <br>|  | &nbsp;&nbsp; 242341092 |
| **Corporate Bonds & Notes—33.4%** | **Corporate Bonds & Notes—33.4%** | **Corporate Bonds & Notes—33.4%** |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| Altria Group, Inc. |  |  |
| 3.125%, 06/15/31 (EUR) | 295000 | &nbsp;&nbsp; 342057 |
| BAT International Finance PLC |  |  |
| 4.125%, 04/12/32 (EUR) | 435000 | &nbsp;&nbsp; 526090 |
| Imperial Brands Finance Netherlands BV |  |  |
| 5.250%, 02/15/31 (EUR) | 443000 | &nbsp;&nbsp; 564590 |
|  |  | &nbsp;&nbsp; 1432737 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| 9.875%, 09/20/31 (144A) (c) | 331000 | &nbsp;&nbsp; 322024 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
| General Motors Financial of Canada Ltd. |  |  |
| 5.100%, 07/14/28 (CAD) | 648000 | &nbsp;&nbsp; 491481 |
| Hyundai Capital Canada, Inc. |  |  |
| 4.583%, 07/24/29 (CAD) | 709000 | &nbsp;&nbsp; 535560 |
|  |  | &nbsp;&nbsp; 1027041 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| LG Energy Solution Ltd. |  |  |
| 5.375%, 04/02/30 (144A) | 330000 | &nbsp;&nbsp; 330849 |
| ZF Finance GmbH |  |  |
| 2.000%, 05/06/27 (EUR) | 200000 | &nbsp;&nbsp; 222927 |
|  |  | &nbsp;&nbsp; 553776 |
| **Banks — 6.8%** | **Banks — 6.8%** | **Banks — 6.8%** |
| ABN AMRO Bank NV |  |  |
| 4.750%, 5Y EUR Swap + 3.898%, 09/22/27 (EUR) (f) | 400000 | &nbsp;&nbsp; 469531 |
| 5.500%, 5Y EUR Swap + 2.450%, 09/21/33 (EUR) (f) | 300000 | &nbsp;&nbsp; 375790 |

---

*See accompanying notes to financial statements.*

**BHFTI-33**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| AIB Group PLC |  |  |
| 4.625%, 1Y EUR Swap + 1.950%, 07/23/29 (EUR) (f) | 500000 | &nbsp;&nbsp; $619726 |
| Akbank TAS |  |  |
| 7.498%, 01/20/30 (144A) | 340000 | &nbsp;&nbsp; 346166 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 8.250%, 5Y UKG + 3.600%, 11/30/33 (GBP) (f) | 300000 | &nbsp;&nbsp; 448019 |
| Banco Nacional de Panama |  |  |
| 2.500%, 08/11/30 | 506000 | &nbsp;&nbsp; 422909 |
| Banco Santander SA |  |  |
| 4.875%, 10/18/31 (EUR) | 200000 | &nbsp;&nbsp; 255482 |
| 5.750%, 5Y EUR Swap + 2.850%, 08/23/33 (EUR) (f) | 400000 | &nbsp;&nbsp; 503334 |
| Bank Leumi Le-Israel BM |  |  |
| 7.129%, 5Y H15 + 3.466%, 07/18/33 (144A) (f) | 341000 | &nbsp;&nbsp; 348971 |
| Bank of America Corp. |  |  |
| 1.667%, 1Y UKG + 1.100%, 06/02/29 (GBP) (f) | 220000 | &nbsp;&nbsp; 278031 |
| Bank of East Asia Ltd. |  |  |
| 4.875%, 5Y H15 + 2.300%, 04/22/32 (f) | 410000 | &nbsp;&nbsp; 404011 |
| Bank of Ireland Group PLC |  |  |
| 4.625%, 1Y EUR Swap + 1.550%, 11/13/29 (EUR) (f) | 691000 | &nbsp;&nbsp; 860366 |
| Banque Federative du Credit Mutuel SA |  |  |
| 3.875%, 5Y EUR Swap + 2.200%, 06/16/32 (EUR) (f) | 300000 | &nbsp;&nbsp; 359086 |
| 5.125%, 01/13/33 (EUR) | 200000 | &nbsp;&nbsp; 254237 |
| 5.375%, 05/25/28 (GBP) | 200000 | &nbsp;&nbsp; 280146 |
| Barclays PLC |  |  |
| 5.262%, 1Y EUR Swap + 2.550%, 01/29/34 (EUR) (f) | 210000 | &nbsp;&nbsp; 271975 |
| 6.375%, 5Y UKG + 6.016%, 12/15/25 (GBP) (f) | 386000 | &nbsp;&nbsp; 530505 |
| 7.090%, 1Y GBP Swap + 2.553%, 11/06/29 (GBP) (f) | 100000 | &nbsp;&nbsp; 146072 |
| BNP Paribas SA |  |  |
| 2.000%, 5Y UKG + 1.650%, 05/24/31 (GBP) (f) | 200000 | &nbsp;&nbsp; 267320 |
| BPCE SA |  |  |
| 6.000%, 1Y GBP Swap + 2.650%, 09/29/28 (GBP) (f) | 200000 | &nbsp;&nbsp; 281122 |
| Caixa Economica Federal |  |  |
| 5.625%, 05/13/30 (144A) | 378000 | &nbsp;&nbsp; 377244 |
| CaixaBank SA |  |  |
| 3.500%, 1Y UKG + 2.100%, 04/06/28 (GBP) (f) | 400000 | &nbsp;&nbsp; 538884 |
| Cie de Financement Foncier SA |  |  |
| 2.625%, 03/05/30 (EUR) | 400000 | &nbsp;&nbsp; 471316 |
| Citigroup, Inc. |  |  |
| 1.750%, 10/23/26 (GBP) | 408000 | &nbsp;&nbsp; 540540 |
| 7.625%, 5Y H15 + 3.211%, 11/15/28 (f) | 55000 | &nbsp;&nbsp; 57882 |
| Commerzbank AG |  |  |
| 4.625%, 3M EURIBOR + 2.100%, 01/17/31 (EUR) (f) | 500000 | &nbsp;&nbsp; 621875 |
| Commonwealth Bank of Australia |  |  |
| 0.750%, 02/28/28 (EUR) | 235000 | &nbsp;&nbsp; 265633 |
| 0.875%, 02/19/29 (EUR) | 140000 | &nbsp;&nbsp; 155887 |
| Cooperatieve Rabobank UA |  |  |
| 4.918%, 3M BBSW + 0.910%, 07/17/29 (AUD) (f) | 1260000 | &nbsp;&nbsp; 830579 |
| Credit Agricole SA |  |  |
| 5.364%, 06/01/28 (AUD) | 1290000 | &nbsp;&nbsp; 872778 |
| Danske Bank AS |  |  |
| 2.250%, 1Y UKG + 1.650%, 01/14/28 (GBP) (f) | 280000 | &nbsp;&nbsp; 370977 |
| Deutsche Bank AG |  |  |
| 4.125%, 3M EURIBOR + 1.500%, 04/04/30 (EUR) (f) | 100000 | &nbsp;&nbsp; 121730 |
| 5.000%, 3M EURIBOR + 2.950%, 09/05/30 (EUR) (f) | 500000 | &nbsp;&nbsp; 628188 |
| HSBC Holdings PLC |  |  |
| 4.856%, 3M EURIBOR + 1.943%, 05/23/33 (EUR) (f) | 163000 | &nbsp;&nbsp; 207456 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| HSBC Holdings PLC |  |  |
| 6.364%, 5Y EUR Swap + 3.300%, 11/16/32 (EUR) (f) | 499000 | &nbsp;&nbsp; $630669 |
| ING Groep NV |  |  |
| 4.125%, 5Y EUR Swap + 2.500%, 08/24/33 (EUR) (f) | 200000 | &nbsp;&nbsp; 240869 |
| 5.000%, 06/05/29 (AUD) | 600000 | &nbsp;&nbsp; 395992 |
| Intesa Sanpaolo SpA |  |  |
| 5.148%, 06/10/30 (GBP) | 360000 | &nbsp;&nbsp; 489905 |
| JPMorgan Chase & Co. |  |  |
| 4.457%, 3M EURIBOR + 1.280%, 11/13/31 (EUR) (f) | 678000 | &nbsp;&nbsp; 851645 |
| KBC Group NV |  |  |
| 4.875%, 5Y EUR Swap + 2.250%, 04/25/33 (EUR) (f) | 600000 | &nbsp;&nbsp; 734885 |
| Lloyds Banking Group PLC |  |  |
| 4.750%, 1Y EUR Swap + 1.600%, 09/21/31 (EUR) (f) | 370000 | &nbsp;&nbsp; 467232 |
| 6.625%, 5Y UKG + 3.100%, 06/02/33 (GBP) (f) | 235000 | &nbsp;&nbsp; 334107 |
| Morgan Stanley |  |  |
| 3.521%, 3M EURIBOR + 1.315%, 05/22/31 (EUR) (f) | 710000 | &nbsp;&nbsp; 849979 |
| NatWest Group PLC |  |  |
| 5.763%, 5Y EUR Swap + 2.600%, 02/28/34 (EUR) (f) | 582000 | &nbsp;&nbsp; 738038 |
| Santander U.K. Group Holdings PLC |  |  |
| 7.098%, 1Y GBP Swap + 2.866%, 11/16/27 (GBP) (f) | 345000 | &nbsp;&nbsp; 487183 |
| Santander U.K. PLC |  |  |
| 3.000%, 03/12/29 (EUR) | 320000 | &nbsp;&nbsp; 383449 |
| Shinhan Financial Group Co. Ltd. |  |  |
| 2.875%, 5Y H15 + 2.064%, 05/12/26 (f) | 201000 | &nbsp;&nbsp; 196010 |
| Societe Generale SA |  |  |
| 4.875%, 3M EURIBOR + 1.900%, 11/21/31 (EUR) (f) | 600000 | &nbsp;&nbsp; 754484 |
| Standard Chartered PLC |  |  |
| 6.051%, 3M TSFR + 1.772%, 01/30/27 (144A) (f) | 400000 | &nbsp;&nbsp; 380353 |
| Swedbank AB |  |  |
| 3.625%, 5Y EUR Swap + 2.150%, 08/23/32 (EUR) (f) | 534000 | &nbsp;&nbsp; 638268 |
| TC Ziraat Bankasi AS |  |  |
| 8.000%, 01/16/29 | 1365000 | &nbsp;&nbsp; 1403002 |
| Toronto-Dominion Bank |  |  |
| 3.191%, 02/16/29 (EUR) | 430000 | &nbsp;&nbsp; 518497 |
| Turkiye Vakiflar Bankasi TAO |  |  |
| 9.000%, 10/12/28 (144A) | 375000 | &nbsp;&nbsp; 397031 |
| UBS Group AG |  |  |
| 7.750%, 1Y EUR Swap + 4.950%, 03/01/29 (EUR) (f) | 486000 | &nbsp;&nbsp; 644866 |
| 9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (c) (f) | 243000 | &nbsp;&nbsp; 265228 |
| UniCredit SpA |  |  |
| 5.375%, 5Y EUR Swap + 2.800%, 04/16/34 (EUR) (f) | 285000 | &nbsp;&nbsp; 354990 |
| Wells Fargo & Co. |  |  |
| 1.741%, 3M EURIBOR + 1.850%, 05/04/30 (EUR) (f) | 549000 | &nbsp;&nbsp; 619578 |
| Westpac Banking Corp. |  |  |
| 0.010%, 09/22/28 (EUR) | 279000 | &nbsp;&nbsp; 303761 |
| Woori Bank |  |  |
| 6.375%, 5Y H15 + 2.277%, 07/24/29 (144A) (f) | 228000 | &nbsp;&nbsp; 231372 |
| Yapi ve Kredi Bankasi AS |  |  |
| 7.250%, 03/03/30 (144A) | 400000 | &nbsp;&nbsp; 400000 |
| 9.250%, 10/16/28 (144A) | 390000 | &nbsp;&nbsp; 416364 |
|  |  | &nbsp;&nbsp; 27911525 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Anadolu Efes Biracilik Ve Malt Sanayii AS |  |  |
| 3.375%, 06/29/28 | 431000 | &nbsp;&nbsp; 388623 |

---

*See accompanying notes to financial statements.*

**BHFTI-34**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Beverages—(Continued)** | **Beverages—(Continued)** | **Beverages—(Continued)** |
| Molson Coors Beverage Co. |  |  |
| 3.800%, 06/15/32 (EUR) | 390000 | &nbsp;&nbsp; $468877 |
|  |  | &nbsp;&nbsp; 857500 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Biocon Biologics Global PLC |  |  |
| 6.670%, 10/09/29 | 350000 | &nbsp;&nbsp; 332560 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Air Products & Chemicals, Inc. |  |  |
| 3.250%, 06/16/32 (EUR) | 249000 | &nbsp;&nbsp; 291284 |
| Braskem Idesa SAPI |  |  |
| 6.990%, 02/20/32 (144A) | 492000 | &nbsp;&nbsp; 341575 |
| Braskem Netherlands Finance BV |  |  |
| 4.500%, 01/10/28 | 933000 | &nbsp;&nbsp; 802661 |
| 4.500%, 01/31/30 | 286000 | &nbsp;&nbsp; 221321 |
| 8.000%, 10/15/34 (144A) | 260000 | &nbsp;&nbsp; 208234 |
| 8.500%, 01/12/31 | 344000 | &nbsp;&nbsp; 300813 |
| CNAC HK Finbridge Co. Ltd. |  |  |
| 5.125%, 03/14/28 | 200000 | &nbsp;&nbsp; 202282 |
| Ma'aden Sukuk Ltd. |  |  |
| 5.250%, 02/13/30 (144A) (c) | 576000 | &nbsp;&nbsp; 585703 |
| OCP SA |  |  |
| 6.700%, 03/01/36 (144A) | 648000 | &nbsp;&nbsp; 651204 |
| 7.500%, 05/02/54 (144A) | 470000 | &nbsp;&nbsp; 469671 |
| Orbia Advance Corp. SAB de CV |  |  |
| 2.875%, 05/11/31 | 400000 | &nbsp;&nbsp; 336157 |
| 6.800%, 05/13/30 (144A) | 200000 | &nbsp;&nbsp; 204400 |
| 7.500%, 05/13/35 (144A) | 537000 | &nbsp;&nbsp; 556074 |
| Sasol Financing USA LLC |  |  |
| 8.750%, 05/03/29 | 200000 | &nbsp;&nbsp; 198040 |
| 8.750%, 05/03/29 (144A) | 285000 | &nbsp;&nbsp; 282206 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 5.500%, 09/10/34 (144A) (c) | 355000 | &nbsp;&nbsp; 345408 |
| UPL Corp. Ltd. |  |  |
| 4.500%, 03/08/28 | 325000 | &nbsp;&nbsp; 309574 |
|  |  | &nbsp;&nbsp; 6306607 |
| **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** |
| Indika Energy Tbk. PT |  |  |
| 8.750%, 05/07/29 (144A) | 355000 | &nbsp;&nbsp; 341723 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| Boels Topholding BV |  |  |
| 6.250%, 02/15/29 (EUR) | 307000 | &nbsp;&nbsp; 374377 |
| DP World Ltd. |  |  |
| 5.625%, 09/25/48 | 600000 | &nbsp;&nbsp; 558945 |
| Global Payments, Inc. |  |  |
| 4.875%, 03/17/31 (EUR) | 455000 | &nbsp;&nbsp; 562712 |
| Mersin Uluslararasi Liman Isletmeciligi AS |  |  |
| 8.250%, 11/15/28 (144A) | 370000 | &nbsp;&nbsp; 384517 |
| Q-Park Holding I BV |  |  |
| 2.000%, 03/01/27 (EUR) | 206000 | &nbsp;&nbsp; 237895 |
| TransJamaican Highway Ltd. |  |  |
| 5.750%, 10/10/36 | 510620 | &nbsp;&nbsp; 472069 |
|  |  | &nbsp;&nbsp; 2590515 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Almaviva-The Italian Innovation Co. SpA |  |  |
| 5.000%, 10/30/30 (EUR) | 198000 | &nbsp;&nbsp; $234112 |
| CA Magnum Holdings |  |  |
| 5.375%, 10/31/26 (144A) | 680000 | &nbsp;&nbsp; 675009 |
| International Business Machines Corp. |  |  |
| 2.900%, 02/10/30 (EUR) | 269000 | &nbsp;&nbsp; 317083 |
| Lenovo Group Ltd. |  |  |
| 3.421%, 11/02/30 | 285000 | &nbsp;&nbsp; 265548 |
|  |  | &nbsp;&nbsp; 1491752 |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| Natura &Co. Luxembourg Holdings SARL |  |  |
| 4.125%, 05/03/28 | 795000 | &nbsp;&nbsp; 751579 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| Telecommunications Co. Telekom Srbija AD Belgrade |  |  |
| 7.000%, 10/28/29 (144A) | 542000 | &nbsp;&nbsp; 541248 |
| **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** |
| American Express Co. |  |  |
| 3.433%, 3M EURIBOR + 1.102%, 05/20/32 (EUR) (f) | 275000 | &nbsp;&nbsp; 326740 |
| BPCE SFH SA |  |  |
| 0.010%, 01/29/29 (EUR) | 700000 | &nbsp;&nbsp; 756359 |
| 0.010%, 05/27/30 (EUR) | 200000 | &nbsp;&nbsp; 207104 |
| Caisse de Refinancement de l'Habitat SA |  |  |
| 0.010%, 10/08/29 (EUR) | 600000 | &nbsp;&nbsp; 634644 |
| China Cinda 2020 I Management Ltd. |  |  |
| 3.250%, 01/28/27 | 380000 | &nbsp;&nbsp; 372167 |
| China Great Wall International Holdings V Ltd. |  |  |
| 2.875%, 11/23/26 | 270000 | &nbsp;&nbsp; 262631 |
| Credicorp Capital Sociedad Titulizadora SA |  |  |
| 10.100%, 12/15/43 (144A) (PEN) | 3100000 | &nbsp;&nbsp; 923218 |
| Credit Agricole Home Loan SFH SA |  |  |
| 0.875%, 08/31/27 (EUR) | 1200000 | &nbsp;&nbsp; 1373563 |
| Credit Mutuel Home Loan SFH SA |  |  |
| 3.250%, 04/20/29 (EUR) | 400000 | &nbsp;&nbsp; 483742 |
| 3.250%, 10/31/29 (EUR) | 300000 | &nbsp;&nbsp; 362909 |
| Ford Credit Canada Co. |  |  |
| 6.382%, 11/10/28 (CAD) | 756000 | &nbsp;&nbsp; 575143 |
| Intercorp Financial Services, Inc. |  |  |
| 4.125%, 10/19/27 | 285000 | &nbsp;&nbsp; 277001 |
| Joy Treasure Assets Holdings, Inc. |  |  |
| 4.500%, 03/20/29 | 340000 | &nbsp;&nbsp; 337171 |
| Societe Generale SFH SA |  |  |
| 1.375%, 05/05/28 (EUR) | 600000 | &nbsp;&nbsp; 687217 |
| 3.375%, 07/31/30 (EUR) | 100000 | &nbsp;&nbsp; 121448 |
| Visa, Inc. |  |  |
| 2.250%, 05/15/28 (EUR) | 361000 | &nbsp;&nbsp; 422335 |
|  |  | &nbsp;&nbsp; 8123392 |
| **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** |
| Adani Electricity Mumbai Ltd. |  |  |
| 3.949%, 02/12/30 | 290000 | &nbsp;&nbsp; 259530 |
| AES Andes SA |  |  |
| 6.300%, 03/15/29 (144A) | 360000 | &nbsp;&nbsp; 369939 |

---

*See accompanying notes to financial statements.*

**BHFTI-35**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| AES Panama Generation Holdings SRL |  |  |
| 4.375%, 05/31/30 | 390448 | &nbsp;&nbsp; $357291 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.580%, 10/20/35 (144A) (c) | 586503 | &nbsp;&nbsp; 586551 |
| 5.672%, 10/20/35 (144A) (c) | 480000 | &nbsp;&nbsp; 483542 |
| Colbun SA |  |  |
| 3.950%, 10/11/27 | 200000 | &nbsp;&nbsp; 196885 |
| Cometa Energia SA de CV |  |  |
| 6.375%, 04/24/35 | 168292 | &nbsp;&nbsp; 173460 |
| Comision Federal de Electricidad |  |  |
| 4.677%, 02/09/51 | 424000 | &nbsp;&nbsp; 295502 |
| 5.000%, 09/29/36 | 664000 | &nbsp;&nbsp; 586136 |
| Diamond II Ltd. |  |  |
| 7.950%, 07/28/26 | 230000 | &nbsp;&nbsp; 232042 |
| EDP Finance BV |  |  |
| 3.875%, 03/11/30 (EUR) | 300000 | &nbsp;&nbsp; 366270 |
| EDP Servicios Financieros Espana SA |  |  |
| 3.500%, 07/16/30 (EUR) | 107000 | &nbsp;&nbsp; 128507 |
| 3.500%, 07/21/31 (EUR) | 130000 | &nbsp;&nbsp; 155247 |
| Empresas Publicas de Medellin ESP |  |  |
| 4.250%, 07/18/29 (144A) | 592000 | &nbsp;&nbsp; 545032 |
| 4.375%, 02/15/31 | 667000 | &nbsp;&nbsp; 588623 |
| Enel Finance International NV |  |  |
| 4.000%, 02/20/31 (EUR) | 265000 | &nbsp;&nbsp; 325783 |
| Iberdrola Finanzas SA |  |  |
| 4.247%, 5Y EUR Swap + 1.983%, 05/28/30 (EUR) (f) | 400000 | &nbsp;&nbsp; 479269 |
| India Clean Energy Holdings |  |  |
| 4.500%, 04/18/27 (144A) | 265000 | &nbsp;&nbsp; 255547 |
| Investment Energy Resources Ltd. |  |  |
| 6.250%, 04/26/29 | 245000 | &nbsp;&nbsp; 240127 |
| Limak Yenilenebilir Enerji AS |  |  |
| 9.625%, 08/12/30 (144A) | 220000 | &nbsp;&nbsp; 217133 |
| Minejesa Capital BV |  |  |
| 4.625%, 08/10/30 | 197350 | &nbsp;&nbsp; 194601 |
| 5.625%, 08/10/37 (c) | 225000 | &nbsp;&nbsp; 216606 |
| National Grid Electricity Distribution PLC |  |  |
| 3.500%, 10/16/26 (GBP) | 451000 | &nbsp;&nbsp; 609997 |
| National Grid PLC |  |  |
| 0.553%, 09/18/29 (EUR) | 134000 | &nbsp;&nbsp; 142954 |
| Niagara Energy SAC |  |  |
| 5.746%, 10/03/34 (144A) (c) | 243000 | &nbsp;&nbsp; 240561 |
| Saavi Energia SARL |  |  |
| 8.875%, 02/10/35 (144A) | 330000 | &nbsp;&nbsp; 344355 |
| Sorik Marapi Geothermal Power PT |  |  |
| 7.750%, 08/05/31 (144A) | 227079 | &nbsp;&nbsp; 227490 |
| SSE PLC |  |  |
| 8.375%, 11/20/28 (GBP) | 158000 | &nbsp;&nbsp; 242343 |
| Trinidad Generation Unlimited |  |  |
| 7.750%, 06/16/33 (144A) | 211000 | &nbsp;&nbsp; 218596 |
| Zorlu Enerji Elektrik Uretim AS |  |  |
| 11.000%, 04/23/30 | 340000 | &nbsp;&nbsp; 313650 |
|  |  | &nbsp;&nbsp; 9593569 |
| **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** |
| Greenko Dutch BV |  |  |
| 3.850%, 03/29/26 | 352000 | &nbsp;&nbsp; 345414 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Energy-Alternate Sources—(Continued)** | **Energy-Alternate Sources—(Continued)** | **Energy-Alternate Sources—(Continued)** |
| Greenko Wind Projects Mauritius Ltd. |  |  |
| 7.250%, 09/27/28 (144A) | 308000 | &nbsp;&nbsp; $310630 |
| UEP Penonome II SA |  |  |
| 6.500%, 10/01/38 | 468010 | &nbsp;&nbsp; 414113 |
|  |  | &nbsp;&nbsp; 1070157 |
| **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
| Aeropuerto Internacional de Tocumen SA |  |  |
| 4.000%, 08/11/41 | 860000 | &nbsp;&nbsp; 645860 |
| Heathrow Funding Ltd. |  |  |
| 6.450%, 12/10/33 (GBP) | 435000 | &nbsp;&nbsp; 637934 |
| IHS Holding Ltd. |  |  |
| 8.250%, 11/29/31 (144A) (c) | 330000 | &nbsp;&nbsp; 332882 |
| IRB Infrastructure Developers Ltd. |  |  |
| 7.110%, 03/11/32 | 220000 | &nbsp;&nbsp; 220563 |
| Kingston Airport Revenue Finance Ltd. |  |  |
| 6.750%, 12/15/36 (144A) | 365000 | &nbsp;&nbsp; 366982 |
| TAV Havalimanlari Holding AS |  |  |
| 8.500%, 12/07/28 (144A) | 375000 | &nbsp;&nbsp; 391050 |
|  |  | &nbsp;&nbsp; 2595271 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Flutter Treasury DAC |  |  |
| 4.000%, 06/04/31 (144A) (EUR) | 183000 | &nbsp;&nbsp; 215902 |
| 6.125%, 06/04/31 (144A) (GBP) | 154000 | &nbsp;&nbsp; 212888 |
| Warnermedia Holdings, Inc. |  |  |
| 4.279%, 03/15/32 (c) | 53000 | &nbsp;&nbsp; 44586 |
|  |  | &nbsp;&nbsp; 473376 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| Ambipar Lux SARL |  |  |
| 10.875%, 02/05/33 (144A) | 1010000 | &nbsp;&nbsp; 954517 |
| Luna 2 5SARL |  |  |
| 5.500%, 07/01/32 (144A) (EUR) | 179000 | &nbsp;&nbsp; 214842 |
| Paprec Holding SA |  |  |
| 7.250%, 11/17/29 (EUR) | 190000 | &nbsp;&nbsp; 234575 |
|  |  | &nbsp;&nbsp; 1403934 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| China Modern Dairy Holdings Ltd. |  |  |
| 2.125%, 07/14/26 | 310000 | &nbsp;&nbsp; 301243 |
| General Mills, Inc. |  |  |
| 3.600%, 04/17/32 (EUR) | 579000 | &nbsp;&nbsp; 684753 |
| Loblaw Cos. Ltd. |  |  |
| 6.540%, 02/17/33 (144A) (CAD) | 604000 | &nbsp;&nbsp; 505723 |
|  |  | &nbsp;&nbsp; 1491719 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Celulosa Arauco y Constitucion SA |  |  |
| 6.180%, 05/05/32 (144A) | 259000 | &nbsp;&nbsp; 263817 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| Cadent Finance PLC |  |  |
| 3.750%, 04/16/33 (EUR) | 105000 | &nbsp;&nbsp; 124362 |

---

*See accompanying notes to financial statements.*

**BHFTI-36**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Gas—(Continued)** | **Gas—(Continued)** | **Gas—(Continued)** |
| Centrica PLC |  |  |
| 4.375%, 03/13/29 (GBP) | 400000 | &nbsp;&nbsp; $543498 |
| National Grid North America, Inc. |  |  |
| 3.631%, 09/03/31 (EUR) | 100000 | &nbsp;&nbsp; 119894 |
|  |  | &nbsp;&nbsp; 787754 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| American Medical Systems Europe BV |  |  |
| 3.000%, 03/08/31 (EUR) | 293000 | &nbsp;&nbsp; 344582 |
| **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.800%, 11/28/29 (CNY) | 4500000 | &nbsp;&nbsp; 640569 |
| Alphabet, Inc. |  |  |
| 2.500%, 05/06/29 (EUR) | 271000 | &nbsp;&nbsp; 319135 |
| Baidu, Inc. |  |  |
| 2.700%, 03/12/30 (CNY) | 2330000 | &nbsp;&nbsp; 330697 |
| 3.000%, 03/12/35 (CNY) | 1330000 | &nbsp;&nbsp; 189416 |
| Booking Holdings, Inc. |  |  |
| 4.500%, 11/15/31 (EUR) | 338000 | &nbsp;&nbsp; 425572 |
| Prosus NV |  |  |
| 3.061%, 07/13/31 | 465000 | &nbsp;&nbsp; 411885 |
|  |  | &nbsp;&nbsp; 2317274 |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| CFAMC II Co. Ltd. |  |  |
| 4.625%, 06/03/26 | 220000 | &nbsp;&nbsp; 219252 |
| 4.875%, 11/22/26 | 320000 | &nbsp;&nbsp; 319453 |
| Gaci First Investment Co. |  |  |
| 5.375%, 10/13/2122 | 400000 | &nbsp;&nbsp; 330000 |
| Temasek Financial I Ltd. |  |  |
| 2.750%, 08/28/34 (CNY) | 1000000 | &nbsp;&nbsp; 144303 |
| 3.100%, 08/28/54 (CNY) | 3430000 | &nbsp;&nbsp; 499027 |
|  |  | &nbsp;&nbsp; 1512035 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| CSN Inova Ventures |  |  |
| 6.750%, 01/28/28 | 325000 | &nbsp;&nbsp; 306887 |
| Eregli Demir ve Celik Fabrikalari TAS |  |  |
| 8.375%, 07/23/29 | 320000 | &nbsp;&nbsp; 328527 |
| JSW Steel Ltd. |  |  |
| 3.950%, 04/05/27 | 330000 | &nbsp;&nbsp; 319463 |
|  |  | &nbsp;&nbsp; 954877 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Melco Resorts Finance Ltd. |  |  |
| 5.750%, 07/21/28 (144A) (c) | 390000 | &nbsp;&nbsp; 381030 |
| Wynn Macau Ltd. |  |  |
| 5.625%, 08/26/28 | 310000 | &nbsp;&nbsp; 304758 |
|  |  | &nbsp;&nbsp; 685788 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Globo Comunicacao e Participacoes SA |  |  |
| 5.500%, 01/14/32 | 248000 | &nbsp;&nbsp; 232368 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Grupo Televisa SAB |  |  |
| 4.625%, 01/30/26 | 360000 | &nbsp;&nbsp; $356316 |
|  |  | &nbsp;&nbsp; 588684 |
| **Mining — 1.4%** | **Mining — 1.4%** | **Mining — 1.4%** |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.700%, 01/30/50 | 555000 | &nbsp;&nbsp; 373451 |
| 5.950%, 01/08/34 | 1740000 | &nbsp;&nbsp; 1773373 |
| 5.950%, 01/08/34 (144A) | 1144000 | &nbsp;&nbsp; 1165942 |
| Navoi Mining & Metallurgical Combinat |  |  |
| 6.700%, 10/17/28 (144A) | 245000 | &nbsp;&nbsp; 250297 |
| Stillwater Mining Co. |  |  |
| 4.000%, 11/16/26 | 575000 | &nbsp;&nbsp; 560798 |
| Vedanta Resources Finance II PLC |  |  |
| 9.475%, 07/24/30 | 310000 | &nbsp;&nbsp; 307449 |
| 10.875%, 09/17/29 | 227000 | &nbsp;&nbsp; 235083 |
| 10.875%, 09/17/29 (144A) | 355000 | &nbsp;&nbsp; 367640 |
| Volcan Cia Minera SAA |  |  |
| 8.750%, 01/24/30 (144A) | 789000 | &nbsp;&nbsp; 783800 |
|  |  | &nbsp;&nbsp; 5817833 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| Parker-Hannifin Corp. |  |  |
| 2.900%, 03/01/30 (EUR) | 326000 | &nbsp;&nbsp; 381206 |
| **Oil & Gas — 7.2%** | **Oil & Gas — 7.2%** | **Oil & Gas — 7.2%** |
| Bapco Energies BSC Closed |  |  |
| 7.500%, 10/25/27 | 1276000 | &nbsp;&nbsp; 1307326 |
| BP Capital Markets PLC |  |  |
| 3.250%, 5Y EUR Swap + 3.520%, 03/22/26 (EUR) (f) | 234000 | &nbsp;&nbsp; 275916 |
| 3.625%, 5Y EUR Swap + 3.780%, 03/22/29 (EUR) (f) | 201000 | &nbsp;&nbsp; 235072 |
| Canacol Energy Ltd. |  |  |
| 5.750%, 11/24/28 | 866000 | &nbsp;&nbsp; 296444 |
| 5.750%, 11/24/28 (144A) | 276000 | &nbsp;&nbsp; 94479 |
| Ecopetrol SA |  |  |
| 8.375%, 01/19/36 | 87000 | &nbsp;&nbsp; 83943 |
| 8.625%, 01/19/29 (c) | 3557000 | &nbsp;&nbsp; 3759760 |
| Empresa Nacional del Petroleo |  |  |
| 4.500%, 09/14/47 | 1375000 | &nbsp;&nbsp; 1043612 |
| Gran Tierra Energy, Inc. |  |  |
| 9.500%, 10/15/29 | 206000 | &nbsp;&nbsp; 156779 |
| 9.500%, 10/15/29 (144A) | 619000 | &nbsp;&nbsp; 471099 |
| Leviathan Bond Ltd. |  |  |
| 6.750%, 06/30/30 (144A) | 246793 | &nbsp;&nbsp; 242844 |
| Medco Cypress Tree Pte. Ltd. |  |  |
| 8.625%, 05/19/30 (144A) | 310000 | &nbsp;&nbsp; 317416 |
| Pertamina Persero PT |  |  |
| 2.300%, 02/09/31 | 995000 | &nbsp;&nbsp; 864259 |
| Petroleos de Venezuela SA |  |  |
| 5.375%, 04/12/27 (e) | 987800 | &nbsp;&nbsp; 122065 |
| 6.000%, 11/15/26 (e) | 2005965 | &nbsp;&nbsp; 250330 |
| Petroleos Mexicanos |  |  |
| 5.500%, 06/27/44 | 790000 | &nbsp;&nbsp; 531686 |
| 5.625%, 01/23/46 | 539000 | &nbsp;&nbsp; 357441 |
| 6.350%, 02/12/48 (c) | 5511000 | &nbsp;&nbsp; 3837112 |
| 6.375%, 01/23/45 | 1940000 | &nbsp;&nbsp; 1374148 |

---

*See accompanying notes to financial statements.*

**BHFTI-37**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Petroleos Mexicanos |  |  |
| 6.500%, 03/13/27 | 240000 | &nbsp;&nbsp; $238333 |
| 6.500%, 01/23/29 | 5229000 | &nbsp;&nbsp; 5116938 |
| 6.875%, 08/04/26 (c) | 1549000 | &nbsp;&nbsp; 1549352 |
| 7.690%, 01/23/50 | 999000 | &nbsp;&nbsp; 785799 |
| 8.750%, 06/02/29 | 935000 | &nbsp;&nbsp; 968696 |
| Petronas Capital Ltd. |  |  |
| 3.404%, 04/28/61 | 1734000 | &nbsp;&nbsp; 1130002 |
| 5.340%, 04/03/35 (144A) | 1870000 | &nbsp;&nbsp; 1915129 |
| Raizen Fuels Finance SA |  |  |
| 5.700%, 01/17/35 | 200000 | &nbsp;&nbsp; 187250 |
| 6.250%, 07/08/32 (144A) | 360000 | &nbsp;&nbsp; 357300 |
| 6.700%, 02/25/37 (144A) | 440000 | &nbsp;&nbsp; 430100 |
| TotalEnergies SE |  |  |
| 1.625%, 5Y EUR Swap + 1.993%, 10/25/27 (EUR) (f) | 478000 | &nbsp;&nbsp; 539864 |
| Wintershall Dea Finance BV |  |  |
| 1.823%, 09/25/31 (EUR) | 500000 | &nbsp;&nbsp; 517966 |
|  |  | &nbsp;&nbsp; 29358460 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Pfizer Netherlands International Finance BV |  |  |
| 2.875%, 05/19/29 (EUR) | 184000 | &nbsp;&nbsp; 218437 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| Abu Dhabi Crude Oil Pipeline LLC |  |  |
| 4.600%, 11/02/47 | 890000 | &nbsp;&nbsp; 795840 |
| Acu Petroleo Luxembourg SARL |  |  |
| 7.500%, 07/13/35 (144A) | 369980 | &nbsp;&nbsp; 369560 |
| Southern Gas Corridor CJSC |  |  |
| 6.875%, 03/24/26 | 565000 | &nbsp;&nbsp; 571896 |
|  |  | &nbsp;&nbsp; 1737296 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| Port of Spain Waterfront Development |  |  |
| 7.875%, 02/19/40 (144A) | 1100000 | &nbsp;&nbsp; 1093070 |
| Prologis International Funding II SA |  |  |
| 1.625%, 06/17/32 (EUR) | 191000 | &nbsp;&nbsp; 198705 |
| Sinochem Offshore Capital Co. Ltd. |  |  |
| 2.375%, 09/23/31 | 345000 | &nbsp;&nbsp; 303105 |
| Swire Properties MTN Financing Ltd. |  |  |
| 3.400%, 09/03/29 (CNY) | 1810000 | &nbsp;&nbsp; 258310 |
|  |  | &nbsp;&nbsp; 1853190 |
| **Real Estate Investment Trusts — 0.6%** | **Real Estate Investment Trusts — 0.6%** | **Real Estate Investment Trusts — 0.6%** |
| American Tower Corp. |  |  |
| 0.875%, 05/21/29 (EUR) | 197000 | &nbsp;&nbsp; 214817 |
| 4.625%, 05/16/31 (EUR) | 335000 | &nbsp;&nbsp; 421483 |
| CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 |  |  |
| 4.375%, 07/22/31 | 280000 | &nbsp;&nbsp; 218466 |
| Equinix Europe 2 Financing Corp. LLC |  |  |
| 4.000%, 05/19/34 (EUR) | 121000 | &nbsp;&nbsp; 142979 |
| Trust Fibra Uno |  |  |
| 4.869%, 01/15/30 | 1088000 | &nbsp;&nbsp; 1033305 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Westfield America Management Ltd. |  |  |
| 2.625%, 03/30/29 (GBP) | 195000 | &nbsp;&nbsp; $246236 |
|  |  | &nbsp;&nbsp; 2277286 |
| **Savings & Loans — 0.4%** | **Savings & Loans — 0.4%** | **Savings & Loans — 0.4%** |
| Nationwide Building Society |  |  |
| 1.125%, 05/31/28 (EUR) | 1000000 | &nbsp;&nbsp; 1136887 |
| 6.178%, 1Y GBP Swap + 2.213%, 12/07/27 (GBP) (f) | 435000 | &nbsp;&nbsp; 609640 |
|  |  | &nbsp;&nbsp; 1746527 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Fidelity National Information Services, Inc. |  |  |
| 2.000%, 05/21/30 (EUR) | 100000 | &nbsp;&nbsp; 112398 |
| Fiserv, Inc. |  |  |
| 1.625%, 07/01/30 (EUR) | 816000 | &nbsp;&nbsp; 891587 |
|  |  | &nbsp;&nbsp; 1003985 |
| **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
| AT&T, Inc. |  |  |
| 4.100%, 01/19/26 (AUD) | 1530000 | &nbsp;&nbsp; 1006909 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |
| 5.850%, 11/10/32 (CAD) | 394000 | &nbsp;&nbsp; 316872 |
| CT Trust |  |  |
| 5.125%, 02/03/32 (c) | 390000 | &nbsp;&nbsp; 363615 |
| Sable International Finance Ltd. |  |  |
| 7.125%, 10/15/32 (144A) (c) | 365000 | &nbsp;&nbsp; 365970 |
| TELUS Corp. |  |  |
| 5.750%, 09/08/33 (CAD) | 450000 | &nbsp;&nbsp; 360010 |
|  |  | &nbsp;&nbsp; 2413376 |
| **Transportation — 2.6%** | **Transportation — 2.6%** | **Transportation — 2.6%** |
| Empresa de Transporte de Pasajeros Metro SA |  |  |
| 3.650%, 05/07/30 (144A) | 200000 | &nbsp;&nbsp; 189550 |
| 4.700%, 05/07/50 | 665000 | &nbsp;&nbsp; 535369 |
| 5.000%, 01/25/47 | 200000 | &nbsp;&nbsp; 172203 |
| Lima Metro Line 2 Finance Ltd. |  |  |
| 4.350%, 04/05/36 | 813019 | &nbsp;&nbsp; 764868 |
| 5.875%, 07/05/34 | 576606 | &nbsp;&nbsp; 584799 |
| MTR Corp. Ltd. |  |  |
| 3.050%, 09/20/54 (CNY) | 4650000 | &nbsp;&nbsp; 668087 |
| SNCF Reseau |  |  |
| 1.125%, 05/25/30 (EUR) | 4100000 | &nbsp;&nbsp; 4466460 |
| Transnet SOC Ltd. |  |  |
| 8.250%, 02/06/28 | 1633000 | &nbsp;&nbsp; 1688842 |
| 8.250%, 02/06/28 (144A) | 1681000 | &nbsp;&nbsp; 1738725 |
|  |  | &nbsp;&nbsp; 10808903 |
| **Water — 0.5%** | **Water — 0.5%** | **Water — 0.5%** |
| Aegea Finance SARL |  |  |
| 9.000%, 01/20/31 (144A) | 220000 | &nbsp;&nbsp; 233647 |
| Anglian Water Services Financing PLC |  |  |
| 5.875%, 06/20/31 (GBP) | 225000 | &nbsp;&nbsp; 315959 |
| Suez SACA |  |  |
| 2.375%, 05/24/30 (EUR) | 600000 | &nbsp;&nbsp; 683684 |

---

*See accompanying notes to financial statements.*

**BHFTI-38**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Water—(Continued)** | **Water—(Continued)** | **Water—(Continued)** |
| United Utilities Water Finance PLC |  |  |
| 3.500%, 02/27/33 (EUR) | 700000 | &nbsp;&nbsp; $818753 |
| Veolia Environnement SA |  |  |
| 1.940%, 01/07/30 (EUR) | 100000 | &nbsp;&nbsp; 113060 |
|  |  | &nbsp;&nbsp; 2165103 |
| Total Corporate Bonds & Notes <br>(Cost $132,316,014) <br>|  | &nbsp;&nbsp; 136448418 |
| **Asset-Backed Securities—1.5%** | **Asset-Backed Securities—1.5%** | **Asset-Backed Securities—1.5%** |
| **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** | **Asset-Backed - Automobile — 0.2%** |
| Ally Bank Auto Credit-Linked Notes |  |  |
| 5.117%, 09/15/32 (144A) | 193455 | &nbsp;&nbsp; 194732 |
| BOF VII AL Funding Trust I |  |  |
| 6.291%, 07/26/32 (144A) | 163238 | &nbsp;&nbsp; 165939 |
| PenFed Auto Receivables Owner Trust |  |  |
| 4.700%, 06/15/29 (144A) | 157000 | &nbsp;&nbsp; 157585 |
| Securitized Term Auto Receivables Trust |  |  |
| 5.038%, 07/25/31 (144A) | 145576 | &nbsp;&nbsp; 146626 |
| Tesla Auto Lease Trust |  |  |
| 5.110%, 08/21/28 (144A) | 386000 | &nbsp;&nbsp; 387066 |
|  |  | &nbsp;&nbsp; 1051948 |
| **Asset-Backed - Other — 1.2%** | **Asset-Backed - Other — 1.2%** | **Asset-Backed - Other — 1.2%** |
| Affirm Asset Securitization Trust |  |  |
| 4.620%, 09/15/29 (144A) | 108000 | &nbsp;&nbsp; 108013 |
| AGL CLO 16 Ltd. |  |  |
| 5.670%, 3M TSFR + 1.400%, 01/20/35 (144A) (f) | 375000 | &nbsp;&nbsp; 375155 |
| AGL CLO 17 Ltd. |  |  |
| 5.670%, 3M TSFR + 1.400%, 01/21/35 (144A) (f) | 500000 | &nbsp;&nbsp; 500222 |
| Amur Equipment Finance Receivables XI LLC |  |  |
| 5.300%, 06/21/28 (144A) | 148796 | &nbsp;&nbsp; 149101 |
| Amur Equipment Finance Receivables XII LLC |  |  |
| 6.090%, 12/20/29 (144A) | 108079 | &nbsp;&nbsp; 109125 |
| Auxilior Term Funding LLC |  |  |
| 6.180%, 12/15/28 (144A) | 243263 | &nbsp;&nbsp; 245224 |
| BHG Securitization Trust |  |  |
| 5.550%, 04/17/36 (144A) | 99665 | &nbsp;&nbsp; 99827 |
| Capital Street Master Trust |  |  |
| 5.654%, SOFR30A + 1.350%, 10/16/28 (144A) (f) | 189362 | &nbsp;&nbsp; 189261 |
| Clarus Capital Funding LLC |  |  |
| 4.790%, 08/20/32 (144A) | 102000 | &nbsp;&nbsp; 102004 |
| Clover CLO LLC |  |  |
| 5.732%, 3M TSFR + 1.450%, 01/25/35 (144A) (f) | 456364 | &nbsp;&nbsp; 456987 |
| Dell Equipment Finance Trust |  |  |
| 4.820%, 08/22/30 (144A) | 250000 | &nbsp;&nbsp; 251557 |
| DLLAA LLC |  |  |
| 5.930%, 07/20/26 (144A) | 24615 | &nbsp;&nbsp; 24643 |
| HINNT LLC |  |  |
| 5.490%, 03/15/43 (144A) | 124738 | &nbsp;&nbsp; 126818 |
| Lendmark Funding Trust |  |  |
| 4.860%, 02/21/34 (144A) | 101000 | &nbsp;&nbsp; 100626 |
| M&T Equipment Notes |  |  |
| 4.990%, 08/18/31 (144A) | 157877 | &nbsp;&nbsp; 158167 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Magnetite XIX Ltd. |  |  |
| 5.730%, 3M TSFR + 1.450%, 04/17/34 (144A) (f) | 272765 | &nbsp;&nbsp; $272643 |
| Marlette Funding Trust |  |  |
| 5.950%, 07/17/34 (144A) | 25132 | &nbsp;&nbsp; 25169 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. |  |  |
| 5.770%, 3M TSFR + 1.500%, 01/20/37 (144A) (f) | 470000 | &nbsp;&nbsp; 468719 |
| NMEF Funding LLC |  |  |
| 5.150%, 12/15/31 (144A) | 225891 | &nbsp;&nbsp; 226880 |
| 6.570%, 06/17/30 (144A) | 164551 | &nbsp;&nbsp; 165619 |
| OCP CLO Ltd. |  |  |
| 5.832%, 3M TSFR + 1.550%, 01/17/37 (144A) (f) | 360000 | &nbsp;&nbsp; 359100 |
| PEAC Solutions Receivables LLC |  |  |
| 5.200%, 07/20/32 (144A) | 126000 | &nbsp;&nbsp; 127618 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| 5.140%, 06/20/41 (144A) | 105531 | &nbsp;&nbsp; 106367 |
|  |  | &nbsp;&nbsp; 4748845 |
| **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** |
| Nelnet Student Loan Trust |  |  |
| 2.530%, 04/20/62 (144A) | 548158 | &nbsp;&nbsp; 477895 |
| Total Asset-Backed Securities <br>(Cost $6,331,144) <br>|  | &nbsp;&nbsp; 6278688 |
| **Non-Agency Mortgage-Backed Securities—1.2%** | **Non-Agency Mortgage-Backed Securities—1.2%** | **Non-Agency Mortgage-Backed Securities—1.2%** |
| **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** |
| BAMLL Trust |  |  |
| 6.162%, 1M TSFR + 1.850%, 02/15/42 (144A) (f) | 755000 | &nbsp;&nbsp; 755026 |
| BFLD Mortgage Trust |  |  |
| 6.026%, 1M TSFR + 1.714%, 06/15/38 (144A) (f) | 310000 | &nbsp;&nbsp; 310000 |
| BX Commercial Mortgage Trust |  |  |
| 5.804%, 1M TSFR + 1.492%, 10/15/41 (144A) (f) | 256101 | &nbsp;&nbsp; 256580 |
| DTP Commercial Mortgage Trust |  |  |
| 6.038%, 01/15/41 (144A) (f) | 144000 | &nbsp;&nbsp; 147524 |
| Fashion Show Mall LLC |  |  |
| 5.274%, 10/10/41 (144A) (f) | 250000 | &nbsp;&nbsp; 252466 |
| Great Wolf Trust |  |  |
| 5.854%, 1M TSFR + 1.542%, 03/15/39 (144A) (f) | 688000 | &nbsp;&nbsp; 689075 |
| HILT Commercial Mortgage Trust |  |  |
| 5.853%, 1M TSFR + 1.541%, 05/15/37 (144A) (f) | 260000 | &nbsp;&nbsp; 260163 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 3.690%, 12/15/47 (144A) (f) | 1500000 | &nbsp;&nbsp; 870225 |
| NJ Trust |  |  |
| 6.697%, 01/06/29 (144A) (f) | 301751 | &nbsp;&nbsp; 317371 |
| ORL Trust |  |  |
| 5.804%, 1M TSFR + 1.493%, 12/15/39 (144A) (f) | 227270 | &nbsp;&nbsp; 227199 |
| SWCH Commercial Mortgage Trust |  |  |
| 5.755%, 1M TSFR + 1.443%, 02/15/42 (144A) (f) | 675231 | &nbsp;&nbsp; 670235 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $5,148,239) <br>|  | &nbsp;&nbsp; 4755864 |

---

*See accompanying notes to financial statements.*

**BHFTI-39**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—1.1%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 1.1%** | **Agency Collateralized Mortgage Obligations — 1.1%** | **Agency Collateralized Mortgage Obligations — 1.1%** |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 5.255%, SOFR30A + 0.950%, 12/25/41 (144A) (f) | 704605 | &nbsp;&nbsp; $703288 |
| 5.305%, SOFR30A + 1.000%, 10/25/44 (144A) (f) | 52854 | &nbsp;&nbsp; 52838 |
| 5.505%, SOFR30A + 1.200%, 08/25/44 (144A) (f) | 481312 | &nbsp;&nbsp; 481461 |
| 5.805%, SOFR30A + 1.500%, 10/25/41 (144A) (f) | 716548 | &nbsp;&nbsp; 719257 |
| 6.406%, SOFR30A + 2.100%, 03/25/43 (144A) (f) | 249694 | &nbsp;&nbsp; 253362 |
| 8.655%, SOFR30A + 4.350%, 04/25/42 (144A) (f) | 208229 | &nbsp;&nbsp; 219179 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 5.155%, SOFR30A + 0.850%, 12/25/41 (144A) (f) | 63805 | &nbsp;&nbsp; 63681 |
| 5.305%, SOFR30A + 1.000%, 07/25/44 (144A) (f) | 100450 | &nbsp;&nbsp; 100357 |
| 5.355%, SOFR30A + 1.050%, 09/25/44 (144A) (f) | 68205 | &nbsp;&nbsp; 68205 |
| 5.406%, SOFR30A + 1.100%, 01/25/45 (144A) (f) | 198477 | &nbsp;&nbsp; 198603 |
| 5.855%, SOFR30A + 1.550%, 10/25/41 (144A) (f) | 43453 | &nbsp;&nbsp; 43560 |
| 6.206%, SOFR30A + 1.900%, 06/25/43 (144A) (f) | 208335 | &nbsp;&nbsp; 210343 |
| 6.520%, SOFR30A + 2.214%, 03/25/31 (f) | 973332 | &nbsp;&nbsp; 992430 |
| 6.855%, SOFR30A + 2.550%, 07/25/42 (144A) (f) | 426223 | &nbsp;&nbsp; 435730 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $4,488,140) <br>|  | &nbsp;&nbsp; 4542294 |
| **U.S. Treasury & Government Agencies—0.2%** | **U.S. Treasury & Government Agencies—0.2%** | **U.S. Treasury & Government Agencies—0.2%** |
| **U.S. Treasury — 0.2%** | **U.S. Treasury — 0.2%** | **U.S. Treasury — 0.2%** |
| U.S. Treasury Bonds |  |  |
| 4.500%, 11/15/54 <br>(Cost $647,462)<br>| 680000 | &nbsp;&nbsp; 648019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.6%** | **Short-Term Investments—2.6%** | **Short-Term Investments—2.6%** |
| **Repurchase Agreement—1.7%** | **Repurchase Agreement—1.7%** | **Repurchase Agreement—1.7%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $6,837,282; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $6,973,491<br>| 6836665 | &nbsp;&nbsp; 6836665 |
| **U.S. Treasury—0.9%** | **U.S. Treasury—0.9%** | **U.S. Treasury—0.9%** |
| U.S. Treasury Bills |  |  |
| Zero Coupon, 07/01/25 (g) | 990000 | &nbsp;&nbsp; 990000 |
| 4.210%, 07/17/25 (g) | 990000 | &nbsp;&nbsp; 988179 |
| 4.218%, 08/19/25 (c) (g) | 1000000 | &nbsp;&nbsp; 994130 |
| 4.223%, 08/05/25 (g) | 1000000 | &nbsp;&nbsp; 995863 |
|  |  | &nbsp;&nbsp; 3968172 |
| Total Short-Term Investments <br>(Cost $10,804,967) <br>|  | &nbsp;&nbsp; 10804837 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (h)—0.6%** | **Securities Lending Reinvestments (h)—0.6%** | **Securities Lending Reinvestments (h)—0.6%** |
| **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** | **Short-Term Investment Funds—0.4%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (i)<br>| 400000 | &nbsp;&nbsp; 400000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (i)<br>| 400000 | &nbsp;&nbsp; 400000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (i)<br>| 100000 | &nbsp;&nbsp; 100000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| HSBC U.S. Government Money Market Fund, <br>Class I 4.260% (i)<br>| 20000 | &nbsp;&nbsp; $20000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (i)<br>| 400000 | &nbsp;&nbsp; 400000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (i)<br>| 400000 | &nbsp;&nbsp; 400000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.270% (i)<br>| 50000 | &nbsp;&nbsp; 50000 |
| Western Asset Institutional Government Reserves Fund, <br>Institutional Class 4.240% (i)<br>| 20000 | &nbsp;&nbsp; 20000 |
|  |  | &nbsp;&nbsp; 1790000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** | **Repurchase Agreements—0.2%** |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due <br> on 07/01/25 with a maturity value of $520,413; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 2.250% - 3.250%, maturity dates ranging <br> from 05/15/41 - 05/15/52, and an aggregate market <br> value of $530,757<br>| 520350 | &nbsp;&nbsp; 520350 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due <br> on 07/01/25 with a maturity value of $80,010; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.250% - 4.750%, maturity dates ranging <br> from 08/31/25 - 02/15/48, and an aggregate market <br> value of $81,600<br>| 80000 | &nbsp;&nbsp; 80000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due <br> on 07/01/25 with a maturity value of $50,006; <br> collateralized by various Common Stock with an aggregate <br> market value of $55,007<br>| 50000 | &nbsp;&nbsp; 50000 |
|  |  | &nbsp;&nbsp; 650350 |
| Total Securities Lending Reinvestments <br>(Cost $2,440,350) <br>|  | &nbsp;&nbsp; 2440350 |
| Total Investments—100.0% <br>(Cost $406,450,356) <br>|  | &nbsp;&nbsp; 408259562 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; 11524 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $408271086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of June 30, 2025, the market value of restricted securities was <br> $933,075, which is 0.2% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | Interest only security. |
| (b) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (c) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $17,566,775 and the collateral received consisted of cash in the <br> amount of $2,440,350 and non-cash collateral with a value of $15,825,777. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br>|

---

*See accompanying notes to financial statements.*

**BHFTI-40**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (d) | Principal amount of security is adjusted for inflation. |
| (e) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (f) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (g) | The rate shown represents current yield to maturity. |
| (h) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (i) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br>|

---

institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $83,812,262, which is 20.5% of net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Japan | 9.5 |
| United States | 6.7 |
| Mexico | 5.7 |
| United Kingdom | 5.6 |
| China | 4.4 |
| Canada | 4.1 |
| France | 4.0 |
| Colombia | 3.5 |
| Turkey | 3.4 |
| Brazil | 2.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Cost** | **Value** |
| Turkiye Ihracat Kredi Bankasi AS, 6.875%, 07/03/28 | 06/23/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 306000 | &nbsp;&nbsp; $304976 | &nbsp;&nbsp; $306308 |
| Turkiye Ihracat Kredi Bankasi AS, 9.000%, 01/28/27 | 10/24/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 598706 | &nbsp;&nbsp; 626767 |
|  |  |  |  |  | &nbsp;&nbsp; $933075 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26883503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $224219691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28 <br>,078616<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $279970230 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(768000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(768000)<br>|
| Foreign Government | &nbsp;&nbsp; (1672350)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1672350)<br>|
| Total Borrowings | &nbsp;&nbsp; $(2440350)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2440350)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(2440350)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| BRL | &nbsp;&nbsp; 3080770 | BOA | 07/02/25 | USD | 553597 | &nbsp;&nbsp; $13440 |
| BRL | &nbsp;&nbsp; 10837304 | BOA | 07/02/25 | USD | 1947404 | &nbsp;&nbsp; 47277 |
| BRL | &nbsp;&nbsp; 2203271 | HSBCU | 08/04/25 | USD | 394145 | &nbsp;&nbsp; 8249 |

---

*See accompanying notes to financial statements.*

**BHFTI-41**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| BRL | &nbsp;&nbsp; 3080770 | MSCS | 07/02/25 | USD | 564543 | &nbsp;&nbsp; $2494 |
| BRL | &nbsp;&nbsp; 10837304 | MSCS | 07/02/25 | USD | 1985909 | &nbsp;&nbsp; 8773 |
| CAD | &nbsp;&nbsp; 398664 | SSBT | 08/28/25 | USD | 291427 | &nbsp;&nbsp; 2172 |
| CNH | &nbsp;&nbsp; 39350849 | CBNA | 08/07/25 | USD | 5480085 | &nbsp;&nbsp; 32210 |
| CNH | &nbsp;&nbsp; 1203601 | SSBT | 08/07/25 | USD | 168166 | &nbsp;&nbsp; 435 |
| COP | &nbsp;&nbsp; 909759369 | BOA | 07/15/25 | USD | 220548 | &nbsp;&nbsp; 1720 |
| COP | &nbsp;&nbsp; 2729262094 | BNP | 07/15/25 | USD | 639471 | &nbsp;&nbsp; 27327 |
| COP | &nbsp;&nbsp; 8264994686 | CBNA | 07/15/25 | USD | 2021448 | &nbsp;&nbsp; (2190)<br>|
| EUR | &nbsp;&nbsp; 538080 | BBP | 07/09/25 | USD | 604675 | &nbsp;&nbsp; 29449 |
| EUR | &nbsp;&nbsp; 826556 | JPMC | 07/09/25 | USD | 962650 | &nbsp;&nbsp; 11440 |
| EUR | &nbsp;&nbsp; 110517 | SSBT | 07/09/25 | USD | 126700 | &nbsp;&nbsp; 3543 |
| EUR | &nbsp;&nbsp; 260228 | SSBT | 07/09/25 | USD | 302747 | &nbsp;&nbsp; 3931 |
| EUR | &nbsp;&nbsp; 146698 | SSBT | 07/09/25 | USD | 167981 | &nbsp;&nbsp; 4901 |
| EUR | &nbsp;&nbsp; 383220 | SSBT | 07/09/25 | USD | 444553 | &nbsp;&nbsp; 7069 |
| EUR | &nbsp;&nbsp; 141128 | SSBT | 07/09/25 | USD | 159013 | &nbsp;&nbsp; 7306 |
| EUR | &nbsp;&nbsp; 284499 | SSBT | 07/09/25 | USD | 327429 | &nbsp;&nbsp; 7851 |
| EUR | &nbsp;&nbsp; 383105 | SSBT | 07/09/25 | USD | 436051 | &nbsp;&nbsp; 15434 |
| EUR | &nbsp;&nbsp; 470456 | SSBT | 07/09/25 | USD | 535245 | &nbsp;&nbsp; 19184 |
| EUR | &nbsp;&nbsp; 2591850 | SSBT | 07/09/25 | USD | 2954175 | &nbsp;&nbsp; 100302 |
| EUR | &nbsp;&nbsp; 1853807 | SSBT | 07/09/25 | USD | 2078348 | &nbsp;&nbsp; 106350 |
| EUR | &nbsp;&nbsp; 3807134 | SSBT | 07/09/25 | USD | 4302239 | &nbsp;&nbsp; 184440 |
| GBP | &nbsp;&nbsp; 276001 | SSBT | 07/16/25 | USD | 372984 | &nbsp;&nbsp; 5892 |
| GBP | &nbsp;&nbsp; 401300 | SSBT | 07/16/25 | USD | 540731 | &nbsp;&nbsp; 10149 |
| GBP | &nbsp;&nbsp; 813218 | SSBT | 07/16/25 | USD | 1083189 | &nbsp;&nbsp; 33144 |
| HUF | &nbsp;&nbsp; 175318905 | CBNA | 07/18/25 | USD | 515013 | &nbsp;&nbsp; 1332 |
| IDR | &nbsp;&nbsp; 5793537604 | MSCS | 07/24/25 | USD | 348643 | &nbsp;&nbsp; 7921 |
| IDR | &nbsp;&nbsp; 6187035515 | SCB | 07/24/25 | USD | 379480 | &nbsp;&nbsp; 1303 |
| JPY | &nbsp;&nbsp; 102694194 | BNP | 08/27/25 | USD | 710788 | &nbsp;&nbsp; 6828 |
| KRW | &nbsp;&nbsp; 930527521 | BOA | 07/17/25 | USD | 677043 | &nbsp;&nbsp; 13091 |
| KRW | &nbsp;&nbsp; 715228540 | BOA | 07/17/25 | USD | 506708 | &nbsp;&nbsp; 23747 |
| KRW | &nbsp;&nbsp; 3164884752 | CBNA | 07/17/25 | USD | 2239738 | &nbsp;&nbsp; 107524 |
| THB | &nbsp;&nbsp; 20380900 | SSBT | 07/24/25 | USD | 627105 | &nbsp;&nbsp; 835 |
| ZAR | &nbsp;&nbsp; 9129237 | JPMC | 08/07/25 | USD | 512025 | &nbsp;&nbsp; 2273 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 8248919 | MSCS | 08/21/25 | USD | 5393819 | &nbsp;&nbsp; (40593)<br>|
| AUD | &nbsp;&nbsp; 1468522 | SSBT | 08/21/25 | USD | 959364 | &nbsp;&nbsp; (8103)<br>|
| AUD | &nbsp;&nbsp; 510253 | SSBT | 08/21/25 | USD | 334818 | &nbsp;&nbsp; (1338)<br>|
| BRL | &nbsp;&nbsp; 10837304 | BOA | 07/02/25 | USD | 1985909 | &nbsp;&nbsp; (8772)<br>|
| BRL | &nbsp;&nbsp; 3080770 | BOA | 07/02/25 | USD | 564543 | &nbsp;&nbsp; (2494)<br>|
| BRL | &nbsp;&nbsp; 10837304 | BOA | 08/04/25 | USD | 1932696 | &nbsp;&nbsp; (46575)<br>|
| BRL | &nbsp;&nbsp; 3080770 | BOA | 08/04/25 | USD | 549416 | &nbsp;&nbsp; (13240)<br>|
| BRL | &nbsp;&nbsp; 10837304 | MSCS | 07/02/25 | USD | 1903285 | &nbsp;&nbsp; (91397)<br>|
| BRL | &nbsp;&nbsp; 3080770 | MSCS | 07/02/25 | USD | 541055 | &nbsp;&nbsp; (25982)<br>|
| CAD | &nbsp;&nbsp; 24305753 | UBSA | 08/28/25 | USD | 18003301 | &nbsp;&nbsp; 103167 |
| CNH | &nbsp;&nbsp; 181391461 | MSCS | 08/05/25 | USD | 25124515 | &nbsp;&nbsp; (280877)<br>|
| CNH | &nbsp;&nbsp; 2724720 | SSBT | 08/07/25 | USD | 380929 | &nbsp;&nbsp; (751)<br>|
| COP | &nbsp;&nbsp; 12342511170 | MSCS | 07/15/25 | USD | 2880567 | &nbsp;&nbsp; (134887)<br>|
| COP | &nbsp;&nbsp; 1938286864 | MSCS | 07/15/25 | USD | 452369 | &nbsp;&nbsp; (21183)<br>|
| EUR | &nbsp;&nbsp; 24163104 | CBNA | 07/16/25 | USD | 27228435 | &nbsp;&nbsp; (1260781)<br>|
| EUR | &nbsp;&nbsp; 16355543 | DBAG | 07/09/25 | USD | 18556206 | &nbsp;&nbsp; (718681)<br>|
| EUR | &nbsp;&nbsp; 529583 | GSI | 07/09/25 | USD | 598367 | &nbsp;&nbsp; (25743)<br>|
| EUR | &nbsp;&nbsp; 19663057 | GSI | 07/23/25 | USD | 22392152 | &nbsp;&nbsp; (802071)<br>|
| EUR | &nbsp;&nbsp; 2666434 | MSCS | 07/09/25 | USD | 3041177 | &nbsp;&nbsp; (101196)<br>|
| EUR | &nbsp;&nbsp; 857033 | SSBT | 07/09/25 | USD | 962103 | &nbsp;&nbsp; (47904)<br>|
| EUR | &nbsp;&nbsp; 712756 | SSBT | 07/09/25 | USD | 812670 | &nbsp;&nbsp; (27308)<br>|
| EUR | &nbsp;&nbsp; 417419 | SSBT | 07/09/25 | USD | 475449 | &nbsp;&nbsp; (16476)<br>|
| EUR | &nbsp;&nbsp; 392104 | SSBT | 07/09/25 | USD | 447987 | &nbsp;&nbsp; (14105)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-42**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| EUR | &nbsp;&nbsp; 196191 | SSBT | 07/09/25 | USD | 219300 | &nbsp;&nbsp; $(11911)<br>|
| EUR | &nbsp;&nbsp; 270275 | SSBT | 07/09/25 | USD | 306846 | &nbsp;&nbsp; (11671)<br>|
| EUR | &nbsp;&nbsp; 264890 | SSBT | 07/09/25 | USD | 301069 | &nbsp;&nbsp; (11102)<br>|
| EUR | &nbsp;&nbsp; 149378 | SSBT | 07/09/25 | USD | 168245 | &nbsp;&nbsp; (7796)<br>|
| EUR | &nbsp;&nbsp; 112141 | SSBT | 07/09/25 | USD | 124572 | &nbsp;&nbsp; (7585)<br>|
| EUR | &nbsp;&nbsp; 228891 | SSBT | 07/09/25 | USD | 265263 | &nbsp;&nbsp; (4484)<br>|
| EUR | &nbsp;&nbsp; 66327 | SSBT | 07/09/25 | USD | 77791 | &nbsp;&nbsp; (375)<br>|
| GBP | &nbsp;&nbsp; 14425174 | CBNA | 07/16/25 | USD | 19183361 | &nbsp;&nbsp; (618580)<br>|
| GBP | &nbsp;&nbsp; 1526418 | JPMC | 07/16/25 | USD | 2078973 | &nbsp;&nbsp; (16394)<br>|
| GBP | &nbsp;&nbsp; 396758 | MSCS | 07/16/25 | USD | 537432 | &nbsp;&nbsp; (7211)<br>|
| GBP | &nbsp;&nbsp; 139250 | SSBT | 07/16/25 | USD | 188710 | &nbsp;&nbsp; (2443)<br>|
| GBP | &nbsp;&nbsp; 70631 | SSBT | 07/16/25 | USD | 95870 | &nbsp;&nbsp; (1087)<br>|
| IDR | &nbsp;&nbsp; 48733174057 | CBNA | 07/24/25 | USD | 2888234 | &nbsp;&nbsp; (111057)<br>|
| JPY | &nbsp;&nbsp; 2799596822 | JPMC | 09/03/25 | USD | 19268395 | &nbsp;&nbsp; (310252)<br>|
| JPY | &nbsp;&nbsp; 2799596822 | MSCS | 08/27/25 | USD | 19199254 | &nbsp;&nbsp; (364023)<br>|
| KRW | &nbsp;&nbsp; 8315603013 | BOA | 07/17/25 | USD | 5773121 | &nbsp;&nbsp; (394214)<br>|
| MXN | &nbsp;&nbsp; 74227314 | BNP | 08/22/25 | USD | 3877575 | &nbsp;&nbsp; (57194)<br>|
| MYR | &nbsp;&nbsp; 6656406 | GSI | 09/17/25 | USD | 1581620 | &nbsp;&nbsp; (3805)<br>|
| NZD | &nbsp;&nbsp; 44429 | SSBT | 08/21/25 | USD | 27045 | &nbsp;&nbsp; (82)<br>|
| PEN | &nbsp;&nbsp; 1822565 | HSBCU | 07/15/25 | USD | 500086 | &nbsp;&nbsp; (14229)<br>|
| PEN | &nbsp;&nbsp; 1483633 | HSBCU | 07/15/25 | USD | 407088 | &nbsp;&nbsp; (11583)<br>|
| PEN | &nbsp;&nbsp; 7672658 | SCB | 07/15/25 | USD | 2108800 | &nbsp;&nbsp; (56371)<br>|
| PEN | &nbsp;&nbsp; 4259765 | SCB | 07/15/25 | USD | 1175594 | &nbsp;&nbsp; (26482)<br>|
| PEN | &nbsp;&nbsp; 2787321 | SCB | 07/15/25 | USD | 767329 | &nbsp;&nbsp; (19234)<br>|
| PEN | &nbsp;&nbsp; 1428071 | SCB | 07/15/25 | USD | 392500 | &nbsp;&nbsp; (10492)<br>|
| PLN | &nbsp;&nbsp; 10454960 | JPMC | 07/18/25 | USD | 2786629 | &nbsp;&nbsp; (112915)<br>|
| THB | &nbsp;&nbsp; 20331285 | SSBT | 07/24/25 | USD | 612443 | &nbsp;&nbsp; (13968)<br>|
| ZAR | &nbsp;&nbsp; 20865738 | GSI | 08/07/25 | USD | 1172961 | &nbsp;&nbsp; (2518)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(4939202)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 49 | AUD | 5616344 | &nbsp;&nbsp; $29563 |
| Canada Government Bond 5 Year Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 83 | CAD | 9471130 | &nbsp;&nbsp; 9468 |
| Euro-BTP Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 15 | EUR | 1815000 | &nbsp;&nbsp; 4637 |
| Euro-Bund Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 13 | EUR | 1691950 | &nbsp;&nbsp; (14562)<br>|
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 17 | EUR | 2018580 | &nbsp;&nbsp; (27700)<br>|
| Euro-OAT Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 59 | EUR | 7306560 | &nbsp;&nbsp; (60529)<br>|
| Euro-Schatz Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 29 | EUR | 3110250 | &nbsp;&nbsp; (5838)<br>|
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 37 | GBP | 3442110 | &nbsp;&nbsp; 75149 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 15 | USD | 1732031 | &nbsp;&nbsp; 43805 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 88 | USD | 18306063 | &nbsp;&nbsp; 57902 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 307 | USD | 33463000 | &nbsp;&nbsp; 462791 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 1 | USD | 119125 | &nbsp;&nbsp; 155 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; (70)<br>| CAD | (8540000)<br>| &nbsp;&nbsp; (38657)<br>|
| Euro-Bobl Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (9)<br>| EUR | (1059120)<br>| &nbsp;&nbsp; 4549 |
| Japanese Government Bond 10 Year Futures | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; (6)<br>| JPY | (834120000)<br>| &nbsp;&nbsp; (15119)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-43**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Futures Contracts — (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (11)<br>| USD | (1256922)<br>| &nbsp;&nbsp; $(20125)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $505489 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | 3M NZDBB | Quarterly | 4.153<br> %<br>| Quarterly | 03/18/35 | NZD | 3204000 | $15206 | $— | $15206 |
| Pay | 3M NZDBB | Quarterly | 4.155<br> %<br>| Quarterly | 03/18/35 | NZD | 1626000 | 7917 |  | 7917 |
| Pay | 7-Day CNRR | Quarterly | 1.571<br> %<br>| Quarterly | 02/20/30 | CNY | 53440000 | 30683 |  | 30683 |
| Pay | 7-Day CNRR | Quarterly | 1.583<br> %<br>| Quarterly | 04/03/30 | CNY | 16879000 | 11163 |  | 11163 |
| Pay | 7-Day CNRR | Quarterly | 1.591<br> %<br>| Quarterly | 04/03/30 | CNY | 18231000 | 12988 |  | 12988 |
| Pay | 7-Day CNRR | Quarterly | 1.785<br> %<br>| Quarterly | 10/11/29 | CNY | 38270000 | 67953 |  | 67953 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $145910 | $— | $145910 |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Buy Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**(Pay) Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| ITRX.AUS.43.V1 | (1.000%) | Quarterly | 06/20/30 | 0.735% | USD | 3108000 | $(36479) | $(33541) | $(2938) |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (d)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.IG.44.V1 | 1.000% | Quarterly | 06/20/30 | 0.510% | USD | 3108000 | $68712 | $58724 | $9988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

*See accompanying notes to financial statements.*

**BHFTI-44**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | Unrealized appreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; $9988 | Unrealized depreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; $2938 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 962503 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 5901705 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 145910 |  |  |
|  | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 688019 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 182530 |
| Total |  | &nbsp;&nbsp; $1806420 |  | &nbsp;&nbsp; $6087173 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $99275 | &nbsp;&nbsp;&nbsp;&nbsp; $(99275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 29449 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29449 |
| BNP Paribas SA | &nbsp;&nbsp; 34155 | &nbsp;&nbsp;&nbsp;&nbsp; (34155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 141066 | &nbsp;&nbsp;&nbsp;&nbsp; (141066)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank USA | &nbsp;&nbsp; 8249 | &nbsp;&nbsp;&nbsp;&nbsp; (8249)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 13713 | &nbsp;&nbsp;&nbsp;&nbsp; (13713)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 19188 | &nbsp;&nbsp;&nbsp;&nbsp; (19188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 1303 | &nbsp;&nbsp;&nbsp;&nbsp; (1303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 512938 | &nbsp;&nbsp;&nbsp;&nbsp; (188489)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 324449 |
| UBS AG | &nbsp;&nbsp; 103167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103167 |
|  | &nbsp;&nbsp; $962503 | &nbsp;&nbsp;&nbsp;&nbsp; $(505438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $457065 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $465295 | &nbsp;&nbsp;&nbsp;&nbsp; $(99275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(300000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66020 |
| BNP Paribas SA | &nbsp;&nbsp; 57194 | &nbsp;&nbsp;&nbsp;&nbsp; (34155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23039 |
| Citibank NA | &nbsp;&nbsp; 1992608 | &nbsp;&nbsp;&nbsp;&nbsp; (141066)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1851542 |
| Deutsche Bank AG | &nbsp;&nbsp; 718681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 718681 |
| Goldman Sachs International | &nbsp;&nbsp; 834137 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 834137 |
| HSBC Bank USA | &nbsp;&nbsp; 25812 | &nbsp;&nbsp;&nbsp;&nbsp; (8249)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17563 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 439561 | &nbsp;&nbsp;&nbsp;&nbsp; (13713)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (380000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45848 |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 1067349 | &nbsp;&nbsp;&nbsp;&nbsp; (19188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (262000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 786161 |
| Standard Chartered Bank | &nbsp;&nbsp; 112579 | &nbsp;&nbsp;&nbsp;&nbsp; (1303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111276 |

---

*See accompanying notes to financial statements.*

**BHFTI-45**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Pledged†**<br>| **Net**<br> **Amount\*\***<br>|
| State Street Bank and Trust Co. | &nbsp;&nbsp; $188489 | &nbsp;&nbsp;&nbsp;&nbsp; $(188489)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | &nbsp;&nbsp; $5901705 | &nbsp;&nbsp;&nbsp;&nbsp; $(505438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(942000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4454267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6769151)<br>| &nbsp;&nbsp;&nbsp; $(6769151)<br>|
| Futures contracts | &nbsp;&nbsp; 1258834 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1258834 |
| Swap contracts | &nbsp;&nbsp; 636116 | &nbsp;&nbsp;&nbsp; (778617)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (142501)<br>|
|  | &nbsp;&nbsp; $1894950 | &nbsp;&nbsp;&nbsp; $(778617)<br>| &nbsp;&nbsp;&nbsp; $(6769151)<br>| &nbsp;&nbsp;&nbsp; $(5652818)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(11631647)<br>| &nbsp;&nbsp;&nbsp; $(11631647)<br>|
| Futures contracts | &nbsp;&nbsp; 778143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 778143 |
| Swap contracts | &nbsp;&nbsp; (328998)<br>| &nbsp;&nbsp;&nbsp; (22075)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (351073)<br>|
|  | &nbsp;&nbsp; $449145 | &nbsp;&nbsp;&nbsp; $(22075)<br>| &nbsp;&nbsp;&nbsp; $(11631647)<br>| &nbsp;&nbsp;&nbsp; $(11204577)<br>|

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $295891596 |
| Futures contracts long | &nbsp;&nbsp; 111934718 |
| Futures contracts short | &nbsp;&nbsp; (15897167)<br>|
| Swap contracts | &nbsp;&nbsp; 49984580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Foreign Government\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $242341092 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $242341092 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 136448418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 136448418 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6278688 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6278688 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4755864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4755864 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4542294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4542294 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 648019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 648019 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10804837 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10804837 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1790000 |

---

*See accompanying notes to financial statements.*

**BHFTI-46**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $650350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $650350 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp; 650350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2440350 |
| Total Investments | &nbsp;&nbsp; $1790000 | &nbsp;&nbsp; $406469562 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $408259562 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2440350)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2440350)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $962503 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $962503 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5901705)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5901705)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4939202)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4939202)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $688019 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $688019 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (182530)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (182530)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $505489 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $505489 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $155898 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $155898 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2938)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2938)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152960 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-47**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $408259562 |
| Cash | &nbsp;&nbsp; 116926 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 1700592 |
| Cash collateral (d) | &nbsp;&nbsp; 2625494 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 962503 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1319640 |
| Fund shares sold | &nbsp;&nbsp; 8550 |
| Interest | &nbsp;&nbsp; 5760224 |
| Variation margin on futures contracts | &nbsp;&nbsp; 38874 |
| Prepaid expenses | &nbsp;&nbsp; 3227 |
| Total Assets | &nbsp;&nbsp; 420795592 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 5901705 |
| Collateral for securities loaned | &nbsp;&nbsp; 2440350 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3576533 |
| Fund shares redeemed | &nbsp;&nbsp; 1747 |
| Foreign taxes | &nbsp;&nbsp; 4676 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 20040 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 173234 |
| Distribution and service fees | &nbsp;&nbsp; 2579 |
| Deferred trustees' fees | &nbsp;&nbsp; 106073 |
| Other expenses | &nbsp;&nbsp; 297569 |
| Total Liabilities | &nbsp;&nbsp; 12524506 |
| **Net Assets**  | &nbsp;&nbsp; $408271086 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $556245900 |
| Distributable earnings (Accumulated losses) (e) | &nbsp;&nbsp; (147974814)<br>|
| **Net Assets**  | &nbsp;&nbsp; $408271086 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $395485030 |
| Class B | &nbsp;&nbsp; 12786056 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 51708031 |
| Class B | &nbsp;&nbsp; 1680495 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $7.65 |
| Class B | 7.61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $406,450,356.

(b) Includes securities loaned at value of $17,566,775.

(c) Identified cost of cash denominated in foreign currencies was $1,686,712.

(d) Includes collateral of $1,163,041 for futures contracts $520,453 for centrally cleared swap contracts and $942,000 for forward foreign currency exchange contracts. 

(e) Includes foreign capital gains tax of $4,676.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest (a) | &nbsp;&nbsp; $12475168 |
| Securities lending income | &nbsp;&nbsp; 9613 |
| Total investment income | &nbsp;&nbsp; 12484781 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1126930 |
| Administration fees | &nbsp;&nbsp; 24167 |
| Custodian and accounting fees | &nbsp;&nbsp; 79148 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 15655 |
| Audit and tax services | &nbsp;&nbsp; 48019 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20034 |
| Shareholder reporting | &nbsp;&nbsp; 6840 |
| Insurance | &nbsp;&nbsp; 2050 |
| Miscellaneous | &nbsp;&nbsp; 11286 |
| Total expenses | &nbsp;&nbsp; 1356851 |
| **Net Investment Income** | &nbsp;&nbsp; 11127930 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; (4783073)<br>|
| Futures contracts | &nbsp;&nbsp; 1258834 |
| Swap contracts | &nbsp;&nbsp; (142501)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 1255175 |
| Forward foreign currency transactions | &nbsp;&nbsp; (6769151)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (9180716)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; 25189939 |
| Futures contracts | &nbsp;&nbsp; 778143 |
| Swap contracts | &nbsp;&nbsp; (351073)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 151773 |
| Forward foreign currency transactions | &nbsp;&nbsp; (11631647)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14137135 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 4956419 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $16084349 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $12,649.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $912.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $(4,269).

*See accompanying notes to financial statements.*

**BHFTI-48**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $11127930 | &nbsp;&nbsp; $25894020 |
| Net realized gain (loss) | &nbsp;&nbsp; (9180716)<br>| &nbsp;&nbsp; (14265552)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14137135 | &nbsp;&nbsp; 16748921 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 16084349 | &nbsp;&nbsp; 28377389 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (37756497)<br>| &nbsp;&nbsp; (17308852)<br>|
| Class B | &nbsp;&nbsp; (1179103)<br>| &nbsp;&nbsp; (408887)<br>|
| **Total distributions** | &nbsp;&nbsp; (38935600)<br>| &nbsp;&nbsp; (17717739)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (28681210)<br>| &nbsp;&nbsp; (94091128)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (51532461)<br>| &nbsp;&nbsp; (83431478)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 459803547 | &nbsp;&nbsp; 543235025 |
| End of period | &nbsp;&nbsp; $408271086 | &nbsp;&nbsp; $459803547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 207940 | &nbsp;&nbsp; $1717523 | &nbsp;&nbsp; 28088 | &nbsp;&nbsp; $225922 |
| Reinvestments | &nbsp;&nbsp; 4981068 | &nbsp;&nbsp; 37756497 | &nbsp;&nbsp; 2219084 | &nbsp;&nbsp; 17308852 |
| Redemptions | &nbsp;&nbsp; (8372966)<br>| &nbsp;&nbsp; (68711913)<br>| &nbsp;&nbsp; (13997876)<br>| &nbsp;&nbsp; (112744875)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3183958)<br>| &nbsp;&nbsp; $(29237893)<br>| &nbsp;&nbsp; (11750704)<br>| &nbsp;&nbsp; $(95210101)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 71176 | &nbsp;&nbsp; $569991 | &nbsp;&nbsp; 204850 | &nbsp;&nbsp; $1633603 |
| Reinvestments | &nbsp;&nbsp; 156380 | &nbsp;&nbsp; 1179103 | &nbsp;&nbsp; 52624 | &nbsp;&nbsp; 408887 |
| Redemptions | &nbsp;&nbsp; (145971)<br>| &nbsp;&nbsp; (1192411)<br>| &nbsp;&nbsp; (115654)<br>| &nbsp;&nbsp; (923517)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 81585 | &nbsp;&nbsp; $556683 | &nbsp;&nbsp; 141820 | &nbsp;&nbsp; $1118973 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(28681210)<br>|  | &nbsp;&nbsp; $(94091128)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-49**

------

**Brighthouse Funds Trust I**

**AB International Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.14 | &nbsp;&nbsp; $7.98 | &nbsp;&nbsp; $7.70 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $10.49 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Total income (loss) from investment operations | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.23)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total distributions | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $8.14 | &nbsp;&nbsp; $7.98 | &nbsp;&nbsp; $7.70 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $10.65 |
| **Total Return (%)** (b) | 3.91 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp; (15.47)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.71 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.62 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net ratio of expenses to average net assets (%) (e) | 0.62 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | 5.14 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 60 <br>(c)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 106 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $395.5 | &nbsp;&nbsp; $446.9 | &nbsp;&nbsp; $531.7 | &nbsp;&nbsp; $543.9 | &nbsp;&nbsp; $811.0 | &nbsp;&nbsp; $1003.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $7.93 | &nbsp;&nbsp; $7.66 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $10.49 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Total income (loss) from investment operations | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.00 ) (f)<br>| &nbsp;&nbsp; (0.23)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total distributions | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.61 | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $7.93 | &nbsp;&nbsp; $7.66 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $10.62 |
| **Total Return (%)** (b) | 3.81 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp; (15.64)<br>| &nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.39 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.87 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net ratio of expenses to average net assets (%) (e) | 0.87 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Ratio of net investment income (loss) to average net assets (%) | 4.89 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 60 <br>(c)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 106 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $12.8 | &nbsp;&nbsp; $12.9 | &nbsp;&nbsp; $11.6 | &nbsp;&nbsp; $9.9 | &nbsp;&nbsp; $11.2 | &nbsp;&nbsp; $6.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Distributions from net investment income were less than $0.01.

*See accompanying notes to financial statements.*

**BHFTI-50**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—97.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.8%** | **Aerospace & Defense — 3.8%** | **Aerospace & Defense — 3.8%** |
| L3Harris Technologies, Inc.  | 25794 | &nbsp;&nbsp; $6470167 |
| StandardAero, Inc. (a) (b) | 164456 | &nbsp;&nbsp; 5205032 |
|  |  | &nbsp;&nbsp; 11675199 |
| **Automobile Components — 1.2%** | **Automobile Components — 1.2%** | **Automobile Components — 1.2%** |
| Aptiv PLC (b) | 51690 | &nbsp;&nbsp; 3526292 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
| Fifth Third Bancorp (a) | 156399 | &nbsp;&nbsp; 6432691 |
| Regions Financial Corp.  | 161162 | &nbsp;&nbsp; 3790530 |
|  |  | &nbsp;&nbsp; 10223221 |
| **Beverages — 3.4%** | **Beverages — 3.4%** | **Beverages — 3.4%** |
| Keurig Dr. Pepper, Inc.  | 285029 | &nbsp;&nbsp; 9423059 |
| Primo Brands Corp.  | 32866 | &nbsp;&nbsp; 973491 |
|  |  | &nbsp;&nbsp; 10396550 |
| **Building Products — 2.6%** | **Building Products — 2.6%** | **Building Products — 2.6%** |
| Carlisle Cos., Inc. (a) | 21120 | &nbsp;&nbsp; 7886208 |
| **Capital Markets — 2.4%** | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** |
| Jefferies Financial Group, Inc.  | 134337 | &nbsp;&nbsp; 7346891 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Ashland, Inc.  | 33647 | &nbsp;&nbsp; 1691771 |
| RPM International, Inc.  | 31849 | &nbsp;&nbsp; 3498294 |
|  |  | &nbsp;&nbsp; 5190065 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
| Republic Services, Inc.  | 19657 | &nbsp;&nbsp; 4847613 |
| **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** | **Construction & Engineering — 1.0%** |
| API Group Corp. (a) (b) | 59694 | &nbsp;&nbsp; 3047379 |
| **Construction Materials — 2.8%** | **Construction Materials — 2.8%** | **Construction Materials — 2.8%** |
| Amrize Ltd. (a) (b) | 24241 | &nbsp;&nbsp; 1201141 |
| Vulcan Materials Co.  | 28528 | &nbsp;&nbsp; 7440673 |
|  |  | &nbsp;&nbsp; 8641814 |
| **Containers & Packaging — 3.1%** | **Containers & Packaging — 3.1%** | **Containers & Packaging — 3.1%** |
| AptarGroup, Inc.  | 15561 | &nbsp;&nbsp; 2434207 |
| Graphic Packaging Holding Co. (a) | 331711 | &nbsp;&nbsp; 6989151 |
|  |  | &nbsp;&nbsp; 9423358 |
| **Electric Utilities — 5.1%** | **Electric Utilities — 5.1%** | **Electric Utilities — 5.1%** |
| American Electric Power Co., Inc.  | 84846 | &nbsp;&nbsp; 8803621 |
| FirstEnergy Corp.  | 171038 | &nbsp;&nbsp; 6885990 |
|  |  | &nbsp;&nbsp; 15689611 |
| **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** |
| Baker Hughes Co.  | 122184 | &nbsp;&nbsp; 4684535 |
| **Financial Services — 1.5%** | **Financial Services — 1.5%** | **Financial Services — 1.5%** |
| Euronet Worldwide, Inc. (a) (b) | 44665 | &nbsp;&nbsp; 4528138 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Ground Transportation — 3.9%** | **Ground Transportation — 3.9%** | **Ground Transportation — 3.9%** |
| Canadian Pacific Kansas City Ltd.  | 78425 | &nbsp;&nbsp; $6216750 |
| CSX Corp.  | 84560 | &nbsp;&nbsp; 2759193 |
| Knight-Swift Transportation Holdings, Inc.  | 68535 | &nbsp;&nbsp; 3031303 |
|  |  | &nbsp;&nbsp; 12007246 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| Alcon AG (a) | 47798 | &nbsp;&nbsp; 4219607 |
| Hologic, Inc. (b) | 30380 | &nbsp;&nbsp; 1979561 |
|  |  | &nbsp;&nbsp; 6199168 |
| **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** |
| Humana, Inc.  | 12840 | &nbsp;&nbsp; 3139123 |
| Labcorp Holdings, Inc.  | 31722 | &nbsp;&nbsp; 8327342 |
|  |  | &nbsp;&nbsp; 11466465 |
| **Household Durables — 3.4%** | **Household Durables — 3.4%** | **Household Durables — 3.4%** |
| DR Horton, Inc.  | 42458 | &nbsp;&nbsp; 5473685 |
| Somnigroup International, Inc. (a) | 44175 | &nbsp;&nbsp; 3006109 |
| TopBuild Corp. (a) (b) | 6136 | &nbsp;&nbsp; 1986469 |
|  |  | &nbsp;&nbsp; 10466263 |
| **Household Products — 2.3%** | **Household Products — 2.3%** | **Household Products — 2.3%** |
| Church & Dwight Co., Inc. (a) | 54632 | &nbsp;&nbsp; 5250682 |
| Reynolds Consumer Products, Inc. (a) | 82413 | &nbsp;&nbsp; 1765286 |
|  |  | &nbsp;&nbsp; 7015968 |
| **Insurance — 6.9%** | **Insurance — 6.9%** | **Insurance — 6.9%** |
| Arch Capital Group Ltd.  | 83962 | &nbsp;&nbsp; 7644740 |
| Axis Capital Holdings Ltd.  | 11882 | &nbsp;&nbsp; 1233589 |
| Brown & Brown, Inc. (a) | 65923 | &nbsp;&nbsp; 7308883 |
| Loews Corp.  | 56345 | &nbsp;&nbsp; 5164583 |
|  |  | &nbsp;&nbsp; 21351795 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| Amdocs Ltd. (a) | 58830 | &nbsp;&nbsp; 5367649 |
| **Life Sciences Tools & Services — 3.8%** | **Life Sciences Tools & Services — 3.8%** | **Life Sciences Tools & Services — 3.8%** |
| Charles River Laboratories International, Inc. (b) | 41481 | &nbsp;&nbsp; 6293912 |
| ICON PLC (b) | 20341 | &nbsp;&nbsp; 2958598 |
| Qiagen NV (a) (b) | 52664 | &nbsp;&nbsp; 2531032 |
|  |  | &nbsp;&nbsp; 11783542 |
| **Machinery — 3.5%** | **Machinery — 3.5%** | **Machinery — 3.5%** |
| Donaldson Co., Inc.  | 18464 | &nbsp;&nbsp; 1280478 |
| Gates Industrial Corp. PLC (a) (b) | 221579 | &nbsp;&nbsp; 5102964 |
| Ingersoll Rand, Inc. (a) | 30592 | &nbsp;&nbsp; 2544643 |
| Toro Co.  | 27676 | &nbsp;&nbsp; 1956140 |
|  |  | &nbsp;&nbsp; 10884225 |
| **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| Freeport-McMoRan, Inc.  | 91345 | &nbsp;&nbsp; 3959806 |
| Nucor Corp. (a) | 8231 | &nbsp;&nbsp; 1066243 |
|  |  | &nbsp;&nbsp; 5026049 |

---

*See accompanying notes to financial statements.*

**BHFTI-51**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Escrow Shares—0.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mortgage Real Estate Investment Trusts — 2.1%** | **Mortgage Real Estate Investment Trusts — 2.1%** | **Mortgage Real Estate Investment Trusts — 2.1%** |
| Annaly Capital Management, Inc. (a) | 337875 | &nbsp;&nbsp; $6358807 |
| **Office REITs — 1.7%** | **Office REITs — 1.7%** | **Office REITs — 1.7%** |
| BXP, Inc. (a) | 78613 | &nbsp;&nbsp; 5304019 |
| **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** |
| EOG Resources, Inc. (a) | 35783 | &nbsp;&nbsp; 4280005 |
| EQT Corp.  | 90048 | &nbsp;&nbsp; 5251599 |
| Valero Energy Corp.  | 27712 | &nbsp;&nbsp; 3725047 |
|  |  | &nbsp;&nbsp; 13256651 |
| **Professional Services — 3.1%** | **Professional Services — 3.1%** | **Professional Services — 3.1%** |
| Booz Allen Hamilton Holding Corp.  | 31192 | &nbsp;&nbsp; 3248023 |
| Jacobs Solutions, Inc.  | 48360 | &nbsp;&nbsp; 6356922 |
|  |  | &nbsp;&nbsp; 9604945 |
| **Real Estate Management & Development — 2.8%** | **Real Estate Management & Development — 2.8%** | **Real Estate Management & Development — 2.8%** |
| CBRE Group, Inc. - Class A (b) | 62390 | &nbsp;&nbsp; 8742087 |
| **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** |
| ON Semiconductor Corp. (a) (b) | 97852 | &nbsp;&nbsp; 5128423 |
| Teradyne, Inc.  | 59595 | &nbsp;&nbsp; 5358783 |
|  |  | &nbsp;&nbsp; 10487206 |
| **Specialized REITs — 4.2%** | **Specialized REITs — 4.2%** | **Specialized REITs — 4.2%** |
| CubeSmart | 88008 | &nbsp;&nbsp; 3740340 |
| Gaming & Leisure Properties, Inc.  | 94759 | &nbsp;&nbsp; 4423350 |
| Weyerhaeuser Co.  | 186390 | &nbsp;&nbsp; 4788359 |
|  |  | &nbsp;&nbsp; 12952049 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| AutoZone, Inc. (b) | 415 | &nbsp;&nbsp; 1540575 |
| RH (a) (b) | 4846 | &nbsp;&nbsp; 915943 |
|  |  | &nbsp;&nbsp; 2456518 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| PVH Corp.  | 39736 | &nbsp;&nbsp; 2725890 |
| **Trading Companies & Distributors — 4.7%** | **Trading Companies & Distributors — 4.7%** | **Trading Companies & Distributors — 4.7%** |
| AerCap Holdings NV | 76661 | &nbsp;&nbsp; 8969337 |
| WESCO International, Inc.  | 30079 | &nbsp;&nbsp; 5570631 |
|  |  | &nbsp;&nbsp; 14539968 |
| **Water Utilities — 1.9%** | **Water Utilities — 1.9%** | **Water Utilities — 1.9%** |
| American Water Works Co., Inc.  | 41411 | &nbsp;&nbsp; 5760684 |
| Total Common Stocks <br>(Cost $251,794,133) <br>|  | &nbsp;&nbsp; 300864068 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Holdings Ltd., Expires 07/24/27 (b) (c) (d) <br>(Cost $175,712)<br>| 30257 | &nbsp;&nbsp; 0 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Tontine Holdings Ltd. (b) (c) (d) <br>(Cost $0)<br>| 277348 | &nbsp;&nbsp; $0 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Holdings Ltd. (b) <br>(Cost $0)<br>| 84465 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.8%** | **Short-Term Investments—2.8%** | **Short-Term Investments—2.8%** |
| **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $8,630,454; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $8,802,306<br>| 8629675 | &nbsp;&nbsp; 8629675 |
| Total Short-Term Investments <br>(Cost $8,629,675) <br>|  | &nbsp;&nbsp; 8629675 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—11.7%** | **Securities Lending Reinvestments (e)—11.7%** | **Securities Lending Reinvestments (e)—11.7%** |
| **Short-Term Investment Funds—1.3%** | **Short-Term Investment Funds—1.3%** | **Short-Term Investment Funds—1.3%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 4000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificate of Deposit—0.3%** | **Certificate of Deposit—0.3%** | **Certificate of Deposit—0.3%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 05/14/26 (g) | 1000000 | &nbsp;&nbsp; 999999 |
| **Repurchase Agreements—9.8%** | **Repurchase Agreements—9.8%** | **Repurchase Agreements—9.8%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $3,000,368; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $3,060,000<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,074<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $800,101; collateralized by <br> various Common Stock with an aggregate market value of <br> $890,459<br>| 800000 | &nbsp;&nbsp; 800000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $4,000,486; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $4,080,000<br>| 4000000 | &nbsp;&nbsp; 4000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-52**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $2,049,807; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $2,091,135<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,231,603; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $3,295,835<br>| 3231210 | &nbsp;&nbsp; 3231210 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $3,000,368; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,300,000<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $1,000,126; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,115,105<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $2,000,252; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,230,210<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $2,001,773; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,230,246<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $5,000,617; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,563,094<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $3,000,369; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,300,406<br>| 3000000 | &nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp; 30031210 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposit—0.3%** | **Time Deposit—0.3%** | **Time Deposit—0.3%** |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; $1000000 |
| Total Securities Lending Reinvestments <br>(Cost $36,031,210) <br>|  | &nbsp;&nbsp; 36031209 |
| Total Investments—112.2% <br>(Cost $296,630,730) <br>|  | &nbsp;&nbsp; 345524952 |
| Other assets and liabilities (net)—(12.2)%  |  | &nbsp;&nbsp; (37507182)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $308017770 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $66,008,870 and the collateral received consisted of cash in the amount of $36,031,210 and non-cash collateral with a value of $31,531,864. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(b) Non-income producing security.

(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2025, these securities represent 0.0% of net assets. 

(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(f) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(g) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55988584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64247843 |

---

*See accompanying notes to financial statements.*

**BHFTI-53**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(36031210)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(36031210)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(36031210)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $300864068 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $300864068 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 8629675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8629675 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Certificate of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 999999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 999999 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 30031210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30031210 |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 32031209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36031209 |
| Total Investments | &nbsp;&nbsp; $304864068 | &nbsp;&nbsp; $40660884 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $345524952 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36031210)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36031210)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-54**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $345524952 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 133732 |
| Fund shares sold | &nbsp;&nbsp; 22973 |
| Dividends and interest | &nbsp;&nbsp; 600619 |
| Prepaid expenses | &nbsp;&nbsp; 2405 |
| Total Assets | &nbsp;&nbsp; 346284681 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 36031210 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1693168 |
| Fund shares redeemed | &nbsp;&nbsp; 15227 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 165120 |
| Distribution and service fees | &nbsp;&nbsp; 25155 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 112930 |
| Total Liabilities | &nbsp;&nbsp; 38266911 |
| **Net Assets**  | &nbsp;&nbsp; $308017770 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $243817054 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 64200716 |
| **Net Assets**  | &nbsp;&nbsp; $308017770 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $183511915 |
| Class B | &nbsp;&nbsp; 124505855 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 19074863 |
| Class B | &nbsp;&nbsp; 12953557 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.62 |
| Class B | 9.61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $296,630,730.

(b) Includes securities loaned at value of $66,008,870.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $3088001 |
| Interest | &nbsp;&nbsp; 127956 |
| Securities lending income | &nbsp;&nbsp; 28616 |
| Total investment income | &nbsp;&nbsp; 3244573 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1104475 |
| Administration fees | &nbsp;&nbsp; 15639 |
| Custodian and accounting fees | &nbsp;&nbsp; 13447 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 154011 |
| Audit and tax services | &nbsp;&nbsp; 24897 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 13848 |
| Insurance | &nbsp;&nbsp; 1525 |
| Miscellaneous | &nbsp;&nbsp; 6108 |
| Total expenses | &nbsp;&nbsp; 1376707 |
| Less management fee waiver | &nbsp;&nbsp; (106342)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (3894)<br>|
| Net expenses | &nbsp;&nbsp; 1266471 |
| **Net Investment Income** | &nbsp;&nbsp; 1978102 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 13830313 |
| Foreign currency transactions | &nbsp;&nbsp; 255 |
| Net realized gain (loss) | &nbsp;&nbsp; 13830568 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (13068745)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 17 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (13068728)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 761840 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $2739942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $5,743.

*See accompanying notes to financial statements.*

**BHFTI-55**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1978102 | &nbsp;&nbsp; $4754813 |
| Net realized gain (loss) | &nbsp;&nbsp; 13830568 | &nbsp;&nbsp; 50466627 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (13068728)<br>| &nbsp;&nbsp; (10956080)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 2739942 | &nbsp;&nbsp; 44265360 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (33013033)<br>| &nbsp;&nbsp; (17032806)<br>|
| Class B | &nbsp;&nbsp; (22066341)<br>| &nbsp;&nbsp; (9971231)<br>|
| **Total distributions** | &nbsp;&nbsp; (55079374)<br>| &nbsp;&nbsp; (27004037)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 46167579 | &nbsp;&nbsp; (71433480)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (6171853)<br>| &nbsp;&nbsp; (54172157)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 314189623 | &nbsp;&nbsp; 368361780 |
| End of period | &nbsp;&nbsp; $308017770 | &nbsp;&nbsp; $314189623 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 162955 | &nbsp;&nbsp; $1840143 | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; $42063 |
| Reinvestments | &nbsp;&nbsp; 3464117 | &nbsp;&nbsp; 33013033 | &nbsp;&nbsp; 1540037 | &nbsp;&nbsp; 17032806 |
| Redemptions | &nbsp;&nbsp; (356556)<br>| &nbsp;&nbsp; (3929512)<br>| &nbsp;&nbsp; (6339007)<br>| &nbsp;&nbsp; (76185871)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3270516 | &nbsp;&nbsp; $30923664 | &nbsp;&nbsp; (4795245)<br>| &nbsp;&nbsp; $(59111002)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 225726 | &nbsp;&nbsp; $2474177 | &nbsp;&nbsp; 305097 | &nbsp;&nbsp; $3601180 |
| Reinvestments | &nbsp;&nbsp; 2317893 | &nbsp;&nbsp; 22066341 | &nbsp;&nbsp; 902374 | &nbsp;&nbsp; 9971231 |
| Redemptions | &nbsp;&nbsp; (825008)<br>| &nbsp;&nbsp; (9296603)<br>| &nbsp;&nbsp; (2206156)<br>| &nbsp;&nbsp; (25894889)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1718611 | &nbsp;&nbsp; $15243915 | &nbsp;&nbsp; (998685)<br>| &nbsp;&nbsp; $(12322478)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $46167579 |  | &nbsp;&nbsp; $(71433480)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-56**

------

**Brighthouse Funds Trust I**

**Allspring Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $12.04 | &nbsp;&nbsp; $15.80 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $13.02 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total income (loss) from investment operations | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.13)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.74)<br>|
| Total distributions | &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.87)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $12.04 | &nbsp;&nbsp; $15.80 | &nbsp;&nbsp; $12.32 |
| **Total Return (%)** (b) | 0.94 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.81 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net ratio of expenses to average net assets (%) (e) | 0.74 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Ratio of net investment income (loss) to average net assets (%) | 1.42 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 19 <br>(c)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 54 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $183.5 | &nbsp;&nbsp; $183.8 | &nbsp;&nbsp; $231.3 | &nbsp;&nbsp; $258.5 | &nbsp;&nbsp; $356.9 | &nbsp;&nbsp; $369.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $11.20 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $12.99 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Total income (loss) from investment operations | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.10)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.74)<br>|
| Total distributions | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.84)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $11.20 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $12.30 |
| **Total Return (%)** (b) | 0.84 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp; (4.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.06 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net ratio of expenses to average net assets (%) (e) | 0.99 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Ratio of net investment income (loss) to average net assets (%) | 1.16 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 19 <br>(c)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 54 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $124.5 | &nbsp;&nbsp; $130.4 | &nbsp;&nbsp; $137.1 | &nbsp;&nbsp; $136.8 | &nbsp;&nbsp; $164.2 | &nbsp;&nbsp; $154.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-57**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio (formerly, American Funds**<sup>®</sup> **Growth Allocation Portfolio)**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** |
| American Funds AMCAP Fund (Class R-6) | 7525051 | &nbsp;&nbsp; $341863051 |
| American Funds American Mutual Fund (Class R-6) | 4439703 | &nbsp;&nbsp; 263807148 |
| American Funds Capital World Bond Fund (Class 1) (a) | 4176932 | &nbsp;&nbsp; 43607170 |
| American Funds Fundamental Investors Fund (Class R-6) | 3720751 | &nbsp;&nbsp; 326867998 |
| American Funds Growth Fund (Class 1) | 2418875 | &nbsp;&nbsp; 312252494 |
| American Funds Growth-Income Fund (Class 1) | 4759854 | &nbsp;&nbsp; 297014891 |
| American Funds High-Income Trust Fund (Class R-6) | 5750703 | &nbsp;&nbsp; 56644428 |
| American Funds International Fund (Class 1) (a) | 13318230 | &nbsp;&nbsp; 266364607 |
| American Funds International Growth & Income Fund (Class R-6) <br> (a)<br>| 7541504 | &nbsp;&nbsp; 322474695 |
| American Funds New World Fund (Class 1) | 3005735 | &nbsp;&nbsp; 88759361 |
| American Funds Smallcap World Fund, Inc. (Class R-6) | 1968277 | &nbsp;&nbsp; 148348995 |
| American Funds The Bond Fund of America (Class 1) | 13815444 | &nbsp;&nbsp; 132351957 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** |
| American Funds U.S. Government Securities Fund (Class R-6) | 3504923 | &nbsp;&nbsp; $42234322 |
| American Funds Washington Mutual Investors Fund (Class 1) | 17298248 | &nbsp;&nbsp; 295800042 |
| Total Investment Companies <br>(Cost $2,445,483,528) <br>|  | &nbsp;&nbsp; 2938391159 |
| Total Investments—100.1% <br>(Cost $2,445,483,528) <br>|  | &nbsp;&nbsp; 2938391159 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (1731953)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2936659206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

**Transactions in Securities of Affiliated Issuers**

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

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $40719097 | &nbsp;&nbsp; $2432173 | &nbsp;&nbsp; $(2944218)<br>| &nbsp;&nbsp; $(593577)<br>| &nbsp;&nbsp; $3993695 | &nbsp;&nbsp; $43607170 |
| American Funds International Fund (Class 1) | &nbsp;&nbsp; 244239064 | &nbsp;&nbsp; 971733 | &nbsp;&nbsp; (8083424)<br>| &nbsp;&nbsp; 303426 | &nbsp;&nbsp; 28933808 | &nbsp;&nbsp; 266364607 |
| American Funds International Growth & Income Fund (Class R-6) | &nbsp;&nbsp; 302509305 | &nbsp;&nbsp; 14457375 | &nbsp;&nbsp; (49828043)<br>| &nbsp;&nbsp; 565379 | &nbsp;&nbsp; 54770679 | &nbsp;&nbsp; 322474695 |
|  | &nbsp;&nbsp; $587467466 | &nbsp;&nbsp; $17861281 | &nbsp;&nbsp; $(60855685)<br>| &nbsp;&nbsp; $275228 | &nbsp;&nbsp; $87698182 | &nbsp;&nbsp; $632446472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $116345 | &nbsp;&nbsp; 4176932 |
| American Funds International Fund (Class 1) | &nbsp;&nbsp; 168256 | &nbsp;&nbsp; 13318230 |
| American Funds International Growth & Income Fund (Class R-6) | &nbsp;&nbsp; 5205122 | &nbsp;&nbsp; 7541504 |
|  | &nbsp;&nbsp; $5489723 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $159780695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $212758832 |

---

*See accompanying notes to financial statements.*

**BHFTI-58**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio (formerly, American Funds**<sup>®</sup> **Growth Allocation Portfolio)**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $2938391159 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2938391159 |
| Total Investments | &nbsp;&nbsp; $2938391159 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2938391159 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-59**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio (formerly, American Funds**<sup>®</sup> **Growth Allocation Portfolio)**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $2305944687 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 632446472 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1793667 |
| Affiliated investments sold | &nbsp;&nbsp; 3706 |
| Fund shares sold | &nbsp;&nbsp; 137352 |
| Dividends | &nbsp;&nbsp; 478528 |
| Prepaid expenses | &nbsp;&nbsp; 22856 |
| Total Assets | &nbsp;&nbsp; 2940827268 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 478528 |
| Fund shares redeemed | &nbsp;&nbsp; 1934724 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 148357 |
| Distribution and service fees | &nbsp;&nbsp; 1281861 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 100491 |
| Total Liabilities | &nbsp;&nbsp; 4168062 |
| **Net Assets**  | &nbsp;&nbsp; $2936659206 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2288305727 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 648353479 |
| **Net Assets**  | &nbsp;&nbsp; $2936659206 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $45847040 |
| Class C | &nbsp;&nbsp; 2890812166 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 4898317 |
| Class C | &nbsp;&nbsp; 313595323 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $9.36 |
| Class C | 9.22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,857,608,793.

(b) Identified cost of affiliated investments was $587,874,735.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying Portfolios | &nbsp;&nbsp; $10872849 |
| Dividends from Affiliated Underlying Portfolios | &nbsp;&nbsp; 5489723 |
| Total investment income | &nbsp;&nbsp; 16362572 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 881193 |
| Administration fees | &nbsp;&nbsp; 14325 |
| Custodian and accounting fees | &nbsp;&nbsp; 7736 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 53232 |
| Distribution and service fees—Class C | &nbsp;&nbsp; 7530462 |
| Audit and tax services | &nbsp;&nbsp; 17631 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 21671 |
| Insurance | &nbsp;&nbsp; 12088 |
| Miscellaneous | &nbsp;&nbsp; 11995 |
| Total expenses | &nbsp;&nbsp; 8593090 |
| **Net Investment Income** | &nbsp;&nbsp; 7769482 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 39699009 |
| Affiliated investments | &nbsp;&nbsp; 275228 |
| Capital gain distributions from Underlying Portfolios | &nbsp;&nbsp; 116001097 |
| Net realized gain (loss) | &nbsp;&nbsp; 155975334 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 27887038 |
| Affiliated investments | &nbsp;&nbsp; 87698182 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 115585220 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 271560554 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $279330036 |

---

*See accompanying notes to financial statements.*

**BHFTI-60**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio (formerly, American Funds**<sup>®</sup> **Growth Allocation Portfolio)**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $7769482 | &nbsp;&nbsp; $32994467 |
| Net realized gain (loss) | &nbsp;&nbsp; 155975334 | &nbsp;&nbsp; 202301880 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 115585220 | &nbsp;&nbsp; 157756626 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 279330036 | &nbsp;&nbsp; 393052973 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (3748297)<br>| &nbsp;&nbsp; (2196401)<br>|
| Class C | &nbsp;&nbsp; (231527679)<br>| &nbsp;&nbsp; (146360022)<br>|
| **Total distributions** | &nbsp;&nbsp; (235275976)<br>| &nbsp;&nbsp; (148556423)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 58588162 | &nbsp;&nbsp; (231672525)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 102642222 | &nbsp;&nbsp; 12824025 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2834016984 | &nbsp;&nbsp; 2821192959 |
| End of period | &nbsp;&nbsp; $2936659206 | &nbsp;&nbsp; $2834016984 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 47485 | &nbsp;&nbsp; $443997 | &nbsp;&nbsp; 135378 | &nbsp;&nbsp; $1221104 |
| Reinvestments | &nbsp;&nbsp; 410997 | &nbsp;&nbsp; 3748297 | &nbsp;&nbsp; 249591 | &nbsp;&nbsp; 2196401 |
| Redemptions | &nbsp;&nbsp; (143711)<br>| &nbsp;&nbsp; (1352857)<br>| &nbsp;&nbsp; (247665)<br>| &nbsp;&nbsp; (2234256)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 314771 | &nbsp;&nbsp; $2839437 | &nbsp;&nbsp; 137304 | &nbsp;&nbsp; $1183249 |
| **Class C** |  |  |  |  |
| Sales | &nbsp;&nbsp; 4257451 | &nbsp;&nbsp; $39153997 | &nbsp;&nbsp; 6334851 | &nbsp;&nbsp; $56684667 |
| Reinvestments | &nbsp;&nbsp; 25753913 | &nbsp;&nbsp; 231527679 | &nbsp;&nbsp; 16861754 | &nbsp;&nbsp; 146360022 |
| Redemptions | &nbsp;&nbsp; (23322590)<br>| &nbsp;&nbsp; (214932951)<br>| &nbsp;&nbsp; (49011316)<br>| &nbsp;&nbsp; (435900463)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 6688774 | &nbsp;&nbsp; $55748725 | &nbsp;&nbsp; (25814711)<br>| &nbsp;&nbsp; $(232855774)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $58588162 |  | &nbsp;&nbsp; $(231672525)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-61**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Aggressive Allocation Portfolio (formerly, American Funds**<sup>®</sup> **Growth Allocation Portfolio)**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $10.12 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Total income (loss) from investment operations | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.19)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.74)<br>|
| Total distributions | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.93)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $10.73 |
| **Total Return (%)** (b) | 10.52 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.96 | &nbsp;&nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp; (18.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.21 | &nbsp;&nbsp;&nbsp;&nbsp;17.34 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.32 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 0.87 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 6 <br>(c)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $45.8 | &nbsp;&nbsp; $42.4 | &nbsp;&nbsp; $37.8 | &nbsp;&nbsp; $30.8 | &nbsp;&nbsp; $38.0 | &nbsp;&nbsp; $32.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $10.01 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Total income (loss) from investment operations | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.74)<br>|
| Total distributions | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.89)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp; $10.60 |
| **Total Return (%)** (b) | 10.32 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;20.27 | &nbsp;&nbsp; (18.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.91 | &nbsp;&nbsp;&nbsp;&nbsp;16.93 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.62 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 0.55 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 6 <br>(c)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2890.8 | &nbsp;&nbsp; $2791.7 | &nbsp;&nbsp; $2783.4 | &nbsp;&nbsp; $2569.8 | &nbsp;&nbsp; $3503.3 | &nbsp;&nbsp; $3296.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-62**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** |
| American Funds AMCAP Fund (Class R-6) | 7195679 | &nbsp;&nbsp; $326899717 |
| American Funds American Mutual Fund (Class R-6) | 4772141 | &nbsp;&nbsp; 283560617 |
| American Funds Capital World Bond Fund (Class 1) (a) | 10609185 | &nbsp;&nbsp; 110759892 |
| American Funds Fundamental Investors Fund (Class R-6) | 3721134 | &nbsp;&nbsp; 326901575 |
| American Funds Growth Fund (Class 1) | 2690632 | &nbsp;&nbsp; 347333688 |
| American Funds Growth-Income Fund (Class 1) | 5889747 | &nbsp;&nbsp; 367520200 |
| American Funds High-Income Trust Fund (Class R-6) | 18370481 | &nbsp;&nbsp; 180949240 |
| American Funds International Fund (Class 1) (a) | 13771254 | &nbsp;&nbsp; 275425079 |
| American Funds International Growth & Income Fund (Class R-6) <br> (a)<br>| 8281724 | &nbsp;&nbsp; 354126497 |
| American Funds New World Fund (Class 1) | 2755383 | &nbsp;&nbsp; 81366470 |
| American Funds Smallcap World Fund, Inc. (Class R-6) | 1623641 | &nbsp;&nbsp; 122373817 |
| American Funds The Bond Fund of America (Class 1) (a) | 55259720 | &nbsp;&nbsp; 529388120 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** |
| American Funds U.S. Government Securities Fund (Class R-6) | 34764476 | &nbsp;&nbsp; $418911934 |
| American Funds Washington Mutual Investors Fund (Class 1) (a) <br>| 19049035 | &nbsp;&nbsp; 325738504 |
| Total Investment Companies <br>(Cost $3,658,456,730) <br>|  | &nbsp;&nbsp; 4051255350 |
| Total Investments—100.1% <br>(Cost $3,658,456,730) <br>|  | &nbsp;&nbsp; 4051255350 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (2296233)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $4048959117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

**Transactions in Securities of Affiliated Issuers**

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

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $106451205 | &nbsp;&nbsp; $3532815 | &nbsp;&nbsp; $(8018689)<br>| &nbsp;&nbsp; $(1735068)<br>| &nbsp;&nbsp; $10529629 | &nbsp;&nbsp; $110759892 |
| American Funds International Fund (Class 1) | &nbsp;&nbsp; 260535116 | &nbsp;&nbsp; 238399 | &nbsp;&nbsp; (15965659)<br>| &nbsp;&nbsp; 1987503 | &nbsp;&nbsp; 28629720 | &nbsp;&nbsp; 275425079 |
| American Funds International Growth & Income Fund (Class R-6) | &nbsp;&nbsp; 341282815 | &nbsp;&nbsp; 14472722 | &nbsp;&nbsp; (63612835)<br>| &nbsp;&nbsp; 962030 | &nbsp;&nbsp; 61021765 | &nbsp;&nbsp; 354126497 |
| American Funds The Bond Fund of America (Class 1) | &nbsp;&nbsp; 524325508 | &nbsp;&nbsp; 15893095 | &nbsp;&nbsp; (28351221)<br>| &nbsp;&nbsp; (4419168)<br>| &nbsp;&nbsp; 21939906 | &nbsp;&nbsp; 529388120 |
| American Funds Washington Mutual Investors Fund (Class 1) | &nbsp;&nbsp; 323868313 | &nbsp;&nbsp; 22746304 | &nbsp;&nbsp; (26432209)<br>| &nbsp;&nbsp; 7336480 | &nbsp;&nbsp; (1780384)<br>| &nbsp;&nbsp; 325738504 |
|  | &nbsp;&nbsp; $1556462957 | &nbsp;&nbsp; $56883335 | &nbsp;&nbsp; $(142380613)<br>| &nbsp;&nbsp; $4131777 | &nbsp;&nbsp; $120340636 | &nbsp;&nbsp; $1595438092 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $297973 | &nbsp;&nbsp; 10609185 |
| American Funds International Fund (Class 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 174666 | &nbsp;&nbsp; 13771254 |
| American Funds International Growth & Income Fund (Class R-6) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5763920 | &nbsp;&nbsp; 8281724 |
| American Funds The Bond Fund of America (Class 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4746584 | &nbsp;&nbsp; 55259720 |
| American Funds Washington Mutual Investors Fund (Class 1) | &nbsp;&nbsp; 21613866 | &nbsp;&nbsp; 1126602 | &nbsp;&nbsp; 19049035 |
|  | &nbsp;&nbsp; $21613866 | &nbsp;&nbsp; $12109745 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $201381746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $320919816 |

---

*See accompanying notes to financial statements.*

**BHFTI-63**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $4051255350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4051255350 |
| Total Investments | &nbsp;&nbsp; $4051255350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4051255350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-64**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $2455817258 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 1595438092 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2160636 |
| Affiliated investments sold | &nbsp;&nbsp; 313974 |
| Fund shares sold | &nbsp;&nbsp; 163006 |
| Dividends | &nbsp;&nbsp; 2576110 |
| Prepaid expenses | &nbsp;&nbsp; 31777 |
| Total Assets | &nbsp;&nbsp; 4056500853 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2576110 |
| Fund shares redeemed | &nbsp;&nbsp; 2637616 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 193795 |
| Distribution and service fees | &nbsp;&nbsp; 1788506 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 121608 |
| Total Liabilities | &nbsp;&nbsp; 7541736 |
| **Net Assets**  | &nbsp;&nbsp; $4048959117 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $3469795281 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 579163836 |
| **Net Assets**  | &nbsp;&nbsp; $4048959117 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $17451307 |
| Class C | &nbsp;&nbsp; 4031507810 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 1856065 |
| Class C | &nbsp;&nbsp; 432750855 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $9.40 |
| Class C | 9.32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $2,096,871,176.

(b) Identified cost of affiliated investments was $1,561,585,554.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying Portfolios | &nbsp;&nbsp; $21283505 |
| Dividends from Affiliated Underlying Portfolios | &nbsp;&nbsp; 12109745 |
| Total investment income | &nbsp;&nbsp; 33393250 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1160181 |
| Administration fees | &nbsp;&nbsp; 14325 |
| Custodian and accounting fees | &nbsp;&nbsp; 7736 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 20454 |
| Distribution and service fees—Class C | &nbsp;&nbsp; 10671449 |
| Audit and tax services | &nbsp;&nbsp; 17631 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 30510 |
| Insurance | &nbsp;&nbsp; 17144 |
| Miscellaneous | &nbsp;&nbsp; 15363 |
| Total expenses | &nbsp;&nbsp; 11997550 |
| **Net Investment Income** | &nbsp;&nbsp; 21395700 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 43126316 |
| Affiliated investments | &nbsp;&nbsp; 4131777 |
| Capital gain distributions from Underlying Portfolios | &nbsp;&nbsp; 110346983 |
| Capital gain distributions from Affiliated Underlying Portfolios | &nbsp;&nbsp; 21613866 |
| Net realized gain (loss) | &nbsp;&nbsp; 179218942 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 19127220 |
| Affiliated investments | &nbsp;&nbsp; 120340636 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 139467856 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 318686798 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $340082498 |

---

*See accompanying notes to financial statements.*

**BHFTI-65**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $21395700 | &nbsp;&nbsp; $72963089 |
| Net realized gain (loss) | &nbsp;&nbsp; 179218942 | &nbsp;&nbsp; 236586565 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 139467856 | &nbsp;&nbsp; 145575630 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 340082498 | &nbsp;&nbsp; 455125284 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (1373993)<br>| &nbsp;&nbsp; (793726)<br>|
| Class C | &nbsp;&nbsp; (310658259)<br>| &nbsp;&nbsp; (199715020)<br>|
| **Total distributions** | &nbsp;&nbsp; (312032252)<br>| &nbsp;&nbsp; (200508746)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 39254865 | &nbsp;&nbsp; (347508107)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 67305111 | &nbsp;&nbsp; (92891569)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3981654006 | &nbsp;&nbsp; 4074545575 |
| End of period | &nbsp;&nbsp; $4048959117 | &nbsp;&nbsp; $3981654006 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 58973 | &nbsp;&nbsp; $559832 | &nbsp;&nbsp; 66568 | &nbsp;&nbsp; $615195 |
| Reinvestments | &nbsp;&nbsp; 149510 | &nbsp;&nbsp; 1373993 | &nbsp;&nbsp; 88487 | &nbsp;&nbsp; 793726 |
| Redemptions | &nbsp;&nbsp; (63373)<br>| &nbsp;&nbsp; (605704)<br>| &nbsp;&nbsp; (102856)<br>| &nbsp;&nbsp; (945409)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 145110 | &nbsp;&nbsp; $1328121 | &nbsp;&nbsp; 52199 | &nbsp;&nbsp; $463512 |
| **Class C** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2737316 | &nbsp;&nbsp; $25704043 | &nbsp;&nbsp; 5497688 | &nbsp;&nbsp; $50031327 |
| Reinvestments | &nbsp;&nbsp; 34100797 | &nbsp;&nbsp; 310658259 | &nbsp;&nbsp; 22465132 | &nbsp;&nbsp; 199715020 |
| Redemptions | &nbsp;&nbsp; (31802325)<br>| &nbsp;&nbsp; (298435558)<br>| &nbsp;&nbsp; (65500190)<br>| &nbsp;&nbsp; (597717966)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 5035788 | &nbsp;&nbsp; $37926744 | &nbsp;&nbsp; (37537370)<br>| &nbsp;&nbsp; $(347971619)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $39254865 |  | &nbsp;&nbsp; $(347508107)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-66**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Balanced Allocation Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $11.89 | &nbsp;&nbsp; $11.09 | &nbsp;&nbsp; $10.39 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Total income (loss) from investment operations | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.59)<br>|
| Total distributions | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.80)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $11.89 | &nbsp;&nbsp; $11.09 |
| **Total Return (%)** (b) | 9.11 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.07 | &nbsp;&nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp; (16.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;15.84 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.32 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 1.41 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 <br>(c)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $17.5 | &nbsp;&nbsp; $16.0 | &nbsp;&nbsp; $14.6 | &nbsp;&nbsp; $11.9 | &nbsp;&nbsp; $14.7 | &nbsp;&nbsp; $13.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $11.00 | &nbsp;&nbsp; $10.30 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Total income (loss) from investment operations | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.18)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.59)<br>|
| Total distributions | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.77)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $11.00 |
| **Total Return (%)** (b) | 9.06 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp;&nbsp;&nbsp;16.49 | &nbsp;&nbsp; (16.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp;15.57 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.62 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 1.10 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 5 <br>(c)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $4031.5 | &nbsp;&nbsp; $3965.6 | &nbsp;&nbsp; $4059.9 | &nbsp;&nbsp; $3862.7 | &nbsp;&nbsp; $5068.3 | &nbsp;&nbsp; $4909.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-67**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** |
| American Funds Growth Fund (Class 1) (a) | 15303850 | &nbsp;&nbsp; $1975574044 |
| Total Investment Companies <br>(Cost $1,403,785,302) <br>|  | &nbsp;&nbsp; 1975574044 |
| Total Investments—100.1% <br>(Cost $1,403,785,302) <br>|  | &nbsp;&nbsp; 1975574044 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (1168696)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1974405348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| American Funds Growth Fund (Class 1) | &nbsp;&nbsp; $1860838354 | &nbsp;&nbsp; $189482677 | &nbsp;&nbsp; $(110025246)<br>| &nbsp;&nbsp; $49863678 | &nbsp;&nbsp; $(14585419)<br>| &nbsp;&nbsp; $1975574044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| American Funds Growth Fund (Class 1) | &nbsp;&nbsp; $151172240 | &nbsp;&nbsp; $3757540 | &nbsp;&nbsp; 15303850 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investments in the Master Fund for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $189482677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $110025246 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $1975574044 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1975574044 |
| Total Investments | &nbsp;&nbsp; $1975574044 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1975574044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-68**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Growth Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in Master Fund at value (a) | &nbsp;&nbsp; $1975574044 |
| Receivable for: |  |
| Investments in Master Fund sold | &nbsp;&nbsp; 2951115 |
| Prepaid expenses | &nbsp;&nbsp; 15288 |
| Total Assets | &nbsp;&nbsp; 1978540447 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 2951115 |
| Accrued Expenses: |  |
| Distribution and service fees | &nbsp;&nbsp; 861982 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 97901 |
| Total Liabilities | &nbsp;&nbsp; 4135099 |
| **Net Assets**  | &nbsp;&nbsp; $1974405348 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1203432869 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 770972479 |
| **Net Assets**  | &nbsp;&nbsp; $1974405348 |
| **Net Assets** |  |
| Class C | &nbsp;&nbsp; $1974405348 |
| **Capital Shares Outstanding\*** |  |
| Class C | &nbsp;&nbsp; 162662457 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class C | &nbsp;&nbsp; $12.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments in Master Fund was $1,403,785,302.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Master Fund | &nbsp;&nbsp; $3757540 |
| Total investment income | &nbsp;&nbsp; 3757540 |
| **Expenses** |  |
| Administration fees | &nbsp;&nbsp; 13829 |
| Custodian and accounting fees | &nbsp;&nbsp; 6545 |
| Distribution and service fees—Class C | &nbsp;&nbsp; 4947020 |
| Audit and tax services | &nbsp;&nbsp; 17581 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 24790 |
| Insurance | &nbsp;&nbsp; 7285 |
| Miscellaneous | &nbsp;&nbsp; 8917 |
| Total expenses | &nbsp;&nbsp; 5068724 |
| **Net Investment Loss** | &nbsp;&nbsp; (1311184)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments in Master Fund | &nbsp;&nbsp; 49863678 |
| Capital gain distributions from Master Fund | &nbsp;&nbsp; 151172240 |
| Net realized gain (loss) | &nbsp;&nbsp; 201035918 |
| Net change in unrealized appreciation (depreciation) on investments in Master <br> Fund<br>| &nbsp;&nbsp; (14585419)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 186450499 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $185139315 |

---

*See accompanying notes to financial statements.*

**BHFTI-69**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1311184)<br>| &nbsp;&nbsp; $(68643)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 201035918 | &nbsp;&nbsp; 177696596 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14585419)<br>| &nbsp;&nbsp; 305764382 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 185139315 | &nbsp;&nbsp; 483392335 |
| **From Distributions to Shareholders** |  |  |
| Class C | &nbsp;&nbsp; (177725753)<br>| &nbsp;&nbsp; (136402248)<br>|
| **Total distributions** | &nbsp;&nbsp; (177725753)<br>| &nbsp;&nbsp; (136402248)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 107346562 | &nbsp;&nbsp; (157009076)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 114760124 | &nbsp;&nbsp; 189981011 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1859645224 | &nbsp;&nbsp; 1669664213 |
| End of period | &nbsp;&nbsp; $1974405348 | &nbsp;&nbsp; $1859645224 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class C** |  |  |  |  |
| Sales | &nbsp;&nbsp; 6922186 | &nbsp;&nbsp; $80289242 | &nbsp;&nbsp; 7456866 | &nbsp;&nbsp; $83383134 |
| Reinvestments | &nbsp;&nbsp; 15190235 | &nbsp;&nbsp; 177725753 | &nbsp;&nbsp; 12807723 | &nbsp;&nbsp; 136402248 |
| Redemptions | &nbsp;&nbsp; (12322688)<br>| &nbsp;&nbsp; (150668433)<br>| &nbsp;&nbsp; (33633970)<br>| &nbsp;&nbsp; (376794458)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 9789733 | &nbsp;&nbsp; $107346562 | &nbsp;&nbsp; (13369381)<br>| &nbsp;&nbsp; $(157009076)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $107346562 |  | &nbsp;&nbsp; $(157009076)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-70**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.16 | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $15.93 | &nbsp;&nbsp; $14.12 | &nbsp;&nbsp; $10.58 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>|
| Net realized and unrealized gain (loss) | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 |
| Total income (loss) from investment operations | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 ) (c)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.10)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.28)<br>|
| Total distributions | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.38)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.14 | &nbsp;&nbsp; $12.16 | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $15.93 | &nbsp;&nbsp; $14.12 |
| **Total Return (%)** (d) | 10.01 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.23 | &nbsp;&nbsp;&nbsp;&nbsp;37.99 | &nbsp;&nbsp; (30.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.62 | &nbsp;&nbsp;&nbsp;&nbsp;51.63 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (f) | 0.56 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.15 ) (g)<br>| &nbsp;&nbsp; (0.00 ) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.01)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 6 <br>(e)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 5 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1974.4 | &nbsp;&nbsp; $1859.6 | &nbsp;&nbsp; $1669.7 | &nbsp;&nbsp; $1378.4 | &nbsp;&nbsp; $1911.0 | &nbsp;&nbsp; $1741.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributions from net investment income were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratio of operating expenses to average net assets does not include expenses of the Master Fund in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Ratio of net investment income (loss) to average net assets was less than 0.01%.

*See accompanying notes to financial statements.*

**BHFTI-71**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Moderate Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—100.1% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** | **Mutual Funds — 100.1%** |
| American Funds AMCAP Fund (Class R-6) | 2173303 | &nbsp;&nbsp; $98733156 |
| American Funds American Mutual Fund (Class R-6) | 2642229 | &nbsp;&nbsp; 157001231 |
| American Funds Capital World Bond Fund (Class 1) (a) | 6548207 | &nbsp;&nbsp; 68363283 |
| American Funds Fundamental Investors Fund (Class R-6) | 1123394 | &nbsp;&nbsp; 98690197 |
| American Funds Growth Fund (Class 1) | 765453 | &nbsp;&nbsp; 98812269 |
| American Funds Growth-Income Fund (Class 1) | 2529493 | &nbsp;&nbsp; 157840393 |
| American Funds High-Income Trust Fund (Class R-6) | 11182386 | &nbsp;&nbsp; 110146500 |
| American Funds International Fund (Class 1) | 5420859 | &nbsp;&nbsp; 108417183 |
| American Funds International Growth & Income Fund (Class R-6) | 2976909 | &nbsp;&nbsp; 127292636 |
| American Funds New World Fund (Class 1) | 666037 | &nbsp;&nbsp; 19668070 |
| American Funds Smallcap World Fund, Inc. (Class R-6) | 261428 | &nbsp;&nbsp; 19703841 |
| American Funds The Bond Fund of America (Class 1) (a) | 37486969 | &nbsp;&nbsp; 359125164 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** | **Mutual Funds—(Continued)** |
| American Funds U.S. Government Securities Fund (Class R-6) | 30406676 | &nbsp;&nbsp; $366400443 |
| American Funds Washington Mutual Investors Fund (Class 1) | 9225909 | &nbsp;&nbsp; 157763042 |
| Total Investment Companies <br>(Cost $1,855,458,963) <br>|  | &nbsp;&nbsp; 1947957408 |
| Total Investments—100.1% <br>(Cost $1,855,458,963) <br>|  | &nbsp;&nbsp; 1947957408 |
| Other assets and liabilities (net)—(0.1)%  |  | &nbsp;&nbsp; (1283055)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1946674353 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

**Transactions in Securities of Affiliated Issuers**

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

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $67014672 | &nbsp;&nbsp; $1637285 | &nbsp;&nbsp; $(5775647)<br>| &nbsp;&nbsp; $(1177109)<br>| &nbsp;&nbsp; $6664082 | &nbsp;&nbsp; $68363283 |
| American Funds The Bond Fund of America (Class 1) | &nbsp;&nbsp; 370954619 | &nbsp;&nbsp; 4075062 | &nbsp;&nbsp; (28017855)<br>| &nbsp;&nbsp; (3449359)<br>| &nbsp;&nbsp; 15562697 | &nbsp;&nbsp; 359125164 |
|  | &nbsp;&nbsp; $437969291 | &nbsp;&nbsp; $5712347 | &nbsp;&nbsp; $(33793502)<br>| &nbsp;&nbsp; $(4626468)<br>| &nbsp;&nbsp; $22226779 | &nbsp;&nbsp; $427488447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| American Funds Capital World Bond Fund (Class 1) | &nbsp;&nbsp; $183517 | &nbsp;&nbsp; 6548207 |
| American Funds The Bond Fund of America (Class 1) | &nbsp;&nbsp; 3244604 | &nbsp;&nbsp; 37486969 |
|  | &nbsp;&nbsp; $3428121 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85969605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $152342437 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $1947957408 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1947957408 |
| Total Investments | &nbsp;&nbsp; $1947957408 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1947957408 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-72**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Moderate Allocation Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1520468961 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 427488447 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1416814 |
| Fund shares sold | &nbsp;&nbsp; 116656 |
| Dividends | &nbsp;&nbsp; 1974910 |
| Prepaid expenses | &nbsp;&nbsp; 15342 |
| Total Assets | &nbsp;&nbsp; 1951481130 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1974910 |
| Fund shares redeemed | &nbsp;&nbsp; 1533470 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 109365 |
| Distribution and service fees | &nbsp;&nbsp; 860440 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 104491 |
| Total Liabilities | &nbsp;&nbsp; 4806777 |
| **Net Assets**  | &nbsp;&nbsp; $1946674353 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1796820453 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 149853900 |
| **Net Assets**  | &nbsp;&nbsp; $1946674353 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $14701030 |
| Class C | &nbsp;&nbsp; 1931973323 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 1660198 |
| Class C | &nbsp;&nbsp; 219117429 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $8.85 |
| Class C | 8.82 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,372,417,675.

(b) Identified cost of affiliated investments was $483,041,288.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying Portfolios | &nbsp;&nbsp; $17009534 |
| Dividends from Affiliated Underlying Portfolios | &nbsp;&nbsp; 3428121 |
| Total investment income | &nbsp;&nbsp; 20437655 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 658793 |
| Administration fees | &nbsp;&nbsp; 14325 |
| Custodian and accounting fees | &nbsp;&nbsp; 7736 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 17232 |
| Distribution and service fees—Class C | &nbsp;&nbsp; 5163265 |
| Audit and tax services | &nbsp;&nbsp; 17631 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 21227 |
| Insurance | &nbsp;&nbsp; 8330 |
| Miscellaneous | &nbsp;&nbsp; 10113 |
| Total expenses | &nbsp;&nbsp; 5961409 |
| **Net Investment Income** | &nbsp;&nbsp; 14476246 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 9297865 |
| Affiliated investments | &nbsp;&nbsp; (4626468)<br>|
| Capital gain distributions from Underlying Portfolios | &nbsp;&nbsp; 50660285 |
| Net realized gain (loss) | &nbsp;&nbsp; 55331682 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 52751074 |
| Affiliated investments | &nbsp;&nbsp; 22226779 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 74977853 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 130309535 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $144785781 |

---

*See accompanying notes to financial statements.*

**BHFTI-73**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Moderate Allocation Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14476246 | &nbsp;&nbsp; $46335210 |
| Net realized gain (loss) | &nbsp;&nbsp; 55331682 | &nbsp;&nbsp; 86350302 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 74977853 | &nbsp;&nbsp; 44035978 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 144785781 | &nbsp;&nbsp; 176721490 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (1061799)<br>| &nbsp;&nbsp; (638991)<br>|
| Class C | &nbsp;&nbsp; (134810812)<br>| &nbsp;&nbsp; (91502377)<br>|
| **Total distributions** | &nbsp;&nbsp; (135872611)<br>| &nbsp;&nbsp; (92141368)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 4407941 | &nbsp;&nbsp; (186092332)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 13321111 | &nbsp;&nbsp; (101512210)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1933353242 | &nbsp;&nbsp; 2034865452 |
| End of period | &nbsp;&nbsp; $1946674353 | &nbsp;&nbsp; $1933353242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 24766 | &nbsp;&nbsp; $221161 | &nbsp;&nbsp; 51042 | &nbsp;&nbsp; $449551 |
| Reinvestments | &nbsp;&nbsp; 122327 | &nbsp;&nbsp; 1061799 | &nbsp;&nbsp; 74999 | &nbsp;&nbsp; 638991 |
| Redemptions | &nbsp;&nbsp; (25181)<br>| &nbsp;&nbsp; (225966)<br>| &nbsp;&nbsp; (91713)<br>| &nbsp;&nbsp; (799530)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 121912 | &nbsp;&nbsp; $1056994 | &nbsp;&nbsp; 34328 | &nbsp;&nbsp; $289012 |
| **Class C** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1927796 | &nbsp;&nbsp; $17141563 | &nbsp;&nbsp; 3005521 | &nbsp;&nbsp; $26156172 |
| Reinvestments | &nbsp;&nbsp; 15603103 | &nbsp;&nbsp; 134810812 | &nbsp;&nbsp; 10790375 | &nbsp;&nbsp; 91502377 |
| Redemptions | &nbsp;&nbsp; (16652684)<br>| &nbsp;&nbsp; (148601428)<br>| &nbsp;&nbsp; (34869308)<br>| &nbsp;&nbsp; (304039893)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 878215 | &nbsp;&nbsp; $3350947 | &nbsp;&nbsp; (21073412)<br>| &nbsp;&nbsp; $(186381344)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $4407941 |  | &nbsp;&nbsp; $(186092332)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-74**

------

**Brighthouse Funds Trust I**

**American Funds**<sup>®</sup> **Moderate Allocation Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $10.02 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Total income (loss) from investment operations | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.46)<br>|
| Total distributions | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.68)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp; $10.57 |
| **Total Return (%)** (b) | 7.95 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp; (14.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;13.30 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.33 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 1.85 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 4 <br>(c)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 31 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $14.7 | &nbsp;&nbsp; $13.6 | &nbsp;&nbsp; $12.8 | &nbsp;&nbsp; $10.4 | &nbsp;&nbsp; $14.9 | &nbsp;&nbsp; $15.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $8.45 | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $9.96 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Total income (loss) from investment operations | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.19)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.46)<br>|
| Total distributions | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.65)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $8.45 | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $10.51 |
| **Total Return (%)** (b) | 7.86 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.12 | &nbsp;&nbsp;&nbsp;&nbsp;12.91 | &nbsp;&nbsp; (14.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.63 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 1.53 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 4 <br>(c)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 31 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1932.0 | &nbsp;&nbsp; $1919.7 | &nbsp;&nbsp; $2022.1 | &nbsp;&nbsp; $2030.2 | &nbsp;&nbsp; $2633.9 | &nbsp;&nbsp; $2666.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-75**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—89.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Exchange-Traded Funds — 89.7%** | **Exchange-Traded Funds — 89.7%** | **Exchange-Traded Funds — 89.7%** |
| Communication Services Select Sector SPDR Fund (a) | 257066 | &nbsp;&nbsp; $27899373 |
| Consumer Discretionary Select Sector SPDR Fund (a) | 122035 | &nbsp;&nbsp; 26521866 |
| Consumer Staples Select Sector SPDR Fund (a) | 137500 | &nbsp;&nbsp; 11133375 |
| Energy Select Sector SPDR Fund (a) | 81470 | &nbsp;&nbsp; 6909471 |
| Financial Select Sector SPDR Fund (a) | 655503 | &nbsp;&nbsp; 34328692 |
| Health Care Select Sector SPDR Fund (a) | 173123 | &nbsp;&nbsp; 23335249 |
| Industrial Select Sector SPDR Fund (a) | 150496 | &nbsp;&nbsp; 22201170 |
| iShares Core MSCI EAFE ETF (b) | 8548608 | &nbsp;&nbsp; 713637796 |
| iShares Core S&P 500 ETF (b) | 917921 | &nbsp;&nbsp; 569937149 |
| iShares Core U.S. Aggregate Bond ETF (a) (b) | 4523486 | &nbsp;&nbsp; 448729811 |
| iShares U.S. Real Estate ETF (a) (b) | 617557 | &nbsp;&nbsp; 58525877 |
| Materials Select Sector SPDR Fund (a) | 59476 | &nbsp;&nbsp; 5222588 |
| Technology Select Sector SPDR Fund (a) | 284792 | &nbsp;&nbsp; 72117878 |
| Utilities Select Sector SPDR Fund (a) | 81104 | &nbsp;&nbsp; 6622953 |
| Vanguard Total Bond Market ETF (a) | 7915573 | &nbsp;&nbsp; 582823640 |
| Total Investment Companies <br>(Cost $2,339,749,415) <br>|  | &nbsp;&nbsp; 2609946888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—8.1%** | **Short-Term Investments—8.1%** | **Short-Term Investments—8.1%** |
| **Repurchase Agreement—1.8%** | **Repurchase Agreement—1.8%** | **Repurchase Agreement—1.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $51,058,835; <br> collateralized by U.S. Treasury Notes at 3.750%, maturing <br> 06/30/27, with a market value of $52,075,425<br>| 51054226 | &nbsp;&nbsp; 51054226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investment Funds—6.3%** |  |  |
| State Street USD Liquidity LVNAV Fund - Institutional Shares |  |  |
| 4.330% (c) | 184730000 | &nbsp;&nbsp; 184730000 |
| Total Short-Term Investments <br>(Cost $235,784,226) <br>|  | &nbsp;&nbsp; 235784226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (d)—13.7%** | **Securities Lending Reinvestments (d)—13.7%** | **Securities Lending Reinvestments (d)—13.7%** |
| **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (c)<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—2.9%** | **Certificates of Deposit—2.9%** | **Certificates of Deposit—2.9%** |
| Bank of America NA |  |  |
| 4.800%, SOFR + 0.400%, 03/31/26 (e) | 2000000 | &nbsp;&nbsp; 2001944 |
| Bank of Montreal |  |  |
| 4.780%, SOFR + 0.390%, 05/05/26 (e) | 2000000 | &nbsp;&nbsp; 2001442 |
| Bank of Nova Scotia |  |  |
| 4.720%, SOFR + 0.330%, 08/21/25 (e) | 2000000 | &nbsp;&nbsp; 1999966 |
| Barclays Bank PLC |  |  |
| 4.600%, SOFR + 0.200%, 10/01/25 (e) | 2000000 | &nbsp;&nbsp; 2000152 |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (e) | 5000000 | &nbsp;&nbsp; 5004680 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.670%, SOFR + 0.280%, 11/03/25 (e) | 5000000 | &nbsp;&nbsp; 4999655 |
| Credit Agricole SA |  |  |
| Zero Coupon, 08/08/25 | 5000000 | &nbsp;&nbsp; 4976400 |
| 4.500%, 09/15/25 | 1000000 | &nbsp;&nbsp; 1000270 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 4.630%, SOFR + 0.240%, 07/07/25 (e) | 5000000 | &nbsp;&nbsp; $5000010 |
| Mizuho Bank Ltd. |  |  |
| 4.580%, SOFR + 0.180%, 09/11/25 (e) | 2000000 | &nbsp;&nbsp; 1999676 |
| 4.750%, SOFR + 0.350%, 10/10/25 (e) | 3000000 | &nbsp;&nbsp; 3000660 |
| MUFG Bank Ltd. |  |  |
| 4.710%, SOFR + 0.310%, 10/30/25 (e) | 4000000 | &nbsp;&nbsp; 4001212 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 07/11/25 (e) | 2000000 | &nbsp;&nbsp; 2000026 |
| 4.620%, SOFR + 0.220%, 12/15/25 (e) | 5000000 | &nbsp;&nbsp; 4999915 |
| Royal Bank of Canada |  |  |
| 4.770%, SOFR + 0.380%, 05/01/26 (e) | 2000000 | &nbsp;&nbsp; 2000930 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.600%, SOFR + 0.200%, 12/08/25 (e) | 3000000 | &nbsp;&nbsp; 2999121 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (e) | 3000000 | &nbsp;&nbsp; 3001308 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.630%, SOFR + 0.240%, 07/09/25 (e) | 4000000 | &nbsp;&nbsp; 4000016 |
| 4.740%, SOFR + 0.350%, 10/14/25 (e) | 5000000 | &nbsp;&nbsp; 5001580 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| Zero Coupon, 08/22/25 | 6000000 | &nbsp;&nbsp; 5961360 |
| Toronto-Dominion Bank |  |  |
| 4.750%, SOFR + 0.350%, 08/12/25 (e) | 5000000 | &nbsp;&nbsp; 5000420 |
| 4.850%, SOFR + 0.450%, 04/23/26 (e) | 1000000 | &nbsp;&nbsp; 1000777 |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 10000000 | &nbsp;&nbsp; 10000010 |
|  |  | &nbsp;&nbsp; 83951530 |
| **Commercial Paper—1.0%** | **Commercial Paper—1.0%** | **Commercial Paper—1.0%** |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 5000000 | &nbsp;&nbsp; 4998181 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (e) | 2000000 | &nbsp;&nbsp; 1999928 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (e) | 4000000 | &nbsp;&nbsp; 3999804 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 6000000 | &nbsp;&nbsp; 5997762 |
| 4.460%, 07/16/25 | 2000000 | &nbsp;&nbsp; 1996016 |
| Liberty Street Funding LLC |  |  |
| 4.450%, 07/10/25 | 3000000 | &nbsp;&nbsp; 2996220 |
| Salisbury Receivables Co. LLC |  |  |
| 4.450%, 07/09/25 | 5000000 | &nbsp;&nbsp; 4994325 |
| 4.470%, 07/15/25 | 3000000 | &nbsp;&nbsp; 2994330 |
|  |  | &nbsp;&nbsp; 29976566 |
| **Repurchase Agreements—9.3%** | **Repurchase Agreements—9.3%** | **Repurchase Agreements—9.3%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $20,002,478; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,261,479<br>| 20000000 | &nbsp;&nbsp; 20000000 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-76**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (d)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $15,001,825; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market <br> value of $15,301,862<br>| 15000000 | &nbsp;&nbsp; $15000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $30,747,100; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 5.000%, maturity dates ranging from <br> 07/15/25 - 07/15/26, and various Common Stock with an <br> aggregate market value of $31,367,025<br>| 30000000 | &nbsp;&nbsp; 30000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,894,160; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 2.000% - 4.750%, maturity dates ranging from <br> 02/15/45 - 11/15/53, and an aggregate market value of <br> $4,991,437<br>| 4893565 | &nbsp;&nbsp; 4893565 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $15,501,955; <br> collateralized by various Common Stock with an aggregate <br> market value of $17,284,129<br>| 15500000 | &nbsp;&nbsp; 15500000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $10,001,261; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,151,049<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $56,049,653; <br> collateralized by various Common Stock with an aggregate <br> market value of $62,446,879<br>| 56000000 | &nbsp;&nbsp; 56000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.590%, due on <br> 07/07/25 with a maturity value of $43,038,378; <br> collateralized by various Common Stock with an aggregate <br> market value of $47,951,439<br>| 43000000 | &nbsp;&nbsp; 43000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $48,405,969; <br> collateralized by various Common Stock with an aggregate <br> market value of $53,850,750<br>| 48400000 | &nbsp;&nbsp; 48400000 |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $9,001,130; <br> collateralized by various Common Stock with an aggregate <br> market value of $10,011,988<br>| 9000000 | &nbsp;&nbsp; 9000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $20,002,461; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,002,708<br>| 20000000 | &nbsp;&nbsp; $20000000 |
|  |  | &nbsp;&nbsp; 271793565 |
| **Time Deposit—0.3%** | **Time Deposit—0.3%** | **Time Deposit—0.3%** |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 9000000 | &nbsp;&nbsp; 9000000 |
| Total Securities Lending Reinvestments <br>(Cost $399,712,900) <br>|  | &nbsp;&nbsp; 399721661 |
| Total Investments—111.5% <br>(Cost $2,975,246,541) <br>|  | &nbsp;&nbsp; 3245452775 |
| Other assets and liabilities (net)—(11.5)%  |  | &nbsp;&nbsp; (334522950)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2910929825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $415,981,967 and the collateral received consisted of cash in the amount of $399,535,903 and non-cash collateral with a value of $24,952,005. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities. 

(b) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

(c) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(d) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(e) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-77**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Transactions in Securities of Affiliated Issuers**

The Portfolio does not invest in the Underlying ETFs for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying ETFs' net assets. Transactions in the Underlying ETFs for the six months June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp; $451806787 | &nbsp;&nbsp; $177362574 | &nbsp;&nbsp; $(32070224)<br>| &nbsp;&nbsp; $10029067 | &nbsp;&nbsp; $106509592 | &nbsp;&nbsp; $713637796 |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 380006480 | &nbsp;&nbsp; 204179766 | &nbsp;&nbsp; (44936398)<br>| &nbsp;&nbsp; 2833327 | &nbsp;&nbsp; 27853974 | &nbsp;&nbsp; 569937149 |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 487120370 | &nbsp;&nbsp; 68049918 | &nbsp;&nbsp; (117724339)<br>| &nbsp;&nbsp; (1362148)<br>| &nbsp;&nbsp; 12646010 | &nbsp;&nbsp; 448729811 |
| iShares U.S. Real Estate ETF | &nbsp;&nbsp; 61677376 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4328663)<br>| &nbsp;&nbsp; (486443)<br>| &nbsp;&nbsp; 1663607 | &nbsp;&nbsp; 58525877 |
|  | &nbsp;&nbsp; $1380611013 | &nbsp;&nbsp; $449592258 | &nbsp;&nbsp; $(199059624)<br>| &nbsp;&nbsp; $11013803 | &nbsp;&nbsp; $148673183 | &nbsp;&nbsp; $1790830633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp; $12536594 | &nbsp;&nbsp; 8548608 |
| iShares Core S&P 500 ETF | &nbsp;&nbsp; 3468689 | &nbsp;&nbsp; 917921 |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp; 7456350 | &nbsp;&nbsp; 4523486 |
| iShares U.S. Real Estate ETF | &nbsp;&nbsp; 543061 | &nbsp;&nbsp; 617557 |
|  | &nbsp;&nbsp; $24004694 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $449592258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $199059624 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $(399535903)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(399535903)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(399535903)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 112656870 | JPMC | 09/17/25 | USD | 72960791 | &nbsp;&nbsp; $1301844 |
| CAD | &nbsp;&nbsp; 98186779 | JPMC | 09/17/25 | USD | 71957273 | &nbsp;&nbsp; 424045 |
| EUR | &nbsp;&nbsp; 63296401 | JPMC | 09/17/25 | USD | 72517522 | &nbsp;&nbsp; 2421747 |
| JPY | &nbsp;&nbsp; 20270465371 | JPMC | 09/17/25 | USD | 142513405 | &nbsp;&nbsp; (534086)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 6550000 | DBAG | 09/17/25 | USD | 4241843 | &nbsp;&nbsp; (75872)<br>|
| CAD | &nbsp;&nbsp; 4830000 | JPMC | 09/17/25 | USD | 3539719 | &nbsp;&nbsp; (20860)<br>|

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-78**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| EUR | &nbsp;&nbsp; 1106875 | DBAG | 09/17/25 | USD | 1268247 | &nbsp;&nbsp; $(42229)<br>|
| GBP | &nbsp;&nbsp; 30000 | UBSA | 09/17/25 | USD | 40600 | &nbsp;&nbsp; (600)<br>|
| JPY | &nbsp;&nbsp; 534016801 | JPMC | 09/17/25 | USD | 3754455 | &nbsp;&nbsp; 14070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cross Currency** <br> **Contracts to Buy** | **Cross Currency** <br> **Contracts to Buy** |  |  |  |  |  |
| JPY | &nbsp;&nbsp; 20270466149 | JPMC | 09/17/25 | EUR | 124426627 | &nbsp;&nbsp; (5334588)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(1846529)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| MSCI EAFE Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 387 | USD | 51890895 | &nbsp;&nbsp; $563627 |
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 421 | USD | 46135285 | &nbsp;&nbsp; 706358 |
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 241 | USD | 75357688 | &nbsp;&nbsp; 1825087 |
| TOPIX Index Futures | &nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp; 382 | JPY | 10908010000 | &nbsp;&nbsp; 1845108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| NASDAQ 100 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (240)<br>| USD | (109887600)<br>| &nbsp;&nbsp; (3565536)<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (8)<br>| USD | (2501500)<br>| &nbsp;&nbsp; (263)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (599)<br>| USD | (67162875)<br>| &nbsp;&nbsp; (1358524)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (2141)<br>| USD | (255046625)<br>| &nbsp;&nbsp; (12126710)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(12110853)<br>|

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SOFR | Annually | 3.658<br> %<br>| Annually | 04/06/35 | USD | 241695426 | $(611111)<br>| $(633275)<br>| $22164 |
| Pay | 12M SOFR | Annually | 3.768<br> %<br>| Annually | 03/09/35 | USD | 422000000 | 2850287 | 192730 | 2657557 |
| Pay | 12M SOFR | Annually | 4.096<br> %<br>| Annually | 01/12/35 | USD | 198616939 | 6704489 | 766001 | 5938488 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $8943665 | $325456 | $8618209 |

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | 3M UST | Quarterly | 05/29/26 | JPMC | S&P GSCI Commodity Total Return Index | USD | 113354636 | $5077330 | $— | $5077330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-79**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Commodity | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $5077330 |  |  |
| Equity | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 4940180 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; $3565799 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 4161706 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 6008235 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (c) (d) <br>| &nbsp;&nbsp; 8618209 |  |  |
|  |  |  | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 13485234 |
| Total |  | &nbsp;&nbsp; $22797425 |  | &nbsp;&nbsp; $23059268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest payable of $437,925.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| JPMorgan Chase Bank NA | &nbsp;&nbsp; $9239036 | &nbsp;&nbsp;&nbsp;&nbsp; $(5889534)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3349502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Deutsche Bank AG | &nbsp;&nbsp; $118101 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $118101 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 5889534 | &nbsp;&nbsp;&nbsp;&nbsp; (5889534)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 600 |
|  | &nbsp;&nbsp; $6008235 | &nbsp;&nbsp;&nbsp;&nbsp; $(5889534)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $118701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1064893 | &nbsp;&nbsp;&nbsp; $1064893 |
| Futures contracts | &nbsp;&nbsp; 10478134 | &nbsp;&nbsp;&nbsp; (110027588)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (99549454)<br>|
| Swap contracts | &nbsp;&nbsp; 5137568 | &nbsp;&nbsp;&nbsp; (1879861)<br>| &nbsp;&nbsp;&nbsp; (484142)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2773565 |
|  | &nbsp;&nbsp; $15615702 | &nbsp;&nbsp;&nbsp; $(111907449)<br>| &nbsp;&nbsp;&nbsp; $(484142)<br>| &nbsp;&nbsp;&nbsp; $1064893 | &nbsp;&nbsp;&nbsp; $(95710996)<br>|

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-80**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation** <br> **(Depreciation)**<br>| **Interest Rate** | **Equity** | **Commodity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2978228 | &nbsp;&nbsp;&nbsp; $2978228 |
| Futures contracts | &nbsp;&nbsp; (17984915)<br>| &nbsp;&nbsp;&nbsp; 20082209 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2097294 |
| Swap contracts | &nbsp;&nbsp; 23089491 | &nbsp;&nbsp;&nbsp; 554960 | &nbsp;&nbsp;&nbsp; 1073905 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24718356 |
|  | &nbsp;&nbsp; $5104576 | &nbsp;&nbsp;&nbsp; $20637169 | &nbsp;&nbsp;&nbsp; $1073905 | &nbsp;&nbsp;&nbsp; $2978228 | &nbsp;&nbsp;&nbsp; $29793878 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $561187191 |
| Futures contracts long | &nbsp;&nbsp; 309578268 |
| Futures contracts short | &nbsp;&nbsp; (554415746)<br>|
| Swap contracts | &nbsp;&nbsp; 1010542923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $2609946888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2609946888 |
| Short-Term Investments |  |  |  |  |
| Repurchase Agreement | &nbsp;&nbsp; — | &nbsp;&nbsp; 51054226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51054226 |
| Short-Term Investment Funds | &nbsp;&nbsp; 184730000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 184730000 |
| Total Short-Term Investments | &nbsp;&nbsp; 184730000 | &nbsp;&nbsp; 51054226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235784226 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 83951530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83951530 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 29976566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29976566 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 271793565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 271793565 |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 394721661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 399721661 |
| Total Investments | &nbsp;&nbsp; $2799676888 | &nbsp;&nbsp; $445775887 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3245452775 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(399535903)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(399535903)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4161706 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4161706 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (6008235)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6008235)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1846529)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1846529)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $4940180 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4940180 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (17051033)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17051033)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(12110853)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12110853)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8618209 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8618209 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5077330 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5077330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Consolidated Schedule of Investments for additional detailed categorizations.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-81**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1454622142 |
| Affiliated investments at value (c) (d) | &nbsp;&nbsp; 1790830633 |
| Cash denominated in foreign currencies (e) | &nbsp;&nbsp; 8102176 |
| Cash collateral (f) | &nbsp;&nbsp; 74417718 |
| OTC swap contracts at market value | &nbsp;&nbsp; 5077330 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 4161706 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 26647 |
| Interest | &nbsp;&nbsp; 484407 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 3154538 |
| Prepaid expenses | &nbsp;&nbsp; 22322 |
| Total Assets | &nbsp;&nbsp; 3340899619 |
| **Liabilities** |  |
| Cash collateral for OTC swap contracts | &nbsp;&nbsp; 5220000 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 6008235 |
| Collateral for securities loaned | &nbsp;&nbsp; 399535903 |
| Payable for: |  |
| Affiliated investments purchased | &nbsp;&nbsp; 11544636 |
| Fund shares redeemed | &nbsp;&nbsp; 2525330 |
| Variation margin on futures contracts | &nbsp;&nbsp; 1878337 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 437925 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1434318 |
| Distribution and service fees | &nbsp;&nbsp; 587359 |
| Deferred trustees' fees | &nbsp;&nbsp; 210951 |
| Other expenses | &nbsp;&nbsp; 586800 |
| Total Liabilities | &nbsp;&nbsp; 429969794 |
| **Net Assets**  | &nbsp;&nbsp; $2910929825 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2836397660 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 74532165 |
| **Net Assets**  | &nbsp;&nbsp; $2910929825 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $2910929825 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 338558793 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $8.60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,429,195,172.

(b) Includes securities loaned at value $83,816,005.

(c) Identified cost of affiliated investments was $1,546,051,369.

(d) Includes securities loaned at value of $332,165,962.

(e) Identified cost of cash denominated in foreign currencies was $8,046,334.

(f) Includes collateral of $27,478,718 for futures contracts and $46,939,000 for centrally cleared swap contracts. 

**Consolidated§ Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying ETFs | &nbsp;&nbsp; $10703840 |
| Dividends from affiliated investments | &nbsp;&nbsp; 24004694 |
| Interest | &nbsp;&nbsp; 7255744 |
| Securities lending income | &nbsp;&nbsp; 463314 |
| Total investment income | &nbsp;&nbsp; 42427592 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 9660064 |
| Administration fees | &nbsp;&nbsp; 76142 |
| Custodian and accounting fees | &nbsp;&nbsp; 86037 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 3600973 |
| Audit and tax services | &nbsp;&nbsp; 37093 |
| Legal | &nbsp;&nbsp; 26716 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 60654 |
| Insurance | &nbsp;&nbsp; 16932 |
| Miscellaneous | &nbsp;&nbsp; 16949 |
| Total expenses | &nbsp;&nbsp; 13601595 |
| Less management fee waiver | &nbsp;&nbsp; (869257)<br>|
| Net expenses | &nbsp;&nbsp; 12732338 |
| **Net Investment Income** | &nbsp;&nbsp; 29695254 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; 11013803 |
| Futures contracts | &nbsp;&nbsp; (99549454)<br>|
| Swap contracts | &nbsp;&nbsp; 2773565 |
| Foreign currency transactions | &nbsp;&nbsp; 1036788 |
| Forward foreign currency transactions | &nbsp;&nbsp; 1064893 |
| Net realized gain (loss) | &nbsp;&nbsp; (83660405)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 27168670 |
| Affiliated investments | &nbsp;&nbsp; 148673183 |
| Futures contracts | &nbsp;&nbsp; 2097294 |
| Swap contracts | &nbsp;&nbsp; 24718356 |
| Foreign currency transactions | &nbsp;&nbsp; 197069 |
| Forward foreign currency transactions | &nbsp;&nbsp; 2978228 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 205832800 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 122172395 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $151867649 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-82**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $29695254 | &nbsp;&nbsp; $79982360 |
| Net realized gain (loss) | &nbsp;&nbsp; (83660405)<br>| &nbsp;&nbsp; 634994183 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 205832800 | &nbsp;&nbsp; (465712475)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 151867649 | &nbsp;&nbsp; 249264068 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (374766360)<br>| &nbsp;&nbsp; (61692430)<br>|
| **Total distributions** | &nbsp;&nbsp; (374766360)<br>| &nbsp;&nbsp; (61692430)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 175982951 | &nbsp;&nbsp; (1445031176)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (46915760)<br>| &nbsp;&nbsp; (1257459538)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2957845585 | &nbsp;&nbsp; 4215305123 |
| End of period | &nbsp;&nbsp; $2910929825 | &nbsp;&nbsp; $2957845585 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 266527 | &nbsp;&nbsp; $2514378 | &nbsp;&nbsp; 1278439 | &nbsp;&nbsp; $12252354 |
| Reinvestments | &nbsp;&nbsp; 44456270 | &nbsp;&nbsp; 374766360 | &nbsp;&nbsp; 6691153 | &nbsp;&nbsp; 61692430 |
| Redemptions | &nbsp;&nbsp; (21369082)<br>| &nbsp;&nbsp; (201297787)<br>| &nbsp;&nbsp; (160875619)<br>| &nbsp;&nbsp; (1518975960)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 23353715 | &nbsp;&nbsp; $175982951 | &nbsp;&nbsp; (152906027)<br>| &nbsp;&nbsp; $(1445031176)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $175982951 |  | &nbsp;&nbsp; $(1445031176)<br>|

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-83**

------

**Brighthouse Funds Trust I**

**BlackRock Global Tactical Strategies Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $11.10 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total income (loss) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.91)<br>|
| Total distributions | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.08)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $10.36 |
| **Total Return (%)** (b) | 5.43 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp; 13.18 <br>(d)<br>| &nbsp;&nbsp; (18.79 ) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (e) | 0.94 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (e) (g) | 0.88 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Ratio of net investment income (loss) to average net assets (%) | 2.06 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 8 <br>(c)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 42 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2910.9 | &nbsp;&nbsp; $2957.8 | &nbsp;&nbsp; $4215.3 | &nbsp;&nbsp; $4262.3 | &nbsp;&nbsp; $5938.3 | &nbsp;&nbsp; $6151.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-84**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—88.6% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Advertising — 1.2%** | **Advertising — 1.2%** | **Advertising — 1.2%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 5.125%, 08/15/27 (144A) (a) | 1021000 | &nbsp;&nbsp; $1009385 |
| 7.500%, 06/01/29 (144A) (a) | 2679000 | &nbsp;&nbsp; 2477801 |
| 7.750%, 04/15/28 (144A) | 490000 | &nbsp;&nbsp; 463050 |
| 7.875%, 04/01/30 (144A) (a) | 2278000 | &nbsp;&nbsp; 2351452 |
| 9.000%, 09/15/28 (144A) (a) | 2081000 | &nbsp;&nbsp; 2180519 |
| CMG Media Corp. |  |  |
| 8.875%, 06/18/29 (144A) (a) | 515000 | &nbsp;&nbsp; 485472 |
| Neptune Bidco U.S., Inc. |  |  |
| 9.290%, 04/15/29 (144A) | 1467000 | &nbsp;&nbsp; 1428396 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| 4.250%, 01/15/29 (144A) (a) | 931000 | &nbsp;&nbsp; 890663 |
| 4.625%, 03/15/30 (144A) (a) | 345000 | &nbsp;&nbsp; 329514 |
| 5.000%, 08/15/27 (144A) (a) | 244000 | &nbsp;&nbsp; 242781 |
| 7.375%, 02/15/31 (144A) | 346000 | &nbsp;&nbsp; 366315 |
| Stagwell Global LLC |  |  |
| 5.625%, 08/15/29 (144A) | 275000 | &nbsp;&nbsp; 263044 |
|  |  | &nbsp;&nbsp; 12488392 |
| **Aerospace/Defense — 3.3%** | **Aerospace/Defense — 3.3%** | **Aerospace/Defense — 3.3%** |
| AAR Escrow Issuer LLC |  |  |
| 6.750%, 03/15/29 (144A) (a) | 772000 | &nbsp;&nbsp; 800038 |
| Bombardier, Inc. |  |  |
| 6.000%, 02/15/28 (144A) | 952000 | &nbsp;&nbsp; 957732 |
| 6.750%, 06/15/33 (144A) | 565000 | &nbsp;&nbsp; 585454 |
| 7.000%, 06/01/32 (144A) (a) | 1094000 | &nbsp;&nbsp; 1139275 |
| 7.250%, 07/01/31 (144A) (a) | 484000 | &nbsp;&nbsp; 508055 |
| 8.750%, 11/15/30 (144A) (a) | 1127000 | &nbsp;&nbsp; 1220067 |
| Czechoslovak Group AS |  |  |
| 5.250%, 01/10/31 (EUR) | 100000 | &nbsp;&nbsp; 119599 |
| Efesto Bidco SpA Efesto U.S. LLC |  |  |
| 7.500%, 02/15/32 (144A) | 2830000 | &nbsp;&nbsp; 2865392 |
| Goat Holdco LLC |  |  |
| 6.750%, 02/01/32 (144A) | 815000 | &nbsp;&nbsp; 828480 |
| Spirit AeroSystems, Inc. |  |  |
| 9.375%, 11/30/29 (144A) (a) | 1120000 | &nbsp;&nbsp; 1188332 |
| 9.750%, 11/15/30 (144A) (a) | 1527000 | &nbsp;&nbsp; 1684053 |
| TransDigm, Inc. |  |  |
| 6.000%, 01/15/33 (144A) | 2546000 | &nbsp;&nbsp; 2559834 |
| 6.375%, 03/01/29 (144A) | 2581000 | &nbsp;&nbsp; 2647955 |
| 6.375%, 05/31/33 (144A) | 6708000 | &nbsp;&nbsp; 6714080 |
| 6.625%, 03/01/32 (144A) | 5077000 | &nbsp;&nbsp; 5256693 |
| 6.750%, 08/15/28 (144A) | 440000 | &nbsp;&nbsp; 449302 |
| 7.125%, 12/01/31 (144A) (a) | 1300000 | &nbsp;&nbsp; 1362033 |
| Triumph Group, Inc. |  |  |
| 9.000%, 03/15/28 (144A) | 2380000 | &nbsp;&nbsp; 2487195 |
|  |  | &nbsp;&nbsp; 33373569 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Darling Ingredients, Inc. |  |  |
| 6.000%, 06/15/30 (144A) (a) | 391000 | &nbsp;&nbsp; 396163 |
| Tereos Finance Groupe I SA |  |  |
| 4.750%, 04/30/27 (EUR) | 100000 | &nbsp;&nbsp; 118357 |
|  |  | &nbsp;&nbsp; 514520 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| Air France-KLM |  |  |
| 5.750%, 5Y EUR Swap + 3.580%, 05/21/30 (EUR) (b) | 100000 | &nbsp;&nbsp; $116981 |
| American Airlines, Inc. |  |  |
| 8.500%, 05/15/29 (144A) (a) | 578000 | &nbsp;&nbsp; 606053 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| 9.875%, 09/20/31 (144A) (a) | 571000 | &nbsp;&nbsp; 555515 |
| OneSky Flight LLC |  |  |
| 8.875%, 12/15/29 (144A) | 625000 | &nbsp;&nbsp; 650776 |
| United Airlines, Inc. |  |  |
| 4.625%, 04/15/29 (144A) (a) | 1035000 | &nbsp;&nbsp; 1004638 |
|  |  | &nbsp;&nbsp; 2933963 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| Beach Acquisition Bidco LLC |  |  |
| 5.250%, 07/15/32 (144A) (EUR) | 1140000 | &nbsp;&nbsp; 1352935 |
| 10.000%, 10.750% PIK, 07/15/33 (144A) (c) | 2399000 | &nbsp;&nbsp; 2486599 |
| Crocs, Inc. |  |  |
| 4.125%, 08/15/31 (144A) (a) | 165000 | &nbsp;&nbsp; 148584 |
| Hanesbrands, Inc. |  |  |
| 9.000%, 02/15/31 (144A) | 41000 | &nbsp;&nbsp; 43408 |
| Levi Strauss & Co. |  |  |
| 3.500%, 03/01/31 (144A) (a) | 326000 | &nbsp;&nbsp; 298282 |
| PrestigeBidCo GmbH |  |  |
| 6.029%, 3M EURIBOR + 3.750%, 07/01/29 (EUR) (b) | 100000 | &nbsp;&nbsp; 118355 |
| Under Armour, Inc. |  |  |
| 7.250%, 07/15/30 (144A) | 332000 | &nbsp;&nbsp; 336218 |
|  |  | &nbsp;&nbsp; 4784381 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
| Aston Martin Capital Holdings Ltd. |  |  |
| 10.000%, 03/31/29 (144A) (a) | 400000 | &nbsp;&nbsp; 378755 |
| 10.375%, 03/31/29 (GBP) | 100000 | &nbsp;&nbsp; 127889 |
| Nissan Motor Co. Ltd. |  |  |
| 4.810%, 09/17/30 (144A) (a) | 800000 | &nbsp;&nbsp; 733937 |
| RCI Banque SA |  |  |
| 4.750%, 5Y EUR Swap + 2.200%, 03/24/37 (EUR) (b) | 100000 | &nbsp;&nbsp; 118841 |
| 5.500%, 5Y EUR Swap + 2.750%, 10/09/34 (EUR) (b) | 100000 | &nbsp;&nbsp; 123892 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC |  |  |
| 10.000%, 01/15/31 (144A) | 636000 | &nbsp;&nbsp; 624884 |
| Volkswagen International Finance NV |  |  |
| 5.994%, 8Y EUR Swap + 3.494%, 11/15/33 (EUR) (b) | 100000 | &nbsp;&nbsp; 118918 |
| Wabash National Corp. |  |  |
| 4.500%, 10/15/28 (144A) (a) | 489000 | &nbsp;&nbsp; 442369 |
|  |  | &nbsp;&nbsp; 2669485 |
| **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** | **Auto Parts & Equipment — 1.2%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 6.875%, 5Y H15 + 3.385%, 12/15/54 (b) | 1140000 | &nbsp;&nbsp; 1151332 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 4.750%, 06/15/31 (EUR) | 100000 | &nbsp;&nbsp; 118247 |
| 4.750%, 06/15/31 (144A) (EUR) | 530000 | &nbsp;&nbsp; 626711 |
| 6.750%, 05/15/28 (144A) | 679000 | &nbsp;&nbsp; 696962 |
| 6.750%, 02/15/30 (144A) (a) | 1341000 | &nbsp;&nbsp; 1394354 |
| 8.500%, 05/15/27 (144A) (a) | 4571000 | &nbsp;&nbsp; 4591021 |
| Dana, Inc. |  |  |
| 4.250%, 09/01/30 | 243000 | &nbsp;&nbsp; 239503 |

---

*See accompanying notes to financial statements.*

**BHFTI-85**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** |
| Dana, Inc. |  |  |
| 4.500%, 02/15/32 | 370000 | &nbsp;&nbsp; $361678 |
| Forvia SE |  |  |
| 5.500%, 06/15/31 (EUR) | 100000 | &nbsp;&nbsp; 116202 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL |  |  |
| 7.750%, 05/31/32 (144A) (a) | 316000 | &nbsp;&nbsp; 328997 |
| Goodyear Tire & Rubber Co. |  |  |
| 5.000%, 07/15/29 | 234000 | &nbsp;&nbsp; 228713 |
| 5.250%, 04/30/31 | 37000 | &nbsp;&nbsp; 35534 |
| 5.625%, 04/30/33 (a) | 12000 | &nbsp;&nbsp; 11489 |
| 6.625%, 07/15/30 (a) | 452000 | &nbsp;&nbsp; 461056 |
| IHO Verwaltungs GmbH |  |  |
| 6.750%, 7.500% PIK, 11/15/29 (EUR) (c) | 100000 | &nbsp;&nbsp; 122993 |
| Mahle GmbH |  |  |
| 2.375%, 05/14/28 (EUR) | 100000 | &nbsp;&nbsp; 111916 |
| Schaeffler AG |  |  |
| 4.250%, 04/01/28 (EUR) | 100000 | &nbsp;&nbsp; 118530 |
| 4.500%, 08/14/26 (EUR) | 100000 | &nbsp;&nbsp; 119303 |
| 4.750%, 08/14/29 (EUR) | 100000 | &nbsp;&nbsp; 119282 |
| Tenneco, Inc. |  |  |
| 8.000%, 11/17/28 (144A) (a) | 1076000 | &nbsp;&nbsp; 1064054 |
| ZF Europe Finance BV |  |  |
| 7.000%, 06/12/30 (EUR) | 100000 | &nbsp;&nbsp; 118049 |
| ZF Finance GmbH |  |  |
| 2.000%, 05/06/27 (EUR) | 100000 | &nbsp;&nbsp; 111464 |
| 5.750%, 08/03/26 (EUR) | 100000 | &nbsp;&nbsp; 118737 |
|  |  | &nbsp;&nbsp; 12366127 |
| **Banks — 2.9%** | **Banks — 2.9%** | **Banks — 2.9%** |
| Abanca Corp. Bancaria SA |  |  |
| 4.625%, 5Y EUR Swap + 2.450%, 12/11/36 (EUR) (b) | 100000 | &nbsp;&nbsp; 120138 |
| Banca Monte dei Paschi di Siena SpA |  |  |
| 4.375%, 5Y EUR Swap + 2.150%, 10/02/35 (EUR) (b) | 200000 | &nbsp;&nbsp; 235630 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 6.875%, 5Y EUR Swap + 4.267%, 12/13/30 (EUR) (b) | 200000 | &nbsp;&nbsp; 249431 |
| Banco BPM SpA |  |  |
| 2.875%, 5Y EUR Swap + 3.170%, 06/29/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 117344 |
| Banco de Sabadell SA |  |  |
| 5.000%, 5Y EUR Swap + 5.171%, 05/19/27 (EUR) (b) | 200000 | &nbsp;&nbsp; 235885 |
| 6.000%, 5Y EUR Swap + 3.150%, 08/16/33 (EUR) (b) | 100000 | &nbsp;&nbsp; 126032 |
| Banco Espirito Santo SA |  |  |
| 2.625%, 05/08/17 (EUR) (d) | 400000 | &nbsp;&nbsp; 103660 |
| 4.750%, 01/15/18 (EUR) (d) | 1000000 | &nbsp;&nbsp; 259149 |
| Bank of America Corp. |  |  |
| 6.625%, 5Y H15 + 2.684%, 05/01/30 (b) | 3065000 | &nbsp;&nbsp; 3174276 |
| Barclays PLC |  |  |
| 7.625%, 5Y USD SOFR ICE Swap + 3.686%, 03/15/35 (a) <br> (b)<br>| 600000 | &nbsp;&nbsp; 602576 |
| 8.000%, 5Y H15 + 5.431%, 03/15/29 (b) | 200000 | &nbsp;&nbsp; 209785 |
| 9.625%, 5Y USD SOFR ICE Swap + 5.775%, 12/15/29 (a) <br> (b)<br>| 2645000 | &nbsp;&nbsp; 2937823 |
| Citigroup, Inc. |  |  |
| 6.750%, 5Y H15 + 2.572%, 02/15/30 (b) | 1088000 | &nbsp;&nbsp; 1096012 |
| 6.950%, 5Y H15 + 2.726%, 02/15/30 (b) | 430000 | &nbsp;&nbsp; 439167 |
| 7.000%, 10Y H15 + 2.757%, 08/15/34 (b) | 465000 | &nbsp;&nbsp; 488792 |
| 7.125%, 5Y H15 + 2.693%, 08/15/29 (b) | 1950000 | &nbsp;&nbsp; 2009884 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Commerzbank AG |  |  |
| 7.875%, 5Y EUR Swap + 5.129%, 10/09/31 (EUR) (b) | 200000 | &nbsp;&nbsp; $261626 |
| Credit Agricole SA |  |  |
| 5.875%, 5Y EUR Swap + 3.636%, 03/23/35 (EUR) (b) | 100000 | &nbsp;&nbsp; 116766 |
| Deutsche Bank AG |  |  |
| 7.375%, 5Y EUR Swap + 5.112%, 10/30/31 (EUR) (b) | 200000 | &nbsp;&nbsp; 245229 |
| First-Citizens Bank & Trust Co. |  |  |
| 6.000%, 04/01/36 | 1604000 | &nbsp;&nbsp; 1575119 |
| Goldman Sachs Group, Inc. |  |  |
| 6.125%, 10Y H15 + 2.400%, 11/10/34 (a) (b) | 2239000 | &nbsp;&nbsp; 2241944 |
| 6.850%, 5Y H15 + 2.461%, 02/10/30 (b) | 985000 | &nbsp;&nbsp; 1016508 |
| Intesa Sanpaolo SpA |  |  |
| 5.148%, 06/10/30 (GBP) | 100000 | &nbsp;&nbsp; 136085 |
| 5.710%, 01/15/26 (144A) (a) | 300000 | &nbsp;&nbsp; 300665 |
| KBC Group NV |  |  |
| 8.000%, 5Y EUR Swap + 4.928%, 09/05/28 (EUR) (b) | 200000 | &nbsp;&nbsp; 260940 |
| NatWest Group PLC |  |  |
| 7.500%, 5Y UKG + 3.294%, 02/28/32 (GBP) (b) | 200000 | &nbsp;&nbsp; 272444 |
| 8.125%, 5Y H15 + 3.752%, 11/10/33 (a) (b) | 590000 | &nbsp;&nbsp; 636406 |
| PNC Financial Services Group, Inc. |  |  |
| 6.250%, 7Y H15 + 2.808%, 03/15/30 (b) | 761000 | &nbsp;&nbsp; 782481 |
| Societe Generale SA |  |  |
| 8.125%, 5Y H15 + 3.790%, 11/21/29 (144A) (b) | 441000 | &nbsp;&nbsp; 449991 |
| State Street Corp. |  |  |
| 6.700%, 5Y H15 + 2.613%, 03/15/29 (b) | 324000 | &nbsp;&nbsp; 338351 |
| Toronto-Dominion Bank |  |  |
| 7.250%, 5Y H15 + 2.977%, 07/31/84 (b) | 1085000 | &nbsp;&nbsp; 1113486 |
| UBS Group AG |  |  |
| 6.850%, 5Y USD SOFR ICE Swap + 3.630%, 09/10/29 <br> (144A) (a) (b)<br>| 610000 | &nbsp;&nbsp; 612677 |
| 7.000%, 5Y USD SOFR ICE Swap + 3.077%, 02/10/30 <br> (144A) (b)<br>| 710000 | &nbsp;&nbsp; 706295 |
| 7.125%, 5Y USD SOFR ICE Swap + 3.179%, 08/10/34 <br> (144A) (a) (b)<br>| 810000 | &nbsp;&nbsp; 806670 |
| 7.750%, 5Y USD SOFR ICE Swap + 4.160%, 04/12/31 <br> (144A) (a) (b)<br>| 1295000 | &nbsp;&nbsp; 1363328 |
| 9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (b) | 1245000 | &nbsp;&nbsp; 1358885 |
| 9.250%, 5Y H15 + 4.758%, 11/13/33 (144A) (b) | 1404000 | &nbsp;&nbsp; 1623601 |
| Walker & Dunlop, Inc. |  |  |
| 6.625%, 04/01/33 (144A) | 395000 | &nbsp;&nbsp; 405362 |
| Wells Fargo & Co. |  |  |
| 6.850%, 5Y H15 + 2.767%, 09/15/29 (b) | 475000 | &nbsp;&nbsp; 499135 |
|  |  | &nbsp;&nbsp; 29529578 |
| **Building Materials — 2.2%** | **Building Materials — 2.2%** | **Building Materials — 2.2%** |
| Builders FirstSource, Inc. |  |  |
| 6.375%, 03/01/34 (144A) (a) | 444000 | &nbsp;&nbsp; 452468 |
| 6.750%, 05/15/35 (144A) (a) | 460000 | &nbsp;&nbsp; 473623 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
| 6.375%, 12/15/30 (EUR) | 100000 | &nbsp;&nbsp; 123730 |
| 6.375%, 12/15/30 (144A) (EUR) | 415000 | &nbsp;&nbsp; 513480 |
| 6.625%, 12/15/30 (144A) | 6113000 | &nbsp;&nbsp; 6248537 |
| 6.750%, 07/15/31 (144A) (a) | 527000 | &nbsp;&nbsp; 545442 |
| HT Troplast GmbH |  |  |
| 9.375%, 07/15/28 (EUR) | 100000 | &nbsp;&nbsp; 123973 |

---

*See accompanying notes to financial statements.*

**BHFTI-86**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Building Materials—(Continued)** | **Building Materials—(Continued)** | **Building Materials—(Continued)** |
| JELD-WEN, Inc. |  |  |
| 4.875%, 12/15/27 (144A) | 197000 | &nbsp;&nbsp; $182635 |
| 7.000%, 09/01/32 (144A) (a) | 988000 | &nbsp;&nbsp; 773555 |
| JH North America Holdings, Inc. |  |  |
| 5.875%, 01/31/31 (144A) | 654000 | &nbsp;&nbsp; 659711 |
| 6.125%, 07/31/32 (144A) | 863000 | &nbsp;&nbsp; 877329 |
| New Enterprise Stone & Lime Co., Inc. |  |  |
| 5.250%, 07/15/28 (144A) (a) | 222000 | &nbsp;&nbsp; 222589 |
| 9.750%, 07/15/28 (144A) | 470000 | &nbsp;&nbsp; 471097 |
| PCF GmbH |  |  |
| 4.750%, 04/15/29 (EUR) | 101000 | &nbsp;&nbsp; 98122 |
| Quikrete Holdings, Inc. |  |  |
| 6.375%, 03/01/32 (144A) | 3570000 | &nbsp;&nbsp; 3671102 |
| 6.750%, 03/01/33 (144A) (a) | 1146000 | &nbsp;&nbsp; 1182473 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.000%, 11/01/28 (144A) (a) | 1003000 | &nbsp;&nbsp; 1000554 |
| 8.875%, 11/15/31 (144A) (a) | 630000 | &nbsp;&nbsp; 660528 |
| Standard Building Solutions, Inc. |  |  |
| 6.500%, 08/15/32 (144A) | 1703000 | &nbsp;&nbsp; 1744952 |
| Standard Industries, Inc. |  |  |
| 2.250%, 11/21/26 (EUR) | 222000 | &nbsp;&nbsp; 258290 |
| 3.375%, 01/15/31 (144A) (a) | 461000 | &nbsp;&nbsp; 413423 |
| 4.375%, 07/15/30 (144A) (a) | 857000 | &nbsp;&nbsp; 811443 |
| Wilsonart LLC |  |  |
| 11.000%, 08/15/32 (144A) (a) | 959000 | &nbsp;&nbsp; 871276 |
|  |  | &nbsp;&nbsp; 22380332 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| Avient Corp. |  |  |
| 6.250%, 11/01/31 (144A) | 164000 | &nbsp;&nbsp; 165533 |
| Axalta Coating Systems Dutch Holding B BV |  |  |
| 7.250%, 02/15/31 (144A) (a) | 897000 | &nbsp;&nbsp; 945696 |
| Axalta Coating Systems LLC |  |  |
| 3.375%, 02/15/29 (144A) (a) | 520000 | &nbsp;&nbsp; 492543 |
| Celanese U.S. Holdings LLC |  |  |
| 6.500%, 04/15/30 | 152000 | &nbsp;&nbsp; 155591 |
| 6.750%, 04/15/33 (a) | 497000 | &nbsp;&nbsp; 502162 |
| Chemours Co. |  |  |
| 5.375%, 05/15/27 (a) | 958000 | &nbsp;&nbsp; 949432 |
| 5.750%, 11/15/28 (144A) | 1606000 | &nbsp;&nbsp; 1505312 |
| 8.000%, 01/15/33 (144A) (a) | 432000 | &nbsp;&nbsp; 404528 |
| Element Solutions, Inc. |  |  |
| 3.875%, 09/01/28 (144A) (a) | 3055000 | &nbsp;&nbsp; 2962724 |
| HB Fuller Co. |  |  |
| 4.250%, 10/15/28 | 257000 | &nbsp;&nbsp; 248948 |
| Herens Holdco SARL |  |  |
| 4.750%, 05/15/28 (144A) | 600000 | &nbsp;&nbsp; 538485 |
| INEOS Finance PLC |  |  |
| 6.375%, 04/15/29 (EUR) | 100000 | &nbsp;&nbsp; 119393 |
| Ingevity Corp. |  |  |
| 3.875%, 11/01/28 (144A) | 191000 | &nbsp;&nbsp; 182154 |
| Itelyum Regeneration SpA |  |  |
| 5.750%, 04/15/30 (EUR) | 100000 | &nbsp;&nbsp; 118803 |
| Kobe U.S. Midco 2, Inc. |  |  |
| 9.250%, 10.000% PIK, 11/01/26 (144A) (c) | 875164 | &nbsp;&nbsp; 783272 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals—(Continued)** | **Chemicals—(Continued)** | **Chemicals—(Continued)** |
| Kronos International, Inc. |  |  |
| 9.500%, 03/15/29 (EUR) | 100000 | &nbsp;&nbsp; $126857 |
| Lune Holdings SARL |  |  |
| 5.625%, 11/15/28 (EUR) | 100000 | &nbsp;&nbsp; 47346 |
| LYB International Finance III LLC |  |  |
| 6.150%, 05/15/35 | 180000 | &nbsp;&nbsp; 186824 |
| Mativ Holdings, Inc. |  |  |
| 8.000%, 10/01/29 (144A) | 393000 | &nbsp;&nbsp; 356088 |
| Methanex U.S. Operations, Inc. |  |  |
| 6.250%, 03/15/32 (144A) (a) | 382000 | &nbsp;&nbsp; 380890 |
| Minerals Technologies, Inc. |  |  |
| 5.000%, 07/01/28 (144A) (a) | 365000 | &nbsp;&nbsp; 359018 |
| Nobian Finance BV |  |  |
| 3.625%, 07/15/26 (EUR) | 100000 | &nbsp;&nbsp; 117362 |
| Olympus Water U.S. Holding Corp. |  |  |
| 5.375%, 10/01/29 (EUR) | 100000 | &nbsp;&nbsp; 107783 |
| 6.250%, 10/01/29 (144A) (a) | 200000 | &nbsp;&nbsp; 190834 |
| 7.250%, 06/15/31 (144A) | 2850000 | &nbsp;&nbsp; 2907000 |
| 9.625%, 11/15/28 (EUR) | 123000 | &nbsp;&nbsp; 152132 |
| 9.750%, 11/15/28 (144A) | 1776000 | &nbsp;&nbsp; 1870181 |
| SCIL IV LLC/SCIL USA Holdings LLC |  |  |
| 9.500%, 07/15/28 (EUR) | 100000 | &nbsp;&nbsp; 123825 |
| SK Invictus Intermediate II SARL |  |  |
| 5.000%, 10/30/29 (144A) (a) | 1639000 | &nbsp;&nbsp; 1587180 |
| Synthomer PLC |  |  |
| 7.375%, 05/02/29 (EUR) | 100000 | &nbsp;&nbsp; 116637 |
| WR Grace Holdings LLC |  |  |
| 4.875%, 06/15/27 (144A) | 440000 | &nbsp;&nbsp; 437458 |
| 5.625%, 08/15/29 (144A) (a) | 3468000 | &nbsp;&nbsp; 3139185 |
| 7.375%, 03/01/31 (144A) (a) | 1105000 | &nbsp;&nbsp; 1131540 |
|  |  | &nbsp;&nbsp; 23412716 |
| **Commercial Services — 6.0%** | **Commercial Services — 6.0%** | **Commercial Services — 6.0%** |
| ADT Security Corp. |  |  |
| 4.875%, 07/15/32 (144A) (a) | 627000 | &nbsp;&nbsp; 601470 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |
| 5.375%, 05/21/30 (EUR) | 100000 | &nbsp;&nbsp; 120493 |
| 7.000%, 05/21/30 (144A) | 1305000 | &nbsp;&nbsp; 1331788 |
| Allied Universal Holdco LLC |  |  |
| 7.875%, 02/15/31 (144A) | 5720000 | &nbsp;&nbsp; 5975638 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| 6.000%, 06/01/29 (144A) | 3376000 | &nbsp;&nbsp; 3283399 |
| 6.875%, 06/15/30 (144A) | 2010000 | &nbsp;&nbsp; 2037264 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas <br> Luxco 4 SARL<br>|  |  |
| 4.625%, 06/01/28 (144A) | 4229000 | &nbsp;&nbsp; 4102643 |
| Amber Finco PLC |  |  |
| 6.625%, 07/15/29 (EUR) | 114000 | &nbsp;&nbsp; 140504 |
| APCOA Group GmbH |  |  |
| 6.000%, 04/15/31 (EUR) | 100000 | &nbsp;&nbsp; 118531 |
| APi Group DE, Inc. |  |  |
| 4.125%, 07/15/29 (144A) | 352000 | &nbsp;&nbsp; 335600 |
| 4.750%, 10/15/29 (144A) | 276000 | &nbsp;&nbsp; 270858 |
| Arena Luxembourg Finance SARL |  |  |
| 4.823%, 3M EURIBOR + 2.500%, 05/01/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 118726 |

---

*See accompanying notes to financial statements.*

**BHFTI-87**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| BCP V Modular Services Finance II PLC |  |  |
| 4.750%, 11/30/28 (EUR) | 200000 | &nbsp;&nbsp; $231280 |
| 6.125%, 11/30/28 (GBP) | 100000 | &nbsp;&nbsp; 132624 |
| Belron U.K. Finance PLC |  |  |
| 5.750%, 10/15/29 (144A) | 1431000 | &nbsp;&nbsp; 1442939 |
| Block, Inc. |  |  |
| 2.750%, 06/01/26 | 350000 | &nbsp;&nbsp; 342662 |
| 3.500%, 06/01/31 (a) | 99000 | &nbsp;&nbsp; 90810 |
| 6.500%, 05/15/32 | 4121000 | &nbsp;&nbsp; 4251730 |
| Boels Topholding BV |  |  |
| 5.750%, 05/15/30 (EUR) | 100000 | &nbsp;&nbsp; 122194 |
| 6.250%, 02/15/29 (EUR) | 100000 | &nbsp;&nbsp; 121947 |
| Boost Newco Borrower LLC |  |  |
| 7.500%, 01/15/31 (144A) | 1586000 | &nbsp;&nbsp; 1683563 |
| Brink's Co. |  |  |
| 6.500%, 06/15/29 (144A) (a) | 421000 | &nbsp;&nbsp; 433964 |
| 6.750%, 06/15/32 (144A) (a) | 986000 | &nbsp;&nbsp; 1026817 |
| Clarivate Science Holdings Corp. |  |  |
| 3.875%, 07/01/28 (144A) (a) | 2412000 | &nbsp;&nbsp; 2311961 |
| 4.875%, 07/01/29 (144A) (a) | 1771000 | &nbsp;&nbsp; 1667577 |
| Deluxe Corp. |  |  |
| 8.125%, 09/15/29 (144A) | 317000 | &nbsp;&nbsp; 327166 |
| EquipmentShare.com, Inc. |  |  |
| 8.000%, 03/15/33 (144A) | 356000 | &nbsp;&nbsp; 372944 |
| Garda World Security Corp. |  |  |
| 4.625%, 02/15/27 (144A) (a) | 749000 | &nbsp;&nbsp; 744357 |
| 6.000%, 06/01/29 (144A) (a) | 175000 | &nbsp;&nbsp; 170809 |
| 7.750%, 02/15/28 (144A) | 995000 | &nbsp;&nbsp; 1029390 |
| 8.250%, 08/01/32 (144A) | 2277000 | &nbsp;&nbsp; 2336664 |
| 8.375%, 11/15/32 (144A) (a) | 2368000 | &nbsp;&nbsp; 2432431 |
| Herc Holdings, Inc. |  |  |
| 6.625%, 06/15/29 (144A) | 352000 | &nbsp;&nbsp; 361152 |
| 7.000%, 06/15/30 (144A) (a) | 1065000 | &nbsp;&nbsp; 1112241 |
| 7.250%, 06/15/33 (144A) | 541000 | &nbsp;&nbsp; 566860 |
| Hertz Corp. |  |  |
| 12.625%, 07/15/29 (144A) | 379000 | &nbsp;&nbsp; 396342 |
| Kapla Holding SAS |  |  |
| 5.000%, 04/30/31 (EUR) | 100000 | &nbsp;&nbsp; 119118 |
| 5.475%, 3M EURIBOR + 3.500%, 07/31/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 118383 |
| La Financiere Atalian |  |  |
| 8.500%, 5.000% PIK, 06/30/28 (EUR) (c) | 147660 | &nbsp;&nbsp; 61572 |
| Loxam SAS |  |  |
| 6.375%, 05/15/28 (EUR) | 100000 | &nbsp;&nbsp; 121572 |
| 6.375%, 05/31/29 (EUR) | 100000 | &nbsp;&nbsp; 122712 |
| Pachelbel Bidco SpA |  |  |
| 6.436%, 3M EURIBOR + 4.250%, 05/17/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 118408 |
| 7.125%, 05/17/31 (EUR) | 100000 | &nbsp;&nbsp; 126853 |
| Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| 6.250%, 01/15/28 (144A) (a) | 764000 | &nbsp;&nbsp; 765196 |
| Raven Acquisition Holdings LLC |  |  |
| 6.875%, 11/15/31 (144A) (a) | 860000 | &nbsp;&nbsp; 860036 |
| RR Donnelley & Sons Co. |  |  |
| 9.500%, 08/01/29 (144A) | 1456000 | &nbsp;&nbsp; 1456000 |
| Service Corp. International |  |  |
| 4.000%, 05/15/31 | 653000 | &nbsp;&nbsp; 610998 |
| 5.750%, 10/15/32 (a) | 2513000 | &nbsp;&nbsp; 2538628 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| 5.500%, 05/15/33 (144A) (EUR) | 715000 | &nbsp;&nbsp; $871216 |
| 6.750%, 08/15/32 (144A) | 2430000 | &nbsp;&nbsp; 2523723 |
| Sotheby's |  |  |
| 7.375%, 10/15/27 (144A) (a) | 2521000 | &nbsp;&nbsp; 2491979 |
| Sotheby's/Bidfair Holdings, Inc. |  |  |
| 5.875%, 06/01/29 (144A) | 622000 | &nbsp;&nbsp; 560125 |
| Techem Verwaltungsgesellschaft 674 GmbH |  |  |
| 6.000%, 07/30/26 (EUR) | 87920 | &nbsp;&nbsp; 103565 |
| United Rentals North America, Inc. |  |  |
| 6.125%, 03/15/34 (144A) | 182000 | &nbsp;&nbsp; 187464 |
| Verisure Holding AB |  |  |
| 3.875%, 07/15/26 (EUR) | 100000 | &nbsp;&nbsp; 117438 |
| 9.250%, 10/15/27 (EUR) | 80000 | &nbsp;&nbsp; 98201 |
| Veritiv Operating Co. |  |  |
| 10.500%, 11/30/30 (144A) (a) | 399000 | &nbsp;&nbsp; 431915 |
| Wand NewCo 3, Inc. |  |  |
| 7.625%, 01/30/32 (144A) | 1230000 | &nbsp;&nbsp; 1292643 |
| WEX, Inc. |  |  |
| 6.500%, 03/15/33 (144A) | 999000 | &nbsp;&nbsp; 1007893 |
| Williams Scotsman, Inc. |  |  |
| 4.625%, 08/15/28 (144A) | 251000 | &nbsp;&nbsp; 246682 |
| 6.625%, 04/15/30 (144A) (a) | 1312000 | &nbsp;&nbsp; 1362841 |
| 7.375%, 10/01/31 (144A) (a) | 245000 | &nbsp;&nbsp; 257887 |
| Worldline SA |  |  |
| 5.500%, 06/10/30 (EUR) | 100000 | &nbsp;&nbsp; 102266 |
|  |  | &nbsp;&nbsp; 60822652 |
| **Computers — 1.0%** | **Computers — 1.0%** | **Computers — 1.0%** |
| Almaviva-The Italian Innovation Co. SpA |  |  |
| 5.000%, 10/30/30 (EUR) | 100000 | &nbsp;&nbsp; 118238 |
| Amentum Holdings, Inc. |  |  |
| 7.250%, 08/01/32 (144A) | 685000 | &nbsp;&nbsp; 704970 |
| Atos SE |  |  |
| 1.000%, 12/18/32 (EUR) (e) | 101086 | &nbsp;&nbsp; 50472 |
| 5.000%, 12/18/30 (EUR) (e) | 158054 | &nbsp;&nbsp; 158209 |
| 9.000%, 12/18/29 (EUR) (e) | 112974 | &nbsp;&nbsp; 148413 |
| CA Magnum Holdings |  |  |
| 5.375%, 10/31/26 (144A) | 2000000 | &nbsp;&nbsp; 1985322 |
| CACI International, Inc. |  |  |
| 6.375%, 06/15/33 (144A) | 934000 | &nbsp;&nbsp; 963839 |
| Cedacri SpA |  |  |
| 7.643%, 3M EURIBOR + 5.500%, 05/15/28 (EUR) (b) | 100000 | &nbsp;&nbsp; 118531 |
| Diebold Nixdorf, Inc. |  |  |
| 7.750%, 03/31/30 (144A) | 358000 | &nbsp;&nbsp; 379800 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.500%, 06/01/31 (144A) (a) | 1456000 | &nbsp;&nbsp; 1525330 |
| KBR, Inc. |  |  |
| 4.750%, 09/30/28 (144A) | 515000 | &nbsp;&nbsp; 493115 |
| McAfee Corp. |  |  |
| 7.375%, 02/15/30 (144A) (a) | 1481000 | &nbsp;&nbsp; 1398632 |
| Science Applications International Corp. |  |  |
| 4.875%, 04/01/28 (144A) | 264000 | &nbsp;&nbsp; 259907 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 5.875%, 07/15/30 (144A) | 682000 | &nbsp;&nbsp; 692182 |

---

*See accompanying notes to financial statements.*

**BHFTI-88**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 8.500%, 07/15/31 | 674000 | &nbsp;&nbsp; $721536 |
|  |  | &nbsp;&nbsp; 9718496 |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| Opal Bidco SAS |  |  |
| 5.500%, 03/31/32 (EUR) | 100000 | &nbsp;&nbsp; 120151 |
| 6.500%, 03/31/32 (144A) | 863000 | &nbsp;&nbsp; 880789 |
| Perrigo Finance Unlimited Co. |  |  |
| 6.125%, 09/30/32 (a) | 922000 | &nbsp;&nbsp; 930843 |
| Prestige Brands, Inc. |  |  |
| 3.750%, 04/01/31 (144A) | 181000 | &nbsp;&nbsp; 166789 |
|  |  | &nbsp;&nbsp; 2098572 |
| **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** |
| American Builders & Contractors Supply Co., Inc. |  |  |
| 3.875%, 11/15/29 (144A) | 97000 | &nbsp;&nbsp; 91754 |
| Gates Corp. |  |  |
| 6.875%, 07/01/29 (144A) (a) | 803000 | &nbsp;&nbsp; 833809 |
| Resideo Funding, Inc. |  |  |
| 6.500%, 07/15/32 (144A) | 708000 | &nbsp;&nbsp; 725340 |
|  |  | &nbsp;&nbsp; 1650903 |
| **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** |
| Ally Financial, Inc. |  |  |
| 5.737%, SOFR + 1.960%, 05/15/29 (b) | 155000 | &nbsp;&nbsp; 157760 |
| Apollo Global Management, Inc. |  |  |
| 6.000%, 5Y H15 + 2.168%, 12/15/54 (b) | 921000 | &nbsp;&nbsp; 898100 |
| Azorra Finance Ltd. |  |  |
| 7.250%, 01/15/31 (144A) | 313000 | &nbsp;&nbsp; 319549 |
| 7.750%, 04/15/30 (144A) | 428000 | &nbsp;&nbsp; 446296 |
| Bread Financial Holdings, Inc. |  |  |
| 8.375%, 5Y H15 + 4.300%, 06/15/35 (144A) (b) | 112000 | &nbsp;&nbsp; 112770 |
| Brookfield Finance, Inc. |  |  |
| 6.300%, 5Y H15 + 2.076%, 01/15/55 (b) | 1480000 | &nbsp;&nbsp; 1416285 |
| Focus Financial Partners LLC |  |  |
| 6.750%, 09/15/31 (144A) (a) | 1152000 | &nbsp;&nbsp; 1175920 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.375%, 04/01/32 (144A) † (a) | 450000 | &nbsp;&nbsp; 454850 |
| 9.125%, 05/15/31 (144A) † | 788000 | &nbsp;&nbsp; 812256 |
| 9.250%, 02/01/29 (144A) † | 453000 | &nbsp;&nbsp; 470522 |
| GGAM Finance Ltd. |  |  |
| 5.875%, 03/15/30 (144A) | 564000 | &nbsp;&nbsp; 568004 |
| 6.875%, 04/15/29 (144A) | 701000 | &nbsp;&nbsp; 724713 |
| 8.000%, 02/15/27 (144A) | 583000 | &nbsp;&nbsp; 601097 |
| 8.000%, 06/15/28 (144A) | 335000 | &nbsp;&nbsp; 354336 |
| Global Aircraft Leasing Co. Ltd. |  |  |
| 8.750%, 09/01/27 (144A) † (a) | 880000 | &nbsp;&nbsp; 902098 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.750%, 05/01/33 (144A) | 560000 | &nbsp;&nbsp; 575795 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |  |
| 5.000%, 08/15/28 (144A) | 600000 | &nbsp;&nbsp; 580006 |
| 6.625%, 10/15/31 (144A) | 209000 | &nbsp;&nbsp; 208247 |
| Lehman Brothers Holdings, Inc. |  |  |
| Zero Coupon, 02/05/14 (EUR) (d) | 4500000 | &nbsp;&nbsp; 15902 |
| 4.750%, 01/16/14 (EUR) (d) | 2140000 | &nbsp;&nbsp; 7562 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Lehman Brothers Holdings, Inc. |  |  |
| 5.375%, 10/17/12 (EUR) (d) | 350000 | &nbsp;&nbsp; $1237 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 6.500%, 03/26/31 (144A) | 390000 | &nbsp;&nbsp; 412742 |
| Midcap Financial Issuer Trust |  |  |
| 5.625%, 01/15/30 (144A) (a) | 800000 | &nbsp;&nbsp; 739000 |
| 6.500%, 05/01/28 (144A) | 1000000 | &nbsp;&nbsp; 990549 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| 5.125%, 12/15/30 (144A) | 571000 | &nbsp;&nbsp; 577897 |
| 5.750%, 11/15/31 (144A) | 297000 | &nbsp;&nbsp; 301631 |
| 6.500%, 08/01/29 (144A) | 1062000 | &nbsp;&nbsp; 1084784 |
| 7.125%, 02/01/32 (144A) | 1529000 | &nbsp;&nbsp; 1588165 |
| Navient Corp. |  |  |
| 7.875%, 06/15/32 | 723000 | &nbsp;&nbsp; 751919 |
| 9.375%, 07/25/30 (a) | 616000 | &nbsp;&nbsp; 679455 |
| OneMain Finance Corp. |  |  |
| 4.000%, 09/15/30 | 437000 | &nbsp;&nbsp; 403235 |
| 5.375%, 11/15/29 | 602000 | &nbsp;&nbsp; 592155 |
| 6.625%, 05/15/29 | 832000 | &nbsp;&nbsp; 854506 |
| 6.750%, 03/15/32 | 800000 | &nbsp;&nbsp; 815046 |
| 7.125%, 11/15/31 (a) | 274000 | &nbsp;&nbsp; 285090 |
| 7.125%, 09/15/32 | 979000 | &nbsp;&nbsp; 1013528 |
| 7.500%, 05/15/31 (a) | 324000 | &nbsp;&nbsp; 338532 |
| 7.875%, 03/15/30 (a) | 1292000 | &nbsp;&nbsp; 1372840 |
| PennyMac Financial Services, Inc. |  |  |
| 6.875%, 05/15/32 (144A) | 945000 | &nbsp;&nbsp; 966234 |
| 6.875%, 02/15/33 (144A) | 416000 | &nbsp;&nbsp; 426400 |
| 7.125%, 11/15/30 (144A) | 740000 | &nbsp;&nbsp; 766925 |
| 7.875%, 12/15/29 (144A) | 554000 | &nbsp;&nbsp; 588283 |
| Phoenix Aviation Capital Ltd. |  |  |
| 9.250%, 07/15/30 (144A) | 1192000 | &nbsp;&nbsp; 1234599 |
| Rocket Cos., Inc. |  |  |
| 6.125%, 08/01/30 (144A) | 3223000 | &nbsp;&nbsp; 3284334 |
| 6.375%, 08/01/33 (144A) | 2720000 | &nbsp;&nbsp; 2783105 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| 2.875%, 10/15/26 (144A) (a) | 912000 | &nbsp;&nbsp; 889446 |
| 3.875%, 03/01/31 (144A) (a) | 168000 | &nbsp;&nbsp; 155739 |
| 4.000%, 10/15/33 (144A) (a) | 263000 | &nbsp;&nbsp; 235298 |
| SLM Corp. |  |  |
| 6.500%, 01/31/30 | 167000 | &nbsp;&nbsp; 175289 |
| Titanium 2l Bondco SARL |  |  |
| 6.250%, 01/14/31 (EUR) (c) | 437300 | &nbsp;&nbsp; 150466 |
| UWM Holdings LLC |  |  |
| 6.625%, 02/01/30 (144A) (a) | 1163000 | &nbsp;&nbsp; 1164202 |
|  |  | &nbsp;&nbsp; 36424699 |
| **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** |
| A2A SpA |  |  |
| 5.000%, 5Y EUR Swap + 2.258%, 06/11/29 (EUR) (b) | 100000 | &nbsp;&nbsp; 121939 |
| AES Corp. |  |  |
| 7.600%, 5Y H15 + 3.201%, 01/15/55 (b) | 770000 | &nbsp;&nbsp; 792792 |
| Alpha Generation LLC |  |  |
| 6.750%, 10/15/32 (144A) (a) | 882000 | &nbsp;&nbsp; 909205 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |  |  |
| 6.375%, 02/15/32 (144A) | 587000 | &nbsp;&nbsp; 587957 |

---

*See accompanying notes to financial statements.*

**BHFTI-89**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| CenterPoint Energy, Inc. |  |  |
| 6.850%, 5Y H15 + 2.946%, 02/15/55 (b) | 367000 | &nbsp;&nbsp; $379684 |
| Clearway Energy Operating LLC |  |  |
| 3.750%, 01/15/32 (144A) (a) | 834000 | &nbsp;&nbsp; 748432 |
| ContourGlobal Power Holdings SA |  |  |
| 6.750%, 02/28/30 (144A) (a) | 1400000 | &nbsp;&nbsp; 1442504 |
| Dominion Energy, Inc. |  |  |
| 6.625%, 5Y H15 + 2.207%, 05/15/55 (b) | 175000 | &nbsp;&nbsp; 177603 |
| Duke Energy Corp. |  |  |
| 6.450%, 5Y H15 + 2.588%, 09/01/54 (a) (b) | 539000 | &nbsp;&nbsp; 553991 |
| Edison International |  |  |
| 5.375%, 5Y H15 + 4.698%, 03/09/26 (b) | 1668000 | &nbsp;&nbsp; 1570458 |
| EDP SA |  |  |
| 1.875%, 5Y EUR Swap + 2.380%, 08/02/81 (EUR) (b) | 100000 | &nbsp;&nbsp; 116121 |
| 4.750%, 5Y EUR Swap + 2.052%, 05/29/54 (EUR) (b) | 100000 | &nbsp;&nbsp; 120657 |
| Electricite de France SA |  |  |
| 2.875%, 5Y EUR Swap + 3.373%, 12/15/26 (EUR) (b) | 200000 | &nbsp;&nbsp; 232057 |
| 3.000%, 5Y EUR Swap + 3.198%, 09/03/27 (EUR) (b) | 200000 | &nbsp;&nbsp; 230923 |
| 5.125%, 5Y EUR Swap + 2.943%, 09/17/29 (EUR) (b) | 200000 | &nbsp;&nbsp; 241495 |
| 6.000%, 13Y GBP Swap + 4.235%, 01/29/26 (GBP) (b) | 100000 | &nbsp;&nbsp; 137109 |
| Enel SpA |  |  |
| 4.250%, 5Y EUR Swap + 2.009%, 01/14/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 118902 |
| Lightning Power LLC |  |  |
| 7.250%, 08/15/32 (144A) † | 237000 | &nbsp;&nbsp; 249431 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 6.375%, 5Y H15 + 2.053%, 08/15/55 (b) | 640000 | &nbsp;&nbsp; 653540 |
| 6.750%, 5Y H15 + 2.457%, 06/15/54 (b) | 515000 | &nbsp;&nbsp; 534297 |
| NRG Energy, Inc. |  |  |
| 6.000%, 02/01/33 (144A) | 1956000 | &nbsp;&nbsp; 1975493 |
| 6.250%, 11/01/34 (144A) (a) | 2020000 | &nbsp;&nbsp; 2058073 |
| 10.250%, 5Y H15 + 5.920%, 03/15/28 (144A) (a) (b) | 1539000 | &nbsp;&nbsp; 1708954 |
| Orsted AS |  |  |
| 2.500%, 5Y UKG + 2.136%, 12/31/99 (GBP) (b) | 100000 | &nbsp;&nbsp; 101655 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc. |  |  |
| 4.500%, 08/15/28 (144A) | 109000 | &nbsp;&nbsp; 105606 |
| Pike Corp. |  |  |
| 8.625%, 01/31/31 (144A) (a) | 243000 | &nbsp;&nbsp; 264282 |
| Terna - Rete Elettrica Nazionale |  |  |
| 4.750%, 5Y EUR Swap + 2.142%, 01/11/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 121563 |
| Vistra Corp. |  |  |
| 7.000%, 5Y H15 + 5.740%, 12/15/26 (144A) (b) | 2192000 | &nbsp;&nbsp; 2218376 |
| 8.000%, 5Y H15 + 6.930%, 10/15/26 (144A) (b) | 492000 | &nbsp;&nbsp; 503930 |
| Vistra Operations Co. LLC |  |  |
| 6.875%, 04/15/32 (144A) | 902000 | &nbsp;&nbsp; 943025 |
| 7.750%, 10/15/31 (144A) | 768000 | &nbsp;&nbsp; 816264 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 8.375%, 01/15/31 (144A) (a) | 2037000 | &nbsp;&nbsp; 2175728 |
|  |  | &nbsp;&nbsp; 22912046 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Prysmian SpA |  |  |
| 5.250%, 5Y EUR Swap + 3.012%, 05/21/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 120891 |
| WESCO Distribution, Inc. |  |  |
| 6.375%, 03/15/33 (144A) (a) | 1181000 | &nbsp;&nbsp; 1220660 |
|  |  | &nbsp;&nbsp; 1341551 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| Coherent Corp. |  |  |
| 5.000%, 12/15/29 (144A) (a) | 779000 | &nbsp;&nbsp; $765081 |
| Imola Merger Corp. |  |  |
| 4.750%, 05/15/29 (144A) (a) | 535000 | &nbsp;&nbsp; 516538 |
| Sensata Technologies, Inc. |  |  |
| 3.750%, 02/15/31 (144A) (a) | 210000 | &nbsp;&nbsp; 191420 |
| 4.375%, 02/15/30 (144A) | 1262000 | &nbsp;&nbsp; 1204837 |
| 6.625%, 07/15/32 (144A) (a) | 1784000 | &nbsp;&nbsp; 1836003 |
|  |  | &nbsp;&nbsp; 4513879 |
| **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
| Arcosa, Inc. |  |  |
| 6.875%, 08/15/32 (144A) | 737000 | &nbsp;&nbsp; 764873 |
| Brand Industrial Services, Inc. |  |  |
| 10.375%, 08/01/30 (144A) | 2876000 | &nbsp;&nbsp; 2653502 |
| Dycom Industries, Inc. |  |  |
| 4.500%, 04/15/29 (144A) | 304000 | &nbsp;&nbsp; 295881 |
| Heathrow Finance PLC |  |  |
| 4.125%, 09/01/29 (GBP) (e) | 100000 | &nbsp;&nbsp; 126275 |
| 6.625%, 03/01/31 (GBP) | 100000 | &nbsp;&nbsp; 136440 |
|  |  | &nbsp;&nbsp; 3976971 |
| **Entertainment — 2.2%** | **Entertainment — 2.2%** | **Entertainment — 2.2%** |
| Allwyn Entertainment Financing U.K. PLC |  |  |
| 7.250%, 04/30/30 (EUR) | 100000 | &nbsp;&nbsp; 124977 |
| Banijay Entertainment SAS |  |  |
| 7.000%, 05/01/29 (EUR) | 100000 | &nbsp;&nbsp; 123108 |
| 8.125%, 05/01/29 (144A) | 254000 | &nbsp;&nbsp; 263515 |
| Boyne USA, Inc. |  |  |
| 4.750%, 05/15/29 (144A) (a) | 726000 | &nbsp;&nbsp; 704469 |
| Caesars Entertainment, Inc. |  |  |
| 4.625%, 10/15/29 (144A) | 126000 | &nbsp;&nbsp; 120271 |
| 6.500%, 02/15/32 (144A) (a) | 848000 | &nbsp;&nbsp; 870146 |
| 7.000%, 02/15/30 (144A) (a) | 1453000 | &nbsp;&nbsp; 1504701 |
| Churchill Downs, Inc. |  |  |
| 5.750%, 04/01/30 (144A) (a) | 1775000 | &nbsp;&nbsp; 1780784 |
| 6.750%, 05/01/31 (144A) (a) | 1101000 | &nbsp;&nbsp; 1131632 |
| Cinemark USA, Inc. |  |  |
| 7.000%, 08/01/32 (144A) | 200000 | &nbsp;&nbsp; 207633 |
| Cirsa Finance International SARL |  |  |
| 6.686%, 3M EURIBOR + 4.500%, 07/31/28 (EUR) (b) | 54286 | &nbsp;&nbsp; 64266 |
| Flutter Treasury DAC |  |  |
| 4.000%, 06/04/31 (EUR) | 100000 | &nbsp;&nbsp; 117979 |
| 5.875%, 06/04/31 (144A) | 1369000 | &nbsp;&nbsp; 1379267 |
| Great Canadian Gaming Corp./Raptor LLC |  |  |
| 8.750%, 11/15/29 (144A) | 1008000 | &nbsp;&nbsp; 986650 |
| Light & Wonder International, Inc. |  |  |
| 7.250%, 11/15/29 (144A) (a) | 290000 | &nbsp;&nbsp; 298774 |
| 7.500%, 09/01/31 (144A) (a) | 495000 | &nbsp;&nbsp; 517974 |
| Live Nation Entertainment, Inc. |  |  |
| 3.750%, 01/15/28 (144A) | 249000 | &nbsp;&nbsp; 240943 |
| 4.750%, 10/15/27 (144A) (a) | 219000 | &nbsp;&nbsp; 216619 |
| Merlin Entertainments Group U.S. Holdings, Inc. |  |  |
| 7.375%, 02/15/31 (144A) | 695000 | &nbsp;&nbsp; 621062 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |
| 4.875%, 05/01/29 (144A) | 266000 | &nbsp;&nbsp; 256229 |

---

*See accompanying notes to financial statements.*

**BHFTI-90**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment <br> Holdings LLC<br>|  |  |
| 8.250%, 04/15/30 (144A) | 682000 | &nbsp;&nbsp; $703966 |
| Odeon Finco PLC |  |  |
| 12.750%, 11/01/27 (144A) | 600000 | &nbsp;&nbsp; 626932 |
| Pinewood Finco PLC |  |  |
| 6.000%, 03/27/30 (GBP) | 125000 | &nbsp;&nbsp; 169437 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance <br> Corp.<br>|  |  |
| 5.625%, 09/01/29 (144A) | 307000 | &nbsp;&nbsp; 175757 |
| 5.875%, 09/01/31 (144A) | 450000 | &nbsp;&nbsp; 246375 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |  |  |
| 6.625%, 02/01/33 (144A) | 458000 | &nbsp;&nbsp; 458592 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. |  |  |
| 6.625%, 03/01/30 (144A) (a) | 745000 | &nbsp;&nbsp; 717925 |
| Six Flags Entertainment Corp. |  |  |
| 7.250%, 05/15/31 (144A) (a) | 414000 | &nbsp;&nbsp; 425462 |
| Six Flags Entertainment Corp. /Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co.<br>|  |  |
| 6.625%, 05/01/32 (144A) (a) | 264000 | &nbsp;&nbsp; 272299 |
| Starz Capital Holdings 1, Inc. |  |  |
| 5.500%, 04/15/29 (144A) | 960000 | &nbsp;&nbsp; 834307 |
| Vail Resorts, Inc. |  |  |
| 5.625%, 07/15/30 (144A) | 564000 | &nbsp;&nbsp; 564000 |
| 6.500%, 05/15/32 (144A) | 674000 | &nbsp;&nbsp; 696410 |
| Voyager Parent LLC |  |  |
| 9.250%, 07/01/32 (144A) | 832000 | &nbsp;&nbsp; 865635 |
| Warnermedia Holdings, Inc. |  |  |
| 5.050%, 03/15/42 | 991000 | &nbsp;&nbsp; 665942 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| 5.125%, 10/01/29 (144A) (a) | 849000 | &nbsp;&nbsp; 842872 |
| 6.250%, 03/15/33 (144A) | 1230000 | &nbsp;&nbsp; 1237887 |
| 7.125%, 02/15/31 (144A) (a) | 1433000 | &nbsp;&nbsp; 1528239 |
|  |  | &nbsp;&nbsp; 22563036 |
| **Environmental Control — 1.0%** | **Environmental Control — 1.0%** | **Environmental Control — 1.0%** |
| Clean Harbors, Inc. |  |  |
| 5.125%, 07/15/29 (144A) | 402000 | &nbsp;&nbsp; 397137 |
| GFL Environmental, Inc. |  |  |
| 4.000%, 08/01/28 (144A) (a) | 476000 | &nbsp;&nbsp; 461684 |
| 4.375%, 08/15/29 (144A) | 689000 | &nbsp;&nbsp; 669045 |
| 4.750%, 06/15/29 (144A) | 785000 | &nbsp;&nbsp; 774535 |
| 6.750%, 01/15/31 (144A) | 1274000 | &nbsp;&nbsp; 1333143 |
| Madison IAQ LLC |  |  |
| 4.125%, 06/30/28 (144A) | 583000 | &nbsp;&nbsp; 566368 |
| 5.875%, 06/30/29 (144A) (a) | 1613000 | &nbsp;&nbsp; 1586828 |
| Reworld Holding Corp. |  |  |
| 4.875%, 12/01/29 (144A) (a) | 438000 | &nbsp;&nbsp; 416689 |
| 5.000%, 09/01/30 | 180000 | &nbsp;&nbsp; 170125 |
| Waste Pro USA, Inc. |  |  |
| 7.000%, 02/01/33 (144A) (a) | 3263000 | &nbsp;&nbsp; 3387379 |
| Wrangler Holdco Corp. |  |  |
| 6.625%, 04/01/32 (144A) | 423000 | &nbsp;&nbsp; 440369 |
|  |  | &nbsp;&nbsp; 10203302 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food — 1.8%** | **Food — 1.8%** | **Food — 1.8%** |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 4.875%, 02/15/30 (144A) (a) | 611000 | &nbsp;&nbsp; $600623 |
| 6.250%, 03/15/33 (144A) (a) | 560000 | &nbsp;&nbsp; 577263 |
| B&G Foods, Inc. |  |  |
| 8.000%, 09/15/28 (144A) | 238000 | &nbsp;&nbsp; 229143 |
| Bellis Acquisition Co. PLC |  |  |
| 8.125%, 05/14/30 (GBP) | 180000 | &nbsp;&nbsp; 232561 |
| Chobani Holdco II LLC |  |  |
| 8.750%, 9.500% PIK, 10/01/29 (144A) (c) | 4191763 | &nbsp;&nbsp; 4488837 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| 4.625%, 11/15/28 (144A) | 1047000 | &nbsp;&nbsp; 1027620 |
| 7.625%, 07/01/29 (144A) | 2543000 | &nbsp;&nbsp; 2649964 |
| Darling Global Finance BV |  |  |
| 4.500%, 07/15/32 (EUR) | 100000 | &nbsp;&nbsp; 119219 |
| 4.500%, 07/15/32 (144A) (EUR) | 500000 | &nbsp;&nbsp; 596095 |
| ELO SACA |  |  |
| 3.250%, 07/23/27 (EUR) | 100000 | &nbsp;&nbsp; 113431 |
| Fiesta Purchaser, Inc. |  |  |
| 7.875%, 03/01/31 (144A) | 51000 | &nbsp;&nbsp; 54122 |
| 9.625%, 09/15/32 (144A) (a) | 237000 | &nbsp;&nbsp; 250075 |
| Irca SpA/Gallarate |  |  |
| 5.725%, 3M EURIBOR + 3.750%, 12/15/29 (EUR) (b) | 100000 | &nbsp;&nbsp; 117954 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc.<br>|  |  |
| 9.000%, 02/15/29 (144A) | 431000 | &nbsp;&nbsp; 446366 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.375%, 01/31/32 (144A) | 945000 | &nbsp;&nbsp; 884992 |
| Lion/Polaris Lux 4 SA |  |  |
| 5.564%, 3M EURIBOR + 3.625%, 07/01/29 (EUR) (b) | 100000 | &nbsp;&nbsp; 118330 |
| Market Bidco Finco PLC |  |  |
| 5.500%, 11/04/27 (GBP) | 107000 | &nbsp;&nbsp; 143941 |
| Ocado Group PLC |  |  |
| 11.000%, 06/15/30 (GBP) | 100000 | &nbsp;&nbsp; 133509 |
| Performance Food Group, Inc. |  |  |
| 4.250%, 08/01/29 (144A) (a) | 463000 | &nbsp;&nbsp; 446447 |
| 6.125%, 09/15/32 (144A) (a) | 995000 | &nbsp;&nbsp; 1017819 |
| Post Holdings, Inc. |  |  |
| 6.250%, 02/15/32 (144A) | 157000 | &nbsp;&nbsp; 161346 |
| 6.250%, 10/15/34 (144A) | 653000 | &nbsp;&nbsp; 656708 |
| 6.375%, 03/01/33 (144A) | 832000 | &nbsp;&nbsp; 839585 |
| Premier Foods Finance PLC |  |  |
| 3.500%, 10/15/26 (GBP) | 100000 | &nbsp;&nbsp; 135957 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons <br> Pet Food, Inc./Simmons Feed<br>|  |  |
| 4.625%, 03/01/29 (144A) | 652000 | &nbsp;&nbsp; 615601 |
| U.S. Foods, Inc. |  |  |
| 7.250%, 01/15/32 (144A) | 657000 | &nbsp;&nbsp; 691850 |
| United Natural Foods, Inc. |  |  |
| 6.750%, 10/15/28 (144A) | 602000 | &nbsp;&nbsp; 594151 |
|  |  | &nbsp;&nbsp; 17943509 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services, Inc. |  |  |
| 5.000%, 02/01/28 (144A) (a) | 236000 | &nbsp;&nbsp; 235050 |

---

*See accompanying notes to financial statements.*

**BHFTI-91**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Ahlstrom Holding 3 OYJ |  |  |
| 3.625%, 02/04/28 (EUR) | 100000 | &nbsp;&nbsp; $115678 |
| Fedrigoni SpA |  |  |
| 5.980%, 3M EURIBOR + 4.000%, 01/15/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 114561 |
| Magnera Corp. |  |  |
| 7.250%, 11/15/31 (144A) (a) | 351000 | &nbsp;&nbsp; 330958 |
| Sappi Papier Holding GmbH |  |  |
| 4.500%, 03/15/32 (EUR) | 100000 | &nbsp;&nbsp; 115712 |
|  |  | &nbsp;&nbsp; 676909 |
| **Gas — 0.8%** | **Gas — 0.8%** | **Gas — 0.8%** |
| AltaGas Ltd. |  |  |
| 7.200%, 5Y H15 + 3.573%, 10/15/54 (144A) (a) (b) | 560000 | &nbsp;&nbsp; 560124 |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| 9.500%, 06/01/30 (144A) | 340000 | &nbsp;&nbsp; 352742 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.500%, 01/15/34 | 2455000 | &nbsp;&nbsp; 2455000 |
| 6.750%, 01/15/36 | 2561000 | &nbsp;&nbsp; 2561000 |
| 7.500%, 05/01/33 (144A) | 982000 | &nbsp;&nbsp; 1051548 |
| 7.750%, 05/01/35 (144A) (a) | 895000 | &nbsp;&nbsp; 968768 |
|  |  | &nbsp;&nbsp; 7949182 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| IMA Industria Macchine Automatiche SpA |  |  |
| 3.750%, 01/15/28 (EUR) | 100000 | &nbsp;&nbsp; 116828 |
| 6.029%, 3M EURIBOR + 3.750%, 04/15/29 (EUR) (b) | 200000 | &nbsp;&nbsp; 236815 |
|  |  | &nbsp;&nbsp; 353643 |
| **Healthcare-Products — 1.2%** | **Healthcare-Products — 1.2%** | **Healthcare-Products — 1.2%** |
| Avantor Funding, Inc. |  |  |
| 2.625%, 11/01/25 (EUR) | 266000 | &nbsp;&nbsp; 312708 |
| 3.875%, 07/15/28 (EUR) | 100000 | &nbsp;&nbsp; 117353 |
| 4.625%, 07/15/28 (144A) | 928000 | &nbsp;&nbsp; 911258 |
| Bausch & Lomb Corp. |  |  |
| 8.375%, 10/01/28 (144A) (a) | 3047000 | &nbsp;&nbsp; 3180306 |
| Insulet Corp. |  |  |
| 6.500%, 04/01/33 (144A) | 653000 | &nbsp;&nbsp; 680809 |
| Medline Borrower LP |  |  |
| 3.875%, 04/01/29 (144A) | 523000 | &nbsp;&nbsp; 501683 |
| 5.250%, 10/01/29 (144A) (a) | 4263000 | &nbsp;&nbsp; 4229769 |
| Medline Borrower LP/Medline Co-Issuer, Inc. |  |  |
| 6.250%, 04/01/29 (144A) | 1028000 | &nbsp;&nbsp; 1056048 |
| Neogen Food Safety Corp. |  |  |
| 8.625%, 07/20/30 (144A) (a) | 271000 | &nbsp;&nbsp; 280306 |
| Sotera Health Holdings LLC |  |  |
| 7.375%, 06/01/31 (144A) | 524000 | &nbsp;&nbsp; 545192 |
|  |  | &nbsp;&nbsp; 11815432 |
| **Healthcare-Services — 2.7%** | **Healthcare-Services — 2.7%** | **Healthcare-Services — 2.7%** |
| Acadia Healthcare Co., Inc. |  |  |
| 7.375%, 03/15/33 (144A) (a) | 280000 | &nbsp;&nbsp; 288465 |
| AHP Health Partners, Inc. |  |  |
| 5.750%, 07/15/29 (144A) | 891000 | &nbsp;&nbsp; 868873 |
| Charles River Laboratories International, Inc. |  |  |
| 4.000%, 03/15/31 (144A) | 100000 | &nbsp;&nbsp; 91629 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| CHS/Community Health Systems, Inc. |  |  |
| 4.750%, 02/15/31 (144A) (a) | 632000 | &nbsp;&nbsp; $540286 |
| 5.250%, 05/15/30 (144A) | 2732000 | &nbsp;&nbsp; 2422594 |
| 5.625%, 03/15/27 (144A) (a) | 1987000 | &nbsp;&nbsp; 1957156 |
| 6.000%, 01/15/29 (144A) (a) | 1084000 | &nbsp;&nbsp; 1042665 |
| 10.875%, 01/15/32 (144A) (a) | 1682000 | &nbsp;&nbsp; 1782696 |
| Clariane SE |  |  |
| 7.875%, 06/27/30 (EUR) | 100000 | &nbsp;&nbsp; 118682 |
| Concentra Health Services, Inc. |  |  |
| 6.875%, 07/15/32 (144A) (a) | 996000 | &nbsp;&nbsp; 1031222 |
| DaVita, Inc. |  |  |
| 6.750%, 07/15/33 (144A) | 464000 | &nbsp;&nbsp; 479125 |
| 6.875%, 09/01/32 (144A) (a) | 336000 | &nbsp;&nbsp; 348157 |
| Ephios Subco 3 SARL |  |  |
| 7.875%, 01/31/31 (EUR) | 100000 | &nbsp;&nbsp; 126689 |
| Fortrea Holdings, Inc. |  |  |
| 7.500%, 07/01/30 (144A) (a) | 249000 | &nbsp;&nbsp; 225389 |
| HAH Group Holding Co. LLC |  |  |
| 9.750%, 10/01/31 (144A) (a) | 558000 | &nbsp;&nbsp; 553209 |
| HealthEquity, Inc. |  |  |
| 4.500%, 10/01/29 (144A) | 1602000 | &nbsp;&nbsp; 1557597 |
| IQVIA, Inc. |  |  |
| 1.750%, 03/15/26 (EUR) | 240000 | &nbsp;&nbsp; 279892 |
| 6.250%, 06/01/32 (144A) | 2453000 | &nbsp;&nbsp; 2517313 |
| LifePoint Health, Inc. |  |  |
| 8.375%, 02/15/32 (144A) | 630000 | &nbsp;&nbsp; 671293 |
| 9.875%, 08/15/30 (144A) | 291000 | &nbsp;&nbsp; 314777 |
| 10.000%, 06/01/32 (144A) | 838000 | &nbsp;&nbsp; 864535 |
| 11.000%, 10/15/30 (144A) (a) | 2130000 | &nbsp;&nbsp; 2349808 |
| Molina Healthcare, Inc. |  |  |
| 3.875%, 05/15/32 (144A) (a) | 404000 | &nbsp;&nbsp; 367725 |
| 6.250%, 01/15/33 (144A) (a) | 618000 | &nbsp;&nbsp; 629061 |
| Prime Healthcare Services, Inc. |  |  |
| 9.375%, 09/01/29 (144A) (a) | 173000 | &nbsp;&nbsp; 171703 |
| Star Parent, Inc. |  |  |
| 9.000%, 10/01/30 (144A) (a) | 1140000 | &nbsp;&nbsp; 1199073 |
| Surgery Center Holdings, Inc. |  |  |
| 7.250%, 04/15/32 (144A) (a) | 2270000 | &nbsp;&nbsp; 2313157 |
| Tenet Healthcare Corp. |  |  |
| 6.750%, 05/15/31 (a) | 1760000 | &nbsp;&nbsp; 1820877 |
| U.S. Acute Care Solutions LLC |  |  |
| 9.750%, 05/15/29 (144A) (a) | 673000 | &nbsp;&nbsp; 694158 |
|  |  | &nbsp;&nbsp; 27627806 |
| **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
| ProGroup AG |  |  |
| 5.125%, 04/15/29 (EUR) | 100000 | &nbsp;&nbsp; 119120 |
| Stena International SA |  |  |
| 7.250%, 01/15/31 (144A) (a) | 200000 | &nbsp;&nbsp; 200620 |
|  |  | &nbsp;&nbsp; 319740 |
| **Home Builders — 0.7%** | **Home Builders — 0.7%** | **Home Builders — 0.7%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| 4.625%, 08/01/29 (144A) | 270000 | &nbsp;&nbsp; 257850 |
| Beazer Homes USA, Inc. |  |  |
| 5.875%, 10/15/27 | 150000 | &nbsp;&nbsp; 150292 |

---

*See accompanying notes to financial statements.*

**BHFTI-92**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Home Builders—(Continued)** | **Home Builders—(Continued)** | **Home Builders—(Continued)** |
| Brookfield Residential Properties, Inc./Brookfield Residential <br> U.S. LLC<br>|  |  |
| 4.875%, 02/15/30 (144A) (a) | 679000 | &nbsp;&nbsp; $606070 |
| 5.000%, 06/15/29 (144A) | 548000 | &nbsp;&nbsp; 498723 |
| Dream Finders Homes, Inc. |  |  |
| 8.250%, 08/15/28 (144A) † | 277000 | &nbsp;&nbsp; 288780 |
| Empire Communities Corp. |  |  |
| 9.750%, 05/01/29 (144A) | 136000 | &nbsp;&nbsp; 139080 |
| K Hovnanian Enterprises, Inc. |  |  |
| 11.750%, 09/30/29 (144A) | 2250000 | &nbsp;&nbsp; 2439135 |
| LGI Homes, Inc. |  |  |
| 7.000%, 11/15/32 (144A) (a) | 662000 | &nbsp;&nbsp; 630058 |
| 8.750%, 12/15/28 (144A) (a) | 353000 | &nbsp;&nbsp; 366957 |
| Mattamy Group Corp. |  |  |
| 4.625%, 03/01/30 (144A) (a) | 368000 | &nbsp;&nbsp; 353700 |
| New Home Co., Inc. |  |  |
| 9.250%, 10/01/29 (144A) † | 604000 | &nbsp;&nbsp; 626183 |
| STL Holding Co. LLC |  |  |
| 8.750%, 02/15/29 (144A) | 320000 | &nbsp;&nbsp; 334313 |
|  |  | &nbsp;&nbsp; 6691141 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
| Somnigroup International, Inc. |  |  |
| 3.875%, 10/15/31 (144A) | 171000 | &nbsp;&nbsp; 155467 |
| 4.000%, 04/15/29 (144A) (a) | 288000 | &nbsp;&nbsp; 275350 |
| Whirlpool Corp. |  |  |
| 6.125%, 06/15/30 | 548000 | &nbsp;&nbsp; 552816 |
| 6.500%, 06/15/33 | 582000 | &nbsp;&nbsp; 583864 |
|  |  | &nbsp;&nbsp; 1567497 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| Central Garden & Pet Co. |  |  |
| 4.125%, 04/30/31 (144A) (a) | 259000 | &nbsp;&nbsp; 240439 |
| Kronos Acquisition Holdings, Inc. |  |  |
| 8.250%, 06/30/31 (144A) (a) | 156000 | &nbsp;&nbsp; 141661 |
|  |  | &nbsp;&nbsp; 382100 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Newell Brands, Inc. |  |  |
| 8.500%, 06/01/28 (144A) | 547000 | &nbsp;&nbsp; 574465 |
| Scotts Miracle-Gro Co. |  |  |
| 4.375%, 02/01/32 (a) | 614000 | &nbsp;&nbsp; 563813 |
| 4.500%, 10/15/29 | 102000 | &nbsp;&nbsp; 98510 |
|  |  | &nbsp;&nbsp; 1236788 |
| **Insurance — 5.9%** | **Insurance — 5.9%** | **Insurance — 5.9%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 6.750%, 07/01/32 (144A) | 326000 | &nbsp;&nbsp; 330620 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| 4.250%, 10/15/27 (144A) | 2118000 | &nbsp;&nbsp; 2079031 |
| 5.875%, 11/01/29 (144A) | 2101000 | &nbsp;&nbsp; 2071080 |
| 6.750%, 10/15/27 (144A) | 1825000 | &nbsp;&nbsp; 1823923 |
| 6.750%, 04/15/28 (144A) | 257000 | &nbsp;&nbsp; 261268 |
| 7.000%, 01/15/31 (144A) | 2540000 | &nbsp;&nbsp; 2627401 |
| 7.375%, 10/01/32 (144A) | 2408000 | &nbsp;&nbsp; 2482200 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| AmWINS Group, Inc. |  |  |
| 4.875%, 06/30/29 (144A) (a) | 904000 | &nbsp;&nbsp; $878520 |
| 6.375%, 02/15/29 (144A) (a) | 375000 | &nbsp;&nbsp; 382214 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC<br>|  |  |
| 7.875%, 11/01/29 (144A) | 567000 | &nbsp;&nbsp; 579990 |
| Ardonagh Finco Ltd. |  |  |
| 6.875%, 02/15/31 (EUR) | 705000 | &nbsp;&nbsp; 853329 |
| 7.750%, 02/15/31 (144A) | 3422000 | &nbsp;&nbsp; 3577595 |
| Ardonagh Group Finance Ltd. |  |  |
| 8.875%, 02/15/32 (144A) | 3498000 | &nbsp;&nbsp; 3680761 |
| AssuredPartners, Inc. |  |  |
| 7.500%, 02/15/32 (144A) (a) | 1023000 | &nbsp;&nbsp; 1096168 |
| Corebridge Financial, Inc. |  |  |
| 6.375%, 5Y H15 + 2.646%, 09/15/54 (b) | 645000 | &nbsp;&nbsp; 642859 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br> 2 PLC/Howden U.S. Refinance LLC<br>|  |  |
| 7.250%, 02/15/31 (144A) | 3991000 | &nbsp;&nbsp; 4132748 |
| 8.125%, 02/15/32 (144A) (a) | 1854000 | &nbsp;&nbsp; 1928195 |
| HUB International Ltd. |  |  |
| 7.250%, 06/15/30 (144A) | 7383000 | &nbsp;&nbsp; 7715494 |
| 7.375%, 01/31/32 (144A) (a) | 10791000 | &nbsp;&nbsp; 11290930 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| 8.500%, 03/15/30 (144A) | 1423000 | &nbsp;&nbsp; 1508278 |
| 10.500%, 12/15/30 (144A) | 1027000 | &nbsp;&nbsp; 1094585 |
| Panther Escrow Issuer LLC |  |  |
| 7.125%, 06/01/31 (144A) | 6806000 | &nbsp;&nbsp; 7069739 |
| Ryan Specialty LLC |  |  |
| 5.875%, 08/01/32 (144A) (a) | 819000 | &nbsp;&nbsp; 825442 |
| Unipol Assicurazioni SpA |  |  |
| 4.900%, 05/23/34 (EUR) | 100000 | &nbsp;&nbsp; 123611 |
| USI, Inc. |  |  |
| 7.500%, 01/15/32 (144A) (a) | 1234000 | &nbsp;&nbsp; 1302066 |
|  |  | &nbsp;&nbsp; 60358047 |
| **Internet — 1.0%** | **Internet — 1.0%** | **Internet — 1.0%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL |  |  |
| 5.000%, 05/01/28 (144A) | 1460000 | &nbsp;&nbsp; 1393236 |
| 9.000%, 08/01/29 (144A) | 298000 | &nbsp;&nbsp; 304692 |
| ANGI Group LLC |  |  |
| 3.875%, 08/15/28 (144A) | 576000 | &nbsp;&nbsp; 537025 |
| Cablevision Lightpath LLC |  |  |
| 3.875%, 09/15/27 (144A) | 559000 | &nbsp;&nbsp; 538771 |
| 5.625%, 09/15/28 (144A) | 532000 | &nbsp;&nbsp; 513942 |
| Getty Images, Inc. |  |  |
| 11.250%, 02/21/30 (144A) | 494000 | &nbsp;&nbsp; 490295 |
| iliad SA |  |  |
| 5.375%, 02/15/29 (EUR) | 100000 | &nbsp;&nbsp; 123627 |
| 5.625%, 02/15/30 (EUR) | 100000 | &nbsp;&nbsp; 125856 |
| ION Trading Technologies SARL |  |  |
| 9.500%, 05/30/29 (144A) | 600000 | &nbsp;&nbsp; 616201 |
| Match Group Holdings II LLC |  |  |
| 3.625%, 10/01/31 (144A) | 128000 | &nbsp;&nbsp; 114527 |
| 4.125%, 08/01/30 (144A) | 41000 | &nbsp;&nbsp; 38343 |
| 4.625%, 06/01/28 (144A) (a) | 259000 | &nbsp;&nbsp; 252739 |

---

*See accompanying notes to financial statements.*

**BHFTI-93**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Internet—(Continued)** | **Internet—(Continued)** | **Internet—(Continued)** |
| Rakuten Group, Inc. |  |  |
| 8.125%, 5Y H15 + 4.250%, 12/15/29 (144A) (b) | 254000 | &nbsp;&nbsp; $248494 |
| 9.750%, 04/15/29 (144A) | 1578000 | &nbsp;&nbsp; 1728508 |
| 11.250%, 02/15/27 (144A) | 573000 | &nbsp;&nbsp; 622200 |
| Snap, Inc. |  |  |
| 6.875%, 03/01/33 (144A) | 1877000 | &nbsp;&nbsp; 1926038 |
| United Group BV |  |  |
| 6.393%, 3M EURIBOR + 4.250%, 02/15/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 117567 |
| 6.500%, 10/31/31 (EUR) | 100000 | &nbsp;&nbsp; 119017 |
|  |  | &nbsp;&nbsp; 9811078 |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| Apollo Debt Solutions BDC |  |  |
| 6.550%, 03/15/32 (144A) | 104000 | &nbsp;&nbsp; 106225 |
| 6.700%, 07/29/31 (a) | 375000 | &nbsp;&nbsp; 389676 |
| ARES Capital Corp. |  |  |
| 5.500%, 09/01/30 | 570000 | &nbsp;&nbsp; 568230 |
| ARES Strategic Income Fund |  |  |
| 5.600%, 02/15/30 | 842000 | &nbsp;&nbsp; 839453 |
| 5.800%, 09/09/30 (144A) | 510000 | &nbsp;&nbsp; 511782 |
| Bain Capital Specialty Finance, Inc. |  |  |
| 5.950%, 03/15/30 | 160000 | &nbsp;&nbsp; 158164 |
| Blackstone Private Credit Fund |  |  |
| 6.000%, 11/22/34 (a) | 1810000 | &nbsp;&nbsp; 1769913 |
| Blue Owl Capital Corp. |  |  |
| 6.200%, 07/15/30 | 1160000 | &nbsp;&nbsp; 1171805 |
| 8.450%, 11/15/26 | 287000 | &nbsp;&nbsp; 298155 |
| Blue Owl Credit Income Corp. |  |  |
| 7.750%, 09/16/27 (a) | 612000 | &nbsp;&nbsp; 641944 |
| Blue Owl Technology Finance Corp. |  |  |
| 6.750%, 04/04/29 | 160000 | &nbsp;&nbsp; 163174 |
| Compass Group Diversified Holdings LLC |  |  |
| 5.250%, 04/15/29 (144A) (a) | 534000 | &nbsp;&nbsp; 479320 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.375%, 07/01/34 (a) | 460000 | &nbsp;&nbsp; 460029 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| 4.375%, 02/01/29 (a) | 345000 | &nbsp;&nbsp; 289999 |
| 5.250%, 05/15/27 (a) | 2136000 | &nbsp;&nbsp; 2069637 |
| 9.750%, 01/15/29 | 461000 | &nbsp;&nbsp; 447830 |
| 10.000%, 11/15/29 (144A) (a) | 812000 | &nbsp;&nbsp; 803900 |
|  |  | &nbsp;&nbsp; 11169236 |
| **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** |
| ATI, Inc. |  |  |
| 4.875%, 10/01/29 | 277000 | &nbsp;&nbsp; 271314 |
| 5.125%, 10/01/31 | 746000 | &nbsp;&nbsp; 729096 |
| 7.250%, 08/15/30 (a) | 1233000 | &nbsp;&nbsp; 1292064 |
| Big River Steel LLC/BRS Finance Corp. |  |  |
| 6.625%, 01/31/29 (144A) | 1966000 | &nbsp;&nbsp; 1981870 |
| Cleveland-Cliffs, Inc. |  |  |
| 5.875%, 06/01/27 | 234000 | &nbsp;&nbsp; 233811 |
| 6.875%, 11/01/29 (144A) (a) | 1080000 | &nbsp;&nbsp; 1063302 |
|  |  | &nbsp;&nbsp; 5571457 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Vertiv Group Corp. |  |  |
| 4.125%, 11/15/28 (144A) (a) | 760000 | &nbsp;&nbsp; $740989 |
| **Leisure Time — 1.4%** | **Leisure Time — 1.4%** | **Leisure Time — 1.4%** |
| Carnival Corp. |  |  |
| 5.875%, 06/15/31 (144A) | 1190000 | &nbsp;&nbsp; 1212312 |
| 6.000%, 05/01/29 (144A) (a) | 1069000 | &nbsp;&nbsp; 1080163 |
| 6.125%, 02/15/33 (144A) (a) | 2500000 | &nbsp;&nbsp; 2557880 |
| Lindblad Expeditions Holdings, Inc. |  |  |
| 9.000%, 05/15/28 (144A) | 146000 | &nbsp;&nbsp; 152412 |
| Lindblad Expeditions LLC |  |  |
| 6.750%, 02/15/27 (144A) | 666000 | &nbsp;&nbsp; 669925 |
| MajorDrive Holdings IV LLC |  |  |
| 6.375%, 06/01/29 (144A) (a) | 754000 | &nbsp;&nbsp; 592297 |
| NCL Corp. Ltd. |  |  |
| 6.250%, 03/01/30 (144A) (a) | 397000 | &nbsp;&nbsp; 400388 |
| 6.750%, 02/01/32 (144A) (a) | 1489000 | &nbsp;&nbsp; 1521205 |
| NCL Finance Ltd. |  |  |
| 6.125%, 03/15/28 (144A) | 367000 | &nbsp;&nbsp; 372970 |
| Pinnacle Bidco PLC |  |  |
| 10.000%, 10/11/28 (GBP) | 100000 | &nbsp;&nbsp; 145089 |
| Sabre GLBL, Inc. |  |  |
| 8.625%, 06/01/27 (144A) | 316000 | &nbsp;&nbsp; 323505 |
| 10.750%, 11/15/29 (144A) (a) | 961000 | &nbsp;&nbsp; 987472 |
| 11.125%, 07/15/30 (144A) | 1069000 | &nbsp;&nbsp; 1118174 |
| TUI AG |  |  |
| 5.875%, 03/15/29 (EUR) | 100000 | &nbsp;&nbsp; 122212 |
| TUI Cruises GmbH |  |  |
| 5.000%, 05/15/30 (EUR) | 100000 | &nbsp;&nbsp; 118464 |
| Viking Cruises Ltd. |  |  |
| 5.875%, 09/15/27 (144A) | 444000 | &nbsp;&nbsp; 444248 |
| 9.125%, 07/15/31 (144A) | 1685000 | &nbsp;&nbsp; 1814747 |
| Viking Ocean Cruises Ship VII Ltd. |  |  |
| 5.625%, 02/15/29 (144A) (a) | 314000 | &nbsp;&nbsp; 312469 |
|  |  | &nbsp;&nbsp; 13945932 |
| **Lodging — 1.1%** | **Lodging — 1.1%** | **Lodging — 1.1%** |
| Hilton Domestic Operating Co., Inc. |  |  |
| 4.000%, 05/01/31 (144A) | 81000 | &nbsp;&nbsp; 76158 |
| 5.875%, 03/15/33 (144A) (a) | 1145000 | &nbsp;&nbsp; 1166615 |
| Las Vegas Sands Corp. |  |  |
| 6.000%, 06/14/30 (a) | 420000 | &nbsp;&nbsp; 433303 |
| Melco Resorts Finance Ltd. |  |  |
| 5.375%, 12/04/29 (144A) | 1142000 | &nbsp;&nbsp; 1067098 |
| 5.625%, 07/17/27 (144A) | 200000 | &nbsp;&nbsp; 199650 |
| 5.750%, 07/21/28 (144A) | 200000 | &nbsp;&nbsp; 195400 |
| 7.625%, 04/17/32 (144A) | 706000 | &nbsp;&nbsp; 713073 |
| MGM China Holdings Ltd. |  |  |
| 4.750%, 02/01/27 (144A) | 200000 | &nbsp;&nbsp; 198497 |
| 7.125%, 06/26/31 (144A) (a) | 250000 | &nbsp;&nbsp; 259856 |
| MGM Resorts International |  |  |
| 6.125%, 09/15/29 (a) | 1135000 | &nbsp;&nbsp; 1154460 |
| Station Casinos LLC |  |  |
| 4.500%, 02/15/28 (144A) | 422000 | &nbsp;&nbsp; 413815 |
| 4.625%, 12/01/31 (144A) | 411000 | &nbsp;&nbsp; 384997 |
| 6.625%, 03/15/32 (144A) (a) | 452000 | &nbsp;&nbsp; 462175 |

---

*See accompanying notes to financial statements.*

**BHFTI-94**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Lodging—(Continued)** | **Lodging—(Continued)** | **Lodging—(Continued)** |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 4.375%, 08/15/28 (144A) | 134000 | &nbsp;&nbsp; $131087 |
| Wynn Macau Ltd. |  |  |
| 5.125%, 12/15/29 (144A) (a) | 658000 | &nbsp;&nbsp; 632233 |
| 5.500%, 01/15/26 (144A) | 293000 | &nbsp;&nbsp; 292668 |
| 5.500%, 10/01/27 (144A) | 200000 | &nbsp;&nbsp; 199521 |
| 5.625%, 08/26/28 (144A) (a) | 3167000 | &nbsp;&nbsp; 3113442 |
|  |  | &nbsp;&nbsp; 11094048 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| BWX Technologies, Inc. |  |  |
| 4.125%, 06/30/28 (144A) | 153000 | &nbsp;&nbsp; 149262 |
| Manitowoc Co., Inc. |  |  |
| 9.250%, 10/01/31 (144A) | 352000 | &nbsp;&nbsp; 370460 |
| Terex Corp. |  |  |
| 5.000%, 05/15/29 (144A) (a) | 135000 | &nbsp;&nbsp; 131775 |
| 6.250%, 10/15/32 (144A) (a) | 458000 | &nbsp;&nbsp; 458928 |
|  |  | &nbsp;&nbsp; 1110425 |
| **Machinery-Diversified — 1.0%** | **Machinery-Diversified — 1.0%** | **Machinery-Diversified — 1.0%** |
| ATS Corp. |  |  |
| 4.125%, 12/15/28 (144A) | 237000 | &nbsp;&nbsp; 226620 |
| Chart Industries, Inc. |  |  |
| 7.500%, 01/01/30 (144A) | 960000 | &nbsp;&nbsp; 1005049 |
| 9.500%, 01/01/31 (144A) | 72000 | &nbsp;&nbsp; 76853 |
| Esab Corp. |  |  |
| 6.250%, 04/15/29 (144A) (a) | 636000 | &nbsp;&nbsp; 651176 |
| GrafTech Global Enterprises, Inc. |  |  |
| 9.875%, 12/23/29 (144A) | 384000 | &nbsp;&nbsp; 303360 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |  |  |
| 9.000%, 02/15/29 (144A) (a) | 1783000 | &nbsp;&nbsp; 1864212 |
| Nova Alexandre III SAS |  |  |
| 7.529%, 3M EURIBOR + 5.250%, 07/15/29 (EUR) (b) | 100000 | &nbsp;&nbsp; 119271 |
| TK Elevator Holdco GmbH |  |  |
| 6.625%, 07/15/28 (EUR) | 444600 | &nbsp;&nbsp; 525026 |
| 7.625%, 07/15/28 (144A) | 1713000 | &nbsp;&nbsp; 1714778 |
| TK Elevator Midco GmbH |  |  |
| 4.375%, 07/15/27 (EUR) | 673000 | &nbsp;&nbsp; 792712 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.250%, 07/15/27 (144A) (a) | 2757000 | &nbsp;&nbsp; 2755067 |
|  |  | &nbsp;&nbsp; 10034124 |
| **Media — 4.4%** | **Media — 4.4%** | **Media — 4.4%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.250%, 02/01/31 (144A) (a) | 770000 | &nbsp;&nbsp; 719314 |
| 4.250%, 01/15/34 (144A) (a) | 2154000 | &nbsp;&nbsp; 1917463 |
| 4.500%, 08/15/30 (144A) (a) | 544000 | &nbsp;&nbsp; 518639 |
| 4.500%, 05/01/32 (a) | 225000 | &nbsp;&nbsp; 209530 |
| 4.500%, 06/01/33 (144A) (a) | 484000 | &nbsp;&nbsp; 442391 |
| 4.750%, 03/01/30 (144A) (a) | 808000 | &nbsp;&nbsp; 782792 |
| 4.750%, 02/01/32 (144A) (a) | 1006000 | &nbsp;&nbsp; 954218 |
| 6.375%, 09/01/29 (144A) (a) | 1910000 | &nbsp;&nbsp; 1948269 |
| 7.375%, 03/01/31 (144A) (a) | 3501000 | &nbsp;&nbsp; 3652978 |
| CSC Holdings LLC |  |  |
| 3.375%, 02/15/31 (144A) (a) | 566000 | &nbsp;&nbsp; 392175 |
| 4.500%, 11/15/31 (144A) | 200000 | &nbsp;&nbsp; 140737 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| CSC Holdings LLC |  |  |
| 5.375%, 02/01/28 (144A) (a) | 800000 | &nbsp;&nbsp; $732445 |
| 5.500%, 04/15/27 (144A) | 1007000 | &nbsp;&nbsp; 961430 |
| 11.250%, 05/15/28 (144A) | 3233000 | &nbsp;&nbsp; 3220833 |
| 11.750%, 01/31/29 (144A) | 2000000 | &nbsp;&nbsp; 1902312 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 5.875%, 08/15/27 (144A) (a) | 2440000 | &nbsp;&nbsp; 2432036 |
| DISH DBS Corp. |  |  |
| 5.250%, 12/01/26 (144A) | 1847000 | &nbsp;&nbsp; 1676152 |
| 5.750%, 12/01/28 (144A) | 2185000 | &nbsp;&nbsp; 1891391 |
| DISH Network Corp. |  |  |
| 11.750%, 11/15/27 (144A) | 4294000 | &nbsp;&nbsp; 4426367 |
| Gray Media, Inc. |  |  |
| 7.000%, 05/15/27 (144A) (a) | 881000 | &nbsp;&nbsp; 880605 |
| 10.500%, 07/15/29 (144A) (a) | 1591000 | &nbsp;&nbsp; 1709172 |
| LCPR Senior Secured Financing DAC |  |  |
| 6.750%, 10/15/27 (144A) | 1773000 | &nbsp;&nbsp; 1194275 |
| Midcontinent Communications |  |  |
| 8.000%, 08/15/32 (144A) (a) | 886000 | &nbsp;&nbsp; 937631 |
| Sinclair Television Group, Inc. |  |  |
| 8.125%, 02/15/33 (144A) (a) | 1808000 | &nbsp;&nbsp; 1826471 |
| Sirius XM Radio LLC |  |  |
| 3.125%, 09/01/26 (144A) | 103000 | &nbsp;&nbsp; 101057 |
| 5.000%, 08/01/27 (144A) | 1845000 | &nbsp;&nbsp; 1829195 |
| Sunrise FinCo I BV |  |  |
| 4.875%, 07/15/31 (144A) | 722000 | &nbsp;&nbsp; 682832 |
| Tele Columbus AG |  |  |
| 10.000%, 10.000% PIK, 01/01/29 (EUR) (c) | 128626 | &nbsp;&nbsp; 103939 |
| Telenet Finance Luxembourg Notes SARL |  |  |
| 5.500%, 03/01/28 (144A) | 400000 | &nbsp;&nbsp; 395717 |
| Univision Communications, Inc. |  |  |
| 6.625%, 06/01/27 (144A) (a) | 1273000 | &nbsp;&nbsp; 1269527 |
| 7.375%, 06/30/30 (144A) (a) | 477000 | &nbsp;&nbsp; 468765 |
| 8.000%, 08/15/28 (144A) | 1750000 | &nbsp;&nbsp; 1775863 |
| 8.500%, 07/31/31 (144A) (a) | 988000 | &nbsp;&nbsp; 989094 |
| Virgin Media O2 Vendor Financing Notes V DAC |  |  |
| 7.875%, 03/15/32 (GBP) | 107000 | &nbsp;&nbsp; 149929 |
| Virgin Media Secured Finance PLC |  |  |
| 4.250%, 01/15/30 (GBP) | 100000 | &nbsp;&nbsp; 125429 |
| Virgin Media Vendor Financing Notes IV DAC |  |  |
| 5.000%, 07/15/28 (144A) (a) | 830000 | &nbsp;&nbsp; 812558 |
| Ziggo Bond Co. BV |  |  |
| 5.125%, 02/28/30 (144A) (a) | 248000 | &nbsp;&nbsp; 216518 |
| Ziggo BV |  |  |
| 4.875%, 01/15/30 (144A) (a) | 385000 | &nbsp;&nbsp; 359599 |
|  |  | &nbsp;&nbsp; 44749648 |
| **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
| Vallourec SACA |  |  |
| 7.500%, 04/15/32 (144A) (a) | 1445000 | &nbsp;&nbsp; 1514736 |
| **Mining — 1.8%** | **Mining — 1.8%** | **Mining — 1.8%** |
| Aris Mining Corp. |  |  |
| 8.000%, 10/31/29 (144A) | 209000 | &nbsp;&nbsp; 213180 |
| Arsenal AIC Parent LLC |  |  |
| 8.000%, 10/01/30 (144A) (a) | 419000 | &nbsp;&nbsp; 447153 |

---

*See accompanying notes to financial statements.*

**BHFTI-95**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Mining—(Continued)** | **Mining—(Continued)** | **Mining—(Continued)** |
| Arsenal AIC Parent LLC |  |  |
| 11.500%, 10/01/31 (144A) (a) | 2454000 | &nbsp;&nbsp; $2750769 |
| Constellium SE |  |  |
| 3.750%, 04/15/29 (144A) (a) | 1351000 | &nbsp;&nbsp; 1269505 |
| 5.625%, 06/15/28 (144A) | 512000 | &nbsp;&nbsp; 509005 |
| 6.375%, 08/15/32 (144A) (a) | 1896000 | &nbsp;&nbsp; 1927530 |
| ERO Copper Corp. |  |  |
| 6.500%, 02/15/30 (144A) | 1166000 | &nbsp;&nbsp; 1160170 |
| First Quantum Minerals Ltd. |  |  |
| 8.000%, 03/01/33 (144A) | 340000 | &nbsp;&nbsp; 348735 |
| 9.375%, 03/01/29 (144A) | 2313000 | &nbsp;&nbsp; 2454896 |
| Kaiser Aluminum Corp. |  |  |
| 4.500%, 06/01/31 (144A) (a) | 2083000 | &nbsp;&nbsp; 1948669 |
| 4.625%, 03/01/28 (144A) (a) | 613000 | &nbsp;&nbsp; 599766 |
| New Gold, Inc. |  |  |
| 6.875%, 04/01/32 (144A) | 843000 | &nbsp;&nbsp; 868776 |
| Novelis Corp. |  |  |
| 3.875%, 08/15/31 (144A) (a) | 2156000 | &nbsp;&nbsp; 1937307 |
| 4.750%, 01/30/30 (144A) (a) | 354000 | &nbsp;&nbsp; 339198 |
| 6.875%, 01/30/30 (144A) (a) | 845000 | &nbsp;&nbsp; 873672 |
| Novelis Sheet Ingot GmbH |  |  |
| 3.375%, 04/15/29 (EUR) | 422000 | &nbsp;&nbsp; 482217 |
|  |  | &nbsp;&nbsp; 18130548 |
| **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
| Amsted Industries, Inc. |  |  |
| 6.375%, 03/15/33 (144A) (a) | 344000 | &nbsp;&nbsp; 349665 |
| Axon Enterprise, Inc. |  |  |
| 6.125%, 03/15/30 (144A) (a) | 229000 | &nbsp;&nbsp; 235494 |
| 6.250%, 03/15/33 (144A) | 506000 | &nbsp;&nbsp; 521009 |
| Enpro, Inc. |  |  |
| 6.125%, 06/01/33 (144A) (a) | 440000 | &nbsp;&nbsp; 449822 |
| Maxam Prill SARL |  |  |
| 6.000%, 07/15/30 (EUR) | 100000 | &nbsp;&nbsp; 117088 |
|  |  | &nbsp;&nbsp; 1673078 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| Xerox Corp. |  |  |
| 10.250%, 10/15/30 (144A) | 321000 | &nbsp;&nbsp; 336069 |
| Zebra Technologies Corp. |  |  |
| 6.500%, 06/01/32 (144A) | 344000 | &nbsp;&nbsp; 353728 |
|  |  | &nbsp;&nbsp; 689797 |
| **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** |
| Aethon United BR LP/Aethon United Finance Corp. |  |  |
| 7.500%, 10/01/29 (144A) | 882000 | &nbsp;&nbsp; 925160 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| 5.875%, 06/30/29 (144A) (a) | 158000 | &nbsp;&nbsp; 158269 |
| 6.625%, 07/15/33 (144A) | 466000 | &nbsp;&nbsp; 472756 |
| 9.000%, 11/01/27 (144A) | 435000 | &nbsp;&nbsp; 531787 |
| Chord Energy Corp. |  |  |
| 6.750%, 03/15/33 (144A) | 302000 | &nbsp;&nbsp; 308530 |
| CITGO Petroleum Corp. |  |  |
| 8.375%, 01/15/29 (144A) | 1418000 | &nbsp;&nbsp; 1474931 |
| Civitas Resources, Inc. |  |  |
| 8.375%, 07/01/28 (144A) | 40000 | &nbsp;&nbsp; 40956 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Civitas Resources, Inc. |  |  |
| 8.750%, 07/01/31 (144A) | 295000 | &nbsp;&nbsp; $298277 |
| CNX Resources Corp. |  |  |
| 7.250%, 03/01/32 (144A) | 222000 | &nbsp;&nbsp; 229861 |
| Comstock Resources, Inc. |  |  |
| 5.875%, 01/15/30 (144A) | 1652000 | &nbsp;&nbsp; 1604619 |
| 6.750%, 03/01/29 (144A) | 971000 | &nbsp;&nbsp; 971204 |
| Crescent Energy Finance LLC |  |  |
| 7.375%, 01/15/33 (144A) (a) | 1157000 | &nbsp;&nbsp; 1105867 |
| 7.625%, 04/01/32 (144A) (a) | 972000 | &nbsp;&nbsp; 949061 |
| 8.375%, 01/15/34 (144A) | 1049000 | &nbsp;&nbsp; 1049655 |
| Diamond Foreign Asset Co./Diamond Finance LLC |  |  |
| 8.500%, 10/01/30 (144A) | 370000 | &nbsp;&nbsp; 385258 |
| Encino Acquisition Partners Holdings LLC |  |  |
| 8.750%, 05/01/31 (144A) | 715000 | &nbsp;&nbsp; 789614 |
| Gulfport Energy Operating Corp. |  |  |
| 6.750%, 09/01/29 (144A) (a) | 392000 | &nbsp;&nbsp; 401742 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 5.750%, 02/01/29 (144A) | 582000 | &nbsp;&nbsp; 574426 |
| 6.000%, 04/15/30 (144A) (a) | 60000 | &nbsp;&nbsp; 58329 |
| 6.250%, 11/01/28 (144A) | 220000 | &nbsp;&nbsp; 220510 |
| 6.250%, 04/15/32 (144A) | 52000 | &nbsp;&nbsp; 49653 |
| 6.875%, 05/15/34 (144A) | 981000 | &nbsp;&nbsp; 939633 |
| 7.250%, 02/15/35 (144A) (a) | 365000 | &nbsp;&nbsp; 356916 |
| 8.375%, 11/01/33 (144A) (a) | 1064000 | &nbsp;&nbsp; 1103993 |
| Kimmeridge Texas Gas LLC |  |  |
| 8.500%, 02/15/30 (144A) (a) | 1713000 | &nbsp;&nbsp; 1772856 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance <br> Corp.<br>|  |  |
| 6.875%, 12/01/32 (144A) | 378000 | &nbsp;&nbsp; 380673 |
| Matador Resources Co. |  |  |
| 6.500%, 04/15/32 (144A) | 487000 | &nbsp;&nbsp; 487254 |
| Murphy Oil Corp. |  |  |
| 5.875%, 12/01/42 | 64000 | &nbsp;&nbsp; 51959 |
| Nabors Industries, Inc. |  |  |
| 7.375%, 05/15/27 (144A) | 560000 | &nbsp;&nbsp; 552999 |
| Noble Finance II LLC |  |  |
| 8.000%, 04/15/30 (144A) | 416000 | &nbsp;&nbsp; 423581 |
| Northern Oil & Gas, Inc. |  |  |
| 8.125%, 03/01/28 (144A) (a) | 2427000 | &nbsp;&nbsp; 2448566 |
| Parkland Corp. |  |  |
| 6.625%, 08/15/32 (144A) | 490000 | &nbsp;&nbsp; 500820 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 7.875%, 09/15/30 (144A) | 477000 | &nbsp;&nbsp; 428244 |
| Permian Resources Operating LLC |  |  |
| 5.875%, 07/01/29 (144A) | 830000 | &nbsp;&nbsp; 833216 |
| 6.250%, 02/01/33 (144A) | 1377000 | &nbsp;&nbsp; 1389779 |
| 7.000%, 01/15/32 (144A) (a) | 288000 | &nbsp;&nbsp; 298564 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp. |  |  |
| 7.875%, 11/01/28 (144A) (a) | 746000 | &nbsp;&nbsp; 781114 |
| Sunoco LP |  |  |
| 6.250%, 07/01/33 (144A) | 617000 | &nbsp;&nbsp; 627303 |
| TGNR Intermediate Holdings LLC |  |  |
| 5.500%, 10/15/29 (144A) | 658000 | &nbsp;&nbsp; 637658 |
| Transocean Titan Financing Ltd. |  |  |
| 8.375%, 02/01/28 (144A) | 224381 | &nbsp;&nbsp; 227918 |

---

*See accompanying notes to financial statements.*

**BHFTI-96**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Transocean, Inc. |  |  |
| 8.000%, 02/01/27 (144A) | 1106000 | &nbsp;&nbsp; $1089541 |
| 8.250%, 05/15/29 (144A) | 444000 | &nbsp;&nbsp; 410497 |
| 8.500%, 05/15/31 (144A) (a) | 373000 | &nbsp;&nbsp; 332958 |
| 8.750%, 02/15/30 (144A) | 240000 | &nbsp;&nbsp; 246803 |
| Valaris Ltd. |  |  |
| 8.375%, 04/30/30 (144A) | 1105000 | &nbsp;&nbsp; 1133701 |
| Vantage Drilling International Ltd. |  |  |
| 9.500%, 02/15/28 (144A) | 49000 | &nbsp;&nbsp; 48755 |
| Var Energi ASA |  |  |
| 7.862%, 5Y EUR Swap + 4.765%, 11/15/83 (EUR) (b) | 100000 | &nbsp;&nbsp; 129280 |
| Vital Energy, Inc. |  |  |
| 7.750%, 07/31/29 (144A) | 193000 | &nbsp;&nbsp; 170445 |
| 7.875%, 04/15/32 (144A) (a) | 1207000 | &nbsp;&nbsp; 1032010 |
| 9.750%, 10/15/30 (a) | 672000 | &nbsp;&nbsp; 608246 |
| Wildfire Intermediate Holdings LLC |  |  |
| 7.500%, 10/15/29 (144A) | 664000 | &nbsp;&nbsp; 659599 |
| Wintershall Dea Finance 2 BV |  |  |
| 6.117%, 5Y EUR Swap + 3.940%, 05/08/30 (EUR) (b) | 113000 | &nbsp;&nbsp; 135937 |
|  |  | &nbsp;&nbsp; 32841283 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| 6.250%, 04/01/28 (144A) | 1388000 | &nbsp;&nbsp; 1392595 |
| 6.625%, 09/01/32 (144A) (a) | 1173000 | &nbsp;&nbsp; 1195096 |
| Enerflex Ltd. |  |  |
| 9.000%, 10/15/27 (144A) | 265000 | &nbsp;&nbsp; 273257 |
| Kodiak Gas Services LLC |  |  |
| 7.250%, 02/15/29 (144A) | 1388000 | &nbsp;&nbsp; 1435763 |
| Oceaneering International, Inc. |  |  |
| 6.000%, 02/01/28 | 196000 | &nbsp;&nbsp; 197616 |
| OEG Finance PLC |  |  |
| 7.250%, 09/27/29 (EUR) | 100000 | &nbsp;&nbsp; 120740 |
| Star Holding LLC |  |  |
| 8.750%, 08/01/31 (144A) | 673000 | &nbsp;&nbsp; 634213 |
| Tidewater, Inc. |  |  |
| 9.125%, 07/15/30 (144A) | 567000 | &nbsp;&nbsp; 583363 |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| 7.125%, 03/15/29 (144A) (a) | 862000 | &nbsp;&nbsp; 883491 |
| Weatherford International Ltd. |  |  |
| 8.625%, 04/30/30 (144A) (a) | 1246000 | &nbsp;&nbsp; 1284286 |
|  |  | &nbsp;&nbsp; 8000420 |
| **Packaging & Containers — 2.8%** | **Packaging & Containers — 2.8%** | **Packaging & Containers — 2.8%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC<br>|  |  |
| 3.000%, 09/01/29 (EUR) | 200000 | &nbsp;&nbsp; 211002 |
| 4.000%, 09/01/29 (144A) | 3978000 | &nbsp;&nbsp; 3631425 |
| 6.000%, 06/15/27 (144A) | 909000 | &nbsp;&nbsp; 911793 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
| 2.125%, 08/15/26 (EUR) † | 836000 | &nbsp;&nbsp; 942646 |
| 4.125%, 08/15/26 (144A) † | 1194000 | &nbsp;&nbsp; 1121011 |
| Ball Corp. |  |  |
| 4.250%, 07/01/32 (EUR) | 390000 | &nbsp;&nbsp; 465448 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.625%, 04/15/29 (144A) | 1038000 | &nbsp;&nbsp; 1053035 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.750%, 04/15/32 (144A) | 2480000 | &nbsp;&nbsp; $2545147 |
| 6.875%, 01/15/30 (144A) | 1750000 | &nbsp;&nbsp; 1788986 |
| 8.750%, 04/15/30 (144A) | 955000 | &nbsp;&nbsp; 976797 |
| Crown Americas LLC |  |  |
| 5.875%, 06/01/33 (144A) | 1495000 | &nbsp;&nbsp; 1505218 |
| Fiber Midco SpA |  |  |
| 10.750%, 06/15/29 (EUR) (c) | 100000 | &nbsp;&nbsp; 107369 |
| Graphic Packaging International LLC |  |  |
| 2.625%, 02/01/29 (EUR) | 300000 | &nbsp;&nbsp; 337879 |
| Kleopatra Finco SARL |  |  |
| 4.250%, 03/01/26 (EUR) | 110000 | &nbsp;&nbsp; 121493 |
| LABL, Inc. |  |  |
| 5.875%, 11/01/28 (144A) (a) | 177000 | &nbsp;&nbsp; 154780 |
| 8.625%, 10/01/31 (144A) | 499000 | &nbsp;&nbsp; 426829 |
| 9.500%, 11/01/28 (144A) (a) | 1329000 | &nbsp;&nbsp; 1228499 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.875%, 04/15/27 (144A) (a) | 7735000 | &nbsp;&nbsp; 7861792 |
| 9.250%, 04/15/27 (144A) (a) | 159000 | &nbsp;&nbsp; 157885 |
| OI European Group BV |  |  |
| 6.250%, 05/15/28 (EUR) | 100000 | &nbsp;&nbsp; 121623 |
| 6.250%, 05/15/28 (144A) (EUR) | 142000 | &nbsp;&nbsp; 172705 |
| Sealed Air Corp. |  |  |
| 4.000%, 12/01/27 (144A) (a) | 201000 | &nbsp;&nbsp; 196171 |
| 5.000%, 04/15/29 (144A) (a) | 165000 | &nbsp;&nbsp; 163202 |
| 6.500%, 07/15/32 (144A) (a) | 502000 | &nbsp;&nbsp; 520204 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 7.250%, 02/15/31 (144A) (a) | 57000 | &nbsp;&nbsp; 59991 |
| Trident TPI Holdings, Inc. |  |  |
| 12.750%, 12/31/28 (144A) | 377000 | &nbsp;&nbsp; 399915 |
| Trivium Packaging Finance BV |  |  |
| 6.625%, 07/15/30 (144A) (EUR) | 225000 | &nbsp;&nbsp; 273924 |
| 8.250%, 07/15/30 (144A) | 600000 | &nbsp;&nbsp; 634492 |
| 12.250%, 01/15/31 (144A) (a) | 279000 | &nbsp;&nbsp; 299070 |
|  |  | &nbsp;&nbsp; 28390331 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| 1261229 BC Ltd. |  |  |
| 10.000%, 04/15/32 (144A) | 8033000 | &nbsp;&nbsp; 8103449 |
| Bausch Health Cos., Inc. |  |  |
| 11.000%, 09/30/28 (144A) | 3067000 | &nbsp;&nbsp; 3036330 |
| Bayer AG |  |  |
| 6.625%, 5Y EUR Swap + 3.432%, 09/25/83 (EUR) (b) | 100000 | &nbsp;&nbsp; 124820 |
| 7.000%, 5Y EUR Swap + 3.896%, 09/25/83 (EUR) (b) | 100000 | &nbsp;&nbsp; 126659 |
| Dolcetto Holdco SpA |  |  |
| 5.625%, 07/14/32 (EUR) | 100000 | &nbsp;&nbsp; 118680 |
| Endo Finance Holdings, Inc. |  |  |
| 8.500%, 04/15/31 (144A) | 94000 | &nbsp;&nbsp; 99504 |
| Grifols SA |  |  |
| 2.250%, 11/15/27 (EUR) | 725000 | &nbsp;&nbsp; 832271 |
| 7.125%, 05/01/30 (EUR) | 100000 | &nbsp;&nbsp; 122226 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.893%, 3M EURIBOR + 3.750%, 10/23/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 118130 |
| 7.000%, 02/21/30 (EUR) | 149000 | &nbsp;&nbsp; 183204 |
| Option Care Health, Inc. |  |  |
| 4.375%, 10/31/29 (144A) | 599000 | &nbsp;&nbsp; 576476 |

---

*See accompanying notes to financial statements.*

**BHFTI-97**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| 2.875%, 04/30/28 (EUR) | 100000 | &nbsp;&nbsp; $114865 |
| 4.125%, 04/30/28 (144A) | 600000 | &nbsp;&nbsp; 577063 |
| Rossini SARL |  |  |
| 5.855%, 3M EURIBOR + 3.875%, 12/31/29 (EUR) (b) | 50064 | &nbsp;&nbsp; 59544 |
| 6.750%, 12/31/29 (EUR) | 100000 | &nbsp;&nbsp; 124348 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 3.150%, 10/01/26 (a) | 659000 | &nbsp;&nbsp; 646200 |
| 6.000%, 12/01/32 | 582000 | &nbsp;&nbsp; 594351 |
| 6.750%, 03/01/28 | 200000 | &nbsp;&nbsp; 207701 |
| 8.125%, 09/15/31 | 750000 | &nbsp;&nbsp; 849270 |
|  |  | &nbsp;&nbsp; 16615091 |
| **Pipelines — 4.0%** | **Pipelines — 4.0%** | **Pipelines — 4.0%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| 5.375%, 06/15/29 (144A) (a) | 469000 | &nbsp;&nbsp; 465476 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| 7.000%, 07/15/29 (144A) | 598000 | &nbsp;&nbsp; 624108 |
| 7.250%, 07/15/32 (144A) | 481000 | &nbsp;&nbsp; 509695 |
| Buckeye Partners LP |  |  |
| 5.600%, 10/15/44 (a) | 215000 | &nbsp;&nbsp; 181309 |
| 5.850%, 11/15/43 | 318000 | &nbsp;&nbsp; 280271 |
| 6.750%, 02/01/30 (144A) | 182000 | &nbsp;&nbsp; 188923 |
| 6.875%, 07/01/29 (144A) (a) | 53000 | &nbsp;&nbsp; 54909 |
| CNX Midstream Partners LP |  |  |
| 4.750%, 04/15/30 (144A) | 287000 | &nbsp;&nbsp; 271093 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| 5.500%, 06/15/31 (144A) | 1891000 | &nbsp;&nbsp; 1868112 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| 7.375%, 06/30/33 (144A) | 805000 | &nbsp;&nbsp; 801249 |
| Enbridge, Inc. |  |  |
| 7.200%, 5Y H15 + 2.970%, 06/27/54 (b) | 430000 | &nbsp;&nbsp; 441758 |
| 7.375%, 5Y H15 + 3.122%, 03/15/55 (b) | 587000 | &nbsp;&nbsp; 609886 |
| Energy Transfer LP |  |  |
| 6.500%, 5Y H15 + 5.694%, 11/15/26 (b) | 1085000 | &nbsp;&nbsp; 1089848 |
| 7.125%, 5Y H15 + 2.829%, 10/01/54 (a) (b) | 829000 | &nbsp;&nbsp; 850113 |
| 7.125%, 5Y H15 + 5.306%, 05/15/30 (b) | 547000 | &nbsp;&nbsp; 557209 |
| 8.000%, 5Y H15 + 4.020%, 05/15/54 (a) (b) | 1251000 | &nbsp;&nbsp; 1330919 |
| Excelerate Energy LP |  |  |
| 8.000%, 05/15/30 (144A) | 502000 | &nbsp;&nbsp; 529188 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 7.750%, 02/01/28 | 595000 | &nbsp;&nbsp; 603802 |
| 7.875%, 05/15/32 (a) | 861000 | &nbsp;&nbsp; 895221 |
| 8.000%, 05/15/33 | 599000 | &nbsp;&nbsp; 626268 |
| 8.250%, 01/15/29 | 357000 | &nbsp;&nbsp; 373311 |
| 8.875%, 04/15/30 (a) | 74000 | &nbsp;&nbsp; 78572 |
| Global Partners LP/GLP Finance Corp. |  |  |
| 7.125%, 07/01/33 (144A) | 342000 | &nbsp;&nbsp; 346793 |
| Harvest Midstream I LP |  |  |
| 7.500%, 05/15/32 (144A) | 267000 | &nbsp;&nbsp; 281997 |
| Hess Midstream Operations LP |  |  |
| 6.500%, 06/01/29 (144A) | 615000 | &nbsp;&nbsp; 632472 |
| Howard Midstream Energy Partners LLC |  |  |
| 7.375%, 07/15/32 (144A) | 194000 | &nbsp;&nbsp; 204029 |
| 8.875%, 07/15/28 (144A) (a) | 364000 | &nbsp;&nbsp; 382142 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| ITT Holdings LLC |  |  |
| 6.500%, 08/01/29 (144A) | 1221000 | &nbsp;&nbsp; $1161111 |
| Kinetik Holdings LP |  |  |
| 5.875%, 06/15/30 (144A) (a) | 108000 | &nbsp;&nbsp; 108916 |
| NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| 8.125%, 02/15/29 (144A) (a) | 750000 | &nbsp;&nbsp; 757726 |
| 8.375%, 02/15/32 (144A) | 2475000 | &nbsp;&nbsp; 2482432 |
| Northriver Midstream Finance LP |  |  |
| 6.750%, 07/15/32 (144A) | 459000 | &nbsp;&nbsp; 475353 |
| Prairie Acquiror LP |  |  |
| 9.000%, 08/01/29 (144A) (a) | 515000 | &nbsp;&nbsp; 536432 |
| Rockies Express Pipeline LLC |  |  |
| 4.950%, 07/15/29 (144A) | 136000 | &nbsp;&nbsp; 133511 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| 5.500%, 01/15/28 (144A) | 468000 | &nbsp;&nbsp; 465251 |
| 6.000%, 12/31/30 (144A) (a) | 29000 | &nbsp;&nbsp; 28455 |
| 6.000%, 09/01/31 (144A) (a) | 274000 | &nbsp;&nbsp; 267382 |
| 7.375%, 02/15/29 (144A) (a) | 1553000 | &nbsp;&nbsp; 1596144 |
| TransMontaigne Partners LLC |  |  |
| 8.500%, 06/15/30 (144A) | 154000 | &nbsp;&nbsp; 160205 |
| Venture Global LNG, Inc. |  |  |
| 8.375%, 06/01/31 (144A) | 2145000 | &nbsp;&nbsp; 2227874 |
| 9.000%, 5Y H15 + 5.440%, 09/30/29 (144A) (b) | 7516000 | &nbsp;&nbsp; 7307046 |
| 9.500%, 02/01/29 (144A) | 5194000 | &nbsp;&nbsp; 5658229 |
| 9.875%, 02/01/32 (144A) | 2066000 | &nbsp;&nbsp; 2231204 |
|  |  | &nbsp;&nbsp; 40675944 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| Adler Financing SARL |  |  |
| 8.250%, 12/31/28 (EUR) (c) | 311531 | &nbsp;&nbsp; 384400 |
| 10.000%, 12/31/29 (EUR) (c) | 23000 | &nbsp;&nbsp; 28515 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
| 7.000%, 04/15/30 (144A) (a) | 1147426 | &nbsp;&nbsp; 1071973 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. |  |  |
| 9.750%, 04/15/30 (144A) | 324000 | &nbsp;&nbsp; 329221 |
| CoreLogic, Inc. |  |  |
| 4.500%, 05/01/28 (144A) | 2584000 | &nbsp;&nbsp; 2464832 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 8.875%, 09/01/31 (144A) (a) | 937000 | &nbsp;&nbsp; 1006183 |
| Heimstaden Bostad AB |  |  |
| 2.625%, 5Y EUR Swap + 3.149%, 02/01/27 (EUR) (b) | 100000 | &nbsp;&nbsp; 111905 |
| Howard Hughes Corp. |  |  |
| 4.125%, 02/01/29 (144A) | 382000 | &nbsp;&nbsp; 363776 |
| 4.375%, 02/01/31 (144A) | 308000 | &nbsp;&nbsp; 284236 |
| Tropicana Entertainment LLC/Tropicana Finance Corp. |  |  |
| 9.625%, 12/15/14 (d) (f) (g) | 70000 | &nbsp;&nbsp; 0 |
| Unique Pub Finance Co. PLC |  |  |
| 6.464%, 03/30/32 (GBP) | 60878 | &nbsp;&nbsp; 87464 |
| Vivion Investments SARL |  |  |
| 6.500%, 2.250% PIK, 08/31/28 (EUR) (c) | 118885 | &nbsp;&nbsp; 137590 |
|  |  | &nbsp;&nbsp; 6270095 |
| **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** |
| Blackstone Mortgage Trust, Inc. |  |  |
| 3.750%, 01/15/27 (144A) | 752000 | &nbsp;&nbsp; 731256 |
| 7.750%, 12/01/29 (144A) | 141000 | &nbsp;&nbsp; 149984 |

---

*See accompanying notes to financial statements.*

**BHFTI-98**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco LLC<br>|  |  |
| 4.500%, 04/01/27 (144A) (a) | 894000 | &nbsp;&nbsp; $869886 |
| Global Net Lease, Inc./Global Net Lease Operating <br> Partnership LP<br>|  |  |
| 3.750%, 12/15/27 (144A) (a) | 252000 | &nbsp;&nbsp; 240666 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.375%, 06/15/26 (144A) (a) | 110000 | &nbsp;&nbsp; 107669 |
| 8.000%, 06/15/27 (144A) (a) | 293000 | &nbsp;&nbsp; 305256 |
| Iron Mountain Information Management Services, Inc. |  |  |
| 5.000%, 07/15/32 (144A) | 479000 | &nbsp;&nbsp; 459298 |
| Iron Mountain, Inc. |  |  |
| 5.250%, 07/15/30 (144A) | 63000 | &nbsp;&nbsp; 62138 |
| 5.625%, 07/15/32 (144A) | 214000 | &nbsp;&nbsp; 212299 |
| 6.250%, 01/15/33 (144A) (a) | 2067000 | &nbsp;&nbsp; 2125302 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 7.000%, 02/15/32 (EUR) | 100000 | &nbsp;&nbsp; 120681 |
| 7.000%, 02/15/32 (144A) (EUR) | 725000 | &nbsp;&nbsp; 874938 |
| 8.500%, 02/15/32 (144A) (a) | 2218000 | &nbsp;&nbsp; 2321261 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK <br> Finance Co-Issuer<br>|  |  |
| 7.000%, 02/01/30 (144A) | 599000 | &nbsp;&nbsp; 616035 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |
| 6.375%, 10/15/29 (144A) | 317000 | &nbsp;&nbsp; 318703 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 6.500%, 04/01/32 (144A) (a) | 2183000 | &nbsp;&nbsp; 2245100 |
| 6.500%, 06/15/33 (144A) | 747000 | &nbsp;&nbsp; 768473 |
| Rithm Capital Corp. |  |  |
| 8.000%, 07/15/30 (144A) | 366000 | &nbsp;&nbsp; 367830 |
| RLJ Lodging Trust LP |  |  |
| 4.000%, 09/15/29 (144A) | 268000 | &nbsp;&nbsp; 250083 |
| SBA Communications Corp. |  |  |
| 3.125%, 02/01/29 (a) | 843000 | &nbsp;&nbsp; 796195 |
| Service Properties Trust |  |  |
| 8.625%, 11/15/31 (144A) | 4612000 | &nbsp;&nbsp; 4951314 |
| 8.875%, 06/15/32 (a) | 1237000 | &nbsp;&nbsp; 1271955 |
| Starwood Property Trust, Inc. |  |  |
| 6.000%, 04/15/30 (144A) | 230000 | &nbsp;&nbsp; 232632 |
| 6.500%, 07/01/30 (144A) (a) | 1032000 | &nbsp;&nbsp; 1065912 |
| 6.500%, 10/15/30 (144A) | 597000 | &nbsp;&nbsp; 616367 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |  |  |
| 10.500%, 02/15/28 (144A) | 3556000 | &nbsp;&nbsp; 3769511 |
| XHR LP |  |  |
| 6.625%, 05/15/30 (144A) (a) | 297000 | &nbsp;&nbsp; 302603 |
|  |  | &nbsp;&nbsp; 26153347 |
| **Retail — 2.4%** | **Retail — 2.4%** | **Retail — 2.4%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| 4.000%, 10/15/30 (144A) | 288000 | &nbsp;&nbsp; 268378 |
| 4.375%, 01/15/28 (144A) (a) | 571000 | &nbsp;&nbsp; 559951 |
| Afflelou SAS |  |  |
| 6.000%, 07/25/29 (EUR) | 104000 | &nbsp;&nbsp; 127360 |
| Asbury Automotive Group, Inc. |  |  |
| 4.750%, 03/01/30 | 57000 | &nbsp;&nbsp; 55189 |
| 5.000%, 02/15/32 (144A) (a) | 124000 | &nbsp;&nbsp; 117982 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| B&M European Value Retail SA |  |  |
| 6.500%, 11/27/31 (GBP) | 100000 | &nbsp;&nbsp; $138160 |
| Bertrand Franchise Finance SAS |  |  |
| 5.986%, 3M EURIBOR + 3.750%, 07/18/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 115439 |
| Carvana Co. |  |  |
| 9.000%, 13.000% PIK, 06/01/30 (144A) (c) | 1981218 | &nbsp;&nbsp; 2082950 |
| 9.000%, 14.000% PIK, 06/01/31 (144A) (c) | 3495304 | &nbsp;&nbsp; 4140508 |
| CD&R Firefly Bidco PLC |  |  |
| 8.625%, 04/30/29 (GBP) | 200000 | &nbsp;&nbsp; 282221 |
| Cougar JV Subsidiary LLC |  |  |
| 8.000%, 05/15/32 (144A) | 537000 | &nbsp;&nbsp; 572376 |
| Duomo Bidco SpA |  |  |
| 6.404%, 3M EURIBOR + 4.125%, 07/15/31 (EUR) (b) | 108000 | &nbsp;&nbsp; 127855 |
| eG Global Finance PLC |  |  |
| 12.000%, 11/30/28 (144A) | 1206000 | &nbsp;&nbsp; 1331272 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., <br> Inc.<br>|  |  |
| 4.625%, 01/15/29 (144A) (a) | 907000 | &nbsp;&nbsp; 868740 |
| 6.750%, 01/15/30 (144A) (a) | 364000 | &nbsp;&nbsp; 335900 |
| Foundation Building Materials, Inc. |  |  |
| 6.000%, 03/01/29 (144A) | 43000 | &nbsp;&nbsp; 39440 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 11.500%, 08/15/29 (144A) (a) | 320000 | &nbsp;&nbsp; 313107 |
| Group 1 Automotive, Inc. |  |  |
| 6.375%, 01/15/30 (144A) (a) | 366000 | &nbsp;&nbsp; 375832 |
| GYP Holdings III Corp. |  |  |
| 4.625%, 05/01/29 (144A) (a) | 402000 | &nbsp;&nbsp; 402935 |
| Ken Garff Automotive LLC |  |  |
| 4.875%, 09/15/28 (144A) | 144000 | &nbsp;&nbsp; 142170 |
| LCM Investments Holdings II LLC |  |  |
| 4.875%, 05/01/29 (144A) | 517000 | &nbsp;&nbsp; 502757 |
| 8.250%, 08/01/31 (144A) | 907000 | &nbsp;&nbsp; 964307 |
| QXO Building Products, Inc. |  |  |
| 6.750%, 04/30/32 (144A) | 3080000 | &nbsp;&nbsp; 3173022 |
| Raising Cane's Restaurants LLC |  |  |
| 9.375%, 05/01/29 (144A) (a) | 204000 | &nbsp;&nbsp; 215285 |
| Staples, Inc. |  |  |
| 10.750%, 09/01/29 (144A) | 504000 | &nbsp;&nbsp; 476998 |
| Stonegate Pub Co. Financing PLC |  |  |
| 10.750%, 07/31/29 (GBP) | 100000 | &nbsp;&nbsp; 142302 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |  |
| 5.000%, 06/01/31 (144A) | 161000 | &nbsp;&nbsp; 152322 |
| Walgreens Boots Alliance, Inc. |  |  |
| 4.800%, 11/18/44 (a) | 733000 | &nbsp;&nbsp; 700015 |
| 8.125%, 08/15/29 | 415000 | &nbsp;&nbsp; 440139 |
| White Cap Buyer LLC |  |  |
| 6.875%, 10/15/28 (144A) (a) | 4858000 | &nbsp;&nbsp; 4850291 |
|  |  | &nbsp;&nbsp; 24015203 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Nationwide Building Society |  |  |
| 7.500%, 5Y UKG + 3.852%, 12/20/30 (GBP) (b) | 200000 | &nbsp;&nbsp; 277083 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Entegris, Inc. |  |  |
| 4.750%, 04/15/29 (144A) | 604000 | &nbsp;&nbsp; 597302 |

---

*See accompanying notes to financial statements.*

**BHFTI-99**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software — 5.1%** | **Software — 5.1%** | **Software — 5.1%** |
| AthenaHealth Group, Inc. |  |  |
| 6.500%, 02/15/30 (144A) (a) | 9268000 | &nbsp;&nbsp; $9122173 |
| Camelot Finance SA |  |  |
| 4.500%, 11/01/26 (144A) (a) | 213000 | &nbsp;&nbsp; 209731 |
| Capstone Borrower, Inc. |  |  |
| 8.000%, 06/15/30 (144A) | 2202000 | &nbsp;&nbsp; 2295391 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |  |  |
| 8.000%, 06/15/29 (144A) | 345000 | &nbsp;&nbsp; 285279 |
| Central Parent, Inc./CDK Global, Inc. |  |  |
| 7.250%, 06/15/29 (144A) | 874000 | &nbsp;&nbsp; 710265 |
| Cloud Software Group, Inc. |  |  |
| 6.500%, 03/31/29 (144A) | 5976000 | &nbsp;&nbsp; 6031654 |
| 8.250%, 06/30/32 (144A) (a) | 5721000 | &nbsp;&nbsp; 6088454 |
| 9.000%, 09/30/29 (144A) | 7531000 | &nbsp;&nbsp; 7806073 |
| CoreWeave, Inc. |  |  |
| 9.250%, 06/01/30 (144A) | 786000 | &nbsp;&nbsp; 803554 |
| Dun & Bradstreet Corp. |  |  |
| 5.000%, 12/15/29 (144A) | 1081000 | &nbsp;&nbsp; 1108025 |
| Elastic NV |  |  |
| 4.125%, 07/15/29 (144A) | 637000 | &nbsp;&nbsp; 608667 |
| Ellucian Holdings, Inc. |  |  |
| 6.500%, 12/01/29 (144A) | 1624000 | &nbsp;&nbsp; 1660855 |
| Fair Isaac Corp. |  |  |
| 4.000%, 06/15/28 (144A) (a) | 533000 | &nbsp;&nbsp; 518752 |
| 6.000%, 05/15/33 (144A) | 3284000 | &nbsp;&nbsp; 3314100 |
| Helios Software Holdings, Inc./ION Corporate Solutions Finance <br> SARL<br>|  |  |
| 4.625%, 05/01/28 (144A) | 250000 | &nbsp;&nbsp; 236479 |
| 7.875%, 05/01/29 (EUR) | 100000 | &nbsp;&nbsp; 121859 |
| 8.750%, 05/01/29 (144A) | 412000 | &nbsp;&nbsp; 423802 |
| IPD 3 BV |  |  |
| 5.500%, 06/15/31 (EUR) | 100000 | &nbsp;&nbsp; 119415 |
| Playtika Holding Corp. |  |  |
| 4.250%, 03/15/29 (144A) (a) | 215000 | &nbsp;&nbsp; 195115 |
| SS&C Technologies, Inc. |  |  |
| 6.500%, 06/01/32 (144A) | 1818000 | &nbsp;&nbsp; 1887295 |
| TeamSystem SpA |  |  |
| 5.194%, 3M EURIBOR + 3.250%, 07/01/32 (EUR) (b) | 100000 | &nbsp;&nbsp; 117686 |
| 5.779%, 3M EURIBOR + 3.500%, 07/31/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 117976 |
| Twilio, Inc. |  |  |
| 3.625%, 03/15/29 | 187000 | &nbsp;&nbsp; 178032 |
| 3.875%, 03/15/31 | 350000 | &nbsp;&nbsp; 327345 |
| UKG, Inc. |  |  |
| 6.875%, 02/01/31 (144A) | 6967000 | &nbsp;&nbsp; 7228785 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |  |  |
| 3.875%, 02/01/29 (144A) (a) | 564000 | &nbsp;&nbsp; 530271 |
|  |  | &nbsp;&nbsp; 52047033 |
| **Telecommunications — 6.1%** | **Telecommunications — 6.1%** | **Telecommunications — 6.1%** |
| Altice Financing SA |  |  |
| 5.000%, 01/15/28 (144A) | 400000 | &nbsp;&nbsp; 300918 |
| 5.750%, 08/15/29 (144A) | 1276000 | &nbsp;&nbsp; 931710 |
| Altice France SA |  |  |
| 5.125%, 01/15/29 (144A) | 400000 | &nbsp;&nbsp; 330500 |
| 5.125%, 07/15/29 (144A) | 3401000 | &nbsp;&nbsp; 2811012 |
| 5.500%, 10/15/29 (144A) | 1218000 | &nbsp;&nbsp; 1009618 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| British Telecommunications PLC |  |  |
| 8.375%, 5Y UKG + 3.820%, 12/20/83 (GBP) (b) | 100000 | &nbsp;&nbsp; $147094 |
| CommScope LLC |  |  |
| 4.750%, 09/01/29 (144A) (a) | 2148000 | &nbsp;&nbsp; 2097056 |
| 9.500%, 12/15/31 (144A) | 285000 | &nbsp;&nbsp; 298456 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| 9.000%, 09/15/29 (144A) (a) | 400000 | &nbsp;&nbsp; 402051 |
| EchoStar Corp. |  |  |
| 6.750%, 6.750% PIK, 11/30/30 (a) (c) | 5466841 | &nbsp;&nbsp; 4989205 |
| 10.750%, 11/30/29 | 3434551 | &nbsp;&nbsp; 3537588 |
| eircom Finance DAC |  |  |
| 5.000%, 04/30/31 (EUR) | 103000 | &nbsp;&nbsp; 119124 |
| Eutelsat SA |  |  |
| 1.500%, 10/13/28 (EUR) | 100000 | &nbsp;&nbsp; 107110 |
| 9.750%, 04/13/29 (EUR) | 100000 | &nbsp;&nbsp; 126977 |
| Fibercop SpA |  |  |
| 4.750%, 06/30/30 (EUR) | 100000 | &nbsp;&nbsp; 118549 |
| 5.125%, 06/30/32 (EUR) | 100000 | &nbsp;&nbsp; 117960 |
| 6.000%, 09/30/34 (144A) | 1632000 | &nbsp;&nbsp; 1527293 |
| 7.200%, 07/18/36 (144A) | 1000000 | &nbsp;&nbsp; 974583 |
| Frontier Communications Holdings LLC |  |  |
| 5.000%, 05/01/28 (144A) | 1753000 | &nbsp;&nbsp; 1752262 |
| 5.875%, 10/15/27 (144A) | 734000 | &nbsp;&nbsp; 734278 |
| 5.875%, 11/01/29 (a) | 483945 | &nbsp;&nbsp; 488775 |
| 6.000%, 01/15/30 (144A) (a) | 635000 | &nbsp;&nbsp; 643190 |
| 6.750%, 05/01/29 (144A) | 300000 | &nbsp;&nbsp; 303923 |
| 8.625%, 03/15/31 (144A) (a) | 872000 | &nbsp;&nbsp; 926507 |
| 8.750%, 05/15/30 (144A) | 3935000 | &nbsp;&nbsp; 4115503 |
| Global Switch Finance BV |  |  |
| 1.375%, 10/07/30 (EUR) | 100000 | &nbsp;&nbsp; 110306 |
| Iliad Holding SASU |  |  |
| 5.375%, 04/15/30 (EUR) | 100000 | &nbsp;&nbsp; 120976 |
| 6.875%, 04/15/31 (EUR) | 100000 | &nbsp;&nbsp; 125599 |
| 7.000%, 10/15/28 (144A) (a) | 310000 | &nbsp;&nbsp; 315665 |
| 7.000%, 04/15/32 (144A) | 972000 | &nbsp;&nbsp; 995893 |
| 8.500%, 04/15/31 (144A) | 1800000 | &nbsp;&nbsp; 1925325 |
| Intelsat Jackson Holdings SA |  |  |
| 6.500%, 03/15/30 (144A) (a) | 162000 | &nbsp;&nbsp; 165191 |
| Level 3 Financing, Inc. |  |  |
| 3.625%, 01/15/29 (144A) | 168000 | &nbsp;&nbsp; 143640 |
| 3.875%, 10/15/30 (144A) | 312000 | &nbsp;&nbsp; 270660 |
| 4.000%, 04/15/31 (144A) | 41244 | &nbsp;&nbsp; 35264 |
| 4.500%, 04/01/30 (144A) | 877217 | &nbsp;&nbsp; 793881 |
| 4.875%, 06/15/29 (144A) | 2236000 | &nbsp;&nbsp; 2087865 |
| 6.875%, 06/30/33 (144A) | 5899000 | &nbsp;&nbsp; 6002368 |
| 10.750%, 12/15/30 (144A) | 1788240 | &nbsp;&nbsp; 2027417 |
| 11.000%, 11/15/29 (144A) (a) | 2737092 | &nbsp;&nbsp; 3139687 |
| Lorca Telecom Bondco SA |  |  |
| 4.000%, 09/18/27 (EUR) | 100000 | &nbsp;&nbsp; 117698 |
| 5.750%, 04/30/29 (EUR) | 136000 | &nbsp;&nbsp; 167265 |
| Lumen Technologies, Inc. |  |  |
| 4.125%, 04/15/30 (144A) (a) | 509141 | &nbsp;&nbsp; 496412 |
| 10.000%, 10/15/32 (144A) | 567420 | &nbsp;&nbsp; 579478 |
| Sable International Finance Ltd. |  |  |
| 7.125%, 10/15/32 (144A) | 1265000 | &nbsp;&nbsp; 1268361 |

---

*See accompanying notes to financial statements.*

**BHFTI-100**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Telecommunications—(Continued)** | **Telecommunications—(Continued)** | **Telecommunications—(Continued)** |
| SES SA |  |  |
| 4.875%, 06/24/33 (EUR) | 100000 | &nbsp;&nbsp; $118937 |
| SoftBank Group Corp. |  |  |
| 3.875%, 07/06/32 (EUR) | 200000 | &nbsp;&nbsp; 213798 |
| 5.375%, 01/08/29 (EUR) | 100000 | &nbsp;&nbsp; 119651 |
| Telecom Italia Capital SA |  |  |
| 7.721%, 06/04/38 (a) | 1007000 | &nbsp;&nbsp; 1085083 |
| Telefonica Europe BV |  |  |
| 5.752%, 8Y EUR Swap + 3.121%, 01/15/32 (EUR) (b) | 100000 | &nbsp;&nbsp; 122174 |
| 6.750%, 8Y EUR Swap + 3.615%, 06/07/31 (EUR) (b) | 100000 | &nbsp;&nbsp; 129427 |
| Viavi Solutions, Inc. |  |  |
| 3.750%, 10/01/29 (144A) | 467000 | &nbsp;&nbsp; 436370 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.000%, 01/31/29 (GBP) | 100000 | &nbsp;&nbsp; 127326 |
| 4.250%, 01/31/31 (144A) (a) | 1413000 | &nbsp;&nbsp; 1294476 |
| 4.500%, 07/15/31 (GBP) | 134000 | &nbsp;&nbsp; 164622 |
| 4.750%, 07/15/31 (144A) | 273000 | &nbsp;&nbsp; 252532 |
| 5.625%, 04/15/32 (EUR) | 100000 | &nbsp;&nbsp; 120711 |
| 7.750%, 04/15/32 (144A) | 200000 | &nbsp;&nbsp; 207829 |
| Windstream Services LLC/Windstream Escrow Finance Corp. |  |  |
| 8.250%, 10/01/31 (144A) | 4843000 | &nbsp;&nbsp; 5072006 |
| Zayo Group Holdings, Inc. |  |  |
| 4.000%, 03/01/27 (144A) † | 1498000 | &nbsp;&nbsp; 1404789 |
| 6.125%, 03/01/28 (144A) † | 843000 | &nbsp;&nbsp; 727487 |
| Zegona Finance PLC |  |  |
| 6.750%, 07/15/29 (EUR) | 114000 | &nbsp;&nbsp; 142679 |
|  |  | &nbsp;&nbsp; 61540090 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
| Edge Finco PLC |  |  |
| 8.125%, 08/15/31 (GBP) | 140000 | &nbsp;&nbsp; 200161 |
| Genesee & Wyoming, Inc. |  |  |
| 6.250%, 04/15/32 (144A) | 1166000 | &nbsp;&nbsp; 1189755 |
| Mobico Group PLC |  |  |
| 4.250%, 5Y UKG + 4.135%, 11/26/25 (GBP) (b) | 106000 | &nbsp;&nbsp; 87519 |
| 4.875%, 09/26/31 (EUR) | 100000 | &nbsp;&nbsp; 95370 |
| Poste Italiane SpA |  |  |
| 2.625%, 5Y EUR Swap + 2.677%, 03/24/29 (EUR) (b) | 150000 | &nbsp;&nbsp; 167637 |
| Rand Parent LLC |  |  |
| 8.500%, 02/15/30 (144A) (a) | 631000 | &nbsp;&nbsp; 633625 |
| SGL Group ApS |  |  |
| 7.013%, 3M EURIBOR + 4.750%, 04/22/30 (EUR) (b) | 100000 | &nbsp;&nbsp; 118010 |
| Stonepeak Nile Parent LLC |  |  |
| 7.250%, 03/15/32 (144A) (a) | 187000 | &nbsp;&nbsp; 198230 |
|  |  | &nbsp;&nbsp; 2690307 |
| **Trucking & Leasing — 1.0%** | **Trucking & Leasing — 1.0%** | **Trucking & Leasing — 1.0%** |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| 5.500%, 05/01/28 (144A) (a) | 1001000 | &nbsp;&nbsp; 995613 |
| 5.875%, 04/15/33 (144A) (a) | 2280000 | &nbsp;&nbsp; 2251294 |
| 7.000%, 05/01/31 (144A) (a) | 3173000 | &nbsp;&nbsp; 3285435 |
| 7.000%, 06/15/32 (144A) (a) | 1530000 | &nbsp;&nbsp; 1579768 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Trucking & Leasing—(Continued)** | **Trucking & Leasing—(Continued)** | **Trucking & Leasing—(Continued)** |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| 7.875%, 12/01/30 (144A) | 1644000 | &nbsp;&nbsp; $1744305 |
|  |  | &nbsp;&nbsp; 9856415 |
| Total Corporate Bonds & Notes <br>(Cost $877,850,719) <br>|  | &nbsp;&nbsp; 898041054 |
| **Floating Rate Loans (h)—8.0%** | **Floating Rate Loans (h)—8.0%** | **Floating Rate Loans (h)—8.0%** |
| **Advertising — 0.3%** | **Advertising — 0.3%** | **Advertising — 0.3%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 2024 Term Loan, 8.441%, 1M TSFR + 4.000%, 08/23/28 | 1439155 | &nbsp;&nbsp; 1433309 |
| Neptune Bidco U.S., Inc. |  |  |
| 2022 USD Term Loan B, 9.330%, 3M TSFR + 5.000%, <br> 04/11/29<br>| 1076234 | &nbsp;&nbsp; 1018386 |
| Summer BC Holdco B SARL |  |  |
| 2024 USD Term Loan B, 9.556%, 3M TSFR + 5.000%, <br> 02/15/29<br>| 227292 | &nbsp;&nbsp; 225019 |
|  |  | &nbsp;&nbsp; 2676714 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| Air Comm Corp. LLC |  |  |
| 2024 Delayed Draw Term Loan, 12/11/31 (i) | 12979 | &nbsp;&nbsp; 13011 |
| 2024 Term Loan, 7.300%, 3M TSFR + 3.000%, 12/11/31 | 155358 | &nbsp;&nbsp; 156135 |
| Barnes Group, Inc. |  |  |
| 2025 Term Loan B, 7.327%, 1M TSFR + 2.750%, 01/27/32 | 122147 | &nbsp;&nbsp; 122478 |
| Kaman Corp. |  |  |
| 2025 Delayed Draw Term Loan, 02/26/32 (i) | 85500 | &nbsp;&nbsp; 85479 |
| 2025 Term Loan B, 7.083%, 3M TSFR + 2.750%, 02/26/32 | 906299 | &nbsp;&nbsp; 906073 |
|  |  | &nbsp;&nbsp; 1283176 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Beach Acquisition Bidco LLC |  |  |
| USD Term Loan B, 06/25/32 (j) | 686000 | &nbsp;&nbsp; 689716 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Clarios Global LP |  |  |
| 2025 USD Term Loan B, 7.077%, 1M TSFR + 2.750%, <br> 01/28/32<br>| 991000 | &nbsp;&nbsp; 991620 |
| Tenneco, Inc. |  |  |
| 2022 Term Loan A, 9.172%, 3M TSFR + 4.750%, 11/17/28 | 80171 | &nbsp;&nbsp; 78250 |
| 2022 Term Loan B, 9.396% - 9.422%, 3M TSFR + 5.000%, <br> 11/17/28 (k)<br>| 348169 | &nbsp;&nbsp; 340596 |
|  |  | &nbsp;&nbsp; 1410466 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Sazerac Co., Inc. |  |  |
| Term Loan B, 06/25/32 (j) | 878000 | &nbsp;&nbsp; 879976 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Cornerstone Building Brands, Inc. |  |  |
| 2024 Term Loan B, 8.812%, 1M TSFR + 4.500%, 05/15/31 | 140520 | &nbsp;&nbsp; 119618 |
| Wilsonart LLC |  |  |
| 2024 Term Loan B, 8.546%, 3M TSFR + 4.250%, 08/05/31 | 451253 | &nbsp;&nbsp; 444001 |
|  |  | &nbsp;&nbsp; 563619 |

---

*See accompanying notes to financial statements.*

**BHFTI-101**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Floating Rate Loans (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Aruba Investments Holdings LLC |  |  |
| 2020 2nd Lien Term Loan, 12.177%, 1M TSFR + 7.750%, <br> 11/24/28<br>| 237600 | &nbsp;&nbsp; $224532 |
| Discovery Purchaser Corp. |  |  |
| Term Loan, 8.022%, 3M TSFR + 3.750%, 10/04/29 | 656180 | &nbsp;&nbsp; 656017 |
| Lonza Group AG |  |  |
| USD Term Loan B, 8.221%, 3M TSFR + 3.925%, 07/03/28 | 835339 | &nbsp;&nbsp; 767468 |
| Momentive Performance Materials, Inc. |  |  |
| 2023 Term Loan, 8.327%, 1M TSFR + 4.000%, 03/29/28 | 281407 | &nbsp;&nbsp; 281993 |
| Oxea Holding Drei GmbH |  |  |
| 2017 USD Term Loan B2, 04/08/31 (j) | 92205 | &nbsp;&nbsp; 88401 |
|  |  | &nbsp;&nbsp; 2018411 |
| **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.177%, 1M TSFR + <br> 3.750%, 05/12/28<br>| 547620 | &nbsp;&nbsp; 550649 |
| Archkey Solutions LLC |  |  |
| 2024 Delayed Draw Term Loan B, 11/01/31 (i) | 21031 | &nbsp;&nbsp; 21211 |
| 2024 Term Loan B, 9.046%, 3M TSFR + 4.750%, 11/01/31 | 181816 | &nbsp;&nbsp; 183368 |
| Camelot U.S. Acquisition LLC |  |  |
| 2025 Incremental Term Loan B, 7.577%, 1M TSFR + <br> 3.250%, 01/31/31<br>| 740000 | &nbsp;&nbsp; 738459 |
| Crash Champions LLC |  |  |
| 2024 Term Loan B, 9.080%, 3M TSFR + 4.750%, 02/23/29 | 924660 | &nbsp;&nbsp; 867447 |
| Galaxy U.S. Opco, Inc. |  |  |
| Term Loan, 10.030%, 3M TSFR + 2.000%, 07/31/30 | 339424 | &nbsp;&nbsp; 316230 |
| Shift4 Payments LLC |  |  |
| 2025 Term Loan, 05/07/32 (j) | 328000 | &nbsp;&nbsp; 330921 |
| Vortex Opco LLC |  |  |
| Second Out Term Loan, 8.660%, 3M TSFR + 4.250%, <br> 12/17/28<br>| 268494 | &nbsp;&nbsp; 124178 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 01/30/31<br>| 673111 | &nbsp;&nbsp; 670377 |
|  |  | &nbsp;&nbsp; 3802840 |
| **Computers — 0.7%** | **Computers — 0.7%** | **Computers — 0.7%** |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 6.577%, 1M TSFR + 2.250%, 09/29/31 | 84055 | &nbsp;&nbsp; 84029 |
| Atlas CC Acquisition Corp. |  |  |
| Term Loan B, 8.844%, 3M TSFR + 4.250%, 05/25/28 † | 355813 | &nbsp;&nbsp; 191361 |
| Term Loan C, 8.844%, 3M TSFR + 4.250%, 05/25/28 † | 72364 | &nbsp;&nbsp; 38918 |
| Clover Holdings 2 LLC |  |  |
| Fixed Term Loan B, 7.750%, 12/09/31 | 4617000 | &nbsp;&nbsp; 4668941 |
| Fortress Intermediate 3, Inc. |  |  |
| Term Loan B, 7.827%, 1M TSFR + 3.500%, 06/27/31 | 181260 | &nbsp;&nbsp; 181713 |
| Twitter, Inc. |  |  |
| 2025 Fixed Term Loan, 9.500%, 10/26/29 † | 1499500 | &nbsp;&nbsp; 1459763 |
|  |  | &nbsp;&nbsp; 6624725 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| Deerfield Dakota Holding LLC |  |  |
| 2020 USD Term Loan B, 8.046%, 3M TSFR + 3.750%, <br> 04/09/27<br>| 267592 | &nbsp;&nbsp; 260663 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Deerfield Dakota Holding LLC |  |  |
| 2021 USD 2nd Lien Term Loan, 11.307%, 3M TSFR + <br> 6.750%, 04/07/28<br>| 477289 | &nbsp;&nbsp; $458197 |
| Focus Financial Partners LLC |  |  |
| 2025 Incremental Term Loan B, 09/15/31 (j) | 207000 | &nbsp;&nbsp; 206704 |
| Orion U.S. Finco, Inc. |  |  |
| 1st Lien Term Loan, 05/20/32 (j) | 230000 | &nbsp;&nbsp; 230863 |
| Summit Acquisition, Inc. |  |  |
| 2024 Term Loan B, 8.077%, 1M TSFR + 3.750%, 10/16/31 | 295260 | &nbsp;&nbsp; 293784 |
|  |  | &nbsp;&nbsp; 1450211 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| LSF12 Crown U.S. Commercial Bidco LLC |  |  |
| Term Loan B, 8.574%, 1M TSFR + 4.250%, 12/02/31 | 603000 | &nbsp;&nbsp; 606957 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| Brand Industrial Services, Inc. |  |  |
| 2024 Term Loan B, 8.776%, 3M TSFR + 4.500%, 08/01/30 | 2369771 | &nbsp;&nbsp; 1986657 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| EOC Borrower LLC |  |  |
| Term Loan B, 7.327%, 1M TSFR + 3.000%, 03/24/32 | 866833 | &nbsp;&nbsp; 868278 |
| Great Canadian Gaming Corp. |  |  |
| 2024 Term Loan B, 9.074%, 3M TSFR + 4.750%, 11/01/29 | 273644 | &nbsp;&nbsp; 267829 |
| OVG Business Services LLC |  |  |
| 2024 Term Loan B, 7.327%, 1M TSFR + 3.000%, 06/25/31 | 32611 | &nbsp;&nbsp; 32652 |
|  |  | &nbsp;&nbsp; 1168759 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| Chobani LLC |  |  |
| 2025 Repriced Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 10/25/27<br>| 36815 | &nbsp;&nbsp; 36999 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| Bausch & Lomb Corp. |  |  |
| 2023 Incremental Term Loan, 8.327%, 1M TSFR + 4.000%, <br> 09/29/28<br>| 558060 | &nbsp;&nbsp; 558525 |
| 2025 Term Loan B, 8.571%, 1M TSFR + 4.250%, 12/18/30 | 1233922 | &nbsp;&nbsp; 1237007 |
|  |  | &nbsp;&nbsp; 1795532 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 8.006%, 3M TSFR + 3.750%, <br> 05/19/31<br>| 895940 | &nbsp;&nbsp; 887726 |
| 2024 Incremental Term Loan B1, 7.820%, 3M TSFR + <br> 3.500%, 05/19/31<br>| 405771 | &nbsp;&nbsp; 400724 |
| Quorum Health Corp. |  |  |
| 2020 Term Loan, 10.810%, 3M TSFR + 6.500%, 0.750% <br> PIK, 01/28/28 (c)<br>| 640270 | &nbsp;&nbsp; 468198 |
| Star Parent, Inc. |  |  |
| Term Loan B, 8.296%, 3M TSFR + 4.000%, 09/27/30 | 1576613 | &nbsp;&nbsp; 1562423 |
|  |  | &nbsp;&nbsp; 3319071 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Hunter Douglas, Inc. |  |  |
| 2025 USD Term Loan B, 7.546%, 3M TSFR + 3.250%, <br> 01/20/32<br>| 249236 | &nbsp;&nbsp; 248043 |

---

*See accompanying notes to financial statements.*

**BHFTI-102**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Floating Rate Loans (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Housewares—(Continued)** | **Housewares—(Continued)** | **Housewares—(Continued)** |
| Springs Windows Fashions LLC |  |  |
| 2024 FLFO A1 Term Loan, 8.827%, 1M TSFR + 4.500%, <br> 12/19/29<br>| 111807 | &nbsp;&nbsp; $111993 |
| 2024 FLFO Delayed Draw Term Loan, 12/19/29 (i) | 149076 | &nbsp;&nbsp; 149324 |
|  |  | &nbsp;&nbsp; 509360 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Ardonagh Midco 3 PLC |  |  |
| 2024 USD Term Loan B, 6.929% - 7.087%, 3M TSFR + <br> 2.750%, 6M TSFR + 2.750% - 2.778%, 02/15/31 (k)<br>| 474553 | &nbsp;&nbsp; 471883 |
| AssuredPartners, Inc. |  |  |
| 2024 Incremental Term Loan B5, 7.827%, 1M TSFR + <br> 3.500%, 02/14/31<br>| 159983 | &nbsp;&nbsp; 160569 |
| Asurion LLC |  |  |
| 2025 Term Loan B13, 09/19/30 (j) | 460157 | &nbsp;&nbsp; 447790 |
| Howden Group Holdings Ltd. |  |  |
| 2024 USD Term Loan B, 7.827%, 1M TSFR + 3.500%, <br> 04/18/30<br>| 84783 | &nbsp;&nbsp; 85331 |
| Truist Insurance Holdings LLC |  |  |
| 2nd Lien Term Loan, 9.046%, 3M TSFR + 4.750%, <br> 05/06/32<br>| 1763106 | &nbsp;&nbsp; 1788450 |
|  |  | &nbsp;&nbsp; 2954023 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| MH Sub I LLC |  |  |
| 2023 Term Loan, 8.577%, 1M TSFR + 4.250%, 05/03/28 | 878095 | &nbsp;&nbsp; 823324 |
| 2024 Term Loan B4, 8.577%, 1M TSFR + 4.250%, <br> 12/31/31<br>| 594310 | &nbsp;&nbsp; 518164 |
| Proofpoint, Inc. |  |  |
| 2025 Fungible Term Loan, 08/31/28 (j) | 146000 | &nbsp;&nbsp; 146261 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 9.077%, 1M TSFR + 4.750%, <br> 03/15/30<br>| 752454 | &nbsp;&nbsp; 731527 |
|  |  | &nbsp;&nbsp; 2219276 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| Gryphon Debt Merger Sub, Inc. |  |  |
| Term Loan B, 06/18/32 (j) | 807000 | &nbsp;&nbsp; 807843 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| City Football Group Ltd. |  |  |
| 2024 Term Loan, 8.041%, 3M TSFR + 3.500%, 07/22/30 | 480240 | &nbsp;&nbsp; 476038 |
| Sabre GLBL, Inc. |  |  |
| 2021 Term Loan B1, 7.941%, 1M TSFR + 3.500%, <br> 12/17/27<br>| 51421 | &nbsp;&nbsp; 50907 |
| 2021 Term Loan B2, 7.941%, 1M TSFR + 3.500%, <br> 12/17/27<br>| 29598 | &nbsp;&nbsp; 29302 |
| 2022 Term Loan B, 8.677%, 1M TSFR + 4.250%, 06/30/28 | 15915 | &nbsp;&nbsp; 15746 |
| 2024 Term Loan B1, 10.427%, 1M TSFR + 6.000%, <br> 11/15/29<br>| 254209 | &nbsp;&nbsp; 253573 |
| 2024 Term Loan B2, 10.427%, 1M TSFR + 6.000%, <br> 11/15/29<br>| 71598 | &nbsp;&nbsp; 71419 |
|  |  | &nbsp;&nbsp; 896985 |
| **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
| GrafTech Finance, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 12/21/29 (i) | 158974 | &nbsp;&nbsp; 160961 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** |
| GrafTech Finance, Inc. |  |  |
| 2024 Term Loan, 10.320%, 1M TSFR + 6.000%, 12/21/29 | 278204 | &nbsp;&nbsp; $280638 |
| Titan Acquisition Ltd. |  |  |
| 2024 Term Loan B, 8.666% - 8.796%, 3M TSFR + 4.500%, <br> 6M TSFR + 4.500%, 02/15/29 (k)<br>| 2066840 | &nbsp;&nbsp; 2074591 |
|  |  | &nbsp;&nbsp; 2516190 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Coral-U.S. Co-Borrower LLC |  |  |
| 2025 Term Loan B7, 7.506%, 3M TSFR + 3.250%, <br> 02/02/32<br>| 453000 | &nbsp;&nbsp; 448753 |
| CSC Holdings LLC |  |  |
| 2019 Term Loan B5, 9.000%, PRIME + 15.000%, 04/15/27 | 1025022 | &nbsp;&nbsp; 1000678 |
| 2022 Term Loan B6, 8.812%, 1M TSFR + 4.500%, <br> 01/18/28<br>| 718067 | &nbsp;&nbsp; 708911 |
| DirecTV Financing LLC |  |  |
| 2025 Term Loan B, 9.827%, 1M TSFR + 5.500%, 02/17/31 | 1930760 | &nbsp;&nbsp; 1853530 |
| Gray Television LLC |  |  |
| 2021 Term Loan D, 7.439%, 1M TSFR + 3.000%, 12/01/28 | 722826 | &nbsp;&nbsp; 702587 |
| 2024 Term Loan F, 9.574%, 1M TSFR + 5.250%, 06/04/29 | 142355 | &nbsp;&nbsp; 142332 |
| Radiate Holdco LLC |  |  |
| 2025 FLFO Term Loan, 7.941%, 1M TSFR + 3.500%, <br> 09/25/29<br>| 1269915 | &nbsp;&nbsp; 1108926 |
| Virgin Media Bristol LLC |  |  |
| 2020 USD Term Loan Q, 7.676%, 1M TSFR + 3.250%, <br> 01/31/29<br>| 200000 | &nbsp;&nbsp; 198516 |
|  |  | &nbsp;&nbsp; 6164233 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
| Covia Holdings Corp. |  |  |
| 2025 Term Loan B, 7.572%, 1M TSFR + 3.250%, 02/26/32 | 79333 | &nbsp;&nbsp; 79564 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Star Holding LLC |  |  |
| 2024 1st Lien Term Loan B, 8.827%, 1M TSFR + 4.500%, <br> 07/31/31<br>| 487186 | &nbsp;&nbsp; 464196 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| LABL, Inc. |  |  |
| 2021 USD 1st Lien Term Loan, 9.427%, 1M TSFR + 5.000%, <br> 10/30/28<br>| 1054271 | &nbsp;&nbsp; 955038 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Amneal Pharmaceuticals LLC |  |  |
| 2023 Term Loan B, 9.827%, 1M TSFR + 5.500%, 05/04/28 | 75249 | &nbsp;&nbsp; 76629 |
| Endo Luxembourg Finance Co. I SARL |  |  |
| 2024 1st Lien Term Loan, 8.327%, 1M TSFR + 4.000%, <br> 04/23/31<br>| 478720 | &nbsp;&nbsp; 478944 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.396%, 3M TSFR + 4.000%, 10/01/27 | 960830 | &nbsp;&nbsp; 924799 |
|  |  | &nbsp;&nbsp; 1480372 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CoreLogic, Inc. |  |  |
| 2nd Lien Term Loan, 10.941%, 1M TSFR + 6.500%, <br> 06/04/29<br>| 524226 | &nbsp;&nbsp; 510138 |

---

*See accompanying notes to financial statements.*

**BHFTI-103**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Floating Rate Loans (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate—(Continued)** | **Real Estate—(Continued)** | **Real Estate—(Continued)** |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.941%, 1M TSFR + 3.500%, 06/02/28 | 330279 | &nbsp;&nbsp; $326202 |
|  |  | &nbsp;&nbsp; 836340 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
| Foundation Building Materials Holding Co. LLC |  |  |
| 2021 Term Loan, 7.791%, 3M TSFR + 3.250%, 01/31/28 | 406531 | &nbsp;&nbsp; 402466 |
| 2024 Term Loan B2, 8.280%, 3M TSFR + 4.000%, <br> 01/29/31<br>| 1325678 | &nbsp;&nbsp; 1301153 |
| 2025 Term Loan, 01/29/31 (j) | 232900 | &nbsp;&nbsp; 229552 |
| PetSmart, Inc. |  |  |
| 2021 Term Loan B, 8.177%, 1M TSFR + 3.750%, 02/11/28 | 562254 | &nbsp;&nbsp; 558740 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.577%, 1M TSFR + 3.250%, 10/19/29 | 1267892 | &nbsp;&nbsp; 1261376 |
|  |  | &nbsp;&nbsp; 3753287 |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| Applied Systems, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.796%, 3M TSFR + 4.500%, <br> 02/23/32<br>| 191637 | &nbsp;&nbsp; 197057 |
| Ascend Learning LLC |  |  |
| 2021 2nd Lien Term Loan, 10.177%, 1M TSFR + 5.750%, <br> 12/10/29<br>| 162219 | &nbsp;&nbsp; 162725 |
| 2025 Repriced Term Loan B, 7.327%, 1M TSFR + 3.000%, <br> 12/11/28<br>| 30808 | &nbsp;&nbsp; 30841 |
| AthenaHealth Group, Inc. |  |  |
| 2022 Term Loan B, 7.077%, 1M TSFR + 2.750%, 02/15/29 | 2160608 | &nbsp;&nbsp; 2157637 |
| Boxer Parent Co., Inc. |  |  |
| 2024 2nd Lien Term Loan, 10.083%, 3M TSFR + 5.750%, <br> 07/30/32<br>| 558000 | &nbsp;&nbsp; 540563 |
| 2025 USD Term Loan B, 7.333%, 3M TSFR + 3.000%, <br> 07/30/31<br>| 383836 | &nbsp;&nbsp; 381677 |
| Central Parent, Inc. |  |  |
| 2024 Term Loan B, 7.546%, 3M TSFR + 3.250%, 07/06/29 | 192168 | &nbsp;&nbsp; 161071 |
| Cloud Software Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.796%, 3M TSFR + 3.500%, <br> 03/29/29<br>| 388160 | &nbsp;&nbsp; 388857 |
| 2024 USD Term Loan, 8.046%, 3M TSFR + 3.750%, <br> 03/21/31<br>| 1463036 | &nbsp;&nbsp; 1466580 |
| Cloudera, Inc. |  |  |
| 2021 Second Lien Term Loan, 10.427%, 1M TSFR + 0.000%, <br> 10/08/29<br>| 941564 | &nbsp;&nbsp; 859177 |
| 2021 Term Loan, 8.177%, 1M TSFR + 3.750%, 10/08/28 | 262289 | &nbsp;&nbsp; 252781 |
| Clover Holdings SPV III LLC |  |  |
| 2024 USD Term Loan, 15.000%, 12/09/27 | 48246 | &nbsp;&nbsp; 48407 |
| Cotiviti Corp. |  |  |
| 2024 Fixed Term Loan B, 7.625%, 05/01/31 | 7136500 | &nbsp;&nbsp; 7181103 |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.077%, 1M TSFR + 4.750%, <br> 11/22/32<br>| 1743000 | &nbsp;&nbsp; 1782217 |
| Mitchell International, Inc. 2021 1L |  |  |
| 2024 1st Lien Term Loan, 7.577%, 1M TSFR + 3.250%, <br> 06/17/31<br>| 191920 | &nbsp;&nbsp; 191950 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 8.291%, 3M TSFR + 3.750%, 06/02/28 | 542013 | &nbsp;&nbsp; 529237 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| RealPage, Inc. |  |  |
| 2024 Incremental Term Loan, 8.046%, 3M TSFR + 3.750%, <br> 04/24/28<br>| 398003 | &nbsp;&nbsp; $398998 |
|  |  | &nbsp;&nbsp; 16730878 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| Altice France SA |  |  |
| 2023 USD Term Loan B14, 9.756%, 3M TSFR + 5.500%, <br> 08/15/28<br>| 279630 | &nbsp;&nbsp; 253415 |
| CommScope, Inc. |  |  |
| 2024 Term Loan, 12/17/29 (j) | 815913 | &nbsp;&nbsp; 827234 |
| Delta TopCo, Inc. |  |  |
| 2024 2nd Lien Term Loan, 9.574%, 3M TSFR + 5.250%, <br> 11/29/30<br>| 159000 | &nbsp;&nbsp; 160143 |
| Digicel International Finance Ltd. |  |  |
| 2024 Term Loan, 9.530%, 3M TSFR + 5.250%, 2.250% PIK, <br> 05/25/27 (c)<br>| 2160820 | &nbsp;&nbsp; 2156769 |
| Frontier Communications Corp. |  |  |
| 2025 Term Loan B, 6.792%, 6M TSFR + 2.500%, 07/01/31 | 200991 | &nbsp;&nbsp; 201180 |
| Level 3 Financing, Inc. |  |  |
| 2025 Term Loan B, 8.577%, 1M TSFR + 4.250%, 03/27/32 | 2753000 | &nbsp;&nbsp; 2783971 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.791%, 1M TSFR + 2.350%, <br> 04/16/29<br>| 521798 | &nbsp;&nbsp; 516319 |
| 2024 Extended Term Loan B2, 6.791%, 1M TSFR + 2.350%, <br> 04/15/30<br>| 271921 | &nbsp;&nbsp; 268890 |
| 2024 Term Loan A, 10.327%, 1M TSFR + 6.000%, <br> 06/01/28<br>| 129547 | &nbsp;&nbsp; 132137 |
| Windstream Services LLC |  |  |
| 2024 Term Loan B, 9.177%, 1M TSFR + 4.750%, 10/01/31 | 312000 | &nbsp;&nbsp; 313950 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan, 7.441%, 1M TSFR + 3.000%, 03/09/27 † | 3043221 | &nbsp;&nbsp; 2904754 |
|  |  | &nbsp;&nbsp; 10518762 |
| Total Floating Rate Loans <br>(Cost $81,953,065) <br>|  | &nbsp;&nbsp; 81200176 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks—0.8%** | **Common Stocks—0.8%** | **Common Stocks—0.8%** |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Nine Energy Service, Inc. (l) | 1095 | &nbsp;&nbsp; 844 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| Quorum Health † (l) | 7776 | &nbsp;&nbsp; 6804 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| Churchill Downs, Inc.  | 5646 | &nbsp;&nbsp; 570246 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Avantor, Inc. (l) | 40706 | &nbsp;&nbsp; 547903 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Constellium SE (l) | 82377 | &nbsp;&nbsp; 1095614 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| Energy Transfer LP | 88717 | &nbsp;&nbsp; 1608440 |
| Enterprise Products Partners LP | 42746 | &nbsp;&nbsp; 1325554 |
| MPLX LP | 13946 | &nbsp;&nbsp; 718358 |

---

*See accompanying notes to financial statements.*

**BHFTI-104**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| ONEOK, Inc.  | 8759 | &nbsp;&nbsp; $714997 |
| Western Midstream Partners LP | 3454 | &nbsp;&nbsp; 133670 |
|  |  | &nbsp;&nbsp; 4501019 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| ADLER Group SA (f) (g) (l) | 66810 | &nbsp;&nbsp; 0 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| VICI Properties, Inc.  | 42539 | &nbsp;&nbsp; 1386772 |
| Total Common Stocks <br>(Cost $8,317,524) <br>|  | &nbsp;&nbsp; 8109202 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—0.7%** | **Convertible Bonds—0.7%** | **Convertible Bonds—0.7%** |
| **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** |
| XPLR Infrastructure LP |  |  |
| Zero Coupon, 11/15/25 (144A) | 1278000 | &nbsp;&nbsp; 1242855 |
| 2.500%, 06/15/26 (144A) (a) | 1731000 | &nbsp;&nbsp; 1653103 |
|  |  | &nbsp;&nbsp; 2895958 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Meritage Homes Corp. |  |  |
| 1.750%, 05/15/28 (a) | 1071000 | &nbsp;&nbsp; 1036969 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Wynn Macau Ltd. |  |  |
| 4.500%, 03/07/29 (144A) | 200000 | &nbsp;&nbsp; 198600 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Cable One, Inc. |  |  |
| Zero Coupon, 03/15/26 (a) | 230000 | &nbsp;&nbsp; 217603 |
| 1.125%, 03/15/28 | 818000 | &nbsp;&nbsp; 623727 |
|  |  | &nbsp;&nbsp; 841330 |
| **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** | **Real Estate Investment Trusts — 0.0%** |
| Digital Realty Trust LP |  |  |
| 1.875%, 11/15/29 (144A) | 216000 | &nbsp;&nbsp; 227102 |
| Pebblebrook Hotel Trust |  |  |
| 1.750%, 12/15/26 | 36000 | &nbsp;&nbsp; 34023 |
|  |  | &nbsp;&nbsp; 261125 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| MKS, Inc. |  |  |
| 1.250%, 06/01/30 (a) | 1157000 | &nbsp;&nbsp; 1140224 |
| ON Semiconductor Corp. |  |  |
| 0.500%, 03/01/29 | 675000 | &nbsp;&nbsp; 623835 |
|  |  | &nbsp;&nbsp; 1764059 |
| Total Convertible Bonds <br>(Cost $7,278,936) <br>|  | &nbsp;&nbsp; 6998041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—0.4%** | **Convertible Preferred Stocks—0.4%** | **Convertible Preferred Stocks—0.4%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co., 6.000%, 10/15/27 | 30447 | &nbsp;&nbsp; 2070396 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Shift4 Payments, Inc., 6.000%, 05/01/28 | 3376 | &nbsp;&nbsp; $388915 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Cohesity Global, Inc. - Series G-1 (l) | 902 | &nbsp;&nbsp; 20295 |
| Cohesity Global, Inc. - Series G (l) | 1305 | &nbsp;&nbsp; 29363 |
|  |  | &nbsp;&nbsp; 49658 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Microchip Technology, Inc., 7.500%, 03/15/28 | 16100 | &nbsp;&nbsp; 1072904 |
| Total Convertible Preferred Stocks <br>(Cost $2,910,911) <br>|  | &nbsp;&nbsp; 3581873 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| Lehman Brothers Holdings, Inc. (l) <br>(Cost $0)<br>| 2229000 | &nbsp;&nbsp; 891 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** |
| **Repurchase Agreement—0.7%** | **Repurchase Agreement—0.7%** | **Repurchase Agreement—0.7%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $7,410,278; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $7,557,980<br>| 7409609 | &nbsp;&nbsp; 7409609 |
| Total Short-Term Investments <br>(Cost $7,409,609) <br>|  | &nbsp;&nbsp; 7409609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (m)—17.6%** | **Securities Lending Reinvestments (m)—17.6%** | **Securities Lending Reinvestments (m)—17.6%** |
| **Short-Term Investment Funds—14.5%** | **Short-Term Investment Funds—14.5%** | **Short-Term Investment Funds—14.5%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (n)<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| Fidelity Investments Money Market Government Portfolio, <br>Institutional Class 4.270% (n)<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (n)<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (n)<br>| 25000000 | &nbsp;&nbsp; 25000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (n)<br>| 25395394 | &nbsp;&nbsp; 25395394 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.270% (n)<br>| 27000000 | &nbsp;&nbsp; 27000000 |
|  |  | &nbsp;&nbsp; 147395394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—1.3%** | **Certificates of Deposit—1.3%** | **Certificates of Deposit—1.3%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (b) | 1000000 | &nbsp;&nbsp; 999998 |
| 4.750%, SOFR + 0.350%, 05/14/26 (b) | 3000000 | &nbsp;&nbsp; 2999995 |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (b) | 1000000 | &nbsp;&nbsp; 1000936 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 12/15/25 (b) | 1000000 | &nbsp;&nbsp; 999983 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (b) | 2000000 | &nbsp;&nbsp; 2000872 |

---

*See accompanying notes to financial statements.*

**BHFTI-105**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Securities Lending Reinvestments (m)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| Zero Coupon, 08/22/25 | 5000000 | &nbsp;&nbsp; $4967800 |
|  |  | &nbsp;&nbsp; 12969584 |
| **Commercial Paper—0.8%** | **Commercial Paper—0.8%** | **Commercial Paper—0.8%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (b) | 2000000 | &nbsp;&nbsp; 2000020 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 2000000 | &nbsp;&nbsp; 1999273 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (b) | 1000000 | &nbsp;&nbsp; 999964 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 3000000 | &nbsp;&nbsp; 2998881 |
|  |  | &nbsp;&nbsp; 7998138 |
| **Repurchase Agreements—1.0%** | **Repurchase Agreements—1.0%** | **Repurchase Agreements—1.0%** |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $7,006,207; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,805,860<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $3,013,417; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,759<br>| 3000000 | &nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp; 10000000 |
| Total Securities Lending Reinvestments <br>(Cost $178,362,052) <br>|  | &nbsp;&nbsp; 178363116 |
| Total Investments—116.8% <br>(Cost $1,164,082,816)<br>|  | &nbsp;&nbsp; 1183703962 |
| Unfunded Loan Commitments—(0.0)% <br>(Cost $(427560))<br>|  | &nbsp;&nbsp; (427560)<br>|
| Net Investments—116.8% <br>(Cost $1,163,655,256) <br>|  | &nbsp;&nbsp; 1183276402 |
| Other assets and liabilities (net)—(16.8)%  |  | &nbsp;&nbsp; (169511643)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1013764759 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of June 30, 2025, the market value of restricted securities was <br> $12,601,653, which is 1.2% of net assets. See details shown in the Restricted Securities table <br>|

---

---

| | |
|:---|:---|
|  | that follows. |
| (a) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $201,552,260 and the collateral received consisted of cash in the <br> amount of $178,335,270 and non-cash collateral with a value of $30,824,128. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (b) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (c) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (d) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (e) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (g) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (h) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or <br> permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (i) | Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain <br> credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to <br> fund these commitments at the borrower's discretion.<br>|
| (j) | This loan will settle after June 30, 2025, at which time the interest rate will be determined. |
| (k) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of June 30, 2025.<br>|
| (l) | Non-income producing security. |
| (m) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (n) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $775,085,752, which is 76.5% of net assets.<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-106**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares/** <br>**Principal** <br>**Amount** | **Shares/** <br>**Principal** <br>**Amount** | **Cost** | **Value** |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 2.125%, 08/15/26 | 03/31/23-02/26/24 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 836000 | &nbsp;&nbsp; $873627 | &nbsp;&nbsp; $942646 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.125%, 08/15/26 | 03/28/23-05/19/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1194000 | &nbsp;&nbsp; 1115934 | &nbsp;&nbsp; 1121011 |
| Atlas CC Acquisition Corp., 8.844%, 05/25/28 | 04/10/24-05/06/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 355813 | &nbsp;&nbsp; 335420 | &nbsp;&nbsp; 191361 |
| Atlas CC Acquisition Corp., 8.844%, 05/25/28 | 04/10/24-05/06/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 72364 | &nbsp;&nbsp; 68217 | &nbsp;&nbsp; 38918 |
| Dream Finders Homes, Inc., 8.250%, 08/15/28 | 08/08/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 277000 | &nbsp;&nbsp; 277000 | &nbsp;&nbsp; 288780 |
| Freedom Mortgage Holdings LLC, 8.375%, 04/01/32 | 02/04/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 454850 |
| Freedom Mortgage Holdings LLC, 9.125%, 05/15/31 | 05/06/24-01/21/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 788000 | &nbsp;&nbsp; 785717 | &nbsp;&nbsp; 812256 |
| Freedom Mortgage Holdings LLC, 9.250%, 02/01/29 | 05/08/24-06/24/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 453000 | &nbsp;&nbsp; 456090 | &nbsp;&nbsp; 470522 |
| Global Aircraft Leasing Co. Ltd., 8.750%, 09/01/27 | 08/09/24-05/29/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 888374 | &nbsp;&nbsp; 902098 |
| Lightning Power LLC, 7.250%, 08/15/32 | 08/07/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 237000 | &nbsp;&nbsp; 237000 | &nbsp;&nbsp; 249431 |
| New Home Co., Inc., 9.250%, 10/01/29 | 03/27/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 604000 | &nbsp;&nbsp; 604000 | &nbsp;&nbsp; 626183 |
| Quorum Health | 01/08/25 |  | &nbsp;&nbsp; 7776 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 6804 |
| Twitter, Inc., 9.500%, 10/26/29 | 02/13/25-04/28/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1499500 | &nbsp;&nbsp; 1502054 | &nbsp;&nbsp; 1459763 |
| Zayo Group Holdings, Inc., 4.000%, 03/01/27 | 05/16/23-10/28/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1498000 | &nbsp;&nbsp; 1311383 | &nbsp;&nbsp; 1404789 |
| Zayo Group Holdings, Inc., 6.125%, 03/01/28 | 10/01/21-02/14/22 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 843000 | &nbsp;&nbsp; 832388 | &nbsp;&nbsp; 727487 |
| Zayo Group Holdings, Inc., 7.441%, 03/09/27 | 09/05/24-11/07/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3043221 | &nbsp;&nbsp; 2916897 | &nbsp;&nbsp; 2904754 |
|  |  |  |  |  | &nbsp;&nbsp; $12601653 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $287734354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $252971516 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Convertible Bonds | &nbsp;&nbsp; $(1964291)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1964291)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (176370979)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (176370979)<br>|
| Total Borrowings | &nbsp;&nbsp; $(178335270)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(178335270)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(178335270)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| EUR | &nbsp;&nbsp; 12654896 | BNP | 09/17/25 | USD | 14771364 | &nbsp;&nbsp; $(211299)<br>|
| EUR | &nbsp;&nbsp; 5924552 | SCB | 09/17/25 | USD | 6909473 | &nbsp;&nbsp; (104853)<br>|
| EUR | &nbsp;&nbsp; 5924552 | TDB | 09/17/25 | USD | 6909473 | &nbsp;&nbsp; (104853)<br>|
| EUR | &nbsp;&nbsp; 7000 | UBSA | 09/17/25 | USD | 8169 | &nbsp;&nbsp; (119)<br>|
| GBP | &nbsp;&nbsp; 2921000 | JPMC | 09/17/25 | USD | 3953600 | &nbsp;&nbsp; (57874)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(478998)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-107**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.HY.44.V1 | 5.000% | Quarterly | 06/21/30 | 3.183% | USD | 22811786 | $1712230 | $1278387 | $433843 |

---

**OTC Credit Default Swap Contracts on Corporate Issues—Sell Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| ADLER Real Estate AG <br>3.000%, due 04/27/26<br>| 5.000<br> %<br>| Quarterly | 12/21/27 | BBP | 2.206<br> %<br>| EUR | 1762 | $135 | $(173)<br>| $308 |
| ADLER Real Estate AG <br>3.000%, due 04/27/26<br>| 5.000<br> %<br>| Quarterly | 12/21/27 | BBP | 2.206<br> %<br>| EUR | 4952 | 378 | (486)<br>| 864 |
| ADLER Real Estate AG <br>3.000%, due 04/27/26<br>| 5.000<br> %<br>| Quarterly | 12/21/27 | CBNA | 2.206<br> %<br>| EUR | 1437 | 110 | (144)<br>| 254 |
| ADLER Real Estate AG <br>3.000%, due 04/27/26<br>| 5.000<br> %<br>| Quarterly | 12/21/27 | JPMC | 2.206<br> %<br>| EUR | 1849 | 141 | (190)<br>| 331 |
| Altice France SA <br>5.875%, due 02/01/29<br>| 5.000<br> %<br>| Quarterly | 12/21/29 | DBAG | 10.262<br> %<br>| EUR | 60000 | (11303)<br>| (10246)<br>| (1057)<br>|
| CMA CGM SA <br>7.500%, due 01/15/26<br>| 5.000<br> %<br>| Quarterly | 06/22/27 | MSIP | 1.010<br> %<br>| EUR | 77000 | 6993 | 7662 | (669)<br>|
| Forvia SE <br>3.125%, due 06/15/26<br>| 5.000<br> %<br>| Quarterly | 06/21/29 | BBP | 3.170<br> %<br>| EUR | 55000 | 4268 | 5765 | (1497)<br>|
| SES SA <br>0.875%, due 11/04/29<br>| 1.000<br> %<br>| Quarterly | 12/21/29 | BBP | 1.857<br> %<br>| EUR | 22000 | (923)<br>| (1436)<br>| 513 |
| SES SA <br>0.875%, due 11/04/29<br>| 1.000<br> %<br>| Quarterly | 06/20/30 | BBP | 2.048<br> %<br>| EUR | 20000 | (1121)<br>| (1216)<br>| 95 |
| Virgin Media Finance PLC <br>3.750%, due 07/15/30<br>| 5.000<br> %<br>| Quarterly | 12/23/25 | JPMC | 0.963<br> %<br>| EUR | 30000 | 678 | 783 | (105)<br>|
| Zegona Finance PLC <br>6.750%, due 07/15/29<br>| 5.000<br> %<br>| Quarterly | 06/20/30 | DBAG | 2.135<br> %<br>| EUR | 20668 | 3122 | 2863 | 259 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $2478 | $3182 | $(704)<br>|

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 3M SOFR | Quarterly | 09/22/25 | MSIP | iBoxx USD Liquid High Yield Index | USD | 6034000 | $276718 | $308 | $276410 |
| Pay | 3M SOFR | Quarterly | 09/22/25 | MSIP | iBoxx USD Liquid High Yield Index | USD | 3017000 | 134879 | 154 | 134725 |
| Pay | 3M SOFR | Quarterly | 09/22/25 | MSIP | iBoxx USD Liquid High Yield Index | USD | 2256000 | 95024 | 115 | 94909 |
| Pay | 3M SOFR | Quarterly | 09/22/25 | MSIP | iBoxx USD Liquid High Yield Index | USD | 1605000 | 51792 | 19 | 51773 |
| Pay | 3M SOFR | Quarterly | 12/22/25 | MSIP | iBoxx USD Liquid High Yield Index | USD | 7158000 | 245708 | 58 | 245650 |
| Pay | 3M SOFR | Quarterly | 09/22/25 | MSIP | iBoxx USD Liquid High Yield Index | USD | 3579000 | 139091 | 29 | 139063 |
| Pay | 3M SOFR | Quarterly | 12/22/25 | MSIP | iBoxx USD Liquid High Yield Index | USD | 4609000 | 188365 | 37 | 188328 |
| Pay | 3M SOFR | Quarterly | 09/22/25 | MSIP | iBoxx USD Liquid Leveraged Loans Total Return Index | USD | 8639000 | 202375 | 437 | 201938 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1333952 | $1157 | $1332796 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

*See accompanying notes to financial statements.*

**BHFTI-108**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $1349777 | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $13347 |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 433843 |  |  |
| Foreign Exchange |  |  | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 478998 |
| Total |  | &nbsp;&nbsp; $1783620 |  | &nbsp;&nbsp; $492345 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest receivable of $470 and OTC swap interest payable of $48,884.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $4781 | &nbsp;&nbsp;&nbsp;&nbsp; $(2044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2737 |
| Citibank NA | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 3122 | &nbsp;&nbsp;&nbsp;&nbsp; (3122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 819 | &nbsp;&nbsp;&nbsp;&nbsp; (819)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1340945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1240000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100945 |
|  | &nbsp;&nbsp; $1349777 | &nbsp;&nbsp;&nbsp;&nbsp; $(5985)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1240110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $103682 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $2044 | &nbsp;&nbsp;&nbsp;&nbsp; $(2044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 211299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211299 |
| Deutsche Bank AG | &nbsp;&nbsp; 11303 | &nbsp;&nbsp;&nbsp;&nbsp; (3122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8181 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 57874 | &nbsp;&nbsp;&nbsp;&nbsp; (819)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57055 |
| Standard Chartered Bank | &nbsp;&nbsp; 104853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104853 |
| Toronto Dominion Bank | &nbsp;&nbsp; 104853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104853 |
| UBS AG | &nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
|  | &nbsp;&nbsp; $492345 | &nbsp;&nbsp;&nbsp;&nbsp; $(5985)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $486360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

*See accompanying notes to financial statements.*

**BHFTI-109**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2625251)<br>| &nbsp;&nbsp;&nbsp; $(2625251)<br>|
| Futures contracts | &nbsp;&nbsp; 125552 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125552 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 138074 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 138074 |
|  | &nbsp;&nbsp; $125552 | &nbsp;&nbsp;&nbsp; $138074 | &nbsp;&nbsp;&nbsp; $(2625251)<br>| &nbsp;&nbsp;&nbsp; $(2361625)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(951159)<br>| &nbsp;&nbsp;&nbsp; $(951159)<br>|
| Futures contracts | &nbsp;&nbsp; 54071 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54071 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 927777 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 927777 |
|  | &nbsp;&nbsp; $54071 | &nbsp;&nbsp;&nbsp; $927777 | &nbsp;&nbsp;&nbsp; $(951159)<br>| &nbsp;&nbsp;&nbsp; $30689 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $33201830 |
| Futures contracts long | &nbsp;&nbsp; 10782734 |
| Swap contracts | &nbsp;&nbsp; 74029646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds & Notes |  |  |  |  |
| Advertising | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12488392 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12488392 |
| Aerospace/Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 33373569 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33373569 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 514520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 514520 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 2933963 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2933963 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 4784381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4784381 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 2669485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2669485 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 12366127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12366127 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 29529578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29529578 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 22380332 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22380332 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 23412716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23412716 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 60822652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60822652 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 9718496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9718496 |
| Cosmetics/Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 2098572 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2098572 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 1650903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1650903 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 36424699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36424699 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 22912046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22912046 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 1341551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1341551 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 4513879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4513879 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 3976971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3976971 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 22563036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22563036 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 10203302 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10203302 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 17943509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17943509 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 235050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235050 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 676909 | &nbsp;&nbsp; — | &nbsp;&nbsp; 676909 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 7949182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7949182 |
| Hand/Machine Tools | &nbsp;&nbsp; — | &nbsp;&nbsp; 353643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 353643 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 11815432 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11815432 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 27627806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27627806 |

---

*See accompanying notes to financial statements.*

**BHFTI-110**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Holding Companies-Diversified | &nbsp;&nbsp; $— | &nbsp;&nbsp; $319740 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $319740 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 6691141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6691141 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 1567497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1567497 |
| Household Products/Wares | &nbsp;&nbsp; — | &nbsp;&nbsp; 382100 | &nbsp;&nbsp; — | &nbsp;&nbsp; 382100 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 1236788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1236788 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 60358047 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60358047 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 9811078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9811078 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 11169236 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11169236 |
| Iron/Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 5571457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5571457 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 740989 | &nbsp;&nbsp; — | &nbsp;&nbsp; 740989 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 13945932 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13945932 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 11094048 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11094048 |
| Machinery-Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 1110425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1110425 |
| Machinery-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 10034124 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10034124 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 44749648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44749648 |
| Metal Fabricate/Hardware | &nbsp;&nbsp; — | &nbsp;&nbsp; 1514736 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1514736 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 18130548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18130548 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 1673078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1673078 |
| Office/Business Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 689797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 689797 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 32841283 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32841283 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 8000420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8000420 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 28390331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28390331 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 16615091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16615091 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 40675944 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40675944 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 6270095 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 6270095 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 26153347 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26153347 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 24015203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24015203 |
| Savings & Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 277083 | &nbsp;&nbsp; — | &nbsp;&nbsp; 277083 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 597302 | &nbsp;&nbsp; — | &nbsp;&nbsp; 597302 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 52047033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52047033 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 61540090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61540090 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 2690307 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2690307 |
| Trucking & Leasing | &nbsp;&nbsp; — | &nbsp;&nbsp; 9856415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9856415 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 898041054 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 898041054 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $427,560)\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 80772616 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80772616 |
| Common Stocks |  |  |  |  |
| Energy Equipment & Services | &nbsp;&nbsp; 844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 844 |
| Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 6804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6804 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 570246 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 570246 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 547903 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 547903 |
| Metals & Mining | &nbsp;&nbsp; 1095614 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1095614 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 4501019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4501019 |
| Real Estate Management & Development | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Specialized REITs | &nbsp;&nbsp; 1386772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1386772 |
| Total Common Stocks | &nbsp;&nbsp; 8102398 | &nbsp;&nbsp; 6804 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 8109202 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6998041 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6998041 |
| Convertible Preferred Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; 2070396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2070396 |
| Financial Services | &nbsp;&nbsp; 388915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 388915 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 49658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49658 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1072904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1072904 |
| Total Convertible Preferred Stocks | &nbsp;&nbsp; 3532215 | &nbsp;&nbsp; 49658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3581873 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 891 | &nbsp;&nbsp; — | &nbsp;&nbsp; 891 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 7409609 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7409609 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 147395394 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 147395394 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 12969584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12969584 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 7998138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7998138 |

---

*See accompanying notes to financial statements.*

**BHFTI-111**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 147395394 | &nbsp;&nbsp; 30967722 | &nbsp;&nbsp; — | &nbsp;&nbsp; 178363116 |
| Total Net Investments | &nbsp;&nbsp; $159030007 | &nbsp;&nbsp; $1024246395 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1183276402 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(178335270)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(178335270)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(478998)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(478998)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(478998)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(478998)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $433843 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $433843 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1349777 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1349777 |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; — | &nbsp;&nbsp; (13347)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (13347)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1336430 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1336430 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-112**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) (c) | &nbsp;&nbsp; $1183276402 |
| Cash | &nbsp;&nbsp; 8534316 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 1407856 |
| Cash collateral for centrally cleared swap contracts. | &nbsp;&nbsp; 1866000 |
| OTC swap contracts at market value (e) | &nbsp;&nbsp; 1349777 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2770900 |
| Fund shares sold | &nbsp;&nbsp; 983480 |
| Dividends and interest | &nbsp;&nbsp; 16429676 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 470 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 76480 |
| Prepaid expenses | &nbsp;&nbsp; 8030 |
| Total Assets | &nbsp;&nbsp; 1216703387 |
| **Liabilities** |  |
| OTC swap contracts at market value (f) | &nbsp;&nbsp; 13347 |
| Cash collateral for OTC derivative contracts | &nbsp;&nbsp; 1260000 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 478998 |
| Collateral for securities loaned | &nbsp;&nbsp; 178335270 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 21488570 |
| Fund shares redeemed | &nbsp;&nbsp; 81381 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 48884 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 471302 |
| Distribution and service fees | &nbsp;&nbsp; 140218 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 396557 |
| Total Liabilities | &nbsp;&nbsp; 202938628 |
| **Net Assets**  | &nbsp;&nbsp; $1013764759 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1052879071 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (39114312)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1013764759 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $319527096 |
| Class B | &nbsp;&nbsp; 694237663 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 43689522 |
| Class B | &nbsp;&nbsp; 96853075 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $7.31 |
| Class B | 7.17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,163,655,256.

(b) Investments at value is net of unfunded loan commitments of $427,560.

(c) Includes securities loaned at value of $201,552,260.

(d) Identified cost of cash denominated in foreign currencies was $1,399,137.

(e) Net premium paid on OTC swap contracts was $17,237.

(f) Net premium received on OTC swap contracts was $12,898.

**Statement of Operations**

------

**Six Months Ended June 30, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $139815 |
| Interest | &nbsp;&nbsp; 35876876 |
| Securities lending income | &nbsp;&nbsp; 151882 |
| Total investment income | &nbsp;&nbsp; 36168573 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2915141 |
| Administration fees | &nbsp;&nbsp; 34268 |
| Custodian and accounting fees | &nbsp;&nbsp; 98281 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 844723 |
| Audit and tax services | &nbsp;&nbsp; 45661 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 24270 |
| Insurance | &nbsp;&nbsp; 3980 |
| Miscellaneous | &nbsp;&nbsp; 11202 |
| Total expenses | &nbsp;&nbsp; 4020283 |
| Less management fee waiver | &nbsp;&nbsp; (118956)<br>|
| Net expenses | &nbsp;&nbsp; 3901327 |
| **Net Investment Income** | &nbsp;&nbsp; 32267246 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 157987 |
| Futures contracts | &nbsp;&nbsp; 125552 |
| Swap contracts | &nbsp;&nbsp; 138074 |
| Foreign currency transactions | &nbsp;&nbsp; (39355)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (2625251)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (2242993)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 13221034 |
| Futures contracts | &nbsp;&nbsp; 54071 |
| Swap contracts | &nbsp;&nbsp; 927777 |
| Foreign currency transactions | &nbsp;&nbsp; 31948 |
| Forward foreign currency transactions | &nbsp;&nbsp; (951159)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13283671 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 11040678 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $43307924 |

---

*See accompanying notes to financial statements.*

**BHFTI-113**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $32267246 | &nbsp;&nbsp; $64337806 |
| Net realized gain (loss) | &nbsp;&nbsp; (2242993)<br>| &nbsp;&nbsp; 35797 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13283671 | &nbsp;&nbsp; 12182657 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 43307924 | &nbsp;&nbsp; 76556260 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (21346412)<br>| &nbsp;&nbsp; (20034343)<br>|
| Class B | &nbsp;&nbsp; (45797990)<br>| &nbsp;&nbsp; (38061436)<br>|
| **Total distributions** | &nbsp;&nbsp; (67144402)<br>| &nbsp;&nbsp; (58095779)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 54797933 | &nbsp;&nbsp; 39515606 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 30961455 | &nbsp;&nbsp; 57976087 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 982803304 | &nbsp;&nbsp; 924827217 |
| End of period | &nbsp;&nbsp; $1013764759 | &nbsp;&nbsp; $982803304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**June 30, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 4362398 | &nbsp;&nbsp; $33017478 | &nbsp;&nbsp; 1118193 | &nbsp;&nbsp; $8289938 |
| Reinvestments | &nbsp;&nbsp; 2952478 | &nbsp;&nbsp; 21346412 | &nbsp;&nbsp; 2805930 | &nbsp;&nbsp; 20034343 |
| Redemptions | &nbsp;&nbsp; (3458195)<br>| &nbsp;&nbsp; (26040318)<br>| &nbsp;&nbsp; (8628527)<br>| &nbsp;&nbsp; (64079634)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3856681 | &nbsp;&nbsp; $28323572 | &nbsp;&nbsp; (4704404)<br>| &nbsp;&nbsp; $(35755353)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 5127898 | &nbsp;&nbsp; $37955211 | &nbsp;&nbsp; 14427100 | &nbsp;&nbsp; $105021327 |
| Reinvestments | &nbsp;&nbsp; 6459519 | &nbsp;&nbsp; 45797990 | &nbsp;&nbsp; 5429591 | &nbsp;&nbsp; 38061436 |
| Redemptions | &nbsp;&nbsp; (7771048)<br>| &nbsp;&nbsp; (57278840)<br>| &nbsp;&nbsp; (9339623)<br>| &nbsp;&nbsp; (67811804)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3816369 | &nbsp;&nbsp; $26474361 | &nbsp;&nbsp; 10517068 | &nbsp;&nbsp; $75270959 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $54797933 |  | &nbsp;&nbsp; $39515606 |

---

*See accompanying notes to financial statements.*

**BHFTI-114**

------

**Brighthouse Funds Trust I**

**BlackRock High Yield Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.50 | &nbsp;&nbsp; $7.37 | &nbsp;&nbsp; $6.87 | &nbsp;&nbsp; $8.08 | &nbsp;&nbsp; $7.98 | &nbsp;&nbsp; $7.84 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Total income (loss) from investment operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total distributions | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.31 | &nbsp;&nbsp; $7.50 | &nbsp;&nbsp; $7.37 | &nbsp;&nbsp; $6.87 | &nbsp;&nbsp; $8.08 | &nbsp;&nbsp; $7.98 |
| **Total Return (%)** (b) | 4.57 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp; (10.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.76 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net ratio of expenses to average net assets (%) (e) | 0.63 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Ratio of net investment income (loss) to average net assets (%) | 6.82 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 26 <br>(c)<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 85 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $319.5 | &nbsp;&nbsp; $298.8 | &nbsp;&nbsp; $328.1 | &nbsp;&nbsp; $296.0 | &nbsp;&nbsp; $392.0 | &nbsp;&nbsp; $385.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $6.75 | &nbsp;&nbsp; $7.94 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $7.73 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Total income (loss) from investment operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total distributions | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.41)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.17 | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $6.75 | &nbsp;&nbsp; $7.94 | &nbsp;&nbsp; $7.86 |
| **Total Return (%)** (b) | 4.55 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;&nbsp;13.07 | &nbsp;&nbsp; (10.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.90 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (e) | 0.88 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Ratio of net investment income (loss) to average net assets (%) | 6.57 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 26 <br>(c)<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 85 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $694.2 | &nbsp;&nbsp; $684.1 | &nbsp;&nbsp; $596.7 | &nbsp;&nbsp; $525.7 | &nbsp;&nbsp; $612.2 | &nbsp;&nbsp; $448.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-115**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—100.0% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** | **Affiliated Mutual Funds — 100.0%** |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 1805394 | &nbsp;&nbsp; $17367889 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 6908440 | &nbsp;&nbsp; 79447064 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 1897544 | &nbsp;&nbsp; 79658903 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 3963611 | &nbsp;&nbsp; 43124089 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 6323205 | &nbsp;&nbsp; 75246136 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 52590 | &nbsp;&nbsp; 8562128 |
| Brighthouse/Dimensional International Small Company Portfolio <br> (Class A) (b)<br>| 7943184 | &nbsp;&nbsp; 88725367 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 3302953 | &nbsp;&nbsp; 86702523 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 5585112 | &nbsp;&nbsp; 74337837 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 4957837 | &nbsp;&nbsp; 51561508 |
| Frontier Mid Cap Growth Portfolio (Class A) (b) | 613058 | &nbsp;&nbsp; 17404707 |
| Harris Oakmark International Portfolio (Class A) (a) | 6904798 | &nbsp;&nbsp; 97288608 |
| Invesco Comstock Portfolio (Class A) (a) | 8754591 | &nbsp;&nbsp; 105755465 |
| Invesco Global Equity Portfolio (Class A) (a) | 1887235 | &nbsp;&nbsp; 44161296 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 2474347 | &nbsp;&nbsp; 22961943 |
| Jennison Growth Portfolio (Class A) (b) | 7154824 | &nbsp;&nbsp; 105819843 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 2902087 | &nbsp;&nbsp; 29949537 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 6138708 | &nbsp;&nbsp; 110619520 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) (b) | 3765068 | &nbsp;&nbsp; 39608512 |
| MFS Research International Portfolio (Class A) (a) | 4802969 | &nbsp;&nbsp; 61766175 |
| MFS Value Portfolio (Class A) (b) | 8532146 | &nbsp;&nbsp; 109723395 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** | **Affiliated Mutual Funds—(Continued)** |
| Morgan Stanley Discovery Portfolio (Class A) (a) (c) | 910410 | &nbsp;&nbsp; $8903811 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 972549 | &nbsp;&nbsp; 14724392 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) | 7731485 | &nbsp;&nbsp; 93396340 |
| T. Rowe Price Large Cap Growth Portfolio (Class A) (b) | 4139355 | &nbsp;&nbsp; 96446971 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 3977539 | &nbsp;&nbsp; 100035113 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 1556823 | &nbsp;&nbsp; 12797084 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 1475262 | &nbsp;&nbsp; 25020437 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 2966818 | &nbsp;&nbsp; 34889783 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) (a) | 752950 | &nbsp;&nbsp; 12747441 |
| Total Investment Companies <br>(Cost $1,707,634,155) <br>|  | &nbsp;&nbsp; 1748753817 |
| Total Investments—100.0% <br>(Cost $1,707,634,155) <br>|  | &nbsp;&nbsp; 1748753817 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (628985)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1748124832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

**Transactions in Securities of Affiliated Issuers**

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; $16944427 | &nbsp;&nbsp; $3473382 | &nbsp;&nbsp; $(110948)<br>| &nbsp;&nbsp; $(17223)<br>| &nbsp;&nbsp; $(2921749)<br>| &nbsp;&nbsp; $17367889 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 74270858 | &nbsp;&nbsp; 3706099 | &nbsp;&nbsp; (7913328)<br>| &nbsp;&nbsp; 1235567 | &nbsp;&nbsp; 8147868 | &nbsp;&nbsp; 79447064 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 66087479 | &nbsp;&nbsp; 20358139 | &nbsp;&nbsp; (2731472)<br>| &nbsp;&nbsp; 324321 | &nbsp;&nbsp; (4379564)<br>| &nbsp;&nbsp; 79658903 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 46401256 | &nbsp;&nbsp; 7672838 | &nbsp;&nbsp; (735638)<br>| &nbsp;&nbsp; (36575)<br>| &nbsp;&nbsp; (10177792)<br>| &nbsp;&nbsp; 43124089 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 71987145 | &nbsp;&nbsp; 13195386 | &nbsp;&nbsp; (15211884)<br>| &nbsp;&nbsp; 3104634 | &nbsp;&nbsp; 2170855 | &nbsp;&nbsp; 75246136 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8489999 | &nbsp;&nbsp; 1885141 | &nbsp;&nbsp; (65309)<br>| &nbsp;&nbsp; (3180)<br>| &nbsp;&nbsp; (1744523)<br>| &nbsp;&nbsp; 8562128 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 82903847 | &nbsp;&nbsp; 7746031 | &nbsp;&nbsp; (12361887)<br>| &nbsp;&nbsp; (4513958)<br>| &nbsp;&nbsp; 14951334 | &nbsp;&nbsp; 88725367 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 84244079 | &nbsp;&nbsp; 12949074 | &nbsp;&nbsp; (1441557)<br>| &nbsp;&nbsp; 13080 | &nbsp;&nbsp; (9062153)<br>| &nbsp;&nbsp; 86702523 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 74016963 | &nbsp;&nbsp; 13437471 | &nbsp;&nbsp; (2961870)<br>| &nbsp;&nbsp; 506332 | &nbsp;&nbsp; (10661059)<br>| &nbsp;&nbsp; 74337837 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 48268431 | &nbsp;&nbsp; 3046830 | &nbsp;&nbsp; (645205)<br>| &nbsp;&nbsp; (49753)<br>| &nbsp;&nbsp; 941205 | &nbsp;&nbsp; 51561508 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 17096123 | &nbsp;&nbsp; 1399322 | &nbsp;&nbsp; (524715)<br>| &nbsp;&nbsp; 12384 | &nbsp;&nbsp; (578407)<br>| &nbsp;&nbsp; 17404707 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 88897770 | &nbsp;&nbsp; 5639614 | &nbsp;&nbsp; (10827826)<br>| &nbsp;&nbsp; (313801)<br>| &nbsp;&nbsp; 13892851 | &nbsp;&nbsp; 97288608 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 102864927 | &nbsp;&nbsp; 15589593 | &nbsp;&nbsp; (5404521)<br>| &nbsp;&nbsp; (504913)<br>| &nbsp;&nbsp; (6789621)<br>| &nbsp;&nbsp; 105755465 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 43284970 | &nbsp;&nbsp; 6569973 | &nbsp;&nbsp; (2524692)<br>| &nbsp;&nbsp; 625567 | &nbsp;&nbsp; (3794522)<br>| &nbsp;&nbsp; 44161296 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 26387232 | &nbsp;&nbsp; 78831 | &nbsp;&nbsp; (2640220)<br>| &nbsp;&nbsp; (1350431)<br>| &nbsp;&nbsp; 486531 | &nbsp;&nbsp; 22961943 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 105497998 | &nbsp;&nbsp; 17803355 | &nbsp;&nbsp; (7220174)<br>| &nbsp;&nbsp; 597614 | &nbsp;&nbsp; (10858950)<br>| &nbsp;&nbsp; 105819843 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 30255582 | &nbsp;&nbsp; 4176237 | &nbsp;&nbsp; (30085)<br>| &nbsp;&nbsp; (10766)<br>| &nbsp;&nbsp; (4441431)<br>| &nbsp;&nbsp; 29949537 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 110642377 | &nbsp;&nbsp; 14176729 | &nbsp;&nbsp; (8054573)<br>| &nbsp;&nbsp; 1678637 | &nbsp;&nbsp; (7823650)<br>| &nbsp;&nbsp; 110619520 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 42828879 | &nbsp;&nbsp; 4484902 | &nbsp;&nbsp; (2367577)<br>| &nbsp;&nbsp; (852203)<br>| &nbsp;&nbsp; (4485489)<br>| &nbsp;&nbsp; 39608512 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 57118617 | &nbsp;&nbsp; 4829864 | &nbsp;&nbsp; (4607067)<br>| &nbsp;&nbsp; 721325 | &nbsp;&nbsp; 3703436 | &nbsp;&nbsp; 61766175 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 105899998 | &nbsp;&nbsp; 15689871 | &nbsp;&nbsp; (4854864)<br>| &nbsp;&nbsp; (1462330)<br>| &nbsp;&nbsp; (5549280)<br>| &nbsp;&nbsp; 109723395 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; 8793368 | &nbsp;&nbsp; 29024 | &nbsp;&nbsp; (1750101)<br>| &nbsp;&nbsp; 857055 | &nbsp;&nbsp; 974465 | &nbsp;&nbsp; 8903811 |

---

*See accompanying notes to financial statements.*

**BHFTI-116**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **June 30, 2025**<br>|
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; $14926509 | &nbsp;&nbsp; $2367757 | &nbsp;&nbsp; $(11263)<br>| &nbsp;&nbsp; $(1848)<br>| &nbsp;&nbsp; $(2556763)<br>| &nbsp;&nbsp; $14724392 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 45203251 | &nbsp;&nbsp; 54381113 | &nbsp;&nbsp; (9145668)<br>| &nbsp;&nbsp; 266242 | &nbsp;&nbsp; 2691402 | &nbsp;&nbsp; 93396340 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; 45147972 | &nbsp;&nbsp; 932980 | &nbsp;&nbsp; (54581828)<br>| &nbsp;&nbsp; (48342)<br>| &nbsp;&nbsp; 8549218 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 96521795 | &nbsp;&nbsp; 12976107 | &nbsp;&nbsp; (5500460)<br>| &nbsp;&nbsp; 1011792 | &nbsp;&nbsp; (8562263)<br>| &nbsp;&nbsp; 96446971 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 96950034 | &nbsp;&nbsp; 13699878 | &nbsp;&nbsp; (3002877)<br>| &nbsp;&nbsp; (662273)<br>| &nbsp;&nbsp; (6949649)<br>| &nbsp;&nbsp; 100035113 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 12888557 | &nbsp;&nbsp; 1771628 | &nbsp;&nbsp; (261494)<br>| &nbsp;&nbsp; (38274)<br>| &nbsp;&nbsp; (1563333)<br>| &nbsp;&nbsp; 12797084 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 25064414 | &nbsp;&nbsp; 5302459 | &nbsp;&nbsp; (220451)<br>| &nbsp;&nbsp; 16539 | &nbsp;&nbsp; (5142524)<br>| &nbsp;&nbsp; 25020437 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 31575405 | &nbsp;&nbsp; 3213494 | &nbsp;&nbsp; (2557460)<br>| &nbsp;&nbsp; 531115 | &nbsp;&nbsp; 2127229 | &nbsp;&nbsp; 34889783 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 12691089 | &nbsp;&nbsp; 1947411 | &nbsp;&nbsp; (88929)<br>| &nbsp;&nbsp; (2423)<br>| &nbsp;&nbsp; (1799707)<br>| &nbsp;&nbsp; 12747441 |
|  | &nbsp;&nbsp; $1694151351 | &nbsp;&nbsp; $274530533 | &nbsp;&nbsp; $(170355943)<br>| &nbsp;&nbsp; $1633911 | &nbsp;&nbsp; $(51206035)<br>| &nbsp;&nbsp; $1748753817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; $2830071 | &nbsp;&nbsp; $279897 | &nbsp;&nbsp; 1805394 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 3170038 | &nbsp;&nbsp; 536061 | &nbsp;&nbsp; 6908440 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 10052025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1897544 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 6315751 | &nbsp;&nbsp; 667789 | &nbsp;&nbsp; 3963611 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 12217552 | &nbsp;&nbsp; 977834 | &nbsp;&nbsp; 6323205 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1572922 | &nbsp;&nbsp; 111756 | &nbsp;&nbsp; 52590 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 5131745 | &nbsp;&nbsp; 2614285 | &nbsp;&nbsp; 7943184 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 10647092 | &nbsp;&nbsp; 1224458 | &nbsp;&nbsp; 3302953 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 13049518 | &nbsp;&nbsp; 377653 | &nbsp;&nbsp; 5585112 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1500260 | &nbsp;&nbsp; 4957837 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 848270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 613058 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 3239655 | &nbsp;&nbsp; 2221477 | &nbsp;&nbsp; 6904798 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 12657405 | &nbsp;&nbsp; 2193749 | &nbsp;&nbsp; 8754591 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 6497225 | &nbsp;&nbsp; 62612 | &nbsp;&nbsp; 1887235 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2474347 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 17665923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7154824 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 3193584 | &nbsp;&nbsp; 354559 | &nbsp;&nbsp; 2902087 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 14080313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6138708 |
| Loomis Sayles Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 4403400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3765068 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 3453546 | &nbsp;&nbsp; 1188413 | &nbsp;&nbsp; 4802969 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 12210732 | &nbsp;&nbsp; 1957276 | &nbsp;&nbsp; 8532146 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 910410 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 1898144 | &nbsp;&nbsp; 15219 | &nbsp;&nbsp; 972549 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 888736 | &nbsp;&nbsp; 7731485 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 891484 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 12864449 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4139355 |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 9248093 | &nbsp;&nbsp; 1999111 | &nbsp;&nbsp; 3977539 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 1751221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1556823 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 5161475 | &nbsp;&nbsp; 63923 | &nbsp;&nbsp; 1475262 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 605472 | &nbsp;&nbsp; 1140746 | &nbsp;&nbsp; 2966818 |
| Victory Sycamore Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1544942 | &nbsp;&nbsp; 181337 | &nbsp;&nbsp; 752950 |
|  | &nbsp;&nbsp; $176310563 | &nbsp;&nbsp; $21448635 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $221197220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $117022629 |

---

*See accompanying notes to financial statements.*

**BHFTI-117**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $1748753817 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1748753817 |
| Total Investments | &nbsp;&nbsp; $1748753817 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1748753817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-118**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Affiliated investments at value (a) | &nbsp;&nbsp; $1748753817 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 1797108 |
| Fund shares sold | &nbsp;&nbsp; 19431 |
| Total Assets | &nbsp;&nbsp; 1750570356 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1816539 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 101175 |
| Distribution and service fees | &nbsp;&nbsp; 197780 |
| Deferred trustees' fees | &nbsp;&nbsp; 256368 |
| Other expenses | &nbsp;&nbsp; 73662 |
| Total Liabilities | &nbsp;&nbsp; 2445524 |
| **Net Assets**  | &nbsp;&nbsp; $1748124832 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1519245166 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 228879666 |
| **Net Assets**  | &nbsp;&nbsp; $1748124832 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $765818693 |
| Class B | &nbsp;&nbsp; 982306139 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 66724881 |
| Class B | &nbsp;&nbsp; 86210331 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.48 |
| Class B | 11.39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $1,707,634,155.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Affiliated Underlying Portfolios | &nbsp;&nbsp; $21448635 |
| Total investment income | &nbsp;&nbsp; 21448635 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 601006 |
| Administration fees | &nbsp;&nbsp; 14325 |
| Custodian and accounting fees | &nbsp;&nbsp; 7736 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1169418 |
| Audit and tax services | &nbsp;&nbsp; 17631 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Miscellaneous | &nbsp;&nbsp; 5191 |
| Total expenses | &nbsp;&nbsp; 1858064 |
| **Net Investment Income** | &nbsp;&nbsp; 19590571 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Affiliated investments | &nbsp;&nbsp; 1633911 |
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 176310563 |
| Net realized gain (loss) | &nbsp;&nbsp; 177944474 |
| Net change in unrealized appreciation (depreciation) on affiliated <br> investments<br>| &nbsp;&nbsp; (51206035)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 126738439 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $146329010 |

---

*See accompanying notes to financial statements.*

**BHFTI-119**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $19590571 | &nbsp;&nbsp; $18155533 |
| Net realized gain (loss) | &nbsp;&nbsp; 177944474 | &nbsp;&nbsp; 76106670 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (51206035)<br>| &nbsp;&nbsp; 124339629 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 146329010 | &nbsp;&nbsp; 218601832 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (42750034)<br>| &nbsp;&nbsp; (34922812)<br>|
| Class B | &nbsp;&nbsp; (52978199)<br>| &nbsp;&nbsp; (45736647)<br>|
| **Total distributions** | &nbsp;&nbsp; (95728233)<br>| &nbsp;&nbsp; (80659459)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 3981901 | &nbsp;&nbsp; (131894777)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 54582678 | &nbsp;&nbsp; 6047596 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1693542154 | &nbsp;&nbsp; 1687494558 |
| End of period | &nbsp;&nbsp; $1748124832 | &nbsp;&nbsp; $1693542154 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 338501 | &nbsp;&nbsp; $3783711 | &nbsp;&nbsp; 799725 | &nbsp;&nbsp; $8752808 |
| Reinvestments | &nbsp;&nbsp; 3800003 | &nbsp;&nbsp; 42750034 | &nbsp;&nbsp; 3272991 | &nbsp;&nbsp; 34922812 |
| Redemptions | &nbsp;&nbsp; (3296849)<br>| &nbsp;&nbsp; (37168647)<br>| &nbsp;&nbsp; (6286261)<br>| &nbsp;&nbsp; (68652124)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 841655 | &nbsp;&nbsp; $9365098 | &nbsp;&nbsp; (2213545)<br>| &nbsp;&nbsp; $(24976504)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 682661 | &nbsp;&nbsp; $7524727 | &nbsp;&nbsp; 1654901 | &nbsp;&nbsp; $17937935 |
| Reinvestments | &nbsp;&nbsp; 4742900 | &nbsp;&nbsp; 52978199 | &nbsp;&nbsp; 4314778 | &nbsp;&nbsp; 45736647 |
| Redemptions | &nbsp;&nbsp; (5895477)<br>| &nbsp;&nbsp; (65886123)<br>| &nbsp;&nbsp; (15745635)<br>| &nbsp;&nbsp; (170592855)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (469916)<br>| &nbsp;&nbsp; $(5383197)<br>| &nbsp;&nbsp; (9775956)<br>| &nbsp;&nbsp; $(106918273)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $3981901 |  | &nbsp;&nbsp; $(131894777)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-120**

------

**Brighthouse Funds Trust I**

**Brighthouse Asset Allocation 100 Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $10.30 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $14.45 | &nbsp;&nbsp; $13.36 | &nbsp;&nbsp; $12.82 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Total income (loss) from investment operations | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.32)<br>|
| Total distributions | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.49)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $10.30 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $14.45 | &nbsp;&nbsp; $13.36 |
| **Total Return (%)** (b) | 9.14 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;21.10 | &nbsp;&nbsp; (19.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.34 | &nbsp;&nbsp;&nbsp;&nbsp;19.23 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.08 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 1.20 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 7 <br>(c)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $765.8 | &nbsp;&nbsp; $734.7 | &nbsp;&nbsp; $701.5 | &nbsp;&nbsp; $624.2 | &nbsp;&nbsp; $828.1 | &nbsp;&nbsp; $743.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $13.28 | &nbsp;&nbsp; $12.75 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Total income (loss) from investment operations | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.14)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.32)<br>|
| Total distributions | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (1.46)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $13.28 |
| **Total Return (%)** (b) | 8.93 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.39 | &nbsp;&nbsp;&nbsp;&nbsp;20.81 | &nbsp;&nbsp; (20.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.13 | &nbsp;&nbsp;&nbsp;&nbsp;18.91 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.33 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 0.95 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 7 <br>(c)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 13 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $982.3 | &nbsp;&nbsp; $958.8 | &nbsp;&nbsp; $986.0 | &nbsp;&nbsp; $893.6 | &nbsp;&nbsp; $1206.5 | &nbsp;&nbsp; $1126.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

*See accompanying notes to financial statements.*

**BHFTI-121**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—69.6% of Net Assets**

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Affiliated Mutual Funds — 69.6%** | **Affiliated Mutual Funds — 69.6%** | **Affiliated Mutual Funds — 69.6%** |
| AB International Bond Portfolio (Class A) (a) | 6868355 | &nbsp;&nbsp; $52542920 |
| Allspring Mid Cap Value Portfolio (Class A) (a) | 7595709 | &nbsp;&nbsp; 73070725 |
| Baillie Gifford International Stock Portfolio (Class A) (b) | 12097938 | &nbsp;&nbsp; 139126290 |
| BlackRock Bond Income Portfolio (Class A) (b) | 4091168 | &nbsp;&nbsp; 362682028 |
| BlackRock Capital Appreciation Portfolio (Class A) (b) | 261574 | &nbsp;&nbsp; 10980859 |
| BlackRock High Yield Portfolio (Class A) (a) | 6675554 | &nbsp;&nbsp; 48798302 |
| Brighthouse Small Cap Value Portfolio (Class A) (a) | 5320182 | &nbsp;&nbsp; 57883581 |
| Brighthouse/Artisan International Portfolio (Class A) (a) | 8404003 | &nbsp;&nbsp; 100007641 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b) | 447193 | &nbsp;&nbsp; 72807501 |
| Brighthouse/Dimensional International Small Company <br> Portfolio (Class A) (b)<br>| 6193513 | &nbsp;&nbsp; 69181537 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a) | 8014534 | &nbsp;&nbsp; 72691822 |
| Brighthouse/Franklin Low Duration Total Return Portfolio <br> (Class A) (a)<br>| 12062561 | &nbsp;&nbsp; 104220525 |
| Brighthouse/Templeton International Bond Portfolio (Class A) <br> (a) (c)<br>| 6999895 | &nbsp;&nbsp; 55369166 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio <br> (Class A) (b)<br>| 726439 | &nbsp;&nbsp; 19069020 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) <br> (a)<br>| 1657760 | &nbsp;&nbsp; 22064783 |
| CBRE Global Real Estate Portfolio (Class A) (a) | 4184648 | &nbsp;&nbsp; 43520337 |
| Frontier Mid Cap Growth Portfolio (Class A) (b) | 2250940 | &nbsp;&nbsp; 63904180 |
| Harris Oakmark International Portfolio (Class A) (a) | 13571072 | &nbsp;&nbsp; 191216407 |
| Invesco Comstock Portfolio (Class A) (a) | 449010 | &nbsp;&nbsp; 5424037 |
| Invesco Global Equity Portfolio (Class A) (a) | 2143270 | &nbsp;&nbsp; 50152523 |
| Invesco Small Cap Growth Portfolio (Class A) (a) (c) | 4633901 | &nbsp;&nbsp; 43002601 |
| Jennison Growth Portfolio (Class A) (b) | 1071006 | &nbsp;&nbsp; 15840184 |
| JPMorgan Core Bond Portfolio (Class A) (a) | 23663376 | &nbsp;&nbsp; 211313946 |
| JPMorgan Small Cap Value Portfolio (Class A) (a) | 4153652 | &nbsp;&nbsp; 42865692 |
| Loomis Sayles Growth Portfolio (Class A) (a) | 686077 | &nbsp;&nbsp; 12363110 |
| MFS Research International Portfolio (Class A) (a) | 9954830 | &nbsp;&nbsp; 128019119 |
| MFS Value Portfolio (Class A) (b) | 1226037 | &nbsp;&nbsp; 15766835 |
| Morgan Stanley Discovery Portfolio (Class A) (a) (c) | 2520805 | &nbsp;&nbsp; 24653471 |
| Neuberger Berman Genesis Portfolio (Class A) (b) | 2222334 | &nbsp;&nbsp; 33646133 |
| PIMCO Inflation Protected Bond Portfolio (Class A) (a) | 9718093 | &nbsp;&nbsp; 97569654 |
| PIMCO Total Return Portfolio (Class A) (a) | 27580776 | &nbsp;&nbsp; 268912562 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a) <br>| 7681456 | &nbsp;&nbsp; 92791992 |
| T. Rowe Price Large Cap Value Portfolio (Class A) (a) | 486830 | &nbsp;&nbsp; 12243764 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) (a) | 4481368 | &nbsp;&nbsp; 36836845 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) (b) | 3535996 | &nbsp;&nbsp; 59970498 |
| TCW Core Fixed Income Portfolio (Class A) (a) | 34154967 | &nbsp;&nbsp; 292366515 |
| VanEck Global Natural Resources Portfolio (Class A) (b) | 5781994 | &nbsp;&nbsp; 67996249 |
| Western Asset Management Strategic Bond Opportunities <br> Portfolio (Class A) (b)<br>| 14818788 | &nbsp;&nbsp; 152485329 |
| Western Asset Management U.S. Government Portfolio <br> (Class A) (b)<br>| 16344247 | &nbsp;&nbsp; 170307050 |
| Total Investment Companies <br>(Cost $3,552,028,497) <br>|  | &nbsp;&nbsp; 3393665733 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **U.S. Treasury & Government Agencies—31.2%** | **U.S. Treasury & Government Agencies—31.2%** | **U.S. Treasury & Government Agencies—31.2%** |
| **Federal Agencies — 0.2%** | **Federal Agencies — 0.2%** | **Federal Agencies — 0.2%** |
| Tennessee Valley Authority |  |  |
| 4.250%, 09/15/65 | 10000000 | &nbsp;&nbsp; 8060642 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury — 31.0%** | **U.S. Treasury — 31.0%** | **U.S. Treasury — 31.0%** |
| U.S. Treasury Bonds |  |  |
| 1.375%, 08/15/50 (d) | 287600000 | &nbsp;&nbsp; $141800283 |
| 1.625%, 11/15/50 | 144200000 | &nbsp;&nbsp; 75969743 |
| 1.875%, 02/15/51 | 173000000 | &nbsp;&nbsp; 97177344 |
| 2.875%, 05/15/43 | 57700000 | &nbsp;&nbsp; 44471824 |
| 2.875%, 11/15/46 | 44100000 | &nbsp;&nbsp; 32468625 |
| 2.875%, 05/15/52 | 43500000 | &nbsp;&nbsp; 30613125 |
| 3.375%, 05/15/44 (d) | 99895000 | &nbsp;&nbsp; 82167539 |
| 4.500%, 11/15/54 | 4600000 | &nbsp;&nbsp; 4383656 |
| 4.750%, 05/15/55 | 114800000 | &nbsp;&nbsp; 114154250 |
| U.S. Treasury Notes |  |  |
| 0.375%, 09/30/27 (e) | 159500000 | &nbsp;&nbsp; 148098241 |
| 0.750%, 05/31/26 (e) | 167400000 | &nbsp;&nbsp; 162469548 |
| 1.625%, 09/30/26 | 118900000 | &nbsp;&nbsp; 115620961 |
| 3.500%, 01/31/28 (f) | 75000000 | &nbsp;&nbsp; 74619141 |
| 3.500%, 04/30/30 | 17200000 | &nbsp;&nbsp; 16978953 |
| 3.750%, 05/31/30 (e) | 138000000 | &nbsp;&nbsp; 137692735 |
| 3.875%, 05/31/27 (e) | 2400000 | &nbsp;&nbsp; 2405625 |
| 3.875%, 08/15/34 (e) | 54100000 | &nbsp;&nbsp; 52821465 |
| 4.000%, 05/31/30 (e) | 6400000 | &nbsp;&nbsp; 6462000 |
| 4.125%, 10/31/27 (f) | 34900000 | &nbsp;&nbsp; 35219008 |
| 4.125%, 03/31/31 (d) | 58700000 | &nbsp;&nbsp; 59438336 |
| 4.125%, 05/31/32 (e) | 21300000 | &nbsp;&nbsp; 21479719 |
| 4.250%, 05/15/35 (e) | 54000000 | &nbsp;&nbsp; 54084375 |
|  |  | &nbsp;&nbsp; 1510596496 |
| Total U.S. Treasury & Government Agencies <br>(Cost $1,850,736,875) <br>|  | &nbsp;&nbsp; 1518657138 |
| **Agency Sponsored Mortgage-Backed Securities—3.7%** | **Agency Sponsored Mortgage-Backed Securities—3.7%** | **Agency Sponsored Mortgage-Backed Securities—3.7%** |
| **Agency Mortgage-Backed Securities — 3.7%** | **Agency Mortgage-Backed Securities — 3.7%** | **Agency Mortgage-Backed Securities — 3.7%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.000%, 05/01/48 | 4183 | &nbsp;&nbsp; 3948 |
| 4.000%, 03/01/50 | 67574 | &nbsp;&nbsp; 63870 |
| 4.000%, 05/01/50 | 25269 | &nbsp;&nbsp; 23655 |
| 5.000%, 08/01/53 | 26484859 | &nbsp;&nbsp; 26012875 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 3.176%, 11/25/28 | 1454531 | &nbsp;&nbsp; 1438121 |
| Federal National Mortgage Association |  |  |
| 2.920%, 03/01/35 | 2950000 | &nbsp;&nbsp; 2500587 |
| 3.000%, 12/01/51 | 26411147 | &nbsp;&nbsp; 22915310 |
| 3.180%, 07/01/35 | 2348318 | &nbsp;&nbsp; 2101177 |
| 4.000%, 08/01/47 | 18764 | &nbsp;&nbsp; 17770 |
| 4.000%, 06/01/48 | 80299 | &nbsp;&nbsp; 75997 |
| 4.000%, 11/01/48 | 4584 | &nbsp;&nbsp; 4339 |
| 4.000%, 03/01/49 | 818380 | &nbsp;&nbsp; 774222 |
| 4.000%, 08/01/49 | 111651 | &nbsp;&nbsp; 105084 |
| 4.000%, 03/01/50 | 17218283 | &nbsp;&nbsp; 16090303 |
| 4.000%, 07/01/50 | 3494148 | &nbsp;&nbsp; 3304120 |
| Government National Mortgage Association, TBA |  |  |
| 4.000%, TBA (g) | 110000000 | &nbsp;&nbsp; 102246630 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $178,565,378) <br>|  | &nbsp;&nbsp; 177678008 |

---

*See accompanying notes to financial statements.*

**BHFTI-122**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—2.4%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| Bank of America Corp. |  |  |
| 5.468%, SOFR + 1.650%, 01/23/35 (h) | 15000000 | &nbsp;&nbsp; $15410078 |
| Citigroup, Inc. |  |  |
| 5.449%, SOFR + 1.447%, 06/11/35 (h) | 10000000 | &nbsp;&nbsp; 10214306 |
| Goldman Sachs Group, Inc. |  |  |
| 5.016%, SOFR + 1.420%, 10/23/35 (h) | 5000000 | &nbsp;&nbsp; 4939520 |
| 6.561%, SOFR + 1.950%, 10/24/34 (e) (h) | 17700000 | &nbsp;&nbsp; 19571359 |
| HSBC Holdings PLC |  |  |
| 5.250%, 03/14/44 | 3000000 | &nbsp;&nbsp; 2850820 |
| 6.254%, SOFR + 2.390%, 03/09/34 (h) | 9000000 | &nbsp;&nbsp; 9629657 |
| JPMorgan Chase & Co. |  |  |
| 4.946%, SOFR + 1.340%, 10/22/35 (h) | 5000000 | &nbsp;&nbsp; 4947625 |
| 5.350%, SOFR + 1.845%, 06/01/34 (h) | 10600000 | &nbsp;&nbsp; 10905509 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 2.852%, 1Y H15 + 1.100%, 01/19/33 (h) | 5100000 | &nbsp;&nbsp; 4517910 |
| Morgan Stanley |  |  |
| 5.320%, SOFR + 1.555%, 07/19/35 (h) | 15000000 | &nbsp;&nbsp; 15183114 |
| UBS Group AG |  |  |
| 3.179%, 1Y H15 + 1.100%, 02/11/43 (144A) (h) | 3000000 | &nbsp;&nbsp; 2199536 |
| Wells Fargo & Co. |  |  |
| 5.389%, SOFR + 2.020%, 04/24/34 (h) | 8800000 | &nbsp;&nbsp; 9004575 |
|  |  | &nbsp;&nbsp; 109374009 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| Blackstone Holdings Finance Co. LLC |  |  |
| 3.200%, 01/30/52 (144A) | 1300000 | &nbsp;&nbsp; 846298 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| MidAmerican Energy Co. |  |  |
| 2.700%, 08/01/52 | 800000 | &nbsp;&nbsp; 495205 |
| Pacific Gas & Electric Co. |  |  |
| 6.150%, 03/01/55 | 2300000 | &nbsp;&nbsp; 2145943 |
|  |  | &nbsp;&nbsp; 2641148 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| Mars, Inc. |  |  |
| 5.700%, 05/01/55 (144A) | 500000 | &nbsp;&nbsp; 498779 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| AT&T, Inc. |  |  |
| 3.500%, 09/15/53 | 2045000 | &nbsp;&nbsp; 1384174 |
| 3.800%, 12/01/57 | 1556000 | &nbsp;&nbsp; 1088735 |
|  |  | &nbsp;&nbsp; 2472909 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Vessel Management Services, Inc. |  |  |
| 3.432%, 08/15/36 | 1874000 | &nbsp;&nbsp; 1684578 |
| Total Corporate Bonds & Notes <br>(Cost $118,808,917) <br>|  | &nbsp;&nbsp; 117517721 |
| **Non-Agency Mortgage-Backed Securities—0.8%** | **Non-Agency Mortgage-Backed Securities—0.8%** | **Non-Agency Mortgage-Backed Securities—0.8%** |
| **Collateralized Mortgage Obligations — 0.3%** | **Collateralized Mortgage Obligations — 0.3%** | **Collateralized Mortgage Obligations — 0.3%** |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 3.000%, 11/27/51 (144A) (h) | 17807140 | &nbsp;&nbsp; 15146504 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities — 0.5%** | **Commercial Mortgage-Backed Securities — 0.5%** | **Commercial Mortgage-Backed Securities — 0.5%** |
| Bank |  |  |
| 4.493%, 06/15/55 (h) | 15000000 | &nbsp;&nbsp; $14590379 |
| BBCMS Mortgage Trust |  |  |
| 2.299%, 02/15/54 | 11400000 | &nbsp;&nbsp; 10050341 |
|  |  | &nbsp;&nbsp; 24640720 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $42,368,774) <br>|  | &nbsp;&nbsp; 39787224 |
| **Municipals—0.0%** | **Municipals—0.0%** | **Municipals—0.0%** |
| Los Angeles Community College District, General Obligation <br> Unlimited<br>|  |  |
| 6.750%, 08/01/49 | 400000 | &nbsp;&nbsp; 447076 |
| Port Authority of New York & New Jersey |  |  |
| 4.458%, 10/01/62 | 1845000 | &nbsp;&nbsp; 1548246 |
| Total Municipals <br>(Cost $2,476,030) <br>|  | &nbsp;&nbsp; 1995322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** |
| **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25, with a maturity value of $16,602,047; <br> collateralized by U.S. Treasury Bond at 4.625%, maturing <br> 05/15/54, with a market value of $16,882,462<br>| 16600000 | &nbsp;&nbsp; 16600000 |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $4,848,575; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $4,945,273<br>| 4848137 | &nbsp;&nbsp; 4848137 |
| Total Short-Term Investments <br>(Cost $21,448,137) <br>|  | &nbsp;&nbsp; 21448137 |
| Total Investments—108.1% <br>(Cost $5,766,432,608) <br>|  | &nbsp;&nbsp; 5270749283 |
| Other assets and liabilities (net)—(8.1)%  |  | &nbsp;&nbsp; (394167967)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $4876581316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) A Portfolio of Brighthouse Funds Trust I. (See the table that follows for a summary of transactions in affiliated issuers.) 

(b) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.) 

(c) Non-income producing security.

(d) All or a portion of this security has been transferred in a secured–borrowing transaction. 

(e) All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of June 30, 2025, the market value of securities pledged was $186,655,168. 

(f) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2025, the market value of securities pledged was $101,628,053. 

(g) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date. 

(h) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. 

*See accompanying notes to financial statements.*

**BHFTI-123**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br>

---

| | |
|:---|:---|
|  | index and spread in their description above. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $18,691,117, which is 0.4% of net assets.<br>|

---

**Transactions in Securities of Affiliated Issuers**

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios' net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $63601851 | &nbsp;&nbsp; $5016720 | &nbsp;&nbsp; $(13208489)<br>| &nbsp;&nbsp; $(2861271)<br>| &nbsp;&nbsp; $(5891)<br>| &nbsp;&nbsp; $52542920 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 74588505 | &nbsp;&nbsp; 13519283 | &nbsp;&nbsp; (2579337)<br>| &nbsp;&nbsp; 308269 | &nbsp;&nbsp; (12765995)<br>| &nbsp;&nbsp; 73070725 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 138722927 | &nbsp;&nbsp; 6503176 | &nbsp;&nbsp; (23475612)<br>| &nbsp;&nbsp; (1202781)<br>| &nbsp;&nbsp; 18578580 | &nbsp;&nbsp; 139126290 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; 370757916 | &nbsp;&nbsp; 23284500 | &nbsp;&nbsp; (27364774)<br>| &nbsp;&nbsp; (5048843)<br>| &nbsp;&nbsp; 1053229 | &nbsp;&nbsp; 362682028 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 10981271 | &nbsp;&nbsp; 1590976 | &nbsp;&nbsp; (925949)<br>| &nbsp;&nbsp; 341583 | &nbsp;&nbsp; (1007022)<br>| &nbsp;&nbsp; 10980859 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; 50984808 | &nbsp;&nbsp; 3843577 | &nbsp;&nbsp; (4905034)<br>| &nbsp;&nbsp; 243606 | &nbsp;&nbsp; (1368655)<br>| &nbsp;&nbsp; 48798302 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 60031517 | &nbsp;&nbsp; 12076499 | &nbsp;&nbsp; (749871)<br>| &nbsp;&nbsp; 160519 | &nbsp;&nbsp; (13635083)<br>| &nbsp;&nbsp; 57883581 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 102040047 | &nbsp;&nbsp; 17628574 | &nbsp;&nbsp; (27364630)<br>| &nbsp;&nbsp; 6580492 | &nbsp;&nbsp; 1123158 | &nbsp;&nbsp; 100007641 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 74860899 | &nbsp;&nbsp; 15052233 | &nbsp;&nbsp; (2252766)<br>| &nbsp;&nbsp; 486790 | &nbsp;&nbsp; (15339655)<br>| &nbsp;&nbsp; 72807501 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 69893121 | &nbsp;&nbsp; 6065030 | &nbsp;&nbsp; (15468421)<br>| &nbsp;&nbsp; 2114478 | &nbsp;&nbsp; 6577329 | &nbsp;&nbsp; 69181537 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; 76355745 | &nbsp;&nbsp; 7697800 | &nbsp;&nbsp; (6207076)<br>| &nbsp;&nbsp; (93721)<br>| &nbsp;&nbsp; (5060926)<br>| &nbsp;&nbsp; 72691822 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; 127374251 | &nbsp;&nbsp; 5433244 | &nbsp;&nbsp; (26734802)<br>| &nbsp;&nbsp; (2794381)<br>| &nbsp;&nbsp; 942213 | &nbsp;&nbsp; 104220525 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; 61883465 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14242245)<br>| &nbsp;&nbsp; (4486683)<br>| &nbsp;&nbsp; 12214629 | &nbsp;&nbsp; 55369166 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 19589107 | &nbsp;&nbsp; 2611632 | &nbsp;&nbsp; (1160321)<br>| &nbsp;&nbsp; 45274 | &nbsp;&nbsp; (2016672)<br>| &nbsp;&nbsp; 19069020 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 22341724 | &nbsp;&nbsp; 4037715 | &nbsp;&nbsp; (1286777)<br>| &nbsp;&nbsp; (166701)<br>| &nbsp;&nbsp; (2861178)<br>| &nbsp;&nbsp; 22064783 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; 43911642 | &nbsp;&nbsp; 1439802 | &nbsp;&nbsp; (2671040)<br>| &nbsp;&nbsp; (204155)<br>| &nbsp;&nbsp; 1044088 | &nbsp;&nbsp; 43520337 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 64057941 | &nbsp;&nbsp; 7544341 | &nbsp;&nbsp; (5766296)<br>| &nbsp;&nbsp; (2098865)<br>| &nbsp;&nbsp; 167059 | &nbsp;&nbsp; 63904180 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 188402168 | &nbsp;&nbsp; 10739125 | &nbsp;&nbsp; (36293146)<br>| &nbsp;&nbsp; 11935380 | &nbsp;&nbsp; 16432880 | &nbsp;&nbsp; 191216407 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 5498606 | &nbsp;&nbsp; 767612 | &nbsp;&nbsp; (471939)<br>| &nbsp;&nbsp; 103076 | &nbsp;&nbsp; (473318)<br>| &nbsp;&nbsp; 5424037 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 50435835 | &nbsp;&nbsp; 7621572 | &nbsp;&nbsp; (4336918)<br>| &nbsp;&nbsp; 850274 | &nbsp;&nbsp; (4418240)<br>| &nbsp;&nbsp; 50152523 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 43109896 | &nbsp;&nbsp; 3135061 | &nbsp;&nbsp; (2329490)<br>| &nbsp;&nbsp; (1230214)<br>| &nbsp;&nbsp; 317348 | &nbsp;&nbsp; 43002601 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 15796586 | &nbsp;&nbsp; 2951433 | &nbsp;&nbsp; (1367382)<br>| &nbsp;&nbsp; 382946 | &nbsp;&nbsp; (1923399)<br>| &nbsp;&nbsp; 15840184 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; 217292997 | &nbsp;&nbsp; 10954588 | &nbsp;&nbsp; (16603064)<br>| &nbsp;&nbsp; (2369774)<br>| &nbsp;&nbsp; 2039199 | &nbsp;&nbsp; 211313946 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 42835818 | &nbsp;&nbsp; 6753340 | &nbsp;&nbsp; (429151)<br>| &nbsp;&nbsp; (152968)<br>| &nbsp;&nbsp; (6141347)<br>| &nbsp;&nbsp; 42865692 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 12315507 | &nbsp;&nbsp; 1842629 | &nbsp;&nbsp; (1117381)<br>| &nbsp;&nbsp; 421864 | &nbsp;&nbsp; (1099509)<br>| &nbsp;&nbsp; 12363110 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 127420935 | &nbsp;&nbsp; 9646682 | &nbsp;&nbsp; (19120576)<br>| &nbsp;&nbsp; 4362295 | &nbsp;&nbsp; 5709783 | &nbsp;&nbsp; 128019119 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 15917260 | &nbsp;&nbsp; 2041006 | &nbsp;&nbsp; (1211075)<br>| &nbsp;&nbsp; 93939 | &nbsp;&nbsp; (1074295)<br>| &nbsp;&nbsp; 15766835 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; 23541348 | &nbsp;&nbsp; 1103937 | &nbsp;&nbsp; (5158152)<br>| &nbsp;&nbsp; 2587198 | &nbsp;&nbsp; 2579140 | &nbsp;&nbsp; 24653471 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 33782403 | &nbsp;&nbsp; 5787803 | &nbsp;&nbsp; (105609)<br>| &nbsp;&nbsp; (3221)<br>| &nbsp;&nbsp; (5815243)<br>| &nbsp;&nbsp; 33646133 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 101813215 | &nbsp;&nbsp; 2968616 | &nbsp;&nbsp; (10313522)<br>| &nbsp;&nbsp; (92795)<br>| &nbsp;&nbsp; 3194140 | &nbsp;&nbsp; 97569654 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; 279941180 | &nbsp;&nbsp; 17903532 | &nbsp;&nbsp; (26172167)<br>| &nbsp;&nbsp; (3968920)<br>| &nbsp;&nbsp; 1208937 | &nbsp;&nbsp; 268912562 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; 43705597 | &nbsp;&nbsp; 61773423 | &nbsp;&nbsp; (10775990)<br>| &nbsp;&nbsp; 1668407 | &nbsp;&nbsp; (3579445)<br>| &nbsp;&nbsp; 92791992 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; 48421084 | &nbsp;&nbsp; 941786 | &nbsp;&nbsp; (62941644)<br>| &nbsp;&nbsp; 154033 | &nbsp;&nbsp; 13424741 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 12302327 | &nbsp;&nbsp; 1488538 | &nbsp;&nbsp; (622687)<br>| &nbsp;&nbsp; 113579 | &nbsp;&nbsp; (1037993)<br>| &nbsp;&nbsp; 12243764 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 37400067 | &nbsp;&nbsp; 5754243 | &nbsp;&nbsp; (1722726)<br>| &nbsp;&nbsp; (66654)<br>| &nbsp;&nbsp; (4528085)<br>| &nbsp;&nbsp; 36836845 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 59700335 | &nbsp;&nbsp; 13869457 | &nbsp;&nbsp; (1414185)<br>| &nbsp;&nbsp; 39942 | &nbsp;&nbsp; (12225051)<br>| &nbsp;&nbsp; 59970498 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; 299775586 | &nbsp;&nbsp; 17505165 | &nbsp;&nbsp; (23834414)<br>| &nbsp;&nbsp; (4098569)<br>| &nbsp;&nbsp; 3018747 | &nbsp;&nbsp; 292366515 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 67527138 | &nbsp;&nbsp; 4719511 | &nbsp;&nbsp; (9863971)<br>| &nbsp;&nbsp; 4539441 | &nbsp;&nbsp; 1074130 | &nbsp;&nbsp; 67996249 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; 167761339 | &nbsp;&nbsp; 11872177 | &nbsp;&nbsp; (22642086)<br>| &nbsp;&nbsp; (4829681)<br>| &nbsp;&nbsp; 323580 | &nbsp;&nbsp; 152485329 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; 178326466 | &nbsp;&nbsp; 9452519 | &nbsp;&nbsp; (17100873)<br>| &nbsp;&nbsp; (2481888)<br>| &nbsp;&nbsp; 2110826 | &nbsp;&nbsp; 170307050 |
|  | &nbsp;&nbsp; $3505000430 | &nbsp;&nbsp; $344938857 | &nbsp;&nbsp; $(452311588)<br>| &nbsp;&nbsp; $(718700)<br>| &nbsp;&nbsp; $(3243266)<br>| &nbsp;&nbsp; $3393665733 |

---

*See accompanying notes to financial statements.*

**BHFTI-124**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| AB International Bond Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5016720 | &nbsp;&nbsp; 6868355 |
| Allspring Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 11986327 | &nbsp;&nbsp; 1185461 | &nbsp;&nbsp; 7595709 |
| Baillie Gifford International Stock Portfolio (Class A) | &nbsp;&nbsp; 5562538 | &nbsp;&nbsp; 940638 | &nbsp;&nbsp; 12097938 |
| BlackRock Bond Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 19400520 | &nbsp;&nbsp; 4091168 |
| BlackRock Capital Appreciation Portfolio (Class A) | &nbsp;&nbsp; 1425653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 261574 |
| BlackRock High Yield Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3312962 | &nbsp;&nbsp; 6675554 |
| Brighthouse Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 8477357 | &nbsp;&nbsp; 896343 | &nbsp;&nbsp; 5320182 |
| Brighthouse/Artisan International Portfolio (Class A) | &nbsp;&nbsp; 16322222 | &nbsp;&nbsp; 1306352 | &nbsp;&nbsp; 8404003 |
| Brighthouse/Artisan Mid Cap Value Portfolio (Class A) | &nbsp;&nbsp; 13375905 | &nbsp;&nbsp; 950354 | &nbsp;&nbsp; 447193 |
| Brighthouse/Dimensional International Small Company Portfolio (Class A) | &nbsp;&nbsp; 4018083 | &nbsp;&nbsp; 2046948 | &nbsp;&nbsp; 6193513 |
| Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6611057 | &nbsp;&nbsp; 8014534 |
| Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5433244 | &nbsp;&nbsp; 12062561 |
| Brighthouse/Templeton International Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6999895 |
| Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) | &nbsp;&nbsp; 2342262 | &nbsp;&nbsp; 269370 | &nbsp;&nbsp; 726439 |
| Brighthouse/Wellington Large Cap Research Portfolio (Class A) | &nbsp;&nbsp; 3910483 | &nbsp;&nbsp; 113169 | &nbsp;&nbsp; 1657760 |
| CBRE Global Real Estate Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1276873 | &nbsp;&nbsp; 4184648 |
| Frontier Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 3169047 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2250940 |
| Harris Oakmark International Portfolio (Class A) | &nbsp;&nbsp; 6370667 | &nbsp;&nbsp; 4368457 | &nbsp;&nbsp; 13571072 |
| Invesco Comstock Portfolio (Class A) | &nbsp;&nbsp; 654223 | &nbsp;&nbsp; 113388 | &nbsp;&nbsp; 449010 |
| Invesco Global Equity Portfolio (Class A) | &nbsp;&nbsp; 7508533 | &nbsp;&nbsp; 72358 | &nbsp;&nbsp; 2143270 |
| Invesco Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4633901 |
| Jennison Growth Portfolio (Class A) | &nbsp;&nbsp; 2710043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1071006 |
| JPMorgan Core Bond Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8837499 | &nbsp;&nbsp; 23663376 |
| JPMorgan Small Cap Value Portfolio (Class A) | &nbsp;&nbsp; 4573819 | &nbsp;&nbsp; 507796 | &nbsp;&nbsp; 4153652 |
| Loomis Sayles Growth Portfolio (Class A) | &nbsp;&nbsp; 1613647 | &nbsp;&nbsp; — | &nbsp;&nbsp; 686077 |
| MFS Research International Portfolio (Class A) | &nbsp;&nbsp; 7176983 | &nbsp;&nbsp; 2469699 | &nbsp;&nbsp; 9954830 |
| MFS Value Portfolio (Class A) | &nbsp;&nbsp; 1759046 | &nbsp;&nbsp; 281960 | &nbsp;&nbsp; 1226037 |
| Morgan Stanley Discovery Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2520805 |
| Neuberger Berman Genesis Portfolio (Class A) | &nbsp;&nbsp; 4340376 | &nbsp;&nbsp; 34800 | &nbsp;&nbsp; 2222334 |
| PIMCO Inflation Protected Bond Portfolio (Class A) | &nbsp;&nbsp; 717920 | &nbsp;&nbsp; 1234823 | &nbsp;&nbsp; 9718093 |
| PIMCO Total Return Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15586288 | &nbsp;&nbsp; 27580776 |
| SSGA Emerging Markets Enhanced Index Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 902782 | &nbsp;&nbsp; 7681456 |
| SSGA Emerging Markets Enhanced Index Portfolio II (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 941786 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Value Portfolio (Class A) | &nbsp;&nbsp; 1136021 | &nbsp;&nbsp; 245568 | &nbsp;&nbsp; 486830 |
| T. Rowe Price Mid Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 5085649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4481368 |
| T. Rowe Price Small Cap Growth Portfolio (Class A) | &nbsp;&nbsp; 12399758 | &nbsp;&nbsp; 153566 | &nbsp;&nbsp; 3535996 |
| TCW Core Fixed Income Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 13696061 | &nbsp;&nbsp; 34154967 |
| VanEck Global Natural Resources Portfolio (Class A) | &nbsp;&nbsp; 1182725 | &nbsp;&nbsp; 2228323 | &nbsp;&nbsp; 5781994 |
| Western Asset Management Strategic Bond Opportunities Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 11872177 | &nbsp;&nbsp; 14818788 |
| Western Asset Management U.S. Government Portfolio (Class A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6960669 | &nbsp;&nbsp; 16344247 |
|  | &nbsp;&nbsp; $127819287 | &nbsp;&nbsp; $119268011 |  |

---

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **Settlement** <br>**Date**<br>| **Maturity** <br>**Date**<br>| **Principal Amount** | **Principal Amount** | **Net Closing** <br>**Amount**<br>|
| Barclays Bank PLC | 4.250<br> %<br>| &nbsp;&nbsp; 12/20/24 | &nbsp;&nbsp; 12/20/26 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (7273438)<br>| &nbsp;&nbsp; $(7273438)<br>|
| Deutsche Bank Securities, Inc. | 4.450<br> %<br>| &nbsp;&nbsp; 06/24/25 | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (20219500)<br>| &nbsp;&nbsp; (20219500)<br>|
| Deutsche Bank Securities, Inc. | 4.400<br> %<br>| &nbsp;&nbsp; 06/23/25 | &nbsp;&nbsp; 07/07/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (6432000)<br>| &nbsp;&nbsp; (6432000)<br>|
| Deutsche Bank Securities, Inc. | 4.420<br> %<br>| &nbsp;&nbsp; 06/23/25 | &nbsp;&nbsp; 07/07/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (2403000)<br>| &nbsp;&nbsp; (2403000)<br>|
| Deutsche Bank Securities, Inc. | 4.480<br> %<br>| &nbsp;&nbsp; 06/25/25 | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (8245000)<br>| &nbsp;&nbsp; (8245000)<br>|
| JPMorgan Securities LLC | 4.440<br> %<br>| &nbsp;&nbsp; 06/24/25 | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (54000000)<br>| &nbsp;&nbsp; (54000000)<br>|
| JPMorgan Securities LLC | 4.440<br> %<br>| &nbsp;&nbsp; 06/16/25 | &nbsp;&nbsp; 07/14/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (13035000)<br>| &nbsp;&nbsp; (13035000)<br>|
| JPMorgan Securities LLC | 4.450<br> %<br>| &nbsp;&nbsp; 06/24/25 | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (21433125)<br>| &nbsp;&nbsp; (21433125)<br>|
| JPMorgan Securities LLC | 4.460<br> %<br>| &nbsp;&nbsp; 06/24/25 | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (53288500)<br>| &nbsp;&nbsp; (53288500)<br>|
| Total |  |  |  |  |  | &nbsp;&nbsp; $(186329563)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-125**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments. Additionally, securities in the amount of $293,856 have been received at the custodian bank as collateral for reverse repurchase agreements.

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under a Master Repurchase Agreement ("MRA") on a net basis as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Reverse** <br>**Repurchase** <br>**Agreements** <br>| **Collateral** <br>**Pledged/** <br>**(Received)**<sup>(a)</sup> <br>| **Net** <br>**Amount** <sup>(b)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $(7273438)<br>| &nbsp;&nbsp; $7273438 | &nbsp;&nbsp; $— |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; (37299500)<br>| &nbsp;&nbsp; 37299500 | &nbsp;&nbsp; — |
| JPMorgan Securities LLC | &nbsp;&nbsp; (141756625)<br>| &nbsp;&nbsp; 141262313 | &nbsp;&nbsp; (494312)<br>|
|  | &nbsp;&nbsp; $(186329563)<br>| &nbsp;&nbsp; $185835251 | &nbsp;&nbsp; $(494312)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Collateral with a value of $186,655,168 has been pledged and $293,856 has been received in connection with open reverse repurchase agreements. In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net amount represents the net amount payable due to the counterparty in the event of default.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1370202513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $286858613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 <br>,313543267<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $404583444 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $982706016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $997562461 |

---

The following table presents the Portfolio's secured borrowings by counterparty net of amounts available for offset under the Master Securities Forward Transaction Agreement ("MSFTA") and net of the related collateral pledged or received by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for** <br>**Secured** <br>**Borrowings**<br>| **Financial** <br>**Instruments** <br>**Available for** <br>**Offset**<sup>(a)</sup> <br>| **Collateral** <br>**Pledged/** <br>**(Received)**<sup>(b)</sup> <br>| **Net** <br>**Amount**<sup>(c)</sup> <br>|
| Barclays Capital, Inc. | &nbsp;&nbsp; $(104363808)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $104423985 | &nbsp;&nbsp;&nbsp;&nbsp; $(880000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(819823)<br>|
| UBS Securities LLC | &nbsp;&nbsp; (14072920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14169094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96174 |
| Total | &nbsp;&nbsp; $(118436728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $118593079 | &nbsp;&nbsp;&nbsp;&nbsp; $(880000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(723649)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents market value of borrowings as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

*See accompanying notes to financial statements.*

**BHFTI-126**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Reverse Repurchase Agreements |  |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7273438)<br>| &nbsp;&nbsp;&nbsp; $(7273438)<br>|
| U.S. Treasury | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (179056125)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (179056125)<br>|
| Secured Borrowing Transactions |  |  |  |  |  |
| U.S. Treasury | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (117115439)<br>| &nbsp;&nbsp;&nbsp; (1321289)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (118436728)<br>|
| Total Borrowings | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(296171564)<br>| &nbsp;&nbsp;&nbsp; $(1321289)<br>| &nbsp;&nbsp;&nbsp; $(7273438)<br>| &nbsp;&nbsp;&nbsp; $(304766291)<br>|
| Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | &nbsp;&nbsp;&nbsp; $(304766291)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 4524 | USD | 1414598250 | &nbsp;&nbsp; $42720716 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 199 | USD | 23705875 | &nbsp;&nbsp; 146098 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; (199)<br>| USD | (41396664)<br>| &nbsp;&nbsp; (126139)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (753)<br>| USD | (86042016)<br>| &nbsp;&nbsp; (1718836)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $41021839 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $42720716 |  |  |
| Interest Rate | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; 146098 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $1844975 |
| Total |  | &nbsp;&nbsp; $42866814 |  | &nbsp;&nbsp; $1844975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $2308999 | &nbsp;&nbsp;&nbsp; $(111219189)<br>| &nbsp;&nbsp;&nbsp; $(108910190)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $(4547307)<br>| &nbsp;&nbsp;&nbsp; $88034195 | &nbsp;&nbsp;&nbsp; $83486888 |

---

*See accompanying notes to financial statements.*

**BHFTI-127**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $1005863094 |
| Futures contracts short | &nbsp;&nbsp; (164312866)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $3393665733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3393665733 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1518657138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1518657138 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 177678008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 177678008 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 117517721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117517721 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 39787224 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39787224 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1995322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1995322 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 21448137 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21448137 |
| Total Investments | &nbsp;&nbsp; $3393665733 | &nbsp;&nbsp; $1877083550 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5270749283 |
| Reverse Repurchase Agreements (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(186329563)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(186329563)<br>|
| Secured Borrowings (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(118436728)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(118436728)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $42866814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42866814 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (1844975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1844975)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $41021839 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41021839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-128**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1877083550 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 3393665733 |
| Cash | &nbsp;&nbsp; 249511 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 395436 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 289000 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 597118 |
| TBA securities sold | &nbsp;&nbsp; 210936172 |
| Fund shares sold | &nbsp;&nbsp; 90055 |
| Interest | &nbsp;&nbsp; 11410324 |
| Deferred dollar roll income | &nbsp;&nbsp; 33905 |
| Variation margin on futures contracts | &nbsp;&nbsp; 7289631 |
| Prepaid expenses | &nbsp;&nbsp; 10746 |
| Total Assets | &nbsp;&nbsp; 5502051181 |
| **Liabilities** |  |
| Secured borrowings | &nbsp;&nbsp; 118436728 |
| Reverse repurchase agreements | &nbsp;&nbsp; 186329563 |
| Cash collateral (d) | &nbsp;&nbsp; 2607110 |
| Payable for: |  |
| TBA securities purchased | &nbsp;&nbsp; 311321406 |
| Fund shares redeemed | &nbsp;&nbsp; 3961060 |
| Interest on reverse repurchase agreements | &nbsp;&nbsp; 333518 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 950491 |
| Distribution and service fees | &nbsp;&nbsp; 984332 |
| Deferred trustees' fees | &nbsp;&nbsp; 210951 |
| Other expenses | &nbsp;&nbsp; 334706 |
| Total Liabilities | &nbsp;&nbsp; 625469865 |
| **Net Assets**  | &nbsp;&nbsp; $4876581316 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $5828591388 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (952010072)<br>|
| **Net Assets**  | &nbsp;&nbsp; $4876581316 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $4876581316 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 546041996 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $8.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $2,214,404,111.

(b) Identified cost of affiliated investments was $3,552,028,497.

(c) Identified cost of cash denominated in foreign currencies was $391,208.

(d) Includes collateral of $1,727,110 for TBA securities and $880,000 for secured borrowing transactions. 

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $119268011 |
| Interest | &nbsp;&nbsp; 32616979 |
| Total investment income | &nbsp;&nbsp; 151884990 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5881656 |
| Administration fees | &nbsp;&nbsp; 49154 |
| Custodian and accounting fees | &nbsp;&nbsp; 50284 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 5997656 |
| Interest expense | &nbsp;&nbsp; 5547513 |
| Audit and tax services | &nbsp;&nbsp; 31794 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20036 |
| Shareholder reporting | &nbsp;&nbsp; 21235 |
| Insurance | &nbsp;&nbsp; 9168 |
| Miscellaneous | &nbsp;&nbsp; 18664 |
| Total expenses | &nbsp;&nbsp; 17649882 |
| Less management fee waiver | &nbsp;&nbsp; (123972)<br>|
| Net expenses | &nbsp;&nbsp; 17525910 |
| **Net Investment Income** | &nbsp;&nbsp; 134359080 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (51076142)<br>|
| Affiliated investments | &nbsp;&nbsp; (718700)<br>|
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 127819287 |
| Futures contracts | &nbsp;&nbsp; (108910190)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (32885745)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 80321012 |
| Affiliated investments | &nbsp;&nbsp; (3243266)<br>|
| Futures contracts | &nbsp;&nbsp; 83486888 |
| Foreign currency transactions | &nbsp;&nbsp; 31890 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 160596524 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 127710779 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $262069859 |

---

*See accompanying notes to financial statements.*

**BHFTI-129**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $134359080 | &nbsp;&nbsp; $186918607 |
| Net realized gain (loss) | &nbsp;&nbsp; (32885745)<br>| &nbsp;&nbsp; 47244059 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 160596524 | &nbsp;&nbsp; 101601748 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 262069859 | &nbsp;&nbsp; 335764414 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (191196942)<br>| &nbsp;&nbsp; (179265176)<br>|
| **Total distributions** | &nbsp;&nbsp; (191196942)<br>| &nbsp;&nbsp; (179265176)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (166003968)<br>| &nbsp;&nbsp; (2873101596)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (95131051)<br>| &nbsp;&nbsp; (2716602358)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 4971712367 | &nbsp;&nbsp; 7688314725 |
| End of period | &nbsp;&nbsp; $4876581316 | &nbsp;&nbsp; $4971712367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 766594 | &nbsp;&nbsp; $6763553 | &nbsp;&nbsp; 1251897 | &nbsp;&nbsp; $11173853 |
| Reinvestments | &nbsp;&nbsp; 21901139 | &nbsp;&nbsp; 191196942 | &nbsp;&nbsp; 20347920 | &nbsp;&nbsp; 179265176 |
| Redemptions | &nbsp;&nbsp; (41067419)<br>| &nbsp;&nbsp; (363964463)<br>| &nbsp;&nbsp; (341124786)<br>| &nbsp;&nbsp; (3063540625)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (18399686)<br>| &nbsp;&nbsp; $(166003968)<br>| &nbsp;&nbsp; (319524969)<br>| &nbsp;&nbsp; $(2873101596)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(166003968)<br>|  | &nbsp;&nbsp; $(2873101596)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-130**

------

**Brighthouse Funds Trust I**

**Brighthouse Balanced Plus Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp;&nbsp;&nbsp; $8.70 | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $11.84 | &nbsp;&nbsp; $12.01 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Total income (loss) from investment operations | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.19)<br>|
| Total distributions | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.48)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp;&nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.70 | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $11.84 |
| **Total Return (%)** (b) | 5.57 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp; (21.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;12.52 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (d) | 0.74 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Gross ratio of expenses to average net assets excluding interest expense (%) (d) | 0.50 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net ratio of expenses to average net assets (%) (d) (f) | 0.73 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net ratio of expenses to average net assets excluding interest expense (%) (d) (f) | 0.50 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Ratio of net investment income (loss) to average net assets (%) (g) | 3.09 <br>(e)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 32 <br>(c)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35 <br>(i)<br>| &nbsp;&nbsp; 41 <br>(i)<br>| &nbsp;&nbsp; 26 <br>(i)<br>| &nbsp;&nbsp; 45 <br>(i)<br>| &nbsp;&nbsp; 76 <br>(i)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $4876.6 | &nbsp;&nbsp;&nbsp;&nbsp; $4971.7 | &nbsp;&nbsp; $7688.3 | &nbsp;&nbsp; $8060.4 | &nbsp;&nbsp; $11622.6 | &nbsp;&nbsp; $12162.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The income earned by the Portfolio through the investments in Underlying Portfolios is not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 13%,10%,12%, 8%, 18%, and 24% for the six months ended June 30, 2025, and for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTI-131**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—97.3% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Holley, Inc. (a) (b) | 949992 | &nbsp;&nbsp; $1899984 |
| **Banks — 11.4%** | **Banks — 11.4%** | **Banks — 11.4%** |
| Associated Banc-Corp. (a) | 250927 | &nbsp;&nbsp; 6120110 |
| BOK Financial Corp.  | 36490 | &nbsp;&nbsp; 3562519 |
| Hancock Whitney Corp.  | 253276 | &nbsp;&nbsp; 14538042 |
| Old National Bancorp (a) | 311484 | &nbsp;&nbsp; 6647069 |
| Renasant Corp. (a) | 231199 | &nbsp;&nbsp; 8306980 |
| SouthState Corp. (a) | 145668 | &nbsp;&nbsp; 13405826 |
| UMB Financial Corp. (a) | 236102 | &nbsp;&nbsp; 24828486 |
| Webster Financial Corp.  | 111014 | &nbsp;&nbsp; 6061364 |
|  |  | &nbsp;&nbsp; 83470396 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Primo Brands Corp.  | 199048 | &nbsp;&nbsp; 5895802 |
| **Building Products — 4.7%** | **Building Products — 4.7%** | **Building Products — 4.7%** |
| CSW Industrials, Inc.  | 10639 | &nbsp;&nbsp; 3051584 |
| Janus International Group, Inc. (a) (b) | 403282 | &nbsp;&nbsp; 3282716 |
| Quanex Building Products Corp. (a) | 345666 | &nbsp;&nbsp; 6533087 |
| Simpson Manufacturing Co., Inc.  | 44672 | &nbsp;&nbsp; 6938008 |
| UFP Industries, Inc. (a) | 150083 | &nbsp;&nbsp; 14912247 |
|  |  | &nbsp;&nbsp; 34717642 |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| GlassBridge Enterprises, Inc. (b) | 572 | &nbsp;&nbsp; 14300 |
| Marex Group PLC | 89152 | &nbsp;&nbsp; 3518829 |
| Westwood Holdings Group, Inc. (a) | 64638 | &nbsp;&nbsp; 1008353 |
|  |  | &nbsp;&nbsp; 4541482 |
| **Chemicals — 9.2%** | **Chemicals — 9.2%** | **Chemicals — 9.2%** |
| Avient Corp.  | 450198 | &nbsp;&nbsp; 14545897 |
| Ecovyst, Inc. (a) (b) | 592773 | &nbsp;&nbsp; 4878522 |
| Innospec, Inc.  | 259752 | &nbsp;&nbsp; 21842546 |
| Mativ Holdings, Inc.  | 556154 | &nbsp;&nbsp; 3792970 |
| Minerals Technologies, Inc.  | 62785 | &nbsp;&nbsp; 3457570 |
| NewMarket Corp.  | 21485 | &nbsp;&nbsp; 14843127 |
| Quaker Chemical Corp. (a) | 35630 | &nbsp;&nbsp; 3988422 |
|  |  | &nbsp;&nbsp; 67349054 |
| **Commercial Services & Supplies — 1.2%** | **Commercial Services & Supplies — 1.2%** | **Commercial Services & Supplies — 1.2%** |
| ACCO Brands Corp.  | 934173 | &nbsp;&nbsp; 3344339 |
| Ennis, Inc. (a) | 206271 | &nbsp;&nbsp; 3741756 |
| VSE Corp. (a) | 13617 | &nbsp;&nbsp; 1783555 |
|  |  | &nbsp;&nbsp; 8869650 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| WillScot Holdings Corp. (a) | 68232 | &nbsp;&nbsp; 1869557 |
| **Construction Materials — 3.0%** | **Construction Materials — 3.0%** | **Construction Materials — 3.0%** |
| Eagle Materials, Inc. (a) | 90026 | &nbsp;&nbsp; 18195155 |
| Titan America SA (b) | 309873 | &nbsp;&nbsp; 3867215 |
|  |  | &nbsp;&nbsp; 22062370 |
| **Containers & Packaging — 5.2%** | **Containers & Packaging — 5.2%** | **Containers & Packaging — 5.2%** |
| Amcor PLC (a) | 591747 | &nbsp;&nbsp; 5438155 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** |
| Myers Industries, Inc.  | 287637 | &nbsp;&nbsp; $4167860 |
| Silgan Holdings, Inc. (a) | 332465 | &nbsp;&nbsp; 18012954 |
| TriMas Corp. (a) | 373679 | &nbsp;&nbsp; 10690956 |
|  |  | &nbsp;&nbsp; 38309925 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| Matthews International Corp. - Class A (a) | 130414 | &nbsp;&nbsp; 3118199 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| Atkore, Inc.  | 93549 | &nbsp;&nbsp; 6599882 |
| **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** |
| Belden, Inc. (a) | 127401 | &nbsp;&nbsp; 14753036 |
| Ingram Micro Holding Corp.  | 126736 | &nbsp;&nbsp; 2641178 |
| Insight Enterprises, Inc. (b) | 14288 | &nbsp;&nbsp; 1972958 |
| Knowles Corp. (a) (b) | 156956 | &nbsp;&nbsp; 2765565 |
| Novanta, Inc. (b) | 46298 | &nbsp;&nbsp; 5969201 |
|  |  | &nbsp;&nbsp; 28101938 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| Forum Energy Technologies, Inc. (a) (b) | 32456 | &nbsp;&nbsp; 631918 |
| Liberty Energy, Inc.  | 250681 | &nbsp;&nbsp; 2877818 |
| Patterson-UTI Energy, Inc. (a) | 476390 | &nbsp;&nbsp; 2824993 |
|  |  | &nbsp;&nbsp; 6334729 |
| **Financial Services — 1.3%** | **Financial Services — 1.3%** | **Financial Services — 1.3%** |
| Compass Diversified Holdings | 577228 | &nbsp;&nbsp; 3624992 |
| Euronet Worldwide, Inc. (a) (b) | 55724 | &nbsp;&nbsp; 5649299 |
|  |  | &nbsp;&nbsp; 9274291 |
| **Food Products — 5.1%** | **Food Products — 5.1%** | **Food Products — 5.1%** |
| J&J Snack Foods Corp. (a) | 188105 | &nbsp;&nbsp; 21332988 |
| Nomad Foods Ltd.  | 636995 | &nbsp;&nbsp; 10822545 |
| Tootsie Roll Industries, Inc. (a) | 152402 | &nbsp;&nbsp; 5097847 |
|  |  | &nbsp;&nbsp; 37253380 |
| **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** |
| MDU Resources Group, Inc. (a) | 283937 | &nbsp;&nbsp; 4733230 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Werner Enterprises, Inc.  | 252743 | &nbsp;&nbsp; 6915049 |
| **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
| CONMED Corp. (a) | 33483 | &nbsp;&nbsp; 1743795 |
| Enovis Corp. (a) (b) | 68163 | &nbsp;&nbsp; 2137592 |
| Globus Medical, Inc. - Class A (b) | 17495 | &nbsp;&nbsp; 1032555 |
| Haemonetics Corp. (a) (b) | 97904 | &nbsp;&nbsp; 7304617 |
| Varex Imaging Corp. (b) | 346253 | &nbsp;&nbsp; 3002013 |
|  |  | &nbsp;&nbsp; 15220572 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| Ardent Health, Inc. (b) | 104643 | &nbsp;&nbsp; 1429423 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |
| Boyd Gaming Corp.  | 40010 | &nbsp;&nbsp; 3129983 |
| Denny's Corp. (a) (b) | 696740 | &nbsp;&nbsp; 2856634 |

---

*See accompanying notes to financial statements.*

**BHFTI-132**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Genius Sports Ltd. (a) (b) | 282610 | &nbsp;&nbsp; $2939144 |
| Jack in the Box, Inc. (a) | 65946 | &nbsp;&nbsp; 1151417 |
| Pursuit Attractions & Hospitality, Inc. (a) (b) | 190329 | &nbsp;&nbsp; 5487185 |
|  |  | &nbsp;&nbsp; 15564363 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| La-Z-Boy, Inc. (a) | 75489 | &nbsp;&nbsp; 2805926 |
| **Household Products — 2.0%** | **Household Products — 2.0%** | **Household Products — 2.0%** |
| Central Garden & Pet Co. (Voting Shares) (a) (b) | 77122 | &nbsp;&nbsp; 2713152 |
| Central Garden & Pet Co. (Non-Voting Shares) - Class A (b) | 251050 | &nbsp;&nbsp; 7855355 |
| Spectrum Brands Holdings, Inc. (a) | 76628 | &nbsp;&nbsp; 4061284 |
|  |  | &nbsp;&nbsp; 14629791 |
| **Insurance — 5.5%** | **Insurance — 5.5%** | **Insurance — 5.5%** |
| Abacus Global Management, Inc. (a) (b) | 189908 | &nbsp;&nbsp; 976127 |
| Aspen Insurance Holdings Ltd. - Class A (b) | 64068 | &nbsp;&nbsp; 2016220 |
| CNO Financial Group, Inc.  | 133268 | &nbsp;&nbsp; 5141479 |
| Hanover Insurance Group, Inc.  | 65819 | &nbsp;&nbsp; 11180674 |
| Stewart Information Services Corp.  | 219861 | &nbsp;&nbsp; 14312951 |
| White Mountains Insurance Group Ltd. (a) | 3873 | &nbsp;&nbsp; 6954824 |
|  |  | &nbsp;&nbsp; 40582275 |
| **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| Angi, Inc. (a) (b) | 44776 | &nbsp;&nbsp; 683282 |
| IAC, Inc. (b) | 65619 | &nbsp;&nbsp; 2450213 |
| Ziff Davis, Inc. (b) | 68928 | &nbsp;&nbsp; 2086451 |
|  |  | &nbsp;&nbsp; 5219946 |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| Kyndryl Holdings, Inc. (a) (b) | 229845 | &nbsp;&nbsp; 9644296 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Azenta, Inc. (a) (b) | 98573 | &nbsp;&nbsp; 3034077 |
| Charles River Laboratories International, Inc. (b) | 16322 | &nbsp;&nbsp; 2476537 |
|  |  | &nbsp;&nbsp; 5510614 |
| **Machinery — 13.3%** | **Machinery — 13.3%** | **Machinery — 13.3%** |
| Alamo Group, Inc.  | 74452 | &nbsp;&nbsp; 16258828 |
| Atmus Filtration Technologies, Inc.  | 141698 | &nbsp;&nbsp; 5160641 |
| Douglas Dynamics, Inc. (a) | 312751 | &nbsp;&nbsp; 9216772 |
| Franklin Electric Co., Inc.  | 263686 | &nbsp;&nbsp; 23663182 |
| Gates Industrial Corp. PLC (a) (b) | 265633 | &nbsp;&nbsp; 6117528 |
| Hillman Solutions Corp. (b) | 891922 | &nbsp;&nbsp; 6368323 |
| Mayville Engineering Co., Inc. (b) | 256856 | &nbsp;&nbsp; 4099422 |
| Mueller Industries, Inc.  | 288379 | &nbsp;&nbsp; 22917479 |
| Standex International Corp. (a) | 13946 | &nbsp;&nbsp; 2182270 |
| Timken Co. (a) | 23918 | &nbsp;&nbsp; 1735251 |
|  |  | &nbsp;&nbsp; 97719696 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| DallasNews Corp. (b) | 31298 | &nbsp;&nbsp; 134581 |
| Thryv Holdings, Inc. (a) (b) | 139568 | &nbsp;&nbsp; 1697147 |
|  |  | &nbsp;&nbsp; 1831728 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mortgage Real Estate Investment Trusts — 2.6%** | **Mortgage Real Estate Investment Trusts — 2.6%** | **Mortgage Real Estate Investment Trusts — 2.6%** |
| AGNC Investment Corp. (a) | 936110 | &nbsp;&nbsp; $8602851 |
| New York Mortgage Trust, Inc. (a) | 495147 | &nbsp;&nbsp; 3317485 |
| Two Harbors Investment Corp. (a) | 671904 | &nbsp;&nbsp; 7236406 |
|  |  | &nbsp;&nbsp; 19156742 |
| **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** | **Oil, Gas & Consumable Fuels — 3.4%** |
| Berry Corp. (a) | 308693 | &nbsp;&nbsp; 855079 |
| Chord Energy Corp.  | 99988 | &nbsp;&nbsp; 9683838 |
| Core Natural Resources, Inc. (a) | 13007 | &nbsp;&nbsp; 907108 |
| Magnolia Oil & Gas Corp. - Class A (a) | 374862 | &nbsp;&nbsp; 8426898 |
| Northern Oil & Gas, Inc. (a) | 182245 | &nbsp;&nbsp; 5166646 |
|  |  | &nbsp;&nbsp; 25039569 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Edgewell Personal Care Co. (a) | 67234 | &nbsp;&nbsp; 1573948 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| Perrigo Co. PLC (a) | 148246 | &nbsp;&nbsp; 3961133 |
| Prestige Consumer Healthcare, Inc. (b) | 162535 | &nbsp;&nbsp; 12978420 |
|  |  | &nbsp;&nbsp; 16939553 |
| **Professional Services — 3.3%** | **Professional Services — 3.3%** | **Professional Services — 3.3%** |
| Alight, Inc. - Class A (a) | 471377 | &nbsp;&nbsp; 2667994 |
| CBIZ, Inc. (a) (b) | 55705 | &nbsp;&nbsp; 3994605 |
| Korn Ferry | 180101 | &nbsp;&nbsp; 13206806 |
| Maximus, Inc.  | 57933 | &nbsp;&nbsp; 4066897 |
|  |  | &nbsp;&nbsp; 23936302 |
| **Residential REITs — 0.6%** | **Residential REITs — 0.6%** | **Residential REITs — 0.6%** |
| Elme Communities | 264931 | &nbsp;&nbsp; 4212403 |
| **Retail REITs — 0.5%** | **Retail REITs — 0.5%** | **Retail REITs — 0.5%** |
| Agree Realty Corp. (a) | 53807 | &nbsp;&nbsp; 3931139 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Diodes, Inc. (a) (b) | 28049 | &nbsp;&nbsp; 1483512 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| Bit Digital, Inc. (b) | 418047 | &nbsp;&nbsp; 915523 |
| Progress Software Corp. (a) | 83375 | &nbsp;&nbsp; 5322660 |
| Synchronoss Technologies, Inc. (b) | 61797 | &nbsp;&nbsp; 423309 |
|  |  | &nbsp;&nbsp; 6661492 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| Smartstop Self Storage REIT, Inc.  | 40420 | &nbsp;&nbsp; 1464417 |
| **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** |
| Five Below, Inc. (a) (b) | 27761 | &nbsp;&nbsp; 3641688 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| Diebold Nixdorf, Inc. (a) (b) | 97061 | &nbsp;&nbsp; 5377179 |
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
| Crocs, Inc. (a) (b) | 25031 | &nbsp;&nbsp; 2535140 |
| Levi Strauss & Co. - Class A | 222533 | &nbsp;&nbsp; 4114635 |

---

*See accompanying notes to financial statements.*

**BHFTI-133**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Textiles, Apparel & Luxury Goods—(Continued)** | **Textiles, Apparel & Luxury Goods—(Continued)** | **Textiles, Apparel & Luxury Goods—(Continued)** |
| Steven Madden Ltd. (a) | 162521 | &nbsp;&nbsp; $3897253 |
|  |  | &nbsp;&nbsp; 10547028 |
| **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** | **Trading Companies & Distributors — 1.3%** |
| Air Lease Corp.  | 135035 | &nbsp;&nbsp; 7898197 |
| Custom Truck One Source, Inc. (a) (b) | 404181 | &nbsp;&nbsp; 1996654 |
|  |  | &nbsp;&nbsp; 9894851 |
| Total Common Stocks <br>(Cost $694,142,368) <br>|  | &nbsp;&nbsp; 715335013 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Tontine Holdings Ltd. (b) (c) (d) <br>(Cost $0)<br>| 140969 | &nbsp;&nbsp; 0 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** | **Special Purpose Acquisition Companies — 0.0%** |
| Pershing Square Holdings Ltd. (b) <br>(Cost $0)<br>| 35242 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.8%** | **Short-Term Investments—2.8%** | **Short-Term Investments—2.8%** |
| **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** | **Repurchase Agreement—2.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $20,310,018; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $20,714,488<br>| 20308185 | &nbsp;&nbsp; 20308185 |
| Total Short-Term Investments <br>(Cost $20,308,185) <br>|  | &nbsp;&nbsp; 20308185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—12.8%** | **Securities Lending Reinvestments (e)—12.8%** | **Securities Lending Reinvestments (e)—12.8%** |
| **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (f) | 1000000 | &nbsp;&nbsp; 999998 |
| 4.750%, SOFR + 0.350%, 05/14/26 (f) | 2000000 | &nbsp;&nbsp; 1999997 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (f) | 1000000 | &nbsp;&nbsp; 1000436 |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000001 |
|  |  | &nbsp;&nbsp; 5000432 |
| **Commercial Paper—0.5%** | **Commercial Paper—0.5%** | **Commercial Paper—0.5%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (f) | 1000000 | &nbsp;&nbsp; 1000010 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 2000000 | &nbsp;&nbsp; 1999272 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (f) | 1000000 | &nbsp;&nbsp; 999964 |
|  |  | &nbsp;&nbsp; 3999246 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—10.6%** | **Repurchase Agreements—10.6%** | **Repurchase Agreements—10.6%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $3,000,372; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,339,222<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $5,000,629; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,565,370<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $5,000,607; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $5,100,000<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $10,001,217; collateralized <br> by U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $10,201,241<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,008,166; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $4,087,833<br>| 4007679 | &nbsp;&nbsp; 4007679 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,200,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $6,000,757; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,690,630<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $14,012,413; collateralized <br> by various Common Stock with an aggregate market value of <br> $15,611,720<br>| 14000000 | &nbsp;&nbsp; 14000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $3,013,417; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,333,759<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $10,001,233; collateralized <br> by various Common Stock with an aggregate market value of <br> $11,126,188<br>| 10000000 | &nbsp;&nbsp; 10000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-134**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $14,001,723; collateralized <br> by various Common Stock with an aggregate market value of <br> $15,401,896<br>| 14000000 | &nbsp;&nbsp; $14000000 |
|  |  | &nbsp;&nbsp; 78007679 |
| **Time Deposits—1.0%** | **Time Deposits—1.0%** | **Time Deposits—1.0%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| 4.400%, OBFR + 0.070%, 07/07/25 (f) | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 7000000 |
| Total Securities Lending Reinvestments <br>(Cost $94,007,197) <br>|  | &nbsp;&nbsp; 94007357 |
| Total Investments—112.9% <br>(Cost $808,457,750) <br>|  | &nbsp;&nbsp; 829650555 |
| Other assets and liabilities (net)—(12.9)%  |  | &nbsp;&nbsp; (94611097)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $735039458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $156,813,451 and the collateral received consisted of cash in the amount <br> of $94,006,956 and non-cash collateral with a value of $66,880,216. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (f) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity <br> date shown for callable securities reflects the earliest possible call date. For securities based on a <br> published reference index and spread, the index and spread are indicated in the description <br> above. For certain variable rate securities, the coupon rate is determined by the issuer/agent <br> based on current market conditions. For certain asset- and mortgage-backed securities, the <br> coupon rate may fluctuate based on changes of the underlying collateral or prepayments of <br> principal. These securities do not indicate a reference index and spread in their description above.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $384333242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $380557781 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(94006956)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(94006956)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(94006956)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-135**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $715335013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $715335013 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 20308185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20308185 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 94007357 | &nbsp;&nbsp; — | &nbsp;&nbsp; 94007357 |
| Total Investments | &nbsp;&nbsp; $715335013 | &nbsp;&nbsp; $114315542 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $829650555 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(94006956)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(94006956)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-136**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $829650555 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 249066 |
| Fund shares sold | &nbsp;&nbsp; 89216 |
| Dividends and interest | &nbsp;&nbsp; 951798 |
| Prepaid expenses | &nbsp;&nbsp; 5708 |
| Total Assets | &nbsp;&nbsp; 830946343 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 94006956 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 931212 |
| Fund shares redeemed | &nbsp;&nbsp; 54982 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 419678 |
| Distribution and service fees | &nbsp;&nbsp; 60791 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 209165 |
| Total Liabilities | &nbsp;&nbsp; 95906885 |
| **Net Assets**  | &nbsp;&nbsp; $735039458 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $642088258 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 92951200 |
| **Net Assets**  | &nbsp;&nbsp; $735039458 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $433202561 |
| Class B | &nbsp;&nbsp; 301836897 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 39805920 |
| Class B | &nbsp;&nbsp; 28236914 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.88 |
| Class B | 10.69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $808,457,750.

(b) Includes securities loaned at value of $156,813,451.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $7953701 |
| Interest | &nbsp;&nbsp; 355762 |
| Securities lending income | &nbsp;&nbsp; 84571 |
| Total investment income | &nbsp;&nbsp; 8394034 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2744264 |
| Administration fees | &nbsp;&nbsp; 23704 |
| Custodian and accounting fees | &nbsp;&nbsp; 35034 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 382901 |
| Audit and tax services | &nbsp;&nbsp; 25988 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 27931 |
| Insurance | &nbsp;&nbsp; 3594 |
| Miscellaneous | &nbsp;&nbsp; 7818 |
| Total expenses | &nbsp;&nbsp; 3293991 |
| Less management fee waiver | &nbsp;&nbsp; (111511)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (13635)<br>|
| Net expenses | &nbsp;&nbsp; 3168845 |
| **Net Investment Income** | &nbsp;&nbsp; 5225189 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 69973410<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (129362521)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (59389111)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(54163922)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-137**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $5225189 | &nbsp;&nbsp; $11426050 |
| Net realized gain (loss) | &nbsp;&nbsp; 69973410 | &nbsp;&nbsp; 109844096 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (129362521)<br>| &nbsp;&nbsp; (44340464)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (54163922)<br>| &nbsp;&nbsp; 76929682 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (70123498)<br>| &nbsp;&nbsp; (41606617)<br>|
| Class B | &nbsp;&nbsp; (48770291)<br>| &nbsp;&nbsp; (28327046)<br>|
| **Total distributions** | &nbsp;&nbsp; (118893789)<br>| &nbsp;&nbsp; (69933663)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 124313419 | &nbsp;&nbsp; (162130415)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (48744292)<br>| &nbsp;&nbsp; (155134396)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 783783750 | &nbsp;&nbsp; 938918146 |
| End of period | &nbsp;&nbsp; $735039458 | &nbsp;&nbsp; $783783750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1399793 | &nbsp;&nbsp; $17875551 | &nbsp;&nbsp; 82428 | &nbsp;&nbsp; $1151674 |
| Reinvestments | &nbsp;&nbsp; 6439256 | &nbsp;&nbsp; 70123498 | &nbsp;&nbsp; 3130671 | &nbsp;&nbsp; 41606617 |
| Redemptions | &nbsp;&nbsp; (239505)<br>| &nbsp;&nbsp; (3278311)<br>| &nbsp;&nbsp; (12454202)<br>| &nbsp;&nbsp; (182814974)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 7599544 | &nbsp;&nbsp; $84720738 | &nbsp;&nbsp; (9241103)<br>| &nbsp;&nbsp; $(140056683)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 932157 | &nbsp;&nbsp; $11495077 | &nbsp;&nbsp; 532789 | &nbsp;&nbsp; $7273705 |
| Reinvestments | &nbsp;&nbsp; 4557971 | &nbsp;&nbsp; 48770291 | &nbsp;&nbsp; 2164022 | &nbsp;&nbsp; 28327046 |
| Redemptions | &nbsp;&nbsp; (1586096)<br>| &nbsp;&nbsp; (20672687)<br>| &nbsp;&nbsp; (4135544)<br>| &nbsp;&nbsp; (57674483)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3904032 | &nbsp;&nbsp; $39592681 | &nbsp;&nbsp; (1438733)<br>| &nbsp;&nbsp; $(22073732)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $124313419 |  | &nbsp;&nbsp; $(162130415)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-138**

------

**Brighthouse Funds Trust I**

**Brighthouse Small Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.96 | &nbsp;&nbsp; $14.05 | &nbsp;&nbsp; $13.60 | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $14.72 | &nbsp;&nbsp; $15.76 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp; (0.46)<br>|
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp; (0.29)<br>|
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.55)<br>|
| Total distributions | &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.75)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.88 | &nbsp;&nbsp; $13.96 | &nbsp;&nbsp; $14.05 | &nbsp;&nbsp; $13.60 | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $14.72 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (7.02 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp; (12.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.12 <br>(d)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.80 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net ratio of expenses to average net assets (%) (f) | 0.77 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | 1.54 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 53 <br>(c)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 38 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $433.2 | &nbsp;&nbsp; $449.7 | &nbsp;&nbsp; $582.4 | &nbsp;&nbsp; $575.3 | &nbsp;&nbsp; $799.1 | &nbsp;&nbsp; $828.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $13.41 | &nbsp;&nbsp; $19.01 | &nbsp;&nbsp; $14.55 | &nbsp;&nbsp; $15.58 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp; (0.44)<br>|
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp; (0.31)<br>|
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.55)<br>|
| Total distributions | &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.72)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $13.41 | &nbsp;&nbsp; $19.01 | &nbsp;&nbsp; $14.55 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (7.12 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp; (13.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.77 <br>(d)<br>| &nbsp;&nbsp; (0.57)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.05 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net ratio of expenses to average net assets (%) (f) | 1.02 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment income (loss) to average net assets (%) | 1.27 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 53 <br>(c)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 38 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $301.8 | &nbsp;&nbsp; $334.1 | &nbsp;&nbsp; $356.6 | &nbsp;&nbsp; $341.2 | &nbsp;&nbsp; $436.8 | &nbsp;&nbsp; $395.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes gains from settlement of security litigations; excluding these gains, the total return for Class A and Class B would have been 31.92% and 31.56% for the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-139**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—97.4% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Belgium — 2.0%** | **Belgium — 2.0%** | **Belgium — 2.0%** |
| Anheuser-Busch InBev SA | 65192 | &nbsp;&nbsp; $4482185 |
| Anheuser-Busch InBev SA (ADR) (a) | 18465 | &nbsp;&nbsp; 1268915 |
| UCB SA | 54242 | &nbsp;&nbsp; 10656396 |
|  |  | &nbsp;&nbsp; 16407496 |
| **Brazil — 1.3%** | **Brazil — 1.3%** | **Brazil — 1.3%** |
| MercadoLibre, Inc. (b) | 4117 | &nbsp;&nbsp; 10760315 |
| **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** |
| Enbridge, Inc.  | 38600 | &nbsp;&nbsp; 1750358 |
| **China — 3.7%** | **China — 3.7%** | **China — 3.7%** |
| Contemporary Amperex Technology Co. Ltd. - Class A | 90700 | &nbsp;&nbsp; 3192971 |
| Tencent Holdings Ltd.  | 202300 | &nbsp;&nbsp; 12993143 |
| Tencent Holdings Ltd. (ADR) | 174939 | &nbsp;&nbsp; 11283566 |
| Tencent Music Entertainment Group - Class A | 67300 | &nbsp;&nbsp; 654542 |
| Tencent Music Entertainment Group (ADR) (a) | 139867 | &nbsp;&nbsp; 2726008 |
|  |  | &nbsp;&nbsp; 30850230 |
| **Denmark — 4.0%** | **Denmark — 4.0%** | **Denmark — 4.0%** |
| Danske Bank AS | 454187 | &nbsp;&nbsp; 18517494 |
| NKT AS (b) | 71900 | &nbsp;&nbsp; 5816456 |
| Novonesis (Novozymes) - B Shares | 130443 | &nbsp;&nbsp; 9366569 |
|  |  | &nbsp;&nbsp; 33700519 |
| **France — 14.0%** | **France — 14.0%** | **France — 14.0%** |
| Accor SA | 159014 | &nbsp;&nbsp; 8318842 |
| Air Liquide SA | 105246 | &nbsp;&nbsp; 21738119 |
| Airbus SE | 44825 | &nbsp;&nbsp; 9379358 |
| AXA SA | 339788 | &nbsp;&nbsp; 16701029 |
| BNP Paribas SA | 226517 | &nbsp;&nbsp; 20402229 |
| Cie de Saint-Gobain SA | 85724 | &nbsp;&nbsp; 10084412 |
| Danone SA | 101803 | &nbsp;&nbsp; 8317634 |
| Safran SA | 53799 | &nbsp;&nbsp; 17521471 |
| SPIE SA | 89755 | &nbsp;&nbsp; 5049651 |
|  |  | &nbsp;&nbsp; 117512745 |
| **Germany — 10.9%** | **Germany — 10.9%** | **Germany — 10.9%** |
| Allianz SE | 42000 | &nbsp;&nbsp; 17017152 |
| Deutsche Boerse AG | 57102 | &nbsp;&nbsp; 18632519 |
| Deutsche Telekom AG | 357012 | &nbsp;&nbsp; 13070998 |
| MTU Aero Engines AG | 17532 | &nbsp;&nbsp; 7796437 |
| RWE AG | 224339 | &nbsp;&nbsp; 9374969 |
| Symrise AG | 58461 | &nbsp;&nbsp; 6138571 |
| Vonovia SE | 541232 | &nbsp;&nbsp; 19064420 |
|  |  | &nbsp;&nbsp; 91095066 |
| **Greece — 1.1%** | **Greece — 1.1%** | **Greece — 1.1%** |
| Piraeus Financial Holdings SA | 1346982 | &nbsp;&nbsp; 9358497 |
| **Hong Kong — 3.2%** | **Hong Kong — 3.2%** | **Hong Kong — 3.2%** |
| AIA Group Ltd.  | 1814000 | &nbsp;&nbsp; 16312892 |
| Prudential PLC | 845796 | &nbsp;&nbsp; 10618490 |
|  |  | &nbsp;&nbsp; 26931382 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Italy — 4.2%** | **Italy — 4.2%** | **Italy — 4.2%** |
| BFF Bank SpA (b) | 863016 | &nbsp;&nbsp; $9462153 |
| Enel SpA | 226865 | &nbsp;&nbsp; 2153213 |
| Mediobanca Banca di Credito Finanziario SpA (a) | 287605 | &nbsp;&nbsp; 6688787 |
| Ryanair Holdings PLC | 422667 | &nbsp;&nbsp; 11959098 |
| Wizz Air Holdings PLC (a) (b) | 337795 | &nbsp;&nbsp; 5066850 |
|  |  | &nbsp;&nbsp; 35330101 |
| **Japan — 4.5%** | **Japan — 4.5%** | **Japan — 4.5%** |
| Coca-Cola Bottlers Japan Holdings, Inc. (a) | 277411 | &nbsp;&nbsp; 4479441 |
| Mitsubishi Heavy Industries Ltd.  | 749206 | &nbsp;&nbsp; 18774784 |
| Nippon Sanso Holdings Corp. (a) | 224733 | &nbsp;&nbsp; 8497898 |
| Tokyo Gas Co. Ltd.  | 177035 | &nbsp;&nbsp; 5885518 |
|  |  | &nbsp;&nbsp; 37637641 |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| Wal-Mart de Mexico SAB de CV | 1884400 | &nbsp;&nbsp; 6234301 |
| **Netherlands — 0.6%** | **Netherlands — 0.6%** | **Netherlands — 0.6%** |
| Argenx SE (b) | 7498 | &nbsp;&nbsp; 4133713 |
| Argenx SE (ADR) (b) | 1286 | &nbsp;&nbsp; 708869 |
|  |  | &nbsp;&nbsp; 4842582 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Jeronimo Martins SGPS SA | 83046 | &nbsp;&nbsp; 2102934 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Sberbank of Russia PJSC † (b) (c) (d) | 5306492 | &nbsp;&nbsp; 0 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |
| Singapore Technologies Engineering Ltd.  | 60829 | &nbsp;&nbsp; 372769 |
| **South Korea — 10.5%** | **South Korea — 10.5%** | **South Korea — 10.5%** |
| Hanwha Aerospace Co. Ltd.  | 42000 | &nbsp;&nbsp; 26395451 |
| Hyundai Rotem Co. Ltd.  | 45024 | &nbsp;&nbsp; 6554518 |
| LIG Nex1 Co. Ltd.  | 114923 | &nbsp;&nbsp; 46006782 |
| LS Electric Co. Ltd.  | 42297 | &nbsp;&nbsp; 9379925 |
|  |  | &nbsp;&nbsp; 88336676 |
| **Spain — 1.0%** | **Spain — 1.0%** | **Spain — 1.0%** |
| Aena SME SA | 303867 | &nbsp;&nbsp; 8111357 |
| **Switzerland — 7.0%** | **Switzerland — 7.0%** | **Switzerland — 7.0%** |
| Galderma Group AG | 9016 | &nbsp;&nbsp; 1313504 |
| Medacta Group SA | 43099 | &nbsp;&nbsp; 7317262 |
| SGS SA | 122091 | &nbsp;&nbsp; 12417122 |
| UBS Group AG | 1113271 | &nbsp;&nbsp; 37826871 |
|  |  | &nbsp;&nbsp; 58874759 |
| **Taiwan — 1.4%** | **Taiwan — 1.4%** | **Taiwan — 1.4%** |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 330000 | &nbsp;&nbsp; 11914982 |
| **United Kingdom — 21.4%** | **United Kingdom — 21.4%** | **United Kingdom — 21.4%** |
| 3i Group PLC | 152464 | &nbsp;&nbsp; 8624374 |
| Babcock International Group PLC | 1063056 | &nbsp;&nbsp; 16741319 |
| British American Tobacco PLC | 489124 | &nbsp;&nbsp; 23146487 |
| Flutter Entertainment PLC (b) | 5273 | &nbsp;&nbsp; 1497415 |

---

*See accompanying notes to financial statements.*

**BHFTI-140**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **United Kingdom — (Continued)** | **United Kingdom — (Continued)** | **United Kingdom — (Continued)** |
| HSBC Holdings PLC | 551200 | &nbsp;&nbsp; $6682319 |
| London Stock Exchange Group PLC | 59799 | &nbsp;&nbsp; 8737750 |
| Melrose Industries PLC | 3601621 | &nbsp;&nbsp; 26251757 |
| National Grid PLC | 2605957 | &nbsp;&nbsp; 38102693 |
| RELX PLC | 299018 | &nbsp;&nbsp; 16220185 |
| SSE PLC | 657718 | &nbsp;&nbsp; 16533197 |
| Tesco PLC | 1995953 | &nbsp;&nbsp; 10994977 |
| Unilever PLC | 93637 | &nbsp;&nbsp; 5703350 |
|  |  | &nbsp;&nbsp; 179235823 |
| **United States — 5.4%** | **United States — 5.4%** | **United States — 5.4%** |
| Amazon.com, Inc. (b) | 50742 | &nbsp;&nbsp; 11132288 |
| Aon PLC - Class A | 57511 | &nbsp;&nbsp; 20517624 |
| Swiss Re AG | 78682 | &nbsp;&nbsp; 13654256 |
|  |  | &nbsp;&nbsp; 45304168 |
| Total Common Stocks <br>(Cost $648,256,746) <br>|  | &nbsp;&nbsp; 816664701 |
| **Rights—0.1%** | **Rights—0.1%** | **Rights—0.1%** |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Hanwha Aerospace Co. Ltd. (b) <br>(Cost $0)<br>| 3161 | &nbsp;&nbsp; 384524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.6%** | **Short-Term Investments—0.6%** | **Short-Term Investments—0.6%** |
| **Repurchase Agreement — 0.6%** | **Repurchase Agreement — 0.6%** | **Repurchase Agreement — 0.6%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25 with a maturity value of $5,073,658; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $5,174,745<br>| 5073200 | &nbsp;&nbsp; 5073200 |
| Total Short-Term Investments <br>(Cost $5,073,200) <br>|  | &nbsp;&nbsp; 5073200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—2.3%** | **Securities Lending Reinvestments (e)—2.3%** | **Securities Lending Reinvestments (e)—2.3%** |
| **Short-Term Investment Funds — 0.6%** |  |  |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (f)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 4.230% (f)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 5000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 1.7%** | **Repurchase Agreements — 1.7%** | **Repurchase Agreements — 1.7%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,074<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,000,243; collateralized <br> by U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $2,040,248<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,156,805; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $2,199,674<br>| 2156542 | &nbsp;&nbsp; 2156542 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $500,063; collateralized by <br> various Common Stock with an aggregate market value of <br> $557,553<br>| 500000 | &nbsp;&nbsp; 500000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,500,304; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $2,550,001<br>| 2500000 | &nbsp;&nbsp; 2500000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $1,000,123; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,619<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $500,062; collateralized by <br> various Common Stock with an aggregate market value of <br> $550,068<br>| 500000 | &nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp; 14656542 |
| Total Securities Lending Reinvestments <br>(Cost $19,656,542) <br>|  | &nbsp;&nbsp; 19656542 |
| Total Investments—100.4% <br>(Cost $672,986,488) <br>|  | &nbsp;&nbsp; 841778967 |
| Other assets and liabilities (net)—(0.4)%  |  | &nbsp;&nbsp; (3552205)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $838226762 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* <br>| Principal amount stated in U.S. dollars unless otherwise noted. |
| † <br>| Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of June 30, 2025, the market value of restricted securities was $0, which is 0.0% <br>|

---

*See accompanying notes to financial statements.*

**BHFTI-141**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | of net assets. See details shown in the Restricted Securities table that follows. |
| (a) <br>| All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $20,933,092 and the collateral received consisted of cash in the amount of <br> $19,656,542 and non-cash collateral with a value of $3,113,288. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) <br>| Non-income producing security. |
| (c) <br>| Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (d) <br>| Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) <br>| Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (f) <br>| The rate shown represents the annualized seven-day yield as of June 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Aerospace & Defense | 18.0 |
| Insurance | 11.3 |
| Capital Markets | 8.8 |
| Banks | 7.4 |
| Chemicals | 5.5 |
| Multi-Utilities | 4.5 |
| Professional Services | 3.4 |
| Machinery | 3.0 |
| Interactive Media & Services | 2.9 |
| Tobacco | 2.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Sberbank of Russia PJSC | 09/16/21-02/11/22 | &nbsp;&nbsp; 5306492 | &nbsp;&nbsp; $22350736 | &nbsp;&nbsp; $0 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $517595292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $663546409 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(19656542)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(19656542)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(19656542)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Belgium | &nbsp;&nbsp; $1268915 | &nbsp;&nbsp; $15138581 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16407496 |
| Brazil | &nbsp;&nbsp; 10760315 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10760315 |
| Canada | &nbsp;&nbsp; 1750358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1750358 |
| China | &nbsp;&nbsp; 14009574 | &nbsp;&nbsp; 16840656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30850230 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 33700519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33700519 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 117512745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117512745 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 91095066 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91095066 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 9358497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9358497 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 26931382 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26931382 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 35330101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35330101 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 37637641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37637641 |
| Mexico | &nbsp;&nbsp; 6234301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6234301 |
| Netherlands | &nbsp;&nbsp; 708869 | &nbsp;&nbsp; 4133713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4842582 |

---

*See accompanying notes to financial statements.*

**BHFTI-142**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Portugal | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2102934 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2102934 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 372769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 372769 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 88336676 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88336676 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 8111357 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8111357 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 58874759 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58874759 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 11914982 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11914982 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 179235823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 179235823 |
| United States | &nbsp;&nbsp; 31649912 | &nbsp;&nbsp; 13654256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45304168 |
| Total Common Stocks | &nbsp;&nbsp; 66382244 | &nbsp;&nbsp; 750282457 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 816664701 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 384524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 384524 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5073200 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5073200 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 14656542 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14656542 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 14656542 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19656542 |
| Total Investments | &nbsp;&nbsp; $71382244 | &nbsp;&nbsp; $770396723 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $841778967 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19656542)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19656542)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-143**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $841778967 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 4922239 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 11241924 |
| Dividends and interest | &nbsp;&nbsp; 5039459 |
| Prepaid expenses | &nbsp;&nbsp; 6747 |
| Total Assets | &nbsp;&nbsp; 862989336 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 19656542 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3066679 |
| Fund shares redeemed | &nbsp;&nbsp; 1027710 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 509404 |
| Distribution and service fees | &nbsp;&nbsp; 54 |
| Deferred trustees' fees | &nbsp;&nbsp; 183204 |
| Other expenses | &nbsp;&nbsp; 318981 |
| Total Liabilities | &nbsp;&nbsp; 24762574 |
| **Net Assets**  | &nbsp;&nbsp; $838226762 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $586651353 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 251575409 |
| **Net Assets**  | &nbsp;&nbsp; $838226762 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $837959991 |
| Class B | &nbsp;&nbsp; 266771 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 70457312 |
| Class B | &nbsp;&nbsp; 22447 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $11.89 |
| Class B | 11.88 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $672,986,488.

(b) Includes securities loaned at value of $20,933,092.

(c) Identified cost of cash denominated in foreign currencies was $4,894,087.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $15421793 |
| Interest | &nbsp;&nbsp; 336477 |
| Securities lending income | &nbsp;&nbsp; 87895 |
| Total investment income | &nbsp;&nbsp; 15846165 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3109337 |
| Administration fees | &nbsp;&nbsp; 25541 |
| Custodian and accounting fees | &nbsp;&nbsp; 91242 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 299 |
| Audit and tax services | &nbsp;&nbsp; 28473 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 11822 |
| Insurance | &nbsp;&nbsp; 3874 |
| Miscellaneous | &nbsp;&nbsp; 15501 |
| Total expenses | &nbsp;&nbsp; 3328846 |
| Less management fee waiver | &nbsp;&nbsp; (21446)<br>|
| Net expenses | &nbsp;&nbsp; 3307400 |
| **Net Investment Income** | &nbsp;&nbsp; 12538765 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 73060747 |
| Foreign currency transactions | &nbsp;&nbsp; 99250 |
| Net realized gain (loss) | &nbsp;&nbsp; 73159997 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 122445302 |
| Foreign currency transactions | &nbsp;&nbsp; 417916 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 122863218 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 196023215 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $208561980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,560,250.

*See accompanying notes to financial statements.*

**BHFTI-144**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $12538765 | &nbsp;&nbsp; $9968453 |
| Net realized gain (loss) | &nbsp;&nbsp; 73159997 | &nbsp;&nbsp; 145019692 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 122863218 | &nbsp;&nbsp; (57838708)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 208561980 | &nbsp;&nbsp; 97149437 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (146558193)<br>| &nbsp;&nbsp; (10251956)<br>|
| Class B | &nbsp;&nbsp; (44950)<br>| &nbsp;&nbsp; (2295)<br>|
| **Total distributions** | &nbsp;&nbsp; (146603143)<br>| &nbsp;&nbsp; (10254251)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (53780294)<br>| &nbsp;&nbsp; (175796494)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 8178543 | &nbsp;&nbsp; (88901308)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 830048219 | &nbsp;&nbsp; 918949527 |
| End of period | &nbsp;&nbsp; $838226762 | &nbsp;&nbsp; $830048219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 32898 | &nbsp;&nbsp; $425919 | &nbsp;&nbsp; 7230 | &nbsp;&nbsp; $80634 |
| Reinvestments | &nbsp;&nbsp; 12733118 | &nbsp;&nbsp; 146558193 | &nbsp;&nbsp; 915353 | &nbsp;&nbsp; 10251956 |
| Redemptions | &nbsp;&nbsp; (15938955)<br>| &nbsp;&nbsp; (200795846)<br>| &nbsp;&nbsp; (16610076)<br>| &nbsp;&nbsp; (186087488)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3172939)<br>| &nbsp;&nbsp; $(53811734)<br>| &nbsp;&nbsp; (15687493)<br>| &nbsp;&nbsp; $(175754898)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 21 | &nbsp;&nbsp; $252 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; $1100 |
| Reinvestments | &nbsp;&nbsp; 3909 | &nbsp;&nbsp; 44950 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 2295 |
| Redemptions | &nbsp;&nbsp; (1112)<br>| &nbsp;&nbsp; (13762)<br>| &nbsp;&nbsp; (3955)<br>| &nbsp;&nbsp; (44991)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2818 | &nbsp;&nbsp; $31440 | &nbsp;&nbsp; (3651)<br>| &nbsp;&nbsp; $(41596)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(53780294)<br>|  | &nbsp;&nbsp; $(175796494)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-145**

------

**Brighthouse Funds Trust I**

**Brighthouse/Artisan International Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp;&nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $14.01 | &nbsp;&nbsp; $13.03 | &nbsp;&nbsp; $12.71 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Total income (loss) from investment operations | 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.16)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total distributions | &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.57)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.89 | &nbsp;&nbsp;&nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $14.01 | &nbsp;&nbsp; $13.03 |
| **Total Return (%)** (b) | 28.01 <br>(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;14.60 | &nbsp;&nbsp; (19.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.80 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net ratio of expenses to average net assets (%) (f) | 0.80 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ratio of net investment income (loss) to average net assets (%) | 3.02 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 67 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $838.0 | &nbsp;&nbsp;&nbsp;&nbsp; $829.8 | &nbsp;&nbsp; $918.7 | &nbsp;&nbsp; $926.4 | &nbsp;&nbsp; $1236.8 | &nbsp;&nbsp; $1212.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp;&nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp; $13.00 | &nbsp;&nbsp; $12.67 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 2.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Total income (loss) from investment operations | 3.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.13)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total distributions | &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.54)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp;&nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp; $13.00 |
| **Total Return (%)** (b) | 27.85 <br>(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.53 | &nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp; (19.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;7.66 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.05 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net ratio of expenses to average net assets (%) (f) | 1.05 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Ratio of net investment income (loss) to average net assets (%) | 2.85 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 67 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $0.3 | &nbsp;&nbsp;&nbsp;&nbsp; $0.2 | &nbsp;&nbsp; $0.2 | &nbsp;&nbsp; $0.2 | &nbsp;&nbsp; $0.3 | &nbsp;&nbsp; $0.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-146**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—92.3% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Advertising — 0.5%** | **Advertising — 0.5%** | **Advertising — 0.5%** |
| Neptune Bidco U.S., Inc. |  |  |
| 2022 USD Term Loan B, 9.330%, 3M TSFR + 5.000%, <br> 04/11/29<br>| 1362000 | &nbsp;&nbsp; $1288792 |
| Planet U.S. Buyer LLC |  |  |
| 2024 Term Loan B, 7.330%, 3M TSFR + 3.000%, 02/07/31 | 1212750 | &nbsp;&nbsp; 1219572 |
|  |  | &nbsp;&nbsp; 2508364 |
| **Aerospace/Defense — 1.2%** | **Aerospace/Defense — 1.2%** | **Aerospace/Defense — 1.2%** |
| Air Comm Corp. LLC |  |  |
| 2024 Delayed Draw Term Loan, 12/11/31 (b) | 113461 | &nbsp;&nbsp; 113745 |
| 2024 Term Loan, 7.300%, 3M TSFR + 3.000%, 12/11/31 | 1358135 | &nbsp;&nbsp; 1364925 |
| Novaria Holdings LLC |  |  |
| 2024 Term Loan B, 7.577%, 1M TSFR + 3.250%, 06/06/31 | 198502 | &nbsp;&nbsp; 198751 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.796%, 3M TSFR + 2.500%, 02/28/31 | 3034382 | &nbsp;&nbsp; 3041968 |
| 2024 Term Loan K, 7.046%, 3M TSFR + 2.750%, 03/22/30 | 1589178 | &nbsp;&nbsp; 1596556 |
|  |  | &nbsp;&nbsp; 6315945 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| A-AG U.S. GSI Bidco, Inc. |  |  |
| Term Loan B, 9.296%, 3M TSFR + 5.000%, 10/31/31 | 498750 | &nbsp;&nbsp; 496256 |
| Alltech, Inc. |  |  |
| 2025 Term Loan, 8.691%, 1M TSFR + 4.250%, 08/13/30 | 731069 | &nbsp;&nbsp; 733658 |
|  |  | &nbsp;&nbsp; 1229914 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 6.522%, 3M TSFR + 2.250%, 04/20/28 | 650000 | &nbsp;&nbsp; 647156 |
| Vista Management Holding, Inc. |  |  |
| 2025 Term Loan B, 8.048%, 3M TSFR + 3.750%, 04/01/31 | 550000 | &nbsp;&nbsp; 551547 |
| WestJet Loyalty LP |  |  |
| Term Loan B, 7.546%, 3M TSFR + 3.250%, 02/14/31 | 987500 | &nbsp;&nbsp; 987912 |
|  |  | &nbsp;&nbsp; 2186615 |
| **Apparel — 1.0%** | **Apparel — 1.0%** | **Apparel — 1.0%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 12/21/28<br>| 1243545 | &nbsp;&nbsp; 1243674 |
| 2025 Delayed Draw Term Loan, 6.577%, 1M TSFR + 2.250%, <br> 02/13/32<br>| 573563 | &nbsp;&nbsp; 573347 |
| Beach Acquisition Bidco LLC |  |  |
| USD Term Loan B, 06/25/32 (c) | 500000 | &nbsp;&nbsp; 502709 |
| Hanesbrands, Inc. |  |  |
| 2025 Term Loan B, 7.077%, 1M TSFR + 2.750%, 03/07/32 | 1343560 | &nbsp;&nbsp; 1347759 |
| Varsity Brands, Inc. |  |  |
| 2025 Term Loan, 7.830%, 3M TSFR + 3.500%, 08/26/31 | 1498750 | &nbsp;&nbsp; 1499375 |
|  |  | &nbsp;&nbsp; 5166864 |
| **Auto Parts & Equipment — 1.4%** | **Auto Parts & Equipment — 1.4%** | **Auto Parts & Equipment — 1.4%** |
| Adient U.S. LLC |  |  |
| 2024 Term Loan B2, 6.577%, 1M TSFR + 2.250%, 01/31/31 | 663106 | &nbsp;&nbsp; 665386 |
| Autokiniton U.S. Holdings, Inc. |  |  |
| 2024 Term Loan B, 8.441%, 1M TSFR + 4.000%, 04/06/28 | 1175713 | &nbsp;&nbsp; 1137869 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 05/06/30<br>| 2307592 | &nbsp;&nbsp; 2301103 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** | **Auto Parts & Equipment—(Continued)** |
| DexKo Global, Inc. |  |  |
| 2021 USD Term Loan B, 8.191%, 1M TSFR + 3.750%, <br> 10/04/28<br>| 870750 | &nbsp;&nbsp; $834831 |
| Garrett LX I SARL |  |  |
| 2025 Term Loan B, 6.530%, 3M TSFR + 2.250%, 01/30/32 | 1638725 | &nbsp;&nbsp; 1646919 |
| Lippert Colipper |  |  |
| Term Loan B, 6.827%, 1M TSFR + 2.500%, 03/25/32 | 324187 | &nbsp;&nbsp; 325403 |
| RealTruck Group, Inc. |  |  |
| 2023 Incremental Term Loan, 9.441%, 1M TSFR + 5.000%, <br> 01/31/28<br>| 691250 | &nbsp;&nbsp; 633358 |
|  |  | &nbsp;&nbsp; 7544869 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Walker & Dunlop, Inc. |  |  |
| 2025 Term Loan B, 6.312%, 1M TSFR + 2.000%, 03/14/32 | 673312 | &nbsp;&nbsp; 675837 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| Arterra Wines Canada, Inc. |  |  |
| 2020 Term Loan, 8.057%, 3M TSFR + 3.500%, 11/24/27 | 882276 | &nbsp;&nbsp; 873894 |
| Celsius Holdings, Inc. |  |  |
| Term Loan, 7.492%, 3M TSFR + 3.250%, 04/01/32 | 675000 | &nbsp;&nbsp; 679429 |
| City Brewing Co. LLC |  |  |
| 2024 First Lien Second Out PIK TL, 04/05/28 (d) | 868873 | &nbsp;&nbsp; 10861 |
| 2024 First Out New Money Term Loan, 10.506%, 3M TSFR + <br> 6.250%, 04/05/28<br>| 180680 | &nbsp;&nbsp; 49687 |
| 2024 FLFO Roll Up Term Loan, 8.018%, 3M TSFR + 3.500%, <br> 04/05/28<br>| 557356 | &nbsp;&nbsp; 153273 |
| Primo Brands Corp. |  |  |
| 2025 Term Loan B, 6.546%, 3M TSFR + 2.250%, 03/31/28 | 4003432 | &nbsp;&nbsp; 4021780 |
| Sazerac Co., Inc. |  |  |
| Term Loan B, 06/25/32 (c) | 900000 | &nbsp;&nbsp; 902025 |
|  |  | &nbsp;&nbsp; 6690949 |
| **Building Materials — 3.1%** | **Building Materials — 3.1%** | **Building Materials — 3.1%** |
| ACProducts, Inc. |  |  |
| 2021 Term Loan B, 8.807%, 3M TSFR + 4.250%, 05/17/28 | 1122996 | &nbsp;&nbsp; 855349 |
| Chamberlain Group, Inc. |  |  |
| Term Loan B, 7.677%, 1M TSFR + 3.250%, 11/03/28 | 1803946 | &nbsp;&nbsp; 1808315 |
| Cornerstone Building Brands, Inc. |  |  |
| 2024 Term Loan B, 8.812%, 1M TSFR + 4.500%, 05/15/31 | 1935375 | &nbsp;&nbsp; 1647488 |
| CPG International, Inc. |  |  |
| 2024 Term Loan B, 6.327%, 1M TSFR + 2.000%, 09/26/31 | 721375 | &nbsp;&nbsp; 722615 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, 08/04/31 | 543381 | &nbsp;&nbsp; 542815 |
| Icebox Holdco III, Inc. |  |  |
| 2021 1st Lien Term Loan, 8.057%, 3M TSFR + 3.500%, <br> 12/22/28<br>| 888113 | &nbsp;&nbsp; 891721 |
| Knife River Holdco |  |  |
| Term Loan, 6.310%, 3M TSFR + 2.000%, 03/08/32 | 224438 | &nbsp;&nbsp; 225279 |
| LHS Borrower LLC |  |  |
| 2022 Term Loan B, 9.177%, 1M TSFR + 4.750%, 02/16/29 | 622985 | &nbsp;&nbsp; 580414 |
| MI Windows & Doors LLC |  |  |
| 2024 Term Loan B2, 7.327%, 1M TSFR + 3.000%, 03/28/31 | 767250 | &nbsp;&nbsp; 769827 |
| Oscar AcquisitionCo LLC |  |  |
| Term Loan B, 8.546%, 3M TSFR + 4.250%, 04/29/29 | 807096 | &nbsp;&nbsp; 746060 |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 8.333%, 3M TSFR + 4.000%, 02/20/32 | 900000 | &nbsp;&nbsp; 891563 |

---

*See accompanying notes to financial statements.*

**BHFTI-147**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Building Materials—(Continued)** | **Building Materials—(Continued)** | **Building Materials—(Continued)** |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, 6.577%, 1M TSFR + 2.250%, 03/19/29 | 708508 | &nbsp;&nbsp; $709393 |
| 2025 Term Loan B, 6.577%, 1M TSFR + 2.250%, 02/10/32 | 1596000 | &nbsp;&nbsp; 1595714 |
| 2025 Term Loan B1, 6.577%, 1M TSFR + 2.250%, 04/14/31 | 4076381 | &nbsp;&nbsp; 4075745 |
|  |  | &nbsp;&nbsp; 16062298 |
| **Chemicals — 3.9%** | **Chemicals — 3.9%** | **Chemicals — 3.9%** |
| A-AP Buyer, Inc. |  |  |
| Term Loan B, 7.077%, 1M TSFR + 2.750%, 09/09/31 | 472625 | &nbsp;&nbsp; 471443 |
| Axalta Coating Systems U.S. Holdings, Inc. |  |  |
| 2024 Term Loan B, 6.046%, 3M TSFR + 1.750%, 12/20/29 | 1312529 | &nbsp;&nbsp; 1318271 |
| Discovery Purchaser Corp. |  |  |
| Term Loan, 8.022%, 3M TSFR + 3.750%, 10/04/29 | 1292265 | &nbsp;&nbsp; 1291942 |
| ECO Services Operations Corp. |  |  |
| 2024 Term Loan B, 6.280%, 3M TSFR + 2.000%, 06/12/31 | 726407 | &nbsp;&nbsp; 723078 |
| INEOS U.S. Finance LLC |  |  |
| 2023 USD Term Loan B, 7.577%, 1M TSFR + 3.250%, <br> 02/18/30<br>| 4224914 | &nbsp;&nbsp; 4061199 |
| 2024 USD 1st Lien Term Loan B, 7.327%, 1M TSFR + 3.000%, <br> 02/07/31<br>| 1017129 | &nbsp;&nbsp; 971994 |
| Lonza Group AG |  |  |
| USD Term Loan B, 8.321%, 3M TSFR + 3.925%, 07/03/28 | 1535877 | &nbsp;&nbsp; 1411087 |
| Momentive Performance Materials, Inc. |  |  |
| 2023 Term Loan, 8.327%, 1M TSFR + 4.000%, 03/29/28 | 2077796 | &nbsp;&nbsp; 2082124 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.827%, 1M TSFR + 5.500%, 03/29/30 | 496875 | &nbsp;&nbsp; 494391 |
| Nouryon Finance BV |  |  |
| 2024 USD Term Loan B1, 7.510%, 3M TSFR + 3.250%, <br> 04/03/28<br>| 743283 | &nbsp;&nbsp; 746999 |
| 2024 USD Term Loan B2, 7.550%, 3M TSFR + 3.250%, <br> 04/03/28<br>| 664921 | &nbsp;&nbsp; 666584 |
| Paint Intermediate III LLC |  |  |
| 2024 Term Loan B, 7.299%, 3M TSFR + 3.000%, 10/09/31 | 523688 | &nbsp;&nbsp; 520087 |
| PMHC II, Inc. |  |  |
| 2022 Term Loan B, 8.642%, 3M TSFR + 4.250%, 04/23/29 | 1474458 | &nbsp;&nbsp; 1291256 |
| Tronox Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 6.796% - 6.827%, 1M TSFR + <br> 2.500%, 3M TSFR + 2.500%, 09/30/31 (e)<br>| 1769110 | &nbsp;&nbsp; 1733728 |
| 2024 Term Loan B1, 6.546%, 3M TSFR + 2.250%, 04/04/29 | 1265079 | &nbsp;&nbsp; 1243257 |
| WR Grace & Co-Conn. |  |  |
| 2021 Term Loan B, 7.546%, 3M TSFR + 3.250%, 09/22/28 | 1206250 | &nbsp;&nbsp; 1205999 |
|  |  | &nbsp;&nbsp; 20233439 |
| **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** |
| Oxbow Carbon LLC |  |  |
| 2023 Term Loan B, 7.827%, 1M TSFR + 3.500%, 05/10/30 | 532172 | &nbsp;&nbsp; 528180 |
| **Commercial Services — 10.1%** | **Commercial Services — 10.1%** | **Commercial Services — 10.1%** |
| AEA International Holdings Luxembourg SARL |  |  |
| 2024 USD Term Loan B, 7.046%, 3M TSFR + 2.750%, <br> 09/07/28<br>| 2248597 | &nbsp;&nbsp; 2251408 |
| Albion Financing 3 SARL |  |  |
| 2025 USD Term Loan B, 7.321%, 3M TSFR + 3.000%, <br> 08/16/29<br>| 1943530 | &nbsp;&nbsp; 1948389 |
| AlixPartners LLP |  |  |
| 2021 USD Term Loan B, 6.941%, 1M TSFR + 2.500%, <br> 02/04/28<br>| 1063233 | &nbsp;&nbsp; 1068328 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.177%, 1M TSFR + <br> 3.750%, 05/12/28<br>| 3226187 | &nbsp;&nbsp; $3244031 |
| Amspec Parent LLC |  |  |
| 2024 Delayed Draw Term Loan, 12/22/31 (b) | 113333 | &nbsp;&nbsp; 113758 |
| 2025 Delayed Draw Term Loan, 12/22/31 (c) | 33333 | &nbsp;&nbsp; 33521 |
| 2025 Term Loan, 7.796%, 3M TSFR + 3.500%, 12/22/31 | 953333 | &nbsp;&nbsp; 959292 |
| APFS Staffing Holdings, Inc. |  |  |
| 2021 Term Loan, 8.577%, 1M TSFR + 4.250%, 12/29/28 | 265393 | &nbsp;&nbsp; 244244 |
| Belfor Holdings, Inc. |  |  |
| 2025 USD Term Loan B3, 7.327%, 1M TSFR + 3.000%, <br> 11/01/30<br>| 555598 | &nbsp;&nbsp; 556987 |
| Camelot U.S. Acquisition LLC |  |  |
| 2024 Term Loan B, 7.077%, 1M TSFR + 2.750%, 01/31/31 | 1490387 | &nbsp;&nbsp; 1476725 |
| CCRR Parent, Inc. |  |  |
| Term Loan B, 8.697%, 3M TSFR + 4.250%, 03/06/28 | 1480096 | &nbsp;&nbsp; 632741 |
| CHG Healthcare Services, Inc. |  |  |
| 2024 Term Loan B1, 7.333%, 3M TSFR + 3.000%, 09/29/28 | 1549285 | &nbsp;&nbsp; 1556340 |
| Citrin Cooperman Advisors LLC |  |  |
| 2025 Delayed Draw Term Loan, 04/01/32 (b) | 77273 | &nbsp;&nbsp; 77369 |
| 2025 Term Loan B, 7.316%, 3M TSFR + 3.000%, 04/01/32 | 1197727 | &nbsp;&nbsp; 1199224 |
| CohnReznick LLP |  |  |
| Delayed Draw Term Loan, 03/31/32 (b) | 126880 | &nbsp;&nbsp; 126880 |
| Term Loan, 8.296%, 3M TSFR + 4.000%, 03/31/32 | 548120 | &nbsp;&nbsp; 548120 |
| Corp. Service Co. |  |  |
| Term Loan B, 6.327%, 1M TSFR + 2.000%, 11/02/29 | 528354 | &nbsp;&nbsp; 528684 |
| Creative Artists Agency LLC |  |  |
| 2024 1st Lien Term Loan B, 7.077%, 1M TSFR + 2.750%, <br> 10/01/31<br>| 1194000 | &nbsp;&nbsp; 1198627 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 7.327%, 1M TSFR + 3.000%, 08/16/30 | 934247 | &nbsp;&nbsp; 920233 |
| Employbridge Holding Co. |  |  |
| 2025 First Out Delayed Draw Term Loan, 01/19/30 (b) | 277489 | &nbsp;&nbsp; 216442 |
| 2025 First Out Term Loan, 9.796%, 3M TSFR + 5.500%, <br> 01/19/30<br>| 661023 | &nbsp;&nbsp; 515598 |
| 2025 Second Out Term Loan, 9.307%, 3M TSFR + 4.750%, <br> 01/19/30<br>| 1478289 | &nbsp;&nbsp; 399138 |
| Ensemble RCM LLC |  |  |
| 2024 Term Loan B, 7.280%, 3M TSFR + 3.000%, 08/01/29 | 2413341 | &nbsp;&nbsp; 2425408 |
| First Advantage Holdings LLC |  |  |
| 2024 Term Loan B, 7.577%, 1M TSFR + 3.250%, 10/31/31 | 1585016 | &nbsp;&nbsp; 1587988 |
| Foundational Education Group, Inc. |  |  |
| 1st Lien Term Loan, 8.291%, 3M TSFR + 3.750%, 08/31/28 | 579000 | &nbsp;&nbsp; 529785 |
| Garda World Security Corp. |  |  |
| 2025 Term Loan B, 7.314%, 1M TSFR + 3.000%, 02/01/29 | 2270074 | &nbsp;&nbsp; 2270783 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 7.077%, 1M TSFR + 2.750%, 06/02/31 | 2184149 | &nbsp;&nbsp; 2185514 |
| Herc Holdings, Inc. |  |  |
| Term Loan B, 6.324%, 3M TSFR + 2.000%, 06/02/32 | 350000 | &nbsp;&nbsp; 351823 |
| Hertz Corp. |  |  |
| 2021 Term Loan B, 8.041%, 3M TSFR + 3.500%, 06/30/28 | 201920 | &nbsp;&nbsp; 168603 |
| 2021 Term Loan C, 8.041%, 3M TSFR + 3.500%, 06/30/28 | 39640 | &nbsp;&nbsp; 33099 |
| 2023 Incremental Term Loan B, 8.033%, 3M TSFR + 3.750%, <br> 06/30/28<br>| 1206625 | &nbsp;&nbsp; 1001499 |
| KUEHG Corp. |  |  |
| 2024 Term Loan, 7.546%, 3M TSFR + 3.250%, 06/12/30 | 1325830 | &nbsp;&nbsp; 1326865 |

---

*See accompanying notes to financial statements.*

**BHFTI-148**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Services—(Continued)** | **Commercial Services—(Continued)** | **Commercial Services—(Continued)** |
| Lernen Bidco Ltd. |  |  |
| 2024 USD Term Loan B2, 8.290%, 6M TSFR + 4.000%, <br> 10/27/31<br>| 522378 | &nbsp;&nbsp; $526623 |
| Monitronics International, Inc. |  |  |
| 2023 Exit Term Loan, 12.057%, 3M TSFR + 7.500%, <br> 06/30/28<br>| 913389 | &nbsp;&nbsp; 904255 |
| NAB Holdings LLC |  |  |
| 2025 Repriced Term Loan B, 6.796%, 3M TSFR + 2.500%, <br> 11/24/28<br>| 3419307 | &nbsp;&nbsp; 3385114 |
| Nuvei Technologies Corp. |  |  |
| 2024 Term Loan B1, 7.327%, 1M TSFR + 3.000%, 11/17/31 | 523688 | &nbsp;&nbsp; 524615 |
| PG Investment Co. 59 SARL |  |  |
| Term Loan B, 7.046%, 3M TSFR + 2.750%, 03/26/31 | 1390326 | &nbsp;&nbsp; 1396192 |
| Prime Security Services Borrower LLC |  |  |
| 2024 1st Lien Term Loan B, 6.320%, 1M TSFR + 2.000%, <br> 10/13/30<br>| 918074 | &nbsp;&nbsp; 919652 |
| Raven Acquisition Holdings LLC |  |  |
| Delayed Draw Term Loan, 11/19/31 (b) | 105000 | &nbsp;&nbsp; 105013 |
| Term Loan B, 7.577%, 1M TSFR + 3.250%, 11/19/31 | 1466325 | &nbsp;&nbsp; 1466508 |
| SCUR-Alpha 1503 GmbH |  |  |
| USD Term Loan B1, 9.780%, 3M TSFR + 5.500%, 03/29/30 | 1299410 | &nbsp;&nbsp; 1234439 |
| Shift4 Payments LLC |  |  |
| 2025 Term Loan, 05/07/32 (c) | 225000 | &nbsp;&nbsp; 227004 |
| Spin Holdco, Inc. |  |  |
| 2021 Term Loan, 8.577%, 3M TSFR + 4.000%, 03/04/28 | 3379177 | &nbsp;&nbsp; 2951711 |
| Spring Education Group, Inc. |  |  |
| Term Loan, 8.296%, 3M TSFR + 4.000%, 10/04/30 | 344750 | &nbsp;&nbsp; 346689 |
| Stepstone Group MidCo 2 GmbH |  |  |
| USD Term Loan B, 8.608% - 8.651%, 3M TSFR + 4.500%, <br> 12/19/31 (e)<br>| 750000 | &nbsp;&nbsp; 745313 |
| Teneo Holdings LLC |  |  |
| 2024 Term Loan B, 9.077%, 1M TSFR + 4.750%, 03/13/31 | 1260055 | &nbsp;&nbsp; 1273049 |
| TMF Group Holding BV |  |  |
| 2025 USD Term Loan B, 7.035%, 3M TSFR + 2.750%, <br> 05/03/28<br>| 394030 | &nbsp;&nbsp; 395261 |
| Trans Union LLC |  |  |
| 2024 Term Loan B9, 6.077%, 1M TSFR + 1.750%, 06/24/31 | 1628782 | &nbsp;&nbsp; 1632854 |
| TTF Holdings LLC |  |  |
| 2024 Term Loan, 8.002%, 6M TSFR + 3.750%, 07/18/31 | 1273894 | &nbsp;&nbsp; 1262748 |
| Vaco Holdings LLC |  |  |
| 2022 Term Loan, 9.446%, 3M TSFR + 5.000%, 01/21/29 | 730363 | &nbsp;&nbsp; 671706 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 01/30/31<br>| 671872 | &nbsp;&nbsp; 669143 |
| WEX, Inc. |  |  |
| 2024 Term Loan B2, 6.077%, 1M TSFR + 1.750%, 03/31/28 | 916142 | &nbsp;&nbsp; 917001 |
|  |  | &nbsp;&nbsp; 53252336 |
| **Computers — 2.8%** | **Computers — 2.8%** | **Computers — 2.8%** |
| Clover Holdings 2 LLC |  |  |
| Term Loan B, 8.307%, 3M TSFR + 4.000%, 12/09/31 | 2250000 | &nbsp;&nbsp; 2256327 |
| Foundever Worldwide Corp. |  |  |
| 2021 USD Term Loan, 8.191%, 1M TSFR + 3.750%, 08/28/28 | 1949062 | &nbsp;&nbsp; 1081122 |
| Imprivata, Inc. |  |  |
| 2025 Term Loan B, 7.321%, 3M TSFR + 3.000%, 12/01/27 | 1048394 | &nbsp;&nbsp; 1053636 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| McAfee LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.316%, 1M TSFR + 3.000%, <br> 03/01/29<br>| 1487932 | &nbsp;&nbsp; $1443914 |
| NCR Atleos LLC |  |  |
| 2024 Term Loan B, 8.030%, 3M TSFR + 3.750%, 04/16/29 | 992000 | &nbsp;&nbsp; 999646 |
| Redstone Holdco 2 LP |  |  |
| 2024 CoOp Term Loan, 9.291%, 3M TSFR + 4.750%, <br> 04/27/28<br>| 1467677 | &nbsp;&nbsp; 807223 |
| Synechron, Inc. |  |  |
| Term Loan B, 8.030%, 3M TSFR + 3.750%, 10/03/31 | 872813 | &nbsp;&nbsp; 850992 |
| Tempo Acquisition LLC |  |  |
| 2025 Repriced Term Loan B, 6.077%, 1M TSFR + 1.750%, <br> 08/31/28<br>| 1231549 | &nbsp;&nbsp; 1227315 |
| Twitter, Inc. |  |  |
| Term Loan, 10.927%, 1M TSFR + 6.500%, 10/26/29 | 2209469 | &nbsp;&nbsp; 2161596 |
| Verifone Systems, Inc. |  |  |
| 2025 Term Loan, 10.211%, 3M TSFR + 5.500%, 08/18/28 | 939167 | &nbsp;&nbsp; 881838 |
| Veritas U.S., Inc. |  |  |
| 2024 Priority Term Loan, 16.796%, 3M TSFR + 12.500%, <br> 12/09/29<br>| 491635 | &nbsp;&nbsp; 495322 |
| Vision Solutions, Inc. |  |  |
| 2021 Incremental Term Loan, 8.541%, 3M TSFR + 4.000%, <br> 04/24/28<br>| 1415648 | &nbsp;&nbsp; 1346636 |
|  |  | &nbsp;&nbsp; 14605567 |
| **Cosmetics/Personal Care — 0.8%** | **Cosmetics/Personal Care — 0.8%** | **Cosmetics/Personal Care — 0.8%** |
| Conair Holdings LLC |  |  |
| Term Loan B, 8.191%, 1M TSFR + 3.750%, 05/17/28 | 1884629 | &nbsp;&nbsp; 1388344 |
| Journey Personal Care Corp. |  |  |
| 2024 Term Loan B, 8.046%, 3M TSFR + 3.750%, 03/01/28 | 1518333 | &nbsp;&nbsp; 1521180 |
| Opal Bidco SAS |  |  |
| USD Term Loan B, 04/28/32 (c) | 1500000 | &nbsp;&nbsp; 1507125 |
|  |  | &nbsp;&nbsp; 4416649 |
| **Distribution/Wholesale — 2.2%** | **Distribution/Wholesale — 2.2%** | **Distribution/Wholesale — 2.2%** |
| Core & Main LP |  |  |
| 2024 Term Loan D, 6.270%, 6M TSFR + 2.000%, 07/27/28 | 2910582 | &nbsp;&nbsp; 2914220 |
| 2024 Term Loan E, 6.270%, 6M TSFR + 2.000%, 02/09/31 | 594202 | &nbsp;&nbsp; 596430 |
| Gates Global LLC |  |  |
| 2024 Term Loan B5, 6.077%, 1M TSFR + 1.750%, 06/04/31 | 2275250 | &nbsp;&nbsp; 2277917 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 8.321%, 1M TSFR + 4.000%, 01/17/32 | 1950000 | &nbsp;&nbsp; 1912624 |
| Olympus Water U.S. Holding Corp. |  |  |
| 2024 USD Term Loan, 7.296%, 3M TSFR + 3.000%, 06/20/31 | 2626107 | &nbsp;&nbsp; 2600665 |
| Windsor Holdings III LLC |  |  |
| 2025 USD Term Loan B, 7.072%, 1M TSFR + 2.750%, <br> 08/01/30<br>| 1179442 | &nbsp;&nbsp; 1180671 |
|  |  | &nbsp;&nbsp; 11482527 |
| **Diversified Financial Services — 4.6%** | **Diversified Financial Services — 4.6%** | **Diversified Financial Services — 4.6%** |
| Advisor Group, Inc. |  |  |
| 2024 Term Loan B, 7.827%, 1M TSFR + 3.500%, 08/17/28 | 933173 | &nbsp;&nbsp; 936673 |
| Aretec Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.827%, 1M TSFR + 3.500%, <br> 08/09/30<br>| 2308271 | &nbsp;&nbsp; 2315124 |

---

*See accompanying notes to financial statements.*

**BHFTI-149**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Armor Holding II LLC |  |  |
| 2025 Fungible Add On Term Loan B, 7.916%, 6M TSFR + <br> 3.750%, 12/11/28<br>| 199497 | &nbsp;&nbsp; $200794 |
| Astra Acquisition Corp. |  |  |
| 2024 New Money Term Loan A, 11.046%, 3M TSFR + 6.750%, <br> 02/25/28<br>| 674962 | &nbsp;&nbsp; 200239 |
| 2024 Term Loan B, 10/25/28 (d) | 948151 | &nbsp;&nbsp; 3556 |
| Avolon TLB Borrower 1 U.S. LLC |  |  |
| 2023 Term Loan B6, 6.071%, 1M TSFR + 1.750%, 06/24/30 | 1632646 | &nbsp;&nbsp; 1636282 |
| Citco Funding LLC |  |  |
| 2024 Term Loan B, 6.934%, 6M TSFR + 2.750%, 04/27/28 | 761479 | &nbsp;&nbsp; 765921 |
| CPI Holdco B LLC |  |  |
| 2024 Term Loan, 6.327%, 1M TSFR + 2.000%, 05/19/31 | 2208313 | &nbsp;&nbsp; 2202332 |
| Edelman Financial Center LLC |  |  |
| 2024 Term Loan, 7.327%, 1M TSFR + 3.000%, 04/07/28 | 1687888 | &nbsp;&nbsp; 1691806 |
| Fiserv Investment Solutions, Inc. |  |  |
| 2020 Term Loan B, 8.322%, 3M TSFR + 4.000%, 02/18/27 | 475000 | &nbsp;&nbsp; 470844 |
| Focus Financial Partners LLC |  |  |
| 2025 Incremental Term Loan B, 7.077%, 1M TSFR + 2.750%, <br> 09/15/31<br>| 2468841 | &nbsp;&nbsp; 2465313 |
| Guggenheim Partners LLC |  |  |
| 2024 Term Loan B, 6.796%, 3M TSFR + 2.500%, 11/26/31 | 2926638 | &nbsp;&nbsp; 2942184 |
| Hightower Holding LLC |  |  |
| 2025 Term Loan B, 7.260%, 3M TSFR + 3.000%, 02/03/32 | 2222499 | &nbsp;&nbsp; 2214165 |
| Kestra Advisor Services Holdings A, Inc. |  |  |
| 2024 Repriced Term Loan, 7.327%, 1M TSFR + 3.000%, <br> 03/22/31<br>| 645133 | &nbsp;&nbsp; 645536 |
| Mariner Wealth Advisors LLC |  |  |
| Term Loan B, 6.796%, 3M TSFR + 2.500%, 08/18/28 | 1506108 | &nbsp;&nbsp; 1512697 |
| Mermaid Bidco, Inc. |  |  |
| 2024 USD Term Loan B, 7.510%, 3M TSFR + 3.250%, <br> 07/03/31<br>| 1342312 | &nbsp;&nbsp; 1349862 |
| OID-OL Intermediate I LLC |  |  |
| Term Loan 1, 10.318%, 3M TSFR + 6.000%, 02/01/29 | 109739 | &nbsp;&nbsp; 112825 |
| Term Loan 2, 8.733%, 3M TSFR + 4.250%, 02/01/29 | 450730 | &nbsp;&nbsp; 377487 |
| Orion Advisor Solutions, Inc. |  |  |
| 2024 Term Loan B, 8.030%, 3M TSFR + 3.750%, 09/24/30 | 620313 | &nbsp;&nbsp; 624189 |
| Orion U.S. Finco, Inc. |  |  |
| 1st Lien Term Loan, 05/20/32 (c) | 675000 | &nbsp;&nbsp; 677531 |
| Pretzel Parent, Inc. |  |  |
| 2024 Term Loan B, 8.827%, 1M TSFR + 4.500%, 10/01/31 | 972563 | &nbsp;&nbsp; 964863 |
|  |  | &nbsp;&nbsp; 24310223 |
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
| Calpine Corp. |  |  |
| 2024 Term Loan B5, 6.077%, 1M TSFR + 1.750%, 02/15/32 | 1424263 | &nbsp;&nbsp; 1425371 |
| Invenergy Thermal Operating I LLC |  |  |
| 2025 Term Loan B, 05/17/32 (c) | 1335937 | &nbsp;&nbsp; 1347627 |
| 2025 Term Loan C, 05/17/32 (c) | 89062 | &nbsp;&nbsp; 89786 |
| Kohler Energy Co. LLC |  |  |
| USD Term Loan B, 8.046%, 3M TSFR + 3.750%, 05/01/31 | 2129581 | &nbsp;&nbsp; 2130912 |
| Lightning Power LLC |  |  |
| Term Loan B, 6.546%, 3M TSFR + 2.250%, 08/18/31 | 1985000 | &nbsp;&nbsp; 1991203 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 05/24/32 (b) | 220161 | &nbsp;&nbsp; 217226 |
| Term Loan, 7.568%, 3M TSFR + 3.250%, 05/24/32 | 1729839 | &nbsp;&nbsp; 1706775 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Talen Energy Supply LLC |  |  |
| 2024-1 Incremental Term Loan, 6.808%, 3M TSFR + 2.500%, <br> 12/15/31<br>| 1990000 | &nbsp;&nbsp; $1999452 |
|  |  | &nbsp;&nbsp; 10908352 |
| **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** |
| Creation Technologies, Inc. |  |  |
| 2021 Term Loan, 10.046%, 3M TSFR + 5.500%, 10/05/28 | 1067000 | &nbsp;&nbsp; 1053663 |
| Energizer Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.321%, 1M TSFR + 2.000%, 03/19/32 | 1750000 | &nbsp;&nbsp; 1757656 |
| Range Red Operating, Inc. |  |  |
| First Out Term Loan, 12.424%, 1M TSFR + 8.000%, 10/01/29 <br> (f) (g)<br>| 197753 | &nbsp;&nbsp; 196824 |
| Second Out Term Loan, 12.424%, 1M TSFR + 8.000%, <br> 10/01/29 (f) (g)<br>| 829545 | &nbsp;&nbsp; 825646 |
|  |  | &nbsp;&nbsp; 3833789 |
| **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** |
| II-VI, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.327%, 1M TSFR + 2.000%, <br> 07/02/29<br>| 844697 | &nbsp;&nbsp; 845753 |
| LSF12 Crown U.S. Commercial Bidco LLC |  |  |
| Term Loan B, 8.574%, 1M TSFR + 4.250%, 12/02/31 | 2050000 | &nbsp;&nbsp; 2063452 |
| Minimax Viking GmbH |  |  |
| 2025 USD Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 03/17/32<br>| 575000 | &nbsp;&nbsp; 578234 |
| Roper Industrial Products Investment Co. LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.046%, 3M TSFR + 2.750%, <br> 11/22/29<br>| 1969260 | &nbsp;&nbsp; 1967413 |
| TTM Technologies, Inc. |  |  |
| 2024 Term Loan B, 6.574%, 1M TSFR + 2.250%, 05/30/30 | 515852 | &nbsp;&nbsp; 517142 |
|  |  | &nbsp;&nbsp; 5971994 |
| **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** |
| Apple Bidco LLC |  |  |
| 2025 Term Loan, 6.827%, 1M TSFR + 2.500%, 09/23/31 | 1153748 | &nbsp;&nbsp; 1154830 |
| Artera Services LLC |  |  |
| 2024 Term Loan, 8.796%, 3M TSFR + 4.500%, 02/15/31 | 419687 | &nbsp;&nbsp; 353482 |
| Azuria Water Solutions, Inc. |  |  |
| 2025 Delayed Draw Term Loan, 05/17/28 (b) | 61688 | &nbsp;&nbsp; 62035 |
| 2025 Term Loan B, 7.327%, 1M TSFR + 3.000%, 05/17/28 | 869931 | &nbsp;&nbsp; 874824 |
| Brown Group Holding LLC |  |  |
| 2022 Incremental Term Loan B2, 6.780% - 6.833%, 1M TSFR <br> + 2.500%, 3M TSFR + 2.500%, 07/01/31 (e)<br>| 2104451 | &nbsp;&nbsp; 2108923 |
| Term Loan B, 6.827%, 1M TSFR + 2.500%, 07/01/31 | 1298417 | &nbsp;&nbsp; 1300851 |
| Construction Partners, Inc. |  |  |
| Term Loan B, 6.827%, 1M TSFR + 2.500%, 11/03/31 | 522375 | &nbsp;&nbsp; 524334 |
| Cube Industrials Buyer, Inc. |  |  |
| 2024 Term Loan, 7.522%, 3M TSFR + 3.250%, 10/17/31 | 1022437 | &nbsp;&nbsp; 1028828 |
| Newly Weds Foods, Inc. |  |  |
| Term Loan B, 6.562%, 1M TSFR + 2.250%, 03/15/32 | 1125000 | &nbsp;&nbsp; 1125000 |
|  |  | &nbsp;&nbsp; 8533107 |
| **Entertainment — 2.5%** | **Entertainment — 2.5%** | **Entertainment — 2.5%** |
| Caesars Entertainment, Inc. |  |  |
| 2024 Term Loan B1, 6.577%, 1M TSFR + 2.250%, 02/06/31 | 2789687 | &nbsp;&nbsp; 2791431 |

---

*See accompanying notes to financial statements.*

**BHFTI-150**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| EOC Borrower LLC |  |  |
| Term Loan B, 7.327%, 1M TSFR + 3.000%, 03/24/32 | 2000000 | &nbsp;&nbsp; $2003334 |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, 6.046%, 3M TSFR + 1.750%, 11/30/30 | 1622507 | &nbsp;&nbsp; 1617689 |
| Herschend Entertainment Co. LLC |  |  |
| 2025 Term Loan B, 7.572%, 1M TSFR + 3.250%, 05/27/32 | 375000 | &nbsp;&nbsp; 378164 |
| Light & Wonder International, Inc. |  |  |
| 2024 Term Loan B2, 6.564%, 1M TSFR + 2.250%, 04/14/29 | 1965075 | &nbsp;&nbsp; 1969988 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 8.546%, 3M TSFR + 4.250%, 08/01/30 | 1104124 | &nbsp;&nbsp; 1093773 |
| Scientific Games Holdings LP |  |  |
| 2024 USD Term Loan B, 7.285%, 3M TSFR + 3.000%, <br> 04/04/29<br>| 661300 | &nbsp;&nbsp; 661231 |
| SeaWorld Parks & Entertainment, Inc. |  |  |
| 2024 Term Loan B3, 6.327%, 1M TSFR + 2.000%, 12/04/31 | 634727 | &nbsp;&nbsp; 634925 |
| Voyager Parent LLC |  |  |
| Term Loan B, 05/09/32 (c) | 1900000 | &nbsp;&nbsp; 1882528 |
|  |  | &nbsp;&nbsp; 13033063 |
| **Environmental Control — 2.4%** | **Environmental Control — 2.4%** | **Environmental Control — 2.4%** |
| EnergySolutions LLC |  |  |
| 2023 Term Loan B, 7.577%, 1M TSFR + 3.250%, 09/20/30 | 780896 | &nbsp;&nbsp; 786753 |
| GFL Environmental, Inc. |  |  |
| 2025 Term Loan B, 6.824%, 3M TSFR + 2.500%, 03/03/32 | 1900000 | &nbsp;&nbsp; 1903562 |
| Heritage-Crystal Clean, Inc. |  |  |
| Term Loan B, 8.069%, 3M TSFR + 3.750%, 10/17/30 | 2173184 | &nbsp;&nbsp; 2184050 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.762%, 6M TSFR + 2.500%, 06/21/28 | 1957243 | &nbsp;&nbsp; 1961647 |
| Northstar Group Services, Inc. |  |  |
| 2024 Term Loan B, 8.881%, 6M TSFR + 4.750%, 05/31/30 | 2080496 | &nbsp;&nbsp; 2093067 |
| Reworld Holding Corp. |  |  |
| 2025 Term Loan B, 6.568%, 1M TSFR + 2.250%, 11/30/28 | 492922 | &nbsp;&nbsp; 492922 |
| 2025 Term Loan C, 6.571%, 1M TSFR + 2.250%, 11/30/28 | 27139 | &nbsp;&nbsp; 27156 |
| Term Loan B, 6.562%, 1M TSFR + 2.250%, 11/30/28 | 1796262 | &nbsp;&nbsp; 1801876 |
| Term Loan C, 6.562%, 1M TSFR + 2.250%, 11/30/28 | 138695 | &nbsp;&nbsp; 139128 |
| Tidal Waste & Recycling Holdings LLC |  |  |
| Term Loan B, 7.296%, 3M TSFR + 3.000%, 10/24/31 | 1122188 | &nbsp;&nbsp; 1129201 |
|  |  | &nbsp;&nbsp; 12519362 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 11.146%, 3M TSFR + 6.750%, 08/01/29 | 415389 | &nbsp;&nbsp; 383543 |
| Del Monte Foods, Inc. |  |  |
| 2024 First Out Term Loan, 12.474%, 3M TSFR + 8.000%, <br> 3.000% PIK, 08/02/28 (h)<br>| 898131 | &nbsp;&nbsp; 826281 |
| 2024 Second Out Term Loan, 8.710% - 8.724%, 3M TSFR + <br> 4.250%, 08/02/28 (e)<br>| 1858597 | &nbsp;&nbsp; 1040814 |
| 2025 PIK Term Loan, 12.409%, 3M TSFR + 8.000%, <br> 08/02/28<br>| 798303 | &nbsp;&nbsp; 725458 |
| Nomad Foods U.S. LLC |  |  |
| 2023 Term Loan B5, 6.535%, 6M TSFR + 2.500%, 11/12/29 | 1270750 | &nbsp;&nbsp; 1272338 |
|  |  | &nbsp;&nbsp; 4248434 |
| **Food Service — 0.2%** | **Food Service — 0.2%** | **Food Service — 0.2%** |
| Aramark Services, Inc. |  |  |
| 2024 Term Loan B8, 6.327%, 1M TSFR + 2.000%, 06/22/30 | 515020 | &nbsp;&nbsp; 517380 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food Service—(Continued)** | **Food Service—(Continued)** | **Food Service—(Continued)** |
| Gategroup U.S. Finance, Inc. |  |  |
| USD Term Loan B, 05/28/32 (c) | 500000 | &nbsp;&nbsp; $500146 |
|  |  | &nbsp;&nbsp; 1017526 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Spa Holdings 3 OYJ |  |  |
| 2025 USD Term Loan B, 05/23/30 (c) | 500000 | &nbsp;&nbsp; 497500 |
| **Hand/Machine Tools — 0.8%** | **Hand/Machine Tools — 0.8%** | **Hand/Machine Tools — 0.8%** |
| Apex Tool Group LLC |  |  |
| 2024 Super Priority 2nd Out Term Loan A, 9.677%, 1M TSFR + <br> 5.250%, 02/08/29<br>| 420505 | &nbsp;&nbsp; 365314 |
| 2024 Super Priority 3rd Out Term Loan B, 7.500%, 1M TSFR + <br> 7.500%, 6.927% PIK, 02/08/30 (h)<br>| 995164 | &nbsp;&nbsp; 786180 |
| Dynamo Newco II GmbH |  |  |
| USD Term Loan B, 7.798%, 3M TSFR + 3.500%, 09/30/31 | 1488750 | &nbsp;&nbsp; 1493868 |
| Madison Safety & Flow LLC |  |  |
| 2025 Term Loan B, 7.077%, 1M TSFR + 2.750%, 09/26/31 | 1513563 | &nbsp;&nbsp; 1519238 |
|  |  | &nbsp;&nbsp; 4164600 |
| **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** |
| Avantor Funding, Inc. |  |  |
| 2024 Term Loan, 6.427%, 1M TSFR + 2.000%, 11/08/27 | 65707 | &nbsp;&nbsp; 65953 |
| Bausch & Lomb Corp. |  |  |
| 2025 Term Loan B, 8.571%, 1M TSFR + 4.250%, 12/18/30 | 956298 | &nbsp;&nbsp; 958689 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 7.827%, 1M TSFR + 3.500%, <br> 10/23/31 (b)<br>| 148233 | &nbsp;&nbsp; 148586 |
| 2024 Term Loan B, 7.827%, 1M TSFR + 3.500%, 10/23/31 | 1148832 | &nbsp;&nbsp; 1151560 |
| Sotera Health Holdings LLC |  |  |
| 2024 Term Loan B, 7.546%, 3M TSFR + 3.250%, 05/30/31 | 2481250 | &nbsp;&nbsp; 2493656 |
|  |  | &nbsp;&nbsp; 4818444 |
| **Healthcare-Services — 2.6%** | **Healthcare-Services — 2.6%** | **Healthcare-Services — 2.6%** |
| BW NHHC Holdco, Inc. |  |  |
| 2022 1st Lien Second Out Term Loan, 10.460%, 3M TSFR + <br> 3.000%, 2.250% PIK, 01/15/26 (h)<br>| 915349 | &nbsp;&nbsp; 839833 |
| Cano Health LLC |  |  |
| 2024 Exit Term Loan, 13.796%, 3M TSFR + 9.500%, <br> 06/28/29<br>| 570055 | &nbsp;&nbsp; 475996 |
| Concentra Health Services, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.327%, 1M TSFR + 2.000%, <br> 07/26/31<br>| 373127 | &nbsp;&nbsp; 374760 |
| Electron BidCo, Inc. |  |  |
| 2021 Term Loan, 7.077%, 1M TSFR + 2.750%, 11/01/28 | 1624055 | &nbsp;&nbsp; 1629710 |
| ICON Luxembourg SARL |  |  |
| 2024 LUX Term Loan B, 6.296%, 3M TSFR + 2.000%, <br> 07/03/28<br>| 54090 | &nbsp;&nbsp; 54529 |
| Loire Finco Luxembourg SARL |  |  |
| 2025 USD Term Loan B, 8.327%, 1M TSFR + 4.000%, <br> 01/21/30<br>| 286066 | &nbsp;&nbsp; 287318 |
| MED ParentCo LP |  |  |
| 2024 1st Lien Term Loan B, 7.577%, 1M TSFR + 3.500%, <br> 04/15/31<br>| 997487 | &nbsp;&nbsp; 1002654 |
| Medical Solutions Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, 7.880%, 3M TSFR + 3.500%, <br> 11/01/28<br>| 1076154 | &nbsp;&nbsp; 572547 |

---

*See accompanying notes to financial statements.*

**BHFTI-151**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| Midwest Physician Administrative Services LLC |  |  |
| 2021 Term Loan, 7.807%, 3M TSFR + 3.000%, 03/12/28 | 704162 | &nbsp;&nbsp; $658831 |
| National Mentor Holdings, Inc. |  |  |
| 2021 Term Loan, 8.146% - 8.177%, 1M TSFR + 3.750%, 3M <br> TSFR + 3.750%, 03/02/28 (e)<br>| 1105446 | &nbsp;&nbsp; 1070440 |
| 2021 Term Loan C, 8.146%, 3M TSFR + 3.750%, 03/02/28 | 31925 | &nbsp;&nbsp; 30914 |
| Pacific Dental Services LLC |  |  |
| 2024 Term Loan B, 7.068%, 1M TSFR + 2.750%, 03/15/31 | 2323050 | &nbsp;&nbsp; 2326679 |
| Parexel International Corp. |  |  |
| 2025 Term Loan B, 6.827%, 1M TSFR + 2.500%, 11/15/28 | 388413 | &nbsp;&nbsp; 388898 |
| Phoenix Guarantor, Inc. |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, 02/21/31 | 1589935 | &nbsp;&nbsp; 1595897 |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 6.296%, 3M TSFR + 2.000%, <br> 07/03/28<br>| 13477 | &nbsp;&nbsp; 13574 |
| Radnet Management, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.580%, 3M TSFR + 2.250%, <br> 04/18/31<br>| 1237500 | &nbsp;&nbsp; 1240594 |
| Surgery Center Holdings, Inc. |  |  |
| 2024 Term Loan B, 7.077%, 1M TSFR + 2.750%, 12/19/30 | 1221099 | &nbsp;&nbsp; 1226919 |
|  |  | &nbsp;&nbsp; 13790093 |
| **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
| Emerald X, Inc. |  |  |
| 2025 Term Loan B, 8.077%, 1M TSFR + 3.750%, 01/30/32 | 200000 | &nbsp;&nbsp; 201375 |
| **Home Furnishings — 0.5%** | **Home Furnishings — 0.5%** | **Home Furnishings — 0.5%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.324%, 1M TSFR + 3.000%, <br> 07/31/28<br>| 2693816 | &nbsp;&nbsp; 2692855 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| Kronos Acquisition Holdings, Inc. |  |  |
| 2024 Term Loan, 8.296%, 3M TSFR + 4.000%, 07/08/31 | 1860937 | &nbsp;&nbsp; 1660887 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Libbey Glass, Inc. |  |  |
| 2022 Term Loan, 10.933%, 3M TSFR + 6.500%, 11/22/27 | 524688 | &nbsp;&nbsp; 508292 |
| **Insurance — 6.1%** | **Insurance — 6.1%** | **Insurance — 6.1%** |
| Acrisure LLC |  |  |
| 2024 1st Lien Term Loan B6, 7.327%, 1M TSFR + 3.000%, <br> 11/06/30<br>| 995000 | &nbsp;&nbsp; 992719 |
| 2024 1st Lien Term Loan B6, 7.327%, 1M TSFR + 3.000%, <br> 11/06/30<br>| 1000000 | &nbsp;&nbsp; 999792 |
| Alera Group, Inc. |  |  |
| 2025 Term Loan, 7.577%, 3M TSFR + 3.250%, 05/31/32 | 1725000 | &nbsp;&nbsp; 1731778 |
| Alliant Holdings Intermediate LLC |  |  |
| 2024 Term Loan B6, 7.072%, 1M TSFR + 2.750%, 09/19/31 | 1521741 | &nbsp;&nbsp; 1523385 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.577%, 1M TSFR + 2.250%, 01/30/32 | 4824549 | &nbsp;&nbsp; 4832085 |
| AssuredPartners, Inc. |  |  |
| 2024 Incremental Term Loan B5, 7.827%, 1M TSFR + 3.500%, <br> 02/14/31<br>| 1728125 | &nbsp;&nbsp; 1734452 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, 9.691%, 1M TSFR + 5.250%, <br> 01/31/28<br>| 1160000 | &nbsp;&nbsp; 1112634 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Asurion LLC |  |  |
| 2024 Term Loan B12, 8.577%, 1M TSFR + 4.250%, 09/19/30 | 4676950 | &nbsp;&nbsp; $4565288 |
| BroadStreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 7.327%, 1M TSFR + 3.000%, 06/13/31 | 2103750 | &nbsp;&nbsp; 2108746 |
| HUB International Ltd. |  |  |
| 2025 Term Loan B, 6.769%, 3M TSFR + 2.500%, 06/20/30 | 2994569 | &nbsp;&nbsp; 3005799 |
| IMA Financial Group, Inc. |  |  |
| Term Loan, 7.327%, 1M TSFR + 3.000%, 11/01/28 | 899435 | &nbsp;&nbsp; 900559 |
| Ryan Specialty Group LLC |  |  |
| 2024 USD Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 09/15/31<br>| 1243750 | &nbsp;&nbsp; 1244786 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 7.327%, 1M TSFR + 3.000%, 07/31/31 | 2024998 | &nbsp;&nbsp; 2034278 |
| Trucordia Insurance Holdings LLC |  |  |
| Term Loan B, 7.564%, 1M TSFR + 3.250%, 06/14/32 | 1300000 | &nbsp;&nbsp; 1300812 |
| USI, Inc. |  |  |
| 2024 Term Loan C, 6.546%, 3M TSFR + 2.250%, 09/29/30 | 1970125 | &nbsp;&nbsp; 1967560 |
| 2024 Term Loan D, 6.546%, 3M TSFR + 2.250%, 11/21/29 | 2120006 | &nbsp;&nbsp; 2118461 |
|  |  | &nbsp;&nbsp; 32173134 |
| **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** |
| CNT Holdings I Corp. |  |  |
| 2025 Term Loan, 6.780%, 3M TSFR + 2.500%, 11/08/32 | 1120483 | &nbsp;&nbsp; 1124335 |
| Endure Digital, Inc. |  |  |
| 2024 CoOp Term Loan, 7.927%, 1M TSFR + 3.500%, <br> 02/10/28<br>| 2468453 | &nbsp;&nbsp; 1863682 |
| Go Daddy Operating Co. LLC |  |  |
| 2024 Term Loan B7, 6.077%, 1M TSFR + 1.750%, 05/30/31 | 1172841 | &nbsp;&nbsp; 1175590 |
| 2024 Term Loan B8, 6.077%, 1M TSFR + 1.750%, 11/09/29 | 144958 | &nbsp;&nbsp; 145215 |
| Hoya Midco LLC |  |  |
| 2025 Term Loan B, 6.530%, 3M TSFR + 2.250%, 02/03/29 | 403960 | &nbsp;&nbsp; 355401 |
| Olaplex, Inc. |  |  |
| 2022 Term Loan, 7.933%, 3M TSFR + 3.500%, 02/23/29 | 529527 | &nbsp;&nbsp; 512758 |
| Plano HoldCo, Inc. |  |  |
| Term Loan B, 7.796%, 3M TSFR + 3.500%, 10/02/31 | 598500 | &nbsp;&nbsp; 599996 |
| Speedster Bidco GmbH |  |  |
| 2024 USD Term Loan B, 7.546%, 3M TSFR + 3.250%, <br> 12/10/31<br>| 847875 | &nbsp;&nbsp; 852291 |
|  |  | &nbsp;&nbsp; 6629268 |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| AAL Delaware Holdco, Inc. |  |  |
| 2025 Term Loan, 7.077%, 1M TSFR + 2.750%, 07/30/31 | 694759 | &nbsp;&nbsp; 696496 |
| Anuvu Holdings 2 LLC |  |  |
| 2024 Senior Priority Term Loan, 8.413%, 3M TSFR + 4.000%, <br> 6.000% PIK, 09/27/27 (f) (g) (h)<br>| 168181 | &nbsp;&nbsp; 134545 |
| 2024 Senior Takeback Term Loan, 12.663%, 3M TSFR + <br> 8.250%, 03/23/26 (f) (g)<br>| 431897 | &nbsp;&nbsp; 158333 |
| Aragorn Parent Corp. |  |  |
| Term Loan, 8.577%, 1M TSFR + 4.250%, 12/15/28 | 822607 | &nbsp;&nbsp; 828606 |
| Dragon Buyer, Inc. |  |  |
| Term Loan B, 7.296%, 3M TSFR + 3.000%, 09/30/31 | 1393000 | &nbsp;&nbsp; 1397005 |
| EIG Management Co. LLC |  |  |
| 2024 Term Loan, 9.322%, 1M TSFR + 5.000%, 05/17/29 | 402321 | &nbsp;&nbsp; 400309 |
| FinCo I LLC |  |  |
| 2024 Term Loan B, 6.577%, 1M TSFR + 2.250%, 06/27/29 | 1252767 | &nbsp;&nbsp; 1258836 |

---

*See accompanying notes to financial statements.*

**BHFTI-152**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Investment Companies—(Continued)** | **Investment Companies—(Continued)** | **Investment Companies—(Continued)** |
| HDI Aerospace Intermediate Holding III Corp. |  |  |
| Term Loan B, 8.730%, 3M TSFR + 4.500%, 02/11/32 | 648375 | &nbsp;&nbsp; $649996 |
| Nvent Electric PLC |  |  |
| Term Loan B, 7.827%, 1M TSFR + 3.500%, 01/30/32 | 1125000 | &nbsp;&nbsp; 1133437 |
|  |  | &nbsp;&nbsp; 6657563 |
| **Leisure Time — 2.6%** | **Leisure Time — 2.6%** | **Leisure Time — 2.6%** |
| Bombardier Recreational Products, Inc. |  |  |
| 2024 Term Loan B4, 7.077%, 1M TSFR + 2.750%, 01/22/31 | 987684 | &nbsp;&nbsp; 988478 |
| Carnival Corp. |  |  |
| 2025 Term Loan (2028), 6.312%, 1M TSFR + 2.000%, <br> 10/18/28<br>| 2261323 | &nbsp;&nbsp; 2262737 |
| City Football Group Ltd. |  |  |
| 2024 Term Loan, 8.041%, 3M TSFR + 3.500%, 07/22/30 | 1403201 | &nbsp;&nbsp; 1390923 |
| ClubCorp Holdings, Inc. |  |  |
| 2023 Term Loan B2, 9.557%, 3M TSFR + 5.000%, 09/18/26 | 783518 | &nbsp;&nbsp; 785151 |
| GSM Holdings, Inc. |  |  |
| 2024 Term Loan B, 9.296%, 3M TSFR + 5.000%, 09/30/31 | 992500 | &nbsp;&nbsp; 962311 |
| Hayward Industries, Inc. |  |  |
| 2021 Term Loan, 6.941%, 1M TSFR + 2.500%, 05/30/28 | 1495946 | &nbsp;&nbsp; 1502304 |
| Horizon U.S. Finco LP |  |  |
| Term Loan B, 9.030%, 3M TSFR + 4.750%, 10/31/31 | 1219863 | &nbsp;&nbsp; 1204614 |
| MajorDrive Holdings IV LLC |  |  |
| 2022 Incremental Term Loan B, 9.946%, 3M TSFR + 5.500%, <br> 06/01/29<br>| 489874 | &nbsp;&nbsp; 480076 |
| Term Loan B, 8.557%, 3M TSFR + 4.000%, 06/01/28 | 1077054 | &nbsp;&nbsp; 1058474 |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 8.025%, 3M TSFR + 3.750%, <br> 02/20/30<br>| 1679309 | &nbsp;&nbsp; 1685257 |
| Sabre GLBL, Inc. |  |  |
| 2022 1st Lien Term Loan B, 9.427%, 1M TSFR + 5.000%, <br> 06/30/28<br>| 226808 | &nbsp;&nbsp; 225816 |
| 2024 Term Loan B1, 10.427%, 1M TSFR + 6.000%, 11/15/29 | 1266826 | &nbsp;&nbsp; 1263659 |
|  |  | &nbsp;&nbsp; 13809800 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| Fertitta Entertainment LLC |  |  |
| 2022 Term Loan B, 7.827%, 1M TSFR + 3.500%, 01/27/29 | 2886096 | &nbsp;&nbsp; 2886424 |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 6.327%, 1M TSFR + 2.000%, 03/14/31 | 1431875 | &nbsp;&nbsp; 1435853 |
|  |  | &nbsp;&nbsp; 4322277 |
| **Machinery-Construction & Mining — 1.1%** | **Machinery-Construction & Mining — 1.1%** | **Machinery-Construction & Mining — 1.1%** |
| Terex Corp. |  |  |
| 2024 Term Loan B, 6.327%, 1M TSFR + 2.000%, 10/08/31 | 2369063 | &nbsp;&nbsp; 2385350 |
| WEC U.S. Holdings Ltd. |  |  |
| 2024 Term Loan, 6.574%, 1M TSFR + 2.250%, 01/27/31 | 3467246 | &nbsp;&nbsp; 3471820 |
|  |  | &nbsp;&nbsp; 5857170 |
| **Machinery-Diversified — 2.2%** | **Machinery-Diversified — 2.2%** | **Machinery-Diversified — 2.2%** |
| Ali Group North America Corp. |  |  |
| 2021 Term Loan B, 6.441%, 1M TSFR + 2.000%, 07/30/29 | 1123167 | &nbsp;&nbsp; 1130655 |
| CD&R Hydra Buyer, Inc. |  |  |
| 2024 Term Loan B, 8.427%, 1M TSFR + 4.000%, 03/25/31 | 864062 | &nbsp;&nbsp; 852361 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.824%, 1M TSFR + 4.500%, 09/28/28 | 2171303 | &nbsp;&nbsp; 2129686 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** |
| Crown Equipment Corp. |  |  |
| 2025 Term Loan B, 6.574%, 1M TSFR + 2.250%, 10/10/31 | 1047375 | &nbsp;&nbsp; $1048193 |
| DXP Enterprises, Inc. |  |  |
| 2024 Term Loan B, 8.077%, 1M TSFR + 3.750%, 10/11/30 | 687803 | &nbsp;&nbsp; 693606 |
| Engineered Machinery Holdings, Inc. |  |  |
| 2021 USD Incremental Term Loan, 8.057%, 3M TSFR + <br> 3.500%, 05/19/28<br>| 2473309 | &nbsp;&nbsp; 2493404 |
| SPX Flow, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.327%, 1M TSFR + 3.000%, <br> 04/05/29<br>| 1011375 | &nbsp;&nbsp; 1015721 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 7.237%, 3M TSFR + 3.000%, <br> 04/30/30<br>| 2287895 | &nbsp;&nbsp; 2296271 |
|  |  | &nbsp;&nbsp; 11659897 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications Operating LLC |  |  |
| 2024 Term Loan B5, 6.548%, 3M TSFR + 2.250%, 12/15/31 | 572125 | &nbsp;&nbsp; 573658 |
| Gray Television LLC |  |  |
| 2021 Term Loan D, 7.439%, 1M TSFR + 3.000%, 12/01/28 | 1031450 | &nbsp;&nbsp; 1002569 |
| Hubbard Radio LLC |  |  |
| 2024 PIK Term Loan B, 8.827%, 1M TSFR + 4.500%, <br> 09/30/27<br>| 366277 | &nbsp;&nbsp; 210609 |
| iHeartCommunications, Inc. |  |  |
| 2024 Term Loan, 10.216%, 1M TSFR + 5.775%, 05/01/29 | 316044 | &nbsp;&nbsp; 257774 |
| Mission Broadcasting, Inc. |  |  |
| 2021 Term Loan B, 6.939%, 1M TSFR + 2.500%, 06/02/28 | 385000 | &nbsp;&nbsp; 385103 |
| MJH Healthcare Holdings LLC |  |  |
| 2024 Term Loan B, 7.577%, 1M TSFR + 3.250%, 01/29/29 | 513068 | &nbsp;&nbsp; 514671 |
| Virgin Media Bristol LLC |  |  |
| 2020 USD Term Loan Q, 7.676%, 1M TSFR + 3.250%, <br> 01/31/29<br>| 1125000 | &nbsp;&nbsp; 1116650 |
| USD Term Loan N, 6.926%, 1M TSFR + 2.500%, 01/31/28 | 850000 | &nbsp;&nbsp; 839375 |
|  |  | &nbsp;&nbsp; 4900409 |
| **Metal Fabricate/Hardware — 0.7%** | **Metal Fabricate/Hardware — 0.7%** | **Metal Fabricate/Hardware — 0.7%** |
| Ameriforge Group, Inc. |  |  |
| 2024 PIK Class A Delayed Draw Term Loan, 4.441%, 1M TSFR <br> + 0.000%, 11.000% PIK, 12/31/25 (f) (g) (h)<br>| 132215 | &nbsp;&nbsp; 17584 |
| 2024 PIK Class A Initial Term Loan, 4.441%, 1M TSFR + <br> 0.000%, 11.000% PIK, 12/31/25 (f) (g) (h)<br>| 1144909 | &nbsp;&nbsp; 152273 |
| WireCo WorldGroup, Inc. |  |  |
| 2023 Term Loan B, 8.022%, 3M TSFR + 3.750%, 11/13/28 | 473429 | &nbsp;&nbsp; 448574 |
| Zekelman Industries, Inc. |  |  |
| 2024 Term Loan B, 6.563%, 1M TSFR + 2.250%, 01/24/31 | 3016830 | &nbsp;&nbsp; 3026258 |
|  |  | &nbsp;&nbsp; 3644689 |
| **Mining — 0.6%** | **Mining — 0.6%** | **Mining — 0.6%** |
| American Consolidated Natural Resources, Inc. |  |  |
| 2024 2nd Lien Term Loan, 13.000%, 12/11/29 | 343093 | &nbsp;&nbsp; 333658 |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 7.077%, 1M TSFR + 2.750%, 08/19/30 | 1744137 | &nbsp;&nbsp; 1744137 |
| Flame Newco LLC |  |  |
| 2023 Exit PIK Term Loan, 6.427%, 1M TSFR + 2.000%, <br> 4.000% PIK, 06/30/28 (h)<br>| 323342 | &nbsp;&nbsp; 323342 |

---

*See accompanying notes to financial statements.*

**BHFTI-153**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Mining—(Continued)** | **Mining—(Continued)** | **Mining—(Continued)** |
| Novelis Corp. |  |  |
| 2025 Term Loan B, 6.296%, 3M TSFR + 2.000%, 03/11/32 | 897750 | &nbsp;&nbsp; $899545 |
|  |  | &nbsp;&nbsp; 3300682 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| Cleanova Holdco 3 Ltd. |  |  |
| 2025 Term Loan B, 9.074%, 3M TSFR + 4.750%, 06/14/32 | 525000 | &nbsp;&nbsp; 509250 |
| John Bean Technologies Corp. |  |  |
| Term Loan B, 6.427%, 1M TSFR + 2.000%, 01/02/32 | 723187 | &nbsp;&nbsp; 725447 |
| LTI Holdings, Inc. |  |  |
| 2024 Term Loan B, 8.577%, 1M TSFR + 4.250%, 07/19/29 | 1488750 | &nbsp;&nbsp; 1490921 |
|  |  | &nbsp;&nbsp; 2725618 |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
| Apro LLC |  |  |
| 2024 Term Loan B, 8.061%, 1M TSFR + 3.750%, 07/09/31 | 595500 | &nbsp;&nbsp; 595500 |
| Hilcorp Energy I LP |  |  |
| Term Loan B, 6.314%, 1M TSFR + 2.000%, 02/11/30 | 773062 | &nbsp;&nbsp; 774673 |
|  |  | &nbsp;&nbsp; 1370173 |
| **Packaging & Containers — 1.5%** | **Packaging & Containers — 1.5%** | **Packaging & Containers — 1.5%** |
| Altium Packaging LLC |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, 06/11/31 | 1462731 | &nbsp;&nbsp; 1457856 |
| Berlin Packaging LLC |  |  |
| 2024 Term Loan B7, 7.796% - 7.824%, 1M TSFR + 3.500%, <br> 3M TSFR + 3.500%, 06/07/31 (e)<br>| 982337 | &nbsp;&nbsp; 986712 |
| Charter NEX U.S., Inc. |  |  |
| 2024 Term Loan B1, 7.061%, 1M TSFR + 2.750%, 11/29/30 | 1465059 | &nbsp;&nbsp; 1471468 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| Term Loan B, 7.502%, 1M TSFR + 3.175%, 04/13/29 | 2135000 | &nbsp;&nbsp; 2133499 |
| Pregis TopCo Corp. |  |  |
| 2025 Refinancing Term Loan, 8.327%, 1M TSFR + 4.000%, <br> 02/01/29<br>| 498750 | &nbsp;&nbsp; 500808 |
| Proampac PG Borrower LLC |  |  |
| 2024 Term Loan, 8.256% - 8.324%, 3M TSFR + 4.000%, <br> 09/15/28 (e)<br>| 1132786 | &nbsp;&nbsp; 1138214 |
|  |  | &nbsp;&nbsp; 7688557 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| Bausch Health Cos., Inc. |  |  |
| 2025 Term Loan B, 10.561%, 1M TSFR + 6.250%, 10/08/30 | 800000 | &nbsp;&nbsp; 777000 |
| Bayou Intermediate II LLC |  |  |
| Term Loan B, 9.041%, 3M TSFR + 4.500%, 08/02/28 | 748840 | &nbsp;&nbsp; 749777 |
| Ceva Sante Animale |  |  |
| 2025 USD Term Loan B, 7.050%, 3M TSFR + 2.750%, <br> 11/08/30<br>| 395015 | &nbsp;&nbsp; 396249 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 8.396%, 3M TSFR + 4.000%, 10/01/27 | 2088443 | &nbsp;&nbsp; 2010127 |
| Grifols Worldwide Operations USA, Inc. |  |  |
| 2019 USD Term Loan B, 6.483%, 3M TSFR + 2.000%, <br> 11/15/27<br>| 374570 | &nbsp;&nbsp; 373901 |
| IVC Acquisition Ltd. |  |  |
| 2025 USD Repriced Term Loan B, 8.046%, 3M TSFR + 3.750%, <br> 12/12/28<br>| 1504646 | &nbsp;&nbsp; 1514049 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Jazz Financing Lux SARL |  |  |
| 2024 1st Lien Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 05/05/28<br>| 1040661 | &nbsp;&nbsp; $1046108 |
| Mallinckrodt International Finance SA |  |  |
| 2023 Second Out Term Loan, 14.000%, 1M TSFR + 9.500%, <br> 11/14/28<br>| 1106076 | &nbsp;&nbsp; 1145480 |
| Padagis LLC |  |  |
| Term Loan B, 9.271%, 3M TSFR + 4.750%, 07/06/28 | 1152736 | &nbsp;&nbsp; 1080690 |
|  |  | &nbsp;&nbsp; 9093381 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| CQP Holdco LP |  |  |
| 2024 1st Lien Term Loan B, 6.296%, 3M TSFR + 2.000%, <br> 12/31/30<br>| 1245122 | &nbsp;&nbsp; 1247068 |
| EPIC Crude Services LP |  |  |
| 2024 Term Loan B, 7.256%, 3M TSFR + 3.000%, 10/15/31 | 623438 | &nbsp;&nbsp; 626295 |
| Freeport LNG Investments LLLP |  |  |
| 2025 Term Loan B, 7.519%, 3M TSFR + 3.250%, 12/21/28 | 713965 | &nbsp;&nbsp; 715304 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 6.277%, 3M TSFR + 2.000%, 10/04/30 | 470674 | &nbsp;&nbsp; 471851 |
| ITT Holdings LLC |  |  |
| 2024 Term Loan B, 7.052%, 1M TSFR + 2.725%, 10/11/30 | 1299408 | &nbsp;&nbsp; 1304010 |
| Oryx Midstream Services Permian Basin LLC |  |  |
| 2025 Term Loan B, 6.572%, 1M TSFR + 2.250%, 10/05/28 | 1103594 | &nbsp;&nbsp; 1104580 |
| UGI Energy Services LLC |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, 02/22/30 | 1317797 | &nbsp;&nbsp; 1324797 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2025 Term Loan B, 6.568%, 3M TSFR + 2.250%, 06/16/32 | 450000 | &nbsp;&nbsp; 450351 |
|  |  | &nbsp;&nbsp; 7244256 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.941%, 1M TSFR + 3.500%, 06/02/28 | 1842860 | &nbsp;&nbsp; 1820112 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 2024 Tranche 2 Incremental Term Loan, 7.577%, 1M TSFR + <br> 3.250%, 01/31/30<br>| 491388 | &nbsp;&nbsp; 494458 |
| Greystar Real Estate Partners LLC |  |  |
| 2024 1st Lien Term Loan B, 7.046%, 3M TSFR + 2.750%, <br> 08/21/30<br>| 614117 | &nbsp;&nbsp; 614885 |
|  |  | &nbsp;&nbsp; 2929455 |
| **Retail — 2.9%** | **Retail — 2.9%** | **Retail — 2.9%** |
| Foundation Building Materials Holding Co. LLC |  |  |
| 2024 Term Loan B2, 8.280%, 3M TSFR + 4.000%, 01/29/31 | 764075 | &nbsp;&nbsp; 749940 |
| Great Outdoors Group LLC |  |  |
| 2025 Term Loan B, 7.577%, 1M TSFR + 3.250%, 01/23/32 | 3399839 | &nbsp;&nbsp; 3390489 |
| Harbor Freight Tools USA, Inc. |  |  |
| 2024 Term Loan B, 6.577%, 1M TSFR + 2.250%, 06/11/31 | 1811312 | &nbsp;&nbsp; 1776218 |
| IRB Holding Corp. |  |  |
| 2024 1st Lien Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 12/15/27<br>| 481449 | &nbsp;&nbsp; 481984 |
| Kodiak Building Partners, Inc. |  |  |
| 2024 Term Loan B, 8.035%, 3M TSFR + 3.750%, 12/04/31 | 498750 | &nbsp;&nbsp; 480670 |
| Les Schwab Tire Centers |  |  |
| 2025 Term Loan B, 6.827% - 6.833%, 1M TSFR + 2.500%, 3M <br> TSFR + 2.500%, 04/23/31 (e)<br>| 1522583 | &nbsp;&nbsp; 1523534 |

---

*See accompanying notes to financial statements.*

**BHFTI-154**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| LIDS Holdings, Inc. |  |  |
| Term Loan, 9.963%, 3M TSFR + 5.500%, 12/14/26 | 81938 | &nbsp;&nbsp; $81528 |
| Park River Holdings, Inc. |  |  |
| Term Loan, 12/28/27 (c) | 1000000 | &nbsp;&nbsp; 977083 |
| Peer Holding III BV |  |  |
| 2025 USD Term Loan B4B, 6.796%, 3M TSFR + 2.500%, <br> 10/28/30<br>| 1086250 | &nbsp;&nbsp; 1094397 |
| 2025 USD Term Loan B5B, 6.796%, 3M TSFR + 2.500%, <br> 07/01/31<br>| 1417875 | &nbsp;&nbsp; 1427179 |
| Phillips Feed Service, Inc. |  |  |
| 2020 Term Loan, 11.427%, 1M TSFR + 7.000%, 11/13/26 (f) <br>(g)<br>| 11055 | &nbsp;&nbsp; 6771 |
| Serta Simmons Bedding LLC |  |  |
| 2023 New Term Loan, 11.910%, 3M TSFR + 7.500%, <br> 06/29/28<br>| 1333445 | &nbsp;&nbsp; 1230103 |
| 2024 Priority Term Loan, 11.884%, 3M TSFR + 7.500%, <br> 06/29/28<br>| 144763 | &nbsp;&nbsp; 144945 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.577%, 1M TSFR + 3.250%, 10/19/29 | 1820546 | &nbsp;&nbsp; 1811190 |
|  |  | &nbsp;&nbsp; 15176031 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| Bright Bidco BV |  |  |
| 2022 Exit Term Loan, 10/31/27 (d) | 378225 | &nbsp;&nbsp; 145932 |
| **Software — 12.9%** | **Software — 12.9%** | **Software — 12.9%** |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 6.796%, 3M TSFR + 2.500%, <br> 02/24/31<br>| 3926339 | &nbsp;&nbsp; 3948990 |
| Ascend Learning LLC |  |  |
| 2025 Repriced Term Loan B, 7.327%, 1M TSFR + 3.000%, <br> 12/11/28<br>| 1954697 | &nbsp;&nbsp; 1956734 |
| AthenaHealth Group, Inc. |  |  |
| 2022 Term Loan B, 7.077%, 1M TSFR + 2.750%, 02/15/29 | 2496250 | &nbsp;&nbsp; 2492818 |
| Boxer Parent Co., Inc. |  |  |
| 2025 USD Term Loan B, 7.333%, 3M TSFR + 3.000%, <br> 07/30/31<br>| 2983392 | &nbsp;&nbsp; 2966610 |
| Central Parent, Inc. |  |  |
| 2024 Term Loan B, 7.546%, 3M TSFR + 3.250%, 07/06/29 | 2210794 | &nbsp;&nbsp; 1853036 |
| Cloud Software Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.796%, 3M TSFR + 3.500%, <br> 03/29/29<br>| 3857159 | &nbsp;&nbsp; 3864090 |
| Cloudera, Inc. |  |  |
| 2021 Second Lien Term Loan, 10.427%, 1M TSFR + 6.000%, <br> 10/08/29<br>| 850000 | &nbsp;&nbsp; 775625 |
| 2021 Term Loan, 8.177%, 1M TSFR + 3.750%, 10/08/28 | 2519442 | &nbsp;&nbsp; 2428112 |
| Clover Holdings SPV III LLC |  |  |
| 2024 USD Term Loan, 15.000%, 12/09/27 | 173152 | &nbsp;&nbsp; 173729 |
| Constant Contact, Inc. |  |  |
| Term Loan, 8.518%, 3M TSFR + 4.000%, 02/10/28 | 1243730 | &nbsp;&nbsp; 1193462 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 8.077%, 1M TSFR + 3.750%, 10/16/28 | 625284 | &nbsp;&nbsp; 587506 |
| Cotiviti Corp. |  |  |
| 2024 Term Loan, 7.074%, 1M TSFR + 2.750%, 05/01/31 | 987538 | &nbsp;&nbsp; 983834 |
| Drake Software LLC |  |  |
| 2024 Term Loan B, 8.546%, 3M TSFR + 4.250%, 06/26/31 | 1560561 | &nbsp;&nbsp; 1549832 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| E2open LLC |  |  |
| 2020 Term Loan B, 7.941%, 1M TSFR + 3.500%, 02/04/28 | 1607309 | &nbsp;&nbsp; $1614743 |
| ECI Macola Max Holding LLC |  |  |
| 2024 Term Loan, 7.546%, 3M TSFR + 3.250%, 05/09/30 | 1931711 | &nbsp;&nbsp; 1942878 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.327%, 1M TSFR + 3.000%, <br> 10/09/29<br>| 2256286 | &nbsp;&nbsp; 2265923 |
| Epicor Software Corp. |  |  |
| 2024 Term Loan E, 7.077%, 1M TSFR + 2.750%, 05/30/31 | 4666301 | &nbsp;&nbsp; 4682180 |
| Genuine Financial Holdings LLC |  |  |
| 2025 Term Loan B, 7.577%, 1M TSFR + 3.250%, 09/27/30 | 393025 | &nbsp;&nbsp; 373865 |
| Informatica LLC |  |  |
| 2024 Term Loan B, 6.577%, 1M TSFR + 2.250%, 10/27/28 | 2854125 | &nbsp;&nbsp; 2867505 |
| iSolved, Inc. |  |  |
| 2024 1st Lien Term Loan, 7.327%, 1M TSFR + 3.000%, <br> 10/15/30<br>| 493772 | &nbsp;&nbsp; 496343 |
| Ivanti Software, Inc. |  |  |
| 2025 1st Lien Term Loan, 9.046% - 9.058%, 3M TSFR + <br> 4.750%, 06/01/29 (e)<br>| 466774 | &nbsp;&nbsp; 386255 |
| 2025 Newco Term Loan, 10.016%, 3M TSFR + 5.750%, <br> 06/01/29<br>| 125000 | &nbsp;&nbsp; 128958 |
| Marcel LUX IV SARL |  |  |
| 2024 USD Term Loan B7, 7.760%, 1M TSFR + 3.500%, <br> 11/12/30<br>| 2155767 | &nbsp;&nbsp; 2166546 |
| N-Able International Holdings II LLC |  |  |
| Term Loan B, 7.344%, 3M TSFR + 2.750%, 07/19/28 | 433125 | &nbsp;&nbsp; 432584 |
| Oceankey U.S. II Corp. |  |  |
| 2021 Term Loan, 7.927%, 1M TSFR + 3.500%, 12/15/28 | 1572623 | &nbsp;&nbsp; 1577292 |
| Open Text Corp. |  |  |
| 2023 Term Loan B, 6.077%, 1M TSFR + 1.750%, 01/31/30 | 490406 | &nbsp;&nbsp; 490880 |
| Playtika Holding Corp. |  |  |
| 2021 Term Loan B1, 7.191%, 1M TSFR + 2.750%, 03/13/28 | 1478833 | &nbsp;&nbsp; 1457883 |
| PointClickCare Technologies, Inc. |  |  |
| 2024 USD Term Loan B, 7.416%, 6M TSFR + 3.250%, <br> 11/03/31<br>| 2636331 | &nbsp;&nbsp; 2652809 |
| Press Ganey Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.577%, 1M TSFR + 3.250%, <br> 04/30/31<br>| 1145125 | &nbsp;&nbsp; 1148345 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.546%, 3M TSFR + 3.250%, <br> 10/26/30<br>| 1975075 | &nbsp;&nbsp; 1987595 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 7.296%, 3M TSFR + 3.000%, <br> 07/16/31<br>| 845750 | &nbsp;&nbsp; 847864 |
| Project Ruby Ultimate Parent Corp. |  |  |
| 2024 Term Loan B, 7.441%, 1M TSFR + 3.000%, 03/10/28 | 1032188 | &nbsp;&nbsp; 1034554 |
| Quartz Acquireco LLC |  |  |
| 2025 Term Loan B, 6.546%, 3M TSFR + 2.250%, 06/28/30 | 1081427 | &nbsp;&nbsp; 1085483 |
| Rackspace Finance LLC |  |  |
| 2024 First Lien First Out Term Loan, 10.679%, 1M TSFR + <br> 6.250%, 05/15/28<br>| 461193 | &nbsp;&nbsp; 464364 |
| 2024 First Lien Second Out Term Loan, 7.179%, 1M TSFR + <br> 2.750%, 05/15/28<br>| 2310865 | &nbsp;&nbsp; 1064923 |
| RealPage, Inc. |  |  |
| 1st Lien Term Loan, 04/24/28 (c) | 1000000 | &nbsp;&nbsp; 994583 |
| 2024 Incremental Term Loan, 8.046%, 3M TSFR + 3.750%, <br> 04/24/28<br>| 399000 | &nbsp;&nbsp; 399998 |

---

*See accompanying notes to financial statements.*

**BHFTI-155**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (a)—(Continued)**

**Corporate Bonds & Notes—3.1%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| SkillSoft Corp. |  |  |
| 2021 Term Loan, 9.691%, 1M TSFR + 5.250%, 07/14/28 | 859939 | &nbsp;&nbsp; $789353 |
| SolarWinds Holdings, Inc. |  |  |
| 2025 Term Loan, 8.261%, 3M TSFR + 4.000%, 04/16/32 | 1950000 | &nbsp;&nbsp; 1907954 |
| Symplr Software, Inc. |  |  |
| 2020 Term Loan, 8.880%, 3M TSFR + 4.500%, 12/22/27 | 1326175 | &nbsp;&nbsp; 1212124 |
| UKG, Inc. |  |  |
| 2024 Term Loan B, 7.311%, 1M TSFR + 3.000%, 02/10/31 | 4864295 | &nbsp;&nbsp; 4886588 |
| Waystar Technologies, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 10/22/29<br>| 1556938 | &nbsp;&nbsp; 1565696 |
|  |  | &nbsp;&nbsp; 67700446 |
| **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |
| Ciena Corp. |  |  |
| 2025 Repriced Term Loan B, 6.068%, 1M TSFR + 1.750%, <br> 10/24/30<br>| 1176767 | &nbsp;&nbsp; 1184122 |
| Digicel International Finance Ltd. |  |  |
| 2024 Term Loan, 9.530%, 3M TSFR + 5.250%, 2.250% PIK, <br> 05/25/27 (h)<br>| 1523268 | &nbsp;&nbsp; 1520412 |
| GoTo Group, Inc. |  |  |
| 2024 First Out Term Loan, 9.162%, 1M TSFR + 4.750%, <br> 04/28/28<br>| 735419 | &nbsp;&nbsp; 641653 |
| 2024 Second Out Term Loan, 9.162%, 1M TSFR + 4.750%, <br> 04/28/28<br>| 903154 | &nbsp;&nbsp; 343198 |
| Level 3 Financing, Inc. |  |  |
| 2025 Term Loan B, 8.577%, 1M TSFR + 4.250%, 03/27/32 | 1333212 | &nbsp;&nbsp; 1348211 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, 6.791%, 1M TSFR + 2.350%, <br> 04/16/29<br>| 431303 | &nbsp;&nbsp; 426774 |
| 2024 Extended Term Loan B2, 6.791%, 1M TSFR + 2.350%, <br> 04/15/30<br>| 1421211 | &nbsp;&nbsp; 1405371 |
| Viavi Solutions, Inc. |  |  |
| Term Loan B, 07/30/32 (c) | 600000 | &nbsp;&nbsp; 600750 |
|  |  | &nbsp;&nbsp; 7470491 |
| **Transportation — 1.1%** | **Transportation — 1.1%** | **Transportation — 1.1%** |
| AIT Worldwide Logistics, Inc. |  |  |
| 2025 Repriced Term Loan, 8.260%, 3M TSFR + 4.000%, <br> 04/08/30<br>| 646750 | &nbsp;&nbsp; 648933 |
| First Student Bidco, Inc. |  |  |
| 2024 Term Loan B2, 6.796%, 3M TSFR + 2.500%, 07/21/28 | 1384445 | &nbsp;&nbsp; 1386918 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 7.577%, 1M TSFR + 3.250%, 01/25/29 | 1733353 | &nbsp;&nbsp; 1711686 |
| Stonepeak Nile Parent LLC |  |  |
| Term Loan B, 9.250%, PRIME + 1.750%, 04/09/32 | 1000000 | &nbsp;&nbsp; 1004219 |
| Student Transportation of America Holdings, Inc. |  |  |
| Delayed Draw Term Loan, 06/10/32 (c) | 55000 | &nbsp;&nbsp; 55160 |
| Term Loan B, 06/10/32 (c) | 770000 | &nbsp;&nbsp; 772246 |
|  |  | &nbsp;&nbsp; 5579162 |
| Total Floating Rate Loans <br>(Cost $498,195,637) <br>|  | &nbsp;&nbsp; 485688640 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| Goat Holdco LLC |  |  |
| 6.750%, 02/01/32 (144A) | 175000 | &nbsp;&nbsp; $177894 |
| TransDigm, Inc. |  |  |
| 6.875%, 12/15/30 (144A) | 500000 | &nbsp;&nbsp; 518794 |
|  |  | &nbsp;&nbsp; 696688 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| 5.750%, 04/20/29 (144A) | 1500000 | &nbsp;&nbsp; 1498684 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Champ Acquisition Corp. |  |  |
| 8.375%, 12/01/31 (144A) | 375000 | &nbsp;&nbsp; 398485 |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
| Herc Holdings, Inc. |  |  |
| 7.000%, 06/15/30 (144A) | 85000 | &nbsp;&nbsp; 88770 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| Diebold Nixdorf, Inc. |  |  |
| 7.750%, 03/31/30 (144A) | 925000 | &nbsp;&nbsp; 981328 |
| NCR Atleos Corp. |  |  |
| 9.500%, 04/01/29 (144A) | 500000 | &nbsp;&nbsp; 547682 |
|  |  | &nbsp;&nbsp; 1529010 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| Focus Financial Partners LLC |  |  |
| 6.750%, 09/15/31 (144A) | 750000 | &nbsp;&nbsp; 765573 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Artera Services LLC |  |  |
| 8.500%, 02/15/31 (144A) | 125000 | &nbsp;&nbsp; 104090 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Caesars Entertainment, Inc. |  |  |
| 6.500%, 02/15/32 (144A) | 400000 | &nbsp;&nbsp; 410446 |
| Six Flags Entertainment Corp. |  |  |
| 7.000%, 07/01/25 (144A) | 69000 | &nbsp;&nbsp; 69000 |
|  |  | &nbsp;&nbsp; 479446 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| AmWINS Group, Inc. |  |  |
| 6.375%, 02/15/29 (144A) | 600000 | &nbsp;&nbsp; 611542 |
| Panther Escrow Issuer LLC |  |  |
| 7.125%, 06/01/31 (144A) | 2850000 | &nbsp;&nbsp; 2960440 |
|  |  | &nbsp;&nbsp; 3571982 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.250%, 07/15/27 (144A) | 500000 | &nbsp;&nbsp; 499650 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Virgin Media Secured Finance PLC |  |  |
| 4.500%, 08/15/30 (144A) | 800000 | &nbsp;&nbsp; 743512 |

---

*See accompanying notes to financial statements.*

**BHFTI-156**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| 1261229 BC Ltd. |  |  |
| 10.000%, 04/15/32 (144A) | 525000 | &nbsp;&nbsp; $529604 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Cloud Software Group, Inc. |  |  |
| 8.250%, 06/30/32 (144A) | 1550000 | &nbsp;&nbsp; 1649555 |
| 9.000%, 09/30/29 (144A) | 500000 | &nbsp;&nbsp; 518263 |
| UKG, Inc. |  |  |
| 6.875%, 02/01/31 (144A) | 825000 | &nbsp;&nbsp; 855999 |
|  |  | &nbsp;&nbsp; 3023817 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| Altice France SA |  |  |
| 5.500%, 01/15/28 (144A) | 475000 | &nbsp;&nbsp; 399755 |
| Level 3 Financing, Inc. |  |  |
| 10.750%, 12/15/30 (144A) | 1500000 | &nbsp;&nbsp; 1700625 |
|  |  | &nbsp;&nbsp; 2100380 |
| Total Corporate Bonds & Notes <br>(Cost $15,540,045) <br>|  | &nbsp;&nbsp; 16029691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks—1.2%** | **Common Stocks—1.2%** | **Common Stocks—1.2%** |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| IAP Worldwide Services LLC (f) (g) (i) (j) | 44 | &nbsp;&nbsp; 0 |
| Monitronics International, Inc. (i) (j) | 16872 | &nbsp;&nbsp; 261516 |
|  |  | &nbsp;&nbsp; 261516 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Range Red Acquisitions LLC - Class A1 (f) (g) (i) (j) | 543 | &nbsp;&nbsp; 1213079 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| New Cineworld Ltd. (i) (j) | 14581 | &nbsp;&nbsp; 339008 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| Akorn Holding Co. LLC (f) (g) (i) (j) | 56220 | &nbsp;&nbsp; 0 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| Cano Health, Inc. (i) (j) | 121458 | &nbsp;&nbsp; 364374 |
| Envision Parent, Inc. (i) (j) | 68001 | &nbsp;&nbsp; 1088016 |
|  |  | &nbsp;&nbsp; 1452390 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| LG Parent Holding Co. (i) (j) | 9472 | &nbsp;&nbsp; 18944 |
| Serta Simmons Bedding, Inc. (i) (j) | 90899 | &nbsp;&nbsp; 727192 |
| Serta SSB Equipment Co. (f) (g) (i) (j) | 90899 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 746136 |
| **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
| Aegletes BV (f) (g) (i) (j) | 11991 | &nbsp;&nbsp; 0 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| GEE Acquisition Holdings Corp. (f) (g) (i) (j) | 17940 | &nbsp;&nbsp; 0 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| AFG Holdings, Inc. (f) (g) (i) (j) | 24746 | &nbsp;&nbsp; 0 |
| American Consolidated Natural Resources, Inc. (i) (j) | 6321 | &nbsp;&nbsp; 442470 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
| Phoenix Services International LLC (f) (i) (j) | 25563 | &nbsp;&nbsp; $95861 |
| Phoenix Services International LLC (Equity Units) (i) (j) | 2332 | &nbsp;&nbsp; 8745 |
|  |  | &nbsp;&nbsp; 547076 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| Mallinckrodt International Finance SA (i) (j) | 23570 | &nbsp;&nbsp; 1838460 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| Skillsoft Corp. (i) (j) | 3344 | &nbsp;&nbsp; 53404 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| Phillips Feed Service, Inc. (f) (g) (i) (j) | 62 | &nbsp;&nbsp; 0 |
| Total Common Stocks <br>(Cost $9,007,045) <br>|  | &nbsp;&nbsp; 6451069 |
| **Convertible Preferred Stocks—0.0%** | **Convertible Preferred Stocks—0.0%** | **Convertible Preferred Stocks—0.0%** |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Cohesity Global, Inc. - Series G-1 (j) | 4355 | &nbsp;&nbsp; 97988 |
| Cohesity Global, Inc. - Series G (j) | 6303 | &nbsp;&nbsp; 141817 |
| Total Convertible Preferred Stocks <br>(Cost $218,489) <br>|  | &nbsp;&nbsp; 239805 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| Cano Health, Inc., Expires 06/28/29 (j) <br>(Cost $0)<br>| 3834 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—4.2%** | **Short-Term Investments—4.2%** | **Short-Term Investments—4.2%** |
| **Repurchase Agreement—4.2%** | **Repurchase Agreement—4.2%** | **Repurchase Agreement—4.2%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $22,103,842; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $22,544,039<br>| 22101846 | &nbsp;&nbsp; 22101846 |
| Total Short-Term Investments <br>(Cost $22,101,846) <br>|  | &nbsp;&nbsp; 22101846 |
| Total Investments—100.8% <br>(Cost $545,063,062)<br>|  | &nbsp;&nbsp; 530511051 |
| Unfunded Loan Commitments—(0.2)% <br>(Cost $(1221332))<br>|  | &nbsp;&nbsp; (1221332)<br>|
| Net Investments—100.6% <br>(Cost $543,841,730) <br>|  | &nbsp;&nbsp; 529289719 |
| Other assets and liabilities (net)—(0.6)%  |  | &nbsp;&nbsp; (3233954)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $526055765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately 

*See accompanying notes to financial statements.*

**BHFTI-157**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (b) | Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain <br> credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to <br> fund these commitments at the borrower's discretion.<br>|
| (c) | This loan will settle after June 30, 2025, at which time the interest rate will be determined. |
| (d) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (e) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of June 30, 2025.<br>|
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of  |

---

---

| | |
|:---|:---|
|  | Trustees. As of June 30, 2025, these securities represent 0.4% of net assets. |
| (g) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (h) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (i) | Security was acquired in connection with a restructuring of a senior loan and may be subject <br> to restrictions on resale.<br>|
| (j) | Non-income producing security. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $16,029,691, which is 3.0% of net assets.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64420743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78460430 |

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Floating Rate Loans |  |  |  |  |
| Advertising | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2508364 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2508364 |
| Aerospace/Defense (Less Unfunded Loan Commitments of $113,462) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6202483 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6202483 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229914 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 2186615 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2186615 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 5166864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5166864 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 7544869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7544869 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 675837 | &nbsp;&nbsp; — | &nbsp;&nbsp; 675837 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 6690949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6690949 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 16062298 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16062298 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 20233439 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20233439 |
| Coal | &nbsp;&nbsp; — | &nbsp;&nbsp; 528180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 528180 |
| Commercial Services (Less Unfunded Loan Commitments of $699,975) | &nbsp;&nbsp; — | &nbsp;&nbsp; 52552361 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52552361 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 14605567 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14605567 |
| Cosmetics/Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 4416649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4416649 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 11482527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11482527 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 24310223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24310223 |
| Electric (Less Unfunded Loan Commitments of $220,161) | &nbsp;&nbsp; — | &nbsp;&nbsp; 10688191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10688191 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 2811319 | &nbsp;&nbsp; 1022470 | &nbsp;&nbsp; 3833789 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 5971994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5971994 |
| Engineering & Construction (Less Unfunded Loan Commitments of $61,688) | &nbsp;&nbsp; — | &nbsp;&nbsp; 8471419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8471419 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 13033063 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13033063 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 12519362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12519362 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 4248434 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4248434 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 1017526 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1017526 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 497500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 497500 |
| Hand/Machine Tools | &nbsp;&nbsp; — | &nbsp;&nbsp; 4164600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4164600 |
| Healthcare-Products (Less Unfunded Loan Commitments of $126,046) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4692398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4692398 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 13790093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13790093 |
| Holding Companies-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 201375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201375 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 2692855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2692855 |
| Household Products/Wares | &nbsp;&nbsp; — | &nbsp;&nbsp; 1660887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1660887 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 508292 | &nbsp;&nbsp; — | &nbsp;&nbsp; 508292 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 32173134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32173134 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 6629268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6629268 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 6364685 | &nbsp;&nbsp; 292878 | &nbsp;&nbsp; 6657563 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 13809800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13809800 |

---

*See accompanying notes to financial statements.*

**BHFTI-158**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Lodging | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4322277 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4322277 |
| Machinery-Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 5857170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5857170 |
| Machinery-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 11659897 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11659897 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 4900409 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4900409 |
| Metal Fabricate/Hardware | &nbsp;&nbsp; — | &nbsp;&nbsp; 3474832 | &nbsp;&nbsp; 169857 | &nbsp;&nbsp; 3644689 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 3300682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3300682 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 2725618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2725618 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 1370173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1370173 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 7688557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7688557 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 9093381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9093381 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 7244256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7244256 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 2929455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2929455 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 15169260 | &nbsp;&nbsp; 6771 | &nbsp;&nbsp; 15176031 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 145932 | &nbsp;&nbsp; — | &nbsp;&nbsp; 145932 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 67700446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67700446 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 7470491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7470491 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 5579162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5579162 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $1,221,332) | &nbsp;&nbsp; — | &nbsp;&nbsp; 482975332 | &nbsp;&nbsp; 1491976 | &nbsp;&nbsp; 484467308 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 16029691 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16029691 |
| Common Stocks |  |  |  |  |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 261516 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 261516 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1213079 | &nbsp;&nbsp; 1213079 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 339008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 339008 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1452390 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1452390 |
| Household Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 746136 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 746136 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Metals & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 547076 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 547076 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 1838460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1838460 |
| Professional Services | &nbsp;&nbsp; 53404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53404 |
| Specialty Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Common Stocks | &nbsp;&nbsp; 53404 | &nbsp;&nbsp; 5184586 | &nbsp;&nbsp; 1213079 | &nbsp;&nbsp; 6451069 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 239805 | &nbsp;&nbsp; — | &nbsp;&nbsp; 239805 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 22101846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22101846 |
| Total Net Investments | &nbsp;&nbsp; $53404 | &nbsp;&nbsp; $526531260 | &nbsp;&nbsp; $2705055 | &nbsp;&nbsp; $529289719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

During the six months ended June 30, 2025, transfers into Level 3 in the amount of $5,396 were due to trading halts on the securities respective exchanges which resulted in the lack of observable inputs.

*See accompanying notes to financial statements.*

**BHFTI-159**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $529289719 |
| Cash | &nbsp;&nbsp; 3631938 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 10318845 |
| Fund shares sold | &nbsp;&nbsp; 228171 |
| Interest | &nbsp;&nbsp; 2488503 |
| Prepaid expenses | &nbsp;&nbsp; 4213 |
| Total Assets | &nbsp;&nbsp; 545961389 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 19003129 |
| Fund shares redeemed | &nbsp;&nbsp; 22914 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 259586 |
| Distribution and service fees | &nbsp;&nbsp; 31000 |
| Deferred trustees' fees | &nbsp;&nbsp; 216935 |
| Other expenses | &nbsp;&nbsp; 372060 |
| Total Liabilities | &nbsp;&nbsp; 19905624 |
| **Net Assets**  | &nbsp;&nbsp; $526055765 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $591501283 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (65445518)<br>|
| **Net Assets**  | &nbsp;&nbsp; $526055765 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $373854263 |
| Class B | &nbsp;&nbsp; 152201502 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 41234529 |
| Class B | &nbsp;&nbsp; 16946498 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.07 |
| Class B | 8.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $543,841,730.

(b) Investments at value is net of unfunded loan commitments of $1,221,332.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $21249622 |
| Total investment income | &nbsp;&nbsp; 21249622 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1589479 |
| Administration fees | &nbsp;&nbsp; 23966 |
| Custodian and accounting fees | &nbsp;&nbsp; 96363 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 191421 |
| Audit and tax services | &nbsp;&nbsp; 65600 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 12383 |
| Insurance | &nbsp;&nbsp; 2428 |
| Miscellaneous | &nbsp;&nbsp; 12415 |
| Total expenses | &nbsp;&nbsp; 2036812 |
| Less management fee waiver | &nbsp;&nbsp; (2993)<br>|
| Net expenses | &nbsp;&nbsp; 2033819 |
| **Net Investment Income** | &nbsp;&nbsp; 19215803 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (4071696) <br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (5299314)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (9371010)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $9844793 |

---

*See accompanying notes to financial statements.*

**BHFTI-160**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $19215803 | &nbsp;&nbsp; $47360790 |
| Net realized gain (loss) | &nbsp;&nbsp; (4071696)<br>| &nbsp;&nbsp; (7702224)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (5299314)<br>| &nbsp;&nbsp; 4857650 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 9844793 | &nbsp;&nbsp; 44516216 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (33975232)<br>| &nbsp;&nbsp; (37436741)<br>|
| Class B | &nbsp;&nbsp; (13534339)<br>| &nbsp;&nbsp; (13239102)<br>|
| **Total distributions** | &nbsp;&nbsp; (47509571)<br>| &nbsp;&nbsp; (50675843)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 17821794 | &nbsp;&nbsp; (23554665)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (19842984)<br>| &nbsp;&nbsp; (29714292)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 545898749 | &nbsp;&nbsp; 575613041 |
| End of period | &nbsp;&nbsp; $526055765 | &nbsp;&nbsp; $545898749 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 764475 | &nbsp;&nbsp; $7502618 | &nbsp;&nbsp; 84242 | &nbsp;&nbsp; $838379 |
| Reinvestments | &nbsp;&nbsp; 3766655 | &nbsp;&nbsp; 33975232 | &nbsp;&nbsp; 3991124 | &nbsp;&nbsp; 37436741 |
| Redemptions | &nbsp;&nbsp; (2923362)<br>| &nbsp;&nbsp; (28495825)<br>| &nbsp;&nbsp; (7409301)<br>| &nbsp;&nbsp; (72208168)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1607768 | &nbsp;&nbsp; $12982025 | &nbsp;&nbsp; (3333935)<br>| &nbsp;&nbsp; $(33933048)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 747641 | &nbsp;&nbsp; $7181599 | &nbsp;&nbsp; 2067130 | &nbsp;&nbsp; $20062641 |
| Reinvestments | &nbsp;&nbsp; 1513908 | &nbsp;&nbsp; 13534339 | &nbsp;&nbsp; 1423559 | &nbsp;&nbsp; 13239102 |
| Redemptions | &nbsp;&nbsp; (1646235)<br>| &nbsp;&nbsp; (15876169)<br>| &nbsp;&nbsp; (2368675)<br>| &nbsp;&nbsp; (22923360)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 615314 | &nbsp;&nbsp; $4839769 | &nbsp;&nbsp; 1122014 | &nbsp;&nbsp; $10378383 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $17821794 |  | &nbsp;&nbsp; $(23554665)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-161**

------

**Brighthouse Funds Trust I**

**Brighthouse/Eaton Vance Floating Rate Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $10.23 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.14)<br>|
| Total income (loss) from investment operations | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.50)<br>|
| Total distributions | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.50)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.07 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $9.94 |
| **Total Return (%)** (b) | 2.02 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp; (1.46 ) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.70 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net ratio of expenses to average net assets (%) (f) | 0.70 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | 7.38 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;8.49 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 26 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $373.9 | &nbsp;&nbsp; $387.7 | &nbsp;&nbsp; $426.1 | &nbsp;&nbsp; $478.5 | &nbsp;&nbsp; $654.2 | &nbsp;&nbsp; $636.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $10.15 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.14)<br>|
| Total income (loss) from investment operations | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total distributions | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.47)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $9.86 |
| **Total Return (%)** (b) | 1.77 <br>(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.81 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.95 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Net ratio of expenses to average net assets (%) (f) | 0.95 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Ratio of net investment income (loss) to average net assets (%) | 7.13 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 26 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $152.2 | &nbsp;&nbsp;&nbsp;&nbsp; $158.2 | &nbsp;&nbsp; $149.5 | &nbsp;&nbsp; $143.7 | &nbsp;&nbsp; $145.2 | &nbsp;&nbsp; $123.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-162**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—38.4% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense — 0.6%** | **Aerospace/Defense — 0.6%** | **Aerospace/Defense — 0.6%** |
| BAE Systems PLC |  |  |
| 5.000%, 03/26/27 (144A) | 1200000 | &nbsp;&nbsp; $1213798 |
| Boeing Co. |  |  |
| 2.196%, 02/04/26 (a) | 2600000 | &nbsp;&nbsp; 2559420 |
|  |  | &nbsp;&nbsp; 3773218 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| Philip Morris International, Inc. |  |  |
| 4.875%, 02/15/28 (a) | 900000 | &nbsp;&nbsp; 915157 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| 4.500%, 10/20/25 (144A) | 884496 | &nbsp;&nbsp; 882355 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property <br> Assets Ltd.<br>|  |  |
| 6.500%, 06/20/27 (144A) | 760000 | &nbsp;&nbsp; 760997 |
| United Airlines Pass-Through Trust |  |  |
| 4.875%, 07/15/27 | 66475 | &nbsp;&nbsp; 66383 |
|  |  | &nbsp;&nbsp; 1709735 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| PVH Corp. |  |  |
| 5.500%, 06/13/30 | 900000 | &nbsp;&nbsp; 906443 |
| **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** |
| General Motors Financial Co., Inc. |  |  |
| 1.500%, 06/10/26 | 4400000 | &nbsp;&nbsp; 4271344 |
| Hyundai Capital America |  |  |
| 4.850%, 03/25/27 (144A) (a) | 850000 | &nbsp;&nbsp; 853573 |
| 5.250%, 01/08/27 (144A) | 1400000 | &nbsp;&nbsp; 1413019 |
| Volkswagen Group of America Finance LLC |  |  |
| 5.400%, 03/20/26 (144A) | 2400000 | &nbsp;&nbsp; 2411156 |
|  |  | &nbsp;&nbsp; 8949092 |
| **Banks — 12.5%** | **Banks — 12.5%** | **Banks — 12.5%** |
| ABN AMRO Bank NV |  |  |
| 6.339%, 1Y H15 + 1.650%, 09/18/27 (144A) (b) | 600000 | &nbsp;&nbsp; 613066 |
| Bank of America Corp. |  |  |
| 3.974%, 3M TSFR + 1.472%, 02/07/30 (a) (b) | 2000000 | &nbsp;&nbsp; 1968617 |
| 4.376%, SOFR + 1.580%, 04/27/28 (a) (b) | 2500000 | &nbsp;&nbsp; 2499478 |
| Bank of Montreal |  |  |
| 4.567%, SOFR + 0.880%, 09/10/27 (a) (b) | 1000000 | &nbsp;&nbsp; 1002295 |
| Bank of New York Mellon |  |  |
| 4.729%, SOFR + 1.135%, 04/20/29 (a) (b) | 1050000 | &nbsp;&nbsp; 1064834 |
| Bank of Nova Scotia |  |  |
| 2.951%, 03/11/27 (a) | 2300000 | &nbsp;&nbsp; 2255227 |
| BNP Paribas SA |  |  |
| 4.792%, SOFR + 1.450%, 05/09/29 (144A) (a) (b) | 1540000 | &nbsp;&nbsp; 1547864 |
| CaixaBank SA |  |  |
| 4.634%, SOFR + 1.140%, 07/03/29 (144A) (b) | 1140000 | &nbsp;&nbsp; 1142839 |
| Citibank NA |  |  |
| 4.576%, 05/29/27 | 3800000 | &nbsp;&nbsp; 3820870 |
| Credit Agricole SA |  |  |
| 5.222%, SOFR + 1.460%, 05/27/31 (144A) (b) | 2100000 | &nbsp;&nbsp; 2139160 |
| Danske Bank AS |  |  |
| 5.705%, 1Y H15 + 1.400%, 03/01/30 (144A) (a) (b) | 1600000 | &nbsp;&nbsp; 1660048 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Fifth Third Bank NA |  |  |
| 4.967%, SOFR + 0.810%, 01/28/28 (a) (b) | 865000 | &nbsp;&nbsp; $871333 |
| Goldman Sachs Bank USA |  |  |
| 5.283%, SOFR + 0.777%, 03/18/27 (b) | 2300000 | &nbsp;&nbsp; 2311349 |
| Goldman Sachs Group, Inc. |  |  |
| 2.640%, SOFR + 1.114%, 02/24/28 (b) | 2000000 | &nbsp;&nbsp; 1942403 |
| 3.750%, 02/25/26 (a) | 2000000 | &nbsp;&nbsp; 1991046 |
| 4.250%, 10/21/25 (a) | 3000000 | &nbsp;&nbsp; 2996320 |
| 4.387%, SOFR + 1.510%, 06/15/27 (a) (b) | 900000 | &nbsp;&nbsp; 898648 |
| Huntington Bancshares, Inc. |  |  |
| 6.208%, SOFR + 2.020%, 08/21/29 (a) (b) | 1000000 | &nbsp;&nbsp; 1049318 |
| Huntington National Bank |  |  |
| 4.552%, SOFR + 1.650%, 05/17/28 (b) | 2400000 | &nbsp;&nbsp; 2408767 |
| JPMorgan Chase & Co. |  |  |
| 5.012%, SOFR + 1.310%, 01/23/30 (b) | 1000000 | &nbsp;&nbsp; 1018457 |
| KeyBank NA |  |  |
| 4.150%, 08/08/25 (a) | 1600000 | &nbsp;&nbsp; 1598817 |
| Lloyds Banking Group PLC |  |  |
| 3.750%, 1Y H15 + 1.800%, 03/18/28 (b) | 2700000 | &nbsp;&nbsp; 2667035 |
| 5.087%, 1Y H15 + 0.850%, 11/26/28 (b) | 960000 | &nbsp;&nbsp; 972614 |
| Manufacturers & Traders Trust Co. |  |  |
| 4.762%, SOFR + 0.950%, 07/06/28 (a) (b) | 1470000 | &nbsp;&nbsp; 1480200 |
| Morgan Stanley |  |  |
| 4.210%, SOFR + 1.610%, 04/20/28 (a) (b) | 2500000 | &nbsp;&nbsp; 2494835 |
| 4.350%, 09/08/26 | 2200000 | &nbsp;&nbsp; 2196063 |
| 5.173%, SOFR + 1.450%, 01/16/30 (b) | 1500000 | &nbsp;&nbsp; 1531423 |
| NatWest Group PLC |  |  |
| 1.642%, 1Y H15 + 0.900%, 06/14/27 (a) (b) | 3300000 | &nbsp;&nbsp; 3211636 |
| Nordea Bank Abp |  |  |
| 4.750%, 09/22/25 (144A) | 1200000 | &nbsp;&nbsp; 1200554 |
| PNC Financial Services Group, Inc. |  |  |
| 5.300%, SOFR + 1.342%, 01/21/28 (a) (b) | 600000 | &nbsp;&nbsp; 609016 |
| Santander Holdings USA, Inc. |  |  |
| 5.473%, SOFR + 1.610%, 03/20/29 (a) (b) | 2700000 | &nbsp;&nbsp; 2745300 |
| Santander U.K. Group Holdings PLC |  |  |
| 1.673%, SOFR + 0.989%, 06/14/27 (b) | 1800000 | &nbsp;&nbsp; 1748436 |
| Shinhan Bank Co. Ltd. |  |  |
| 1.375%, 10/21/26 (144A) | 2500000 | &nbsp;&nbsp; 2411617 |
| Societe Generale SA |  |  |
| 1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (b) | 1500000 | &nbsp;&nbsp; 1460012 |
| Truist Financial Corp. |  |  |
| 5.435%, SOFR + 1.620%, 01/24/30 (a) (b) | 2000000 | &nbsp;&nbsp; 2059945 |
| 5.900%, SOFR + 1.626%, 10/28/26 (b) | 2000000 | &nbsp;&nbsp; 2008228 |
| UBS Group AG |  |  |
| 4.550%, 04/17/26 | 1200000 | &nbsp;&nbsp; 1200216 |
| 5.711%, 1Y H15 + 1.550%, 01/12/27 (144A) (a) (b) | 1900000 | &nbsp;&nbsp; 1911404 |
| Wells Fargo & Co. |  |  |
| 4.100%, 06/03/26 | 3000000 | &nbsp;&nbsp; 2988012 |
| 5.198%, SOFR + 1.500%, 01/23/30 (a) (b) | 800000 | &nbsp;&nbsp; 819442 |
| 6.303%, SOFR + 1.790%, 10/23/29 (b) | 900000 | &nbsp;&nbsp; 951199 |
|  |  | &nbsp;&nbsp; 73467943 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Coca-Cola Europacific Partners PLC |  |  |
| 1.500%, 01/15/27 (144A) | 1600000 | &nbsp;&nbsp; 1531553 |

---

*See accompanying notes to financial statements.*

**BHFTI-163**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Beverages—(Continued)** | **Beverages—(Continued)** | **Beverages—(Continued)** |
| Diageo Investment Corp. |  |  |
| 5.125%, 08/15/30 | 660000 | &nbsp;&nbsp; $679969 |
|  |  | &nbsp;&nbsp; 2211522 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Carrier Global Corp. |  |  |
| 2.493%, 02/15/27 | 1500000 | &nbsp;&nbsp; 1459799 |
| JH North America Holdings, Inc. |  |  |
| 5.875%, 01/31/31 (144A) | 25000 | &nbsp;&nbsp; 25218 |
| Owens Corning |  |  |
| 5.500%, 06/15/27 (a) | 1300000 | &nbsp;&nbsp; 1327835 |
|  |  | &nbsp;&nbsp; 2812852 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| CF Industries, Inc. |  |  |
| 4.500%, 12/01/26 (144A) (a) | 600000 | &nbsp;&nbsp; 600358 |
| Rain Carbon, Inc. |  |  |
| 12.250%, 09/01/29 (144A) (a) | 1100000 | &nbsp;&nbsp; 1179696 |
|  |  | &nbsp;&nbsp; 1780054 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| EquipmentShare.com, Inc. |  |  |
| 9.000%, 05/15/28 (144A) (a) | 1100000 | &nbsp;&nbsp; 1162073 |
| **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** |
| Haleon U.S. Capital LLC |  |  |
| 3.375%, 03/24/27 | 3400000 | &nbsp;&nbsp; 3350297 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.000%, 10/29/28 (a) | 1000000 | &nbsp;&nbsp; 952675 |
| 6.100%, 01/15/27 (a) | 1000000 | &nbsp;&nbsp; 1022192 |
| American Express Co. |  |  |
| 5.645%, SOFR + 0.750%, 04/23/27 (b) | 2400000 | &nbsp;&nbsp; 2422217 |
| Capital One Financial Corp. |  |  |
| 3.800%, 01/31/28 | 2500000 | &nbsp;&nbsp; 2467008 |
| GGAM Finance Ltd. |  |  |
| 8.000%, 06/15/28 (144A) | 300000 | &nbsp;&nbsp; 317316 |
| Jefferson Capital Holdings LLC |  |  |
| 9.500%, 02/15/29 (144A) | 500000 | &nbsp;&nbsp; 527774 |
| OneMain Finance Corp. |  |  |
| 6.625%, 05/15/29 (a) | 800000 | &nbsp;&nbsp; 821641 |
| SLM Corp. |  |  |
| 6.500%, 01/31/30 (a) | 300000 | &nbsp;&nbsp; 314890 |
|  |  | &nbsp;&nbsp; 8845713 |
| **Electric — 3.4%** | **Electric — 3.4%** | **Electric — 3.4%** |
| Dominion Energy, Inc. |  |  |
| 1.450%, 04/15/26 (a) | 2000000 | &nbsp;&nbsp; 1952080 |
| DTE Electric Co. |  |  |
| 4.250%, 05/14/27 | 295000 | &nbsp;&nbsp; 295407 |
| DTE Energy Co. |  |  |
| 4.950%, 07/01/27 | 800000 | &nbsp;&nbsp; 809159 |
| Duke Energy Corp. |  |  |
| 4.300%, 03/15/28 (a) | 4500000 | &nbsp;&nbsp; 4505555 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Electricite de France SA |  |  |
| 5.700%, 05/23/28 (144A) (a) | 300000 | &nbsp;&nbsp; $309033 |
| Engie SA |  |  |
| 5.250%, 04/10/29 (144A) (a) | 1400000 | &nbsp;&nbsp; 1431758 |
| Exelon Corp. |  |  |
| 3.400%, 04/15/26 | 2000000 | &nbsp;&nbsp; 1982389 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.749%, 09/01/25 | 1700000 | &nbsp;&nbsp; 1702492 |
| Pacific Gas & Electric Co. |  |  |
| 4.550%, 07/01/30 (a) | 1600000 | &nbsp;&nbsp; 1561637 |
| 5.339%, SOFR + 0.950%, 09/04/25 (b) | 2400000 | &nbsp;&nbsp; 2399990 |
| Vistra Operations Co. LLC |  |  |
| 4.375%, 05/01/29 (144A) (a) | 1200000 | &nbsp;&nbsp; 1169530 |
| Xcel Energy, Inc. |  |  |
| 3.400%, 06/01/30 (a) | 2000000 | &nbsp;&nbsp; 1897379 |
|  |  | &nbsp;&nbsp; 20016409 |
| **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
| WESCO Distribution, Inc. |  |  |
| 6.375%, 03/15/29 (144A) (a) | 1100000 | &nbsp;&nbsp; 1131715 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| Banijay Entertainment SAS |  |  |
| 8.125%, 05/01/29 (144A) (a) | 600000 | &nbsp;&nbsp; 622477 |
| Caesars Entertainment, Inc. |  |  |
| 4.625%, 10/15/29 (144A) (a) | 1200000 | &nbsp;&nbsp; 1145442 |
| Warnermedia Holdings, Inc. |  |  |
| 3.755%, 03/15/27 | 78000 | &nbsp;&nbsp; 76115 |
|  |  | &nbsp;&nbsp; 1844034 |
| **Food — 0.9%** | **Food — 0.9%** | **Food — 0.9%** |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 5.125%, 02/01/28 (a) | 1500000 | &nbsp;&nbsp; 1530600 |
| Mars, Inc. |  |  |
| 4.800%, 03/01/30 (144A) (a) | 2585000 | &nbsp;&nbsp; 2619122 |
| Sysco Corp. |  |  |
| 5.750%, 01/17/29 (a) | 1100000 | &nbsp;&nbsp; 1146863 |
|  |  | &nbsp;&nbsp; 5296585 |
| **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** |
| Baxter International, Inc. |  |  |
| 1.915%, 02/01/27 (a) | 3000000 | &nbsp;&nbsp; 2888133 |
| **Healthcare-Services — 1.9%** | **Healthcare-Services — 1.9%** | **Healthcare-Services — 1.9%** |
| CHS/Community Health Systems, Inc. |  |  |
| 6.000%, 01/15/29 (144A) (a) | 1100000 | &nbsp;&nbsp; 1058055 |
| Cigna Group |  |  |
| 1.250%, 03/15/26 (a) | 1666000 | &nbsp;&nbsp; 1630446 |
| Elevance Health, Inc. |  |  |
| 1.500%, 03/15/26 (a) | 3000000 | &nbsp;&nbsp; 2936639 |
| HCA, Inc. |  |  |
| 5.200%, 06/01/28 (a) | 2600000 | &nbsp;&nbsp; 2656367 |
| Icon Investments Six DAC |  |  |
| 5.809%, 05/08/27 (a) | 1700000 | &nbsp;&nbsp; 1735534 |
| IQVIA, Inc. |  |  |
| 6.250%, 02/01/29 | 1000000 | &nbsp;&nbsp; 1045151 |

---

*See accompanying notes to financial statements.*

**BHFTI-164**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| Kedrion SpA |  |  |
| 6.500%, 09/01/29 (144A) | 200000 | &nbsp;&nbsp; $191407 |
|  |  | &nbsp;&nbsp; 11253599 |
| **Home Builders — 0.5%** | **Home Builders — 0.5%** | **Home Builders — 0.5%** |
| DR Horton, Inc. |  |  |
| 4.850%, 10/15/30 (a) | 1500000 | &nbsp;&nbsp; 1513218 |
| Toll Brothers Finance Corp. |  |  |
| 4.350%, 02/15/28 (a) | 1500000 | &nbsp;&nbsp; 1492007 |
|  |  | &nbsp;&nbsp; 3005225 |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 8.500%, 06/15/29 (144A) | 300000 | &nbsp;&nbsp; 312846 |
| AEGON Funding Co. LLC |  |  |
| 5.500%, 04/16/27 (144A) (a) | 2100000 | &nbsp;&nbsp; 2125509 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| 5.875%, 11/01/29 (144A) (a) | 600000 | &nbsp;&nbsp; 591455 |
| 6.750%, 04/15/28 (144A) | 500000 | &nbsp;&nbsp; 508303 |
| Athene Global Funding |  |  |
| 5.516%, 03/25/27 (144A) (a) | 2000000 | &nbsp;&nbsp; 2033237 |
| Brown & Brown, Inc. |  |  |
| 4.900%, 06/23/30 | 345000 | &nbsp;&nbsp; 348210 |
| Corebridge Global Funding |  |  |
| 5.900%, 09/19/28 (144A) | 1300000 | &nbsp;&nbsp; 1358259 |
| F&G Annuities & Life, Inc. |  |  |
| 6.500%, 06/04/29 | 300000 | &nbsp;&nbsp; 309323 |
| GA Global Funding Trust |  |  |
| 4.400%, 09/23/27 (144A) (a) | 2150000 | &nbsp;&nbsp; 2145762 |
| New York Life Global Funding |  |  |
| 3.600%, 08/05/25 (144A) | 3200000 | &nbsp;&nbsp; 3195557 |
| Northwestern Mutual Global Funding |  |  |
| 4.900%, 06/12/28 (144A) (a) | 1150000 | &nbsp;&nbsp; 1172591 |
| RGA Global Funding |  |  |
| 5.448%, 05/24/29 (144A) | 500000 | &nbsp;&nbsp; 515748 |
|  |  | &nbsp;&nbsp; 14616800 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp. |  |  |
| 5.750%, 03/15/30 (144A) (a) | 300000 | &nbsp;&nbsp; 305076 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Sands China Ltd. |  |  |
| 2.300%, 03/08/27 | 1200000 | &nbsp;&nbsp; 1151305 |
| Studio City Finance Ltd. |  |  |
| 6.000%, 07/15/25 (144A) | 464000 | &nbsp;&nbsp; 463892 |
|  |  | &nbsp;&nbsp; 1615197 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| Eaton Capital ULC |  |  |
| 4.450%, 05/09/30 | 1020000 | &nbsp;&nbsp; 1024778 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| Esab Corp. |  |  |
| 6.250%, 04/15/29 (144A) | 200000 | &nbsp;&nbsp; 204772 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 4.908%, 07/23/25 | 692000 | &nbsp;&nbsp; $691949 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 5.875%, 08/15/27 (144A) (a) | 600000 | &nbsp;&nbsp; 598042 |
| Paramount Global |  |  |
| 7.875%, 07/30/30 (a) | 1500000 | &nbsp;&nbsp; 1661838 |
|  |  | &nbsp;&nbsp; 2951829 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| Glencore Funding LLC |  |  |
| 4.907%, 04/01/28 (144A) | 1110000 | &nbsp;&nbsp; 1121302 |
| Rio Tinto Finance USA PLC |  |  |
| 4.875%, 03/14/30 | 1105000 | &nbsp;&nbsp; 1126131 |
|  |  | &nbsp;&nbsp; 2247433 |
| **Multi-National — 0.2%** | **Multi-National — 0.2%** | **Multi-National — 0.2%** |
| Banque Ouest Africaine de Developpement |  |  |
| 5.000%, 07/27/27 (144A) | 1300000 | &nbsp;&nbsp; 1274679 |
| **Oil & Gas — 1.5%** | **Oil & Gas — 1.5%** | **Oil & Gas — 1.5%** |
| CITGO Petroleum Corp. |  |  |
| 6.375%, 06/15/26 (144A) | 1100000 | &nbsp;&nbsp; 1099470 |
| Equinor ASA |  |  |
| 1.750%, 01/22/26 (a) | 1300000 | &nbsp;&nbsp; 1280599 |
| Harbour Energy PLC |  |  |
| 5.500%, 10/15/26 (144A) | 2200000 | &nbsp;&nbsp; 2167382 |
| Petroleos Mexicanos |  |  |
| 6.875%, 10/16/25 (a) | 350000 | &nbsp;&nbsp; 349618 |
| Petronas Capital Ltd. |  |  |
| 4.950%, 01/03/31 (144A) | 1455000 | &nbsp;&nbsp; 1483923 |
| Sunoco LP |  |  |
| 7.000%, 05/01/29 (144A) | 700000 | &nbsp;&nbsp; 728968 |
| Var Energi ASA |  |  |
| 7.500%, 01/15/28 (144A) | 1400000 | &nbsp;&nbsp; 1481843 |
|  |  | &nbsp;&nbsp; 8591803 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Schlumberger Holdings Corp. |  |  |
| 5.000%, 05/29/27 (144A) | 600000 | &nbsp;&nbsp; 607769 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Amcor Flexibles North America, Inc. |  |  |
| 5.100%, 03/17/30 (144A) (a) | 510000 | &nbsp;&nbsp; 518687 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
| 5.250%, 08/15/27 (144A) † | 1100000 | &nbsp;&nbsp; 490523 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |  |  |
| 9.500%, 05/15/30 (144A) (a) | 200000 | &nbsp;&nbsp; 204443 |
|  |  | &nbsp;&nbsp; 1213653 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
| Bayer U.S. Finance LLC |  |  |
| 6.250%, 01/21/29 (144A) | 2500000 | &nbsp;&nbsp; 2625178 |
| CVS Health Corp. |  |  |
| 4.300%, 03/25/28 (a) | 1600000 | &nbsp;&nbsp; 1593435 |
| 5.000%, 01/30/29 (a) | 1500000 | &nbsp;&nbsp; 1522817 |

---

*See accompanying notes to financial statements.*

**BHFTI-165**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 4.750%, 05/09/27 (a) | 303000 | &nbsp;&nbsp; $302470 |
|  |  | &nbsp;&nbsp; 6043900 |
| **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
| Enbridge, Inc. |  |  |
| 4.900%, 06/20/30 | 575000 | &nbsp;&nbsp; 580758 |
| Energy Transfer LP |  |  |
| 3.900%, 07/15/26 | 1200000 | &nbsp;&nbsp; 1192145 |
| Hess Midstream Operations LP |  |  |
| 5.875%, 03/01/28 (144A) | 150000 | &nbsp;&nbsp; 152236 |
| 6.500%, 06/01/29 (144A) | 100000 | &nbsp;&nbsp; 102841 |
| ONEOK, Inc. |  |  |
| 4.850%, 07/15/26 (a) | 1100000 | &nbsp;&nbsp; 1102055 |
| Venture Global LNG, Inc. |  |  |
| 8.125%, 06/01/28 (144A) | 600000 | &nbsp;&nbsp; 620126 |
| Williams Cos., Inc. |  |  |
| 4.000%, 09/15/25 | 500000 | &nbsp;&nbsp; 499236 |
|  |  | &nbsp;&nbsp; 4249397 |
| **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** |
| Crown Castle, Inc. |  |  |
| 1.050%, 07/15/26 | 733000 | &nbsp;&nbsp; 705961 |
| 3.700%, 06/15/26 | 2367000 | &nbsp;&nbsp; 2346506 |
| Iron Mountain, Inc. |  |  |
| 4.875%, 09/15/27 (144A) | 1400000 | &nbsp;&nbsp; 1392034 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 5.000%, 10/15/27 (a) | 1000000 | &nbsp;&nbsp; 923688 |
| Prologis Targeted U.S. Logistics Fund LP |  |  |
| 5.250%, 04/01/29 (144A) | 500000 | &nbsp;&nbsp; 513668 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 4.500%, 02/15/29 (144A) (a) | 400000 | &nbsp;&nbsp; 390955 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| 3.750%, 02/15/27 (144A) | 1500000 | &nbsp;&nbsp; 1477010 |
|  |  | &nbsp;&nbsp; 7749822 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| KSouth Africa Ltd. |  |  |
| 3.000%, 12/31/49 (144A) † (c) (d) (e) | 712186 | &nbsp;&nbsp; 0 |
| 25.000%, 12/31/49 (144A) † (c) (d) (e) | 313720 | &nbsp;&nbsp; 0 |
| Target Corp. |  |  |
| 4.350%, 06/15/28 | 735000 | &nbsp;&nbsp; 739418 |
|  |  | &nbsp;&nbsp; 739418 |
| **Semiconductors — 1.0%** | **Semiconductors — 1.0%** | **Semiconductors — 1.0%** |
| Foundry JV Holdco LLC |  |  |
| 5.900%, 01/25/30 (144A) (a) | 1900000 | &nbsp;&nbsp; 1985463 |
| Marvell Technology, Inc. |  |  |
| 4.750%, 07/15/30 | 355000 | &nbsp;&nbsp; 356572 |
| SK Hynix, Inc. |  |  |
| 1.500%, 01/19/26 (144A) | 3400000 | &nbsp;&nbsp; 3344734 |
|  |  | &nbsp;&nbsp; 5686769 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Fiserv, Inc. |  |  |
| 2.250%, 06/01/27 (a) | 1000000 | &nbsp;&nbsp; $962866 |
| **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
| AT&T, Inc. |  |  |
| 1.650%, 02/01/28 (a) | 2700000 | &nbsp;&nbsp; 2532941 |
| 2.300%, 06/01/27 | 400000 | &nbsp;&nbsp; 385668 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| 9.000%, 09/15/29 (144A) (a) | 300000 | &nbsp;&nbsp; 301538 |
| Motorola Solutions, Inc. |  |  |
| 4.850%, 08/15/30 (a) | 1015000 | &nbsp;&nbsp; 1025936 |
| T-Mobile USA, Inc. |  |  |
| 4.950%, 03/15/28 (a) | 3000000 | &nbsp;&nbsp; 3050633 |
|  |  | &nbsp;&nbsp; 7296716 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Beacon Mobility Corp. |  |  |
| 7.250%, 08/01/30 (144A) | 35000 | &nbsp;&nbsp; 35736 |
| **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** |
| SMBC Aviation Capital Finance DAC |  |  |
| 5.100%, 04/01/30 (144A) (a) | 2100000 | &nbsp;&nbsp; 2130394 |
| Total Corporate Bonds & Notes <br>(Cost $225,189,209) <br>|  | &nbsp;&nbsp; 224868606 |
| **Asset-Backed Securities—16.6%** | **Asset-Backed Securities—16.6%** | **Asset-Backed Securities—16.6%** |
| **Asset-Backed - Automobile — 4.5%** | **Asset-Backed - Automobile — 4.5%** | **Asset-Backed - Automobile — 4.5%** |
| Ford Credit Auto Owner Trust |  |  |
| 5.090%, 12/15/28 | 2330000 | &nbsp;&nbsp; 2352737 |
| GM Financial Consumer Automobile Receivables Trust |  |  |
| 4.850%, 12/18/28 | 4000000 | &nbsp;&nbsp; 4019988 |
| 5.330%, 03/16/27 | 258374 | &nbsp;&nbsp; 258727 |
| 5.780%, 08/16/28 | 2590000 | &nbsp;&nbsp; 2619905 |
| Honda Auto Receivables Owner Trust |  |  |
| 5.360%, 09/15/26 | 498004 | &nbsp;&nbsp; 498589 |
| 5.410%, 02/18/28 | 2569891 | &nbsp;&nbsp; 2586408 |
| 5.670%, 06/21/28 | 2250000 | &nbsp;&nbsp; 2273996 |
| Hyundai Auto Receivables Trust |  |  |
| 4.990%, 02/15/29 | 1230000 | &nbsp;&nbsp; 1241057 |
| 5.480%, 04/17/28 | 1082764 | &nbsp;&nbsp; 1089711 |
| 5.800%, 01/15/27 | 442969 | &nbsp;&nbsp; 443512 |
| Nissan Auto Receivables Owner Trust |  |  |
| 4.910%, 11/15/27 | 3577251 | &nbsp;&nbsp; 3584669 |
| Toyota Auto Receivables Owner Trust |  |  |
| 4.830%, 10/16/28 | 2330000 | &nbsp;&nbsp; 2343880 |
| 5.330%, 01/16/29 | 2730000 | &nbsp;&nbsp; 2766415 |
|  |  | &nbsp;&nbsp; 26079594 |
| **Asset-Backed - Credit Card — 4.5%** | **Asset-Backed - Credit Card — 4.5%** | **Asset-Backed - Credit Card — 4.5%** |
| American Express Credit Account Master Trust |  |  |
| 3.750%, 08/15/27 | 5496000 | &nbsp;&nbsp; 5490556 |
| 4.870%, 05/15/28 | 3620000 | &nbsp;&nbsp; 3638683 |
| BA Credit Card Trust |  |  |
| 4.980%, 11/15/28 | 2000000 | &nbsp;&nbsp; 2021156 |
| 5.000%, 04/15/28 | 4000000 | &nbsp;&nbsp; 4007586 |

---

*See accompanying notes to financial statements.*

**BHFTI-166**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Credit Card—(Continued)** | **Asset-Backed - Credit Card—(Continued)** | **Asset-Backed - Credit Card—(Continued)** |
| Chase Issuance Trust |  |  |
| 3.970%, 09/15/27 | 2047000 | &nbsp;&nbsp; $2044822 |
| Discover Card Execution Note Trust |  |  |
| 3.560%, 07/15/27 | 5710000 | &nbsp;&nbsp; 5708231 |
| 4.930%, 06/15/28 | 3620000 | &nbsp;&nbsp; 3642107 |
|  |  | &nbsp;&nbsp; 26553141 |
| **Asset-Backed - Home Equity — 0.2%** | **Asset-Backed - Home Equity — 0.2%** | **Asset-Backed - Home Equity — 0.2%** |
| Angel Oak Mortgage Trust |  |  |
| 6.106%, SOFR30A + 1.800%, 02/25/55 (144A) (b) | 326294 | &nbsp;&nbsp; 328292 |
| FIGRE Trust |  |  |
| 5.408%, 07/25/55 (144A) (b) | 464000 | &nbsp;&nbsp; 463994 |
| JP Morgan Mortgage Trust |  |  |
| 6.002%, SOFR30A + 1.700%, 03/20/54 (144A) (b) | 223415 | &nbsp;&nbsp; 224325 |
|  |  | &nbsp;&nbsp; 1016611 |
| **Asset-Backed - Other — 7.4%** | **Asset-Backed - Other — 7.4%** | **Asset-Backed - Other — 7.4%** |
| Allegro CLO VII Ltd. |  |  |
| 5.386%, 3M TSFR + 1.130%, 06/13/31 (144A) (b) | 928605 | &nbsp;&nbsp; 928444 |
| Apidos CLO XXXII Ltd. |  |  |
| 5.370%, 3M TSFR + 1.100%, 01/20/33 (144A) (b) | 1403166 | &nbsp;&nbsp; 1402759 |
| Barings CLO Ltd. |  |  |
| 5.406%, 3M TSFR + 1.150%, 10/15/30 (144A) (b) | 2807191 | &nbsp;&nbsp; 2808368 |
| BlueMountain CLO Ltd. |  |  |
| 5.526%, 3M TSFR + 1.200%, 11/15/30 (144A) (b) | 1862947 | &nbsp;&nbsp; 1862738 |
| Buckhorn Park CLO Ltd. |  |  |
| 5.340%, 3M TSFR + 1.070%, 07/18/34 (144A) (b) | 900000 | &nbsp;&nbsp; 898528 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| 5.490%, 3M TSFR + 1.220%, 07/20/32 (144A) (b) | 2259889 | &nbsp;&nbsp; 2260542 |
| CF Hippolyta Issuer LLC |  |  |
| 1.690%, 07/15/60 (144A) | 1142304 | &nbsp;&nbsp; 1130080 |
| Compass Datacenters Issuer II LLC |  |  |
| 5.022%, 08/25/49 (144A) | 286000 | &nbsp;&nbsp; 286314 |
| 5.316%, 05/25/50 (144A) | 307000 | &nbsp;&nbsp; 311378 |
| Cook Park CLO Ltd. |  |  |
| 5.661%, 3M TSFR + 1.382%, 04/17/30 (144A) (b) | 1500000 | &nbsp;&nbsp; 1498929 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 5.184%, 1M TSFR + 0.864%, 03/25/34 (b) | 24413 | &nbsp;&nbsp; 24839 |
| Dryden 68 CLO Ltd. |  |  |
| 5.356%, 3M TSFR + 1.100%, 07/15/35 (144A) (b) | 2250000 | &nbsp;&nbsp; 2252232 |
| Elevation CLO Ltd. |  |  |
| 5.190%, 3M TSFR + 0.920%, 10/20/31 (144A) (b) | 785370 | &nbsp;&nbsp; 784015 |
| FirstKey Homes Trust |  |  |
| 1.266%, 10/19/37 (144A) | 1251199 | &nbsp;&nbsp; 1235351 |
| Flatiron CLO 28 Ltd. |  |  |
| 5.576%, 3M TSFR + 1.320%, 07/15/36 (144A) (b) | 3610000 | &nbsp;&nbsp; 3614664 |
| GoldenTree Loan Management U.S. CLO 11 Ltd. |  |  |
| 5.350%, 3M TSFR + 1.080%, 10/20/34 (144A) (b) | 3200000 | &nbsp;&nbsp; 3196611 |
| Home Partners of America Trust |  |  |
| 2.649%, 01/17/41 (144A) | 477747 | &nbsp;&nbsp; 444326 |
| JP Morgan Mortgage Trust |  |  |
| 5.502%, SOFR30A + 1.200%, 02/25/55 (144A) (b) | 602785 | &nbsp;&nbsp; 601561 |
| Madison Park Funding XLV Ltd. |  |  |
| 5.336%, 3M TSFR + 1.080%, 07/15/34 (144A) (b) | 2500000 | &nbsp;&nbsp; 2501830 |
| Madison Park Funding XXIV Ltd. |  |  |
| 5.390%, 3M TSFR + 1.120%, 10/20/29 (144A) (b) | 868788 | &nbsp;&nbsp; 868949 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Marble Point CLO XV Ltd. |  |  |
| 5.319%, 3M TSFR + 1.040%, 07/23/32 (144A) (b) | 719100 | &nbsp;&nbsp; $718253 |
| New Economy Assets - Phase 1 Sponsor LLC |  |  |
| 1.910%, 10/20/61 (144A) | 5010000 | &nbsp;&nbsp; 4716854 |
| Octagon Investment Partners 35 Ltd. |  |  |
| 5.631%, 3M TSFR + 1.362%, 01/20/31 (144A) (b) | 600000 | &nbsp;&nbsp; 600526 |
| RAAC Trust |  |  |
| 5.134%, 1M TSFR + 0.814%, 03/25/34 (b) | 36780 | &nbsp;&nbsp; 36618 |
| RR 14 Ltd. |  |  |
| 5.638%, 3M TSFR + 1.382%, 04/15/36 (144A) (b) | 5382000 | &nbsp;&nbsp; 5392312 |
| Sound Point CLO XXII Ltd. |  |  |
| 5.300%, 3M TSFR + 1.030%, 01/20/32 (144A) (b) | 1153950 | &nbsp;&nbsp; 1152099 |
| Symphony CLO XXIII Ltd. |  |  |
| 5.156%, 3M TSFR + 0.900%, 01/15/34 (144A) (b) | 1370795 | &nbsp;&nbsp; 1368778 |
| THL Credit Wind River CLO Ltd. |  |  |
| 5.316%, 3M TSFR + 1.060%, 04/15/31 (144A) (b) | 562295 | &nbsp;&nbsp; 562379 |
|  |  | &nbsp;&nbsp; 43460277 |
| Total Asset-Backed Securities <br>(Cost $97,157,251) <br>|  | &nbsp;&nbsp; 97109623 |
| **U.S. Treasury & Government Agencies—16.2%** | **U.S. Treasury & Government Agencies—16.2%** | **U.S. Treasury & Government Agencies—16.2%** |
| **U.S. Treasury — 16.2%** | **U.S. Treasury — 16.2%** | **U.S. Treasury — 16.2%** |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.125%, 04/15/26 (f) | 8684081 | &nbsp;&nbsp; 8587566 |
| U.S. Treasury Notes |  |  |
| 0.500%, 08/31/27 (g) | 2800000 | &nbsp;&nbsp; 2613953 |
| 0.750%, 08/31/26 | 23000000 | &nbsp;&nbsp; 22167148 |
| 2.000%, 11/15/26 | 11300000 | &nbsp;&nbsp; 11017941 |
| 2.875%, 08/15/28 | 6000000 | &nbsp;&nbsp; 5852344 |
| 3.750%, 08/31/26 | 4000000 | &nbsp;&nbsp; 3990469 |
| 3.750%, 12/31/28 | 13300000 | &nbsp;&nbsp; 13311949 |
| 4.625%, 04/30/29 | 14000000 | &nbsp;&nbsp; 14437500 |
| U.S. Treasury STRIPS Coupon |  |  |
| Zero Coupon, 11/15/27 (a) | 14400000 | &nbsp;&nbsp; 13171268 |
| Total U.S. Treasury & Government Agencies <br>(Cost $94,929,876) <br>|  | &nbsp;&nbsp; 95150138 |
| **Agency Sponsored Mortgage-Backed Securities—11.2%** | **Agency Sponsored Mortgage-Backed Securities—11.2%** | **Agency Sponsored Mortgage-Backed Securities—11.2%** |
| **Agency Collateralized Mortgage Obligations — 8.3%** | **Agency Collateralized Mortgage Obligations — 8.3%** | **Agency Collateralized Mortgage Obligations — 8.3%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 5.205%, SOFR30A + 0.900%, 08/25/54 (b) | 2038650 | &nbsp;&nbsp; 2032947 |
| 5.255%, SOFR30A + 0.950%, 06/25/54 (b) | 4265274 | &nbsp;&nbsp; 4270623 |
| 5.405%, SOFR30A + 1.100%, 02/25/54 (b) | 2887505 | &nbsp;&nbsp; 2882866 |
| 5.405%, SOFR30A + 1.100%, 08/25/54 (b) | 2537202 | &nbsp;&nbsp; 2534073 |
| 5.455%, SOFR30A + 1.150%, 05/25/55 (b) | 2904030 | &nbsp;&nbsp; 2901946 |
| 5.505%, SOFR30A + 1.200%, 06/25/55 (b) | 2894194 | &nbsp;&nbsp; 2887203 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 5.155%, SOFR30A + 0.850%, 11/25/41 (144A) (b) | 154937 | &nbsp;&nbsp; 154549 |
| 5.255%, SOFR30A + 0.950%, 01/25/45 (144A) (b) | 723075 | &nbsp;&nbsp; 721947 |
| 5.305%, SOFR30A + 1.000%, 10/25/44 (144A) (b) | 261948 | &nbsp;&nbsp; 261872 |
| 5.405%, SOFR30A + 1.100%, 05/25/45 (144A) (b) | 536112 | &nbsp;&nbsp; 536311 |
| 5.505%, SOFR30A + 1.200%, 08/25/44 (144A) (b) | 2423931 | &nbsp;&nbsp; 2424682 |

---

*See accompanying notes to financial statements.*

**BHFTI-167**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 5.256%, SOFR30A + 0.950%, 01/25/45 (144A) (b) | 523871 | &nbsp;&nbsp; $523054 |
| 5.305%, SOFR30A + 1.000%, 07/25/44 (144A) (b) | 548471 | &nbsp;&nbsp; 547961 |
| 5.305%, SOFR30A + 1.000%, 05/25/45 (144A) (b) | 433708 | &nbsp;&nbsp; 433853 |
| 5.306%, SOFR30A + 1.000%, 02/25/45 (144A) (b) | 316775 | &nbsp;&nbsp; 316972 |
| 5.355%, SOFR30A + 1.050%, 09/25/44 (144A) (b) | 328572 | &nbsp;&nbsp; 328573 |
| 5.405%, SOFR30A + 1.100%, 02/25/44 (144A) (b) | 729267 | &nbsp;&nbsp; 729034 |
| 5.456%, SOFR30A + 1.150%, 03/25/44 (144A) (b) | 822638 | &nbsp;&nbsp; 822635 |
| 5.505%, SOFR30A + 1.200%, 01/25/42 (144A) (b) | 169531 | &nbsp;&nbsp; 169531 |
| 5.755%, SOFR30A + 1.450%, 03/25/45 (144A) (b) | 532877 | &nbsp;&nbsp; 536105 |
| 5.805%, SOFR30A + 1.500%, 10/25/43 (144A) (b) | 2251502 | &nbsp;&nbsp; 2258477 |
| 6.970%, SOFR30A + 2.664%, 12/25/30 (b) | 298364 | &nbsp;&nbsp; 307316 |
| 7.220%, SOFR30A + 2.914%, 02/25/30 (b) | 359304 | &nbsp;&nbsp; 365734 |
| 9.420%, SOFR30A + 5.114%, 07/25/25 (b) | 462860 | &nbsp;&nbsp; 463284 |
| 11.370%, SOFR30A + 7.064%, 08/25/28 (b) | 296625 | &nbsp;&nbsp; 305220 |
| Federal National Mortgage Association REMICS |  |  |
| 5.255%, SOFR30A + 0.950%, 01/25/54 (b) | 1686200 | &nbsp;&nbsp; 1689081 |
| 5.255%, SOFR30A + 0.950%, 11/25/54 (b) | 5478117 | &nbsp;&nbsp; 5436785 |
| 5.275%, SOFR30A + 0.970%, 08/25/54 (b) | 3400780 | &nbsp;&nbsp; 3407320 |
| 5.406%, SOFR30A + 1.100%, 07/25/55 (b) | 2900000 | &nbsp;&nbsp; 2894347 |
| 5.455%, SOFR30A + 1.150%, 12/25/53 (b) | 2855165 | &nbsp;&nbsp; 2855889 |
| 5.505%, SOFR30A + 1.200%, 10/25/53 (b) | 2859957 | &nbsp;&nbsp; 2870504 |
|  |  | &nbsp;&nbsp; 48870694 |
| **Agency Mortgage-Backed Securities — 2.9%** | **Agency Mortgage-Backed Securities — 2.9%** | **Agency Mortgage-Backed Securities — 2.9%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.000%, 10/01/37 | 2699174 | &nbsp;&nbsp; 2573423 |
| 3.500%, 10/01/37 | 2803946 | &nbsp;&nbsp; 2706638 |
| 6.000%, 02/01/55 | 9041578 | &nbsp;&nbsp; 9191159 |
| Federal National Mortgage Association |  |  |
| 5.470%, 6M RFUCCT + 0.845%, 11/01/33 (b) | 247 | &nbsp;&nbsp; 246 |
| 5.541%, 1Y H15 + 2.079%, 03/01/30 (b) | 42 | &nbsp;&nbsp; 42 |
| 5.549%, 1Y H15 + 2.270%, 08/01/30 (b) | 6457 | &nbsp;&nbsp; 6502 |
| 5.794%, 6M RFUCCT + 1.169%, 03/01/28 (b) | 463 | &nbsp;&nbsp; 462 |
| 5.800%, 1Y H15 + 1.675%, 11/01/32 (b) | 5996 | &nbsp;&nbsp; 6068 |
| 6.000%, 6M RFUCCT + 1.375%, 11/01/33 (b) | 10 | &nbsp;&nbsp; 10 |
| 6.038%, 6M RFUCCT + 1.413%, 11/01/34 (b) | 1328 | &nbsp;&nbsp; 1336 |
| 6.040%, 6M RFUCCT + 1.415%, 12/01/32 (b) | 30949 | &nbsp;&nbsp; 31003 |
| 6.055%, 6M RFUCCT + 1.430%, 02/01/36 (b) | 6614 | &nbsp;&nbsp; 6689 |
| 6.118%, 6M RFUCCT + 1.400%, 03/01/35 (b) | 7629 | &nbsp;&nbsp; 7681 |
| 6.163%, 6M RFUCCT + 1.538%, 09/01/35 (b) | 3715 | &nbsp;&nbsp; 3746 |
| 6.195%, 6M RFUCCT + 1.570%, 11/01/35 (b) | 18361 | &nbsp;&nbsp; 18846 |
| 6.245%, 6M RFUCCT + 1.620%, 11/01/32 (b) | 2508 | &nbsp;&nbsp; 2521 |
| 6.280%, 1Y RFUCCT + 1.655%, 08/01/34 (b) | 657 | &nbsp;&nbsp; 668 |
| 6.290%, 6M RFUCCT + 1.415%, 06/01/32 (b) | 5468 | &nbsp;&nbsp; 5485 |
| 6.291%, 6M RFUCCT + 1.653%, 04/01/36 (b) | 7155 | &nbsp;&nbsp; 7274 |
| 6.293%, 1Y H15 + 2.168%, 07/01/33 (b) | 14333 | &nbsp;&nbsp; 14640 |
| 6.299%, 6M RFUCCT + 1.585%, 03/01/36 (b) | 31822 | &nbsp;&nbsp; 32415 |
| 6.331%, 6M RFUCCT + 1.569%, 12/01/34 (b) | 8971 | &nbsp;&nbsp; 9112 |
| 6.332%, 6M RFUCCT + 1.635%, 03/01/37 (b) | 844 | &nbsp;&nbsp; 872 |
| 6.356%, 1Y H15 + 2.152%, 12/01/33 (b) | 28840 | &nbsp;&nbsp; 29489 |
| 6.380%, 1Y RFUCCT + 1.569%, 11/01/36 (b) | 178 | &nbsp;&nbsp; 181 |
| 6.395%, 1Y H15 + 2.270%, 01/01/29 (b) | 776 | &nbsp;&nbsp; 778 |
| 6.405%, 1Y RFUCCT + 1.530%, 02/01/33 (b) | 21328 | &nbsp;&nbsp; 21651 |
| 6.425%, 1Y RFUCCT + 1.550%, 02/01/44 (b) | 24168 | &nbsp;&nbsp; 24690 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.432%, 1Y RFUCCT + 1.682%, 05/01/33 (b) | 2494 | &nbsp;&nbsp; $2522 |
| 6.462%, 1Y H15 + 2.058%, 07/01/33 (b) | 9187 | &nbsp;&nbsp; 9360 |
| 6.477%, 1Y RFUCCT + 1.602%, 03/01/33 (b) | 8431 | &nbsp;&nbsp; 8559 |
| 6.520%, 1Y H15 + 2.270%, 01/01/32 (b) | 3127 | &nbsp;&nbsp; 3153 |
| 6.525%, 1Y H15 + 2.275%, 06/01/35 (b) | 29926 | &nbsp;&nbsp; 30750 |
| 6.535%, 1Y H15 + 2.285%, 02/01/35 (b) | 22709 | &nbsp;&nbsp; 23350 |
| 6.564%, 6M RFUCCT + 1.939%, 06/01/28 (b) | 314 | &nbsp;&nbsp; 316 |
| 6.583%, 1Y RFUCCT + 1.833%, 08/01/32 (b) | 23339 | &nbsp;&nbsp; 23685 |
| 6.585%, 1Y RFUCCT + 1.585%, 02/01/36 (b) | 8174 | &nbsp;&nbsp; 8345 |
| 6.653%, 1Y RFUCCT + 1.778%, 12/01/35 (b) | 78900 | &nbsp;&nbsp; 80722 |
| 6.708%, 1Y H15 + 2.178%, 11/01/35 (b) | 421906 | &nbsp;&nbsp; 432973 |
| 6.716%, 1Y H15 + 2.180%, 09/01/33 (b) | 719 | &nbsp;&nbsp; 723 |
| 6.720%, 1Y RFUCCT + 1.621%, 01/01/36 (b) | 10738 | &nbsp;&nbsp; 10918 |
| 6.729%, 1Y H15 + 2.480%, 04/01/36 (b) | 813 | &nbsp;&nbsp; 842 |
| 6.731%, 6M RFUCCT + 2.106%, 09/01/33 (b) | 14715 | &nbsp;&nbsp; 14792 |
| 6.733%, 1Y H15 + 2.228%, 09/01/36 (b) | 187 | &nbsp;&nbsp; 193 |
| 6.748%, 1Y RFUCCT + 1.815%, 03/01/36 (b) | 7700 | &nbsp;&nbsp; 7827 |
| 6.750%, 1Y RFUCCT + 1.750%, 04/01/34 (b) | 11772 | &nbsp;&nbsp; 11931 |
| 6.753%, 1Y H15 + 2.479%, 09/01/33 (b) | 233 | &nbsp;&nbsp; 234 |
| 6.810%, 1Y RFUCCT + 1.810%, 04/01/40 (b) | 402 | &nbsp;&nbsp; 411 |
| 6.827%, 1Y RFUCCT + 1.826%, 03/01/36 (b) | 11316 | &nbsp;&nbsp; 11527 |
| 6.840%, 1Y RFUCCT + 1.709%, 09/01/35 (b) | 452204 | &nbsp;&nbsp; 467568 |
| 6.875%, 6M RFUCCT + 2.250%, 10/01/33 (b) | 12921 | &nbsp;&nbsp; 13323 |
| 6.924%, 1Y RFUCCT + 1.673%, 11/01/36 (b) | 355940 | &nbsp;&nbsp; 364089 |
| 6.935%, 1Y RFUCCT + 1.810%, 04/01/35 (b) | 75487 | &nbsp;&nbsp; 77343 |
| 6.998%, 1Y H15 + 1.998%, 10/01/32 (b) | 7198 | &nbsp;&nbsp; 7328 |
| 7.025%, 6M RFUCCT + 2.275%, 08/01/32 (b) | 1740 | &nbsp;&nbsp; 1773 |
| 7.037%, 1Y H15 + 2.360%, 11/01/34 (b) | 489190 | &nbsp;&nbsp; 508433 |
| 7.070%, 1Y H15 + 2.014%, 08/01/29 (b) | 55 | &nbsp;&nbsp; 56 |
| 7.104%, 1Y RFUCCT + 1.905%, 11/01/35 (b) | 129066 | &nbsp;&nbsp; 132777 |
| 7.114%, 1Y H15 + 2.352%, 01/01/32 (b) | 102 | &nbsp;&nbsp; 103 |
| 7.130%, 1Y H15 + 2.244%, 03/01/38 (b) | 2929 | &nbsp;&nbsp; 2998 |
| 7.156%, 1Y RFUCCT + 1.656%, 10/01/36 (b) | 586 | &nbsp;&nbsp; 599 |
| 7.250%, 1Y RFUCCT + 1.375%, 07/01/33 (b) | 8893 | &nbsp;&nbsp; 8983 |
| 7.265%, 1Y RFUCCT + 1.765%, 10/01/33 (b) | 10116 | &nbsp;&nbsp; 10233 |
| 7.275%, 1Y H15 + 2.150%, 08/01/33 (b) | 30039 | &nbsp;&nbsp; 30699 |
| 7.344%, 1Y H15 + 2.445%, 07/01/28 (b) | 178 | &nbsp;&nbsp; 179 |
| 7.348%, 1Y H15 + 2.223%, 07/01/35 (b) | 5139 | &nbsp;&nbsp; 5314 |
| 7.395%, 1Y RFUCCT + 1.645%, 09/01/39 (b) | 924 | &nbsp;&nbsp; 945 |
| 7.414%, 1Y RFUCCT + 1.690%, 11/01/35 (b) | 1954 | &nbsp;&nbsp; 1984 |
| 7.415%, 1Y H15 + 2.290%, 08/01/32 (b) | 424 | &nbsp;&nbsp; 432 |
| 7.445%, 1Y RFUCCT + 1.696%, 08/01/37 (b) | 2660 | &nbsp;&nbsp; 2729 |
| 7.467%, 1Y RFUCCT + 1.502%, 07/01/33 (b) | 20422 | &nbsp;&nbsp; 20623 |
| 7.594%, 1Y RFUCCT + 1.844%, 09/01/37 (b) | 577 | &nbsp;&nbsp; 593 |
|  |  | &nbsp;&nbsp; 17045864 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $65,914,494) <br>|  | &nbsp;&nbsp; 65916558 |
| **Non-Agency Mortgage-Backed Securities—7.9%** | **Non-Agency Mortgage-Backed Securities—7.9%** | **Non-Agency Mortgage-Backed Securities—7.9%** |
| **Collateralized Mortgage Obligations — 5.4%** | **Collateralized Mortgage Obligations — 5.4%** | **Collateralized Mortgage Obligations — 5.4%** |
| Adjustable Rate Mortgage Trust |  |  |
| 5.374%, 02/25/35 (b) | 205341 | &nbsp;&nbsp; 204252 |

---

*See accompanying notes to financial statements.*

**BHFTI-168**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| BRAVO Residential Funding Trust |  |  |
| 3.500%, 10/25/44 (144A) (b) | 648686 | &nbsp;&nbsp; $620915 |
| 6.191%, 03/25/64 (144A) (h) | 1387504 | &nbsp;&nbsp; 1400784 |
| 6.285%, 02/25/64 (144A) (h) | 290150 | &nbsp;&nbsp; 292802 |
| 6.394%, 10/25/63 (144A) (h) | 798337 | &nbsp;&nbsp; 805261 |
| 6.435%, 05/25/63 (144A) (h) | 1720668 | &nbsp;&nbsp; 1729420 |
| 6.505%, 06/25/63 (144A) (h) | 164639 | &nbsp;&nbsp; 165708 |
| 6.602%, 09/25/63 (144A) (h) | 304328 | &nbsp;&nbsp; 306973 |
| CAFL Issuer LP |  |  |
| 5.684%, 05/28/40 (144A) (h) | 227000 | &nbsp;&nbsp; 227910 |
| CHL Mortgage Pass-Through Trust |  |  |
| 5.038%, 07/25/34 (b) | 131626 | &nbsp;&nbsp; 125461 |
| COLT Mortgage Loan Trust |  |  |
| 4.301%, 03/25/67 (144A) (b) | 756060 | &nbsp;&nbsp; 753446 |
| 5.835%, 02/25/69 (144A) (h) | 904245 | &nbsp;&nbsp; 907804 |
| 5.903%, 12/25/68 (144A) (h) | 473665 | &nbsp;&nbsp; 476161 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| 5.000%, 01/25/38 | 33576 | &nbsp;&nbsp; 19080 |
| Cross Mortgage Trust |  |  |
| 5.883%, 04/25/70 (144A) (b) | 347601 | &nbsp;&nbsp; 351564 |
| 6.085%, 12/25/68 (144A) (h) | 970140 | &nbsp;&nbsp; 975987 |
| HOMES Trust |  |  |
| 5.915%, 07/25/69 (144A) (h) | 397089 | &nbsp;&nbsp; 399443 |
| Imperial Fund Mortgage Trust |  |  |
| 5.941%, 02/25/68 (144A) (h) | 605460 | &nbsp;&nbsp; 604891 |
| JP Morgan Mortgage Trust |  |  |
| 2.500%, 06/25/52 (144A) (b) | 630875 | &nbsp;&nbsp; 560445 |
| 5.919%, 06/25/54 (144A) (h) | 345068 | &nbsp;&nbsp; 347021 |
| LHOME Mortgage Trust |  |  |
| 5.612%, 04/25/40 (144A) (b) | 185000 | &nbsp;&nbsp; 185770 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 5.174%, 1M TSFR + 0.854%, 03/25/28 (b) | 34842 | &nbsp;&nbsp; 34323 |
| Mill City Mortgage Loan Trust |  |  |
| 3.250%, 05/25/62 (144A) (b) | 208036 | &nbsp;&nbsp; 205551 |
| 3.500%, 04/25/66 (144A) (b) | 821964 | &nbsp;&nbsp; 806066 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 5.655%, SOFR30A + 1.350%, 09/25/54 (144A) (b) | 870656 | &nbsp;&nbsp; 873355 |
| 6.152%, 12/25/68 (144A) (h) | 988843 | &nbsp;&nbsp; 996066 |
| New York Mortgage Trust |  |  |
| 5.109%, 1M TSFR + 0.789%, 02/25/36 (b) | 26637 | &nbsp;&nbsp; 26152 |
| OBX Trust |  |  |
| 2.500%, 10/25/51 (144A) (b) | 249007 | &nbsp;&nbsp; 222139 |
| 5.084%, 1M TSFR + 0.764%, 06/25/57 (144A) (b) | 209256 | &nbsp;&nbsp; 205164 |
| 5.878%, 12/25/63 (144A) (h) | 432163 | &nbsp;&nbsp; 434126 |
| 5.928%, 11/25/63 (144A) (h) | 585126 | &nbsp;&nbsp; 587155 |
| 6.067%, 01/25/64 (144A) (h) | 341983 | &nbsp;&nbsp; 344324 |
| 6.129%, 12/25/63 (144A) (h) | 512080 | &nbsp;&nbsp; 516095 |
| 6.233%, 05/25/64 (144A) (h) | 890204 | &nbsp;&nbsp; 899848 |
| 6.465%, 10/25/63 (144A) (h) | 1469340 | &nbsp;&nbsp; 1481233 |
| PRKCM Trust |  |  |
| 6.333%, 03/25/59 (144A) (h) | 298257 | &nbsp;&nbsp; 300693 |
| 6.431%, 05/25/59 (144A) (h) | 313892 | &nbsp;&nbsp; 317121 |
| Provident Funding Mortgage Trust |  |  |
| 2.500%, 10/25/51 (144A) (b) | 475890 | &nbsp;&nbsp; 420237 |
| PSMC Trust |  |  |
| 2.500%, 08/25/51 (144A) (b) | 2316658 | &nbsp;&nbsp; 2074261 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Sequoia Mortgage Trust |  |  |
| 5.072%, 1M TSFR + 0.754%, 11/20/34 (b) | 81358 | &nbsp;&nbsp; $76515 |
| Station Place Securitization Trust |  |  |
| 5.221%, 1M TSFR + 0.900%, 07/23/26 (144A) (b) | 2052000 | &nbsp;&nbsp; 2059016 |
| 5.222%, 1M TSFR + 0.900%, 10/27/25 (144A) (b) | 1800000 | &nbsp;&nbsp; 1806885 |
| Toorak Mortgage Trust |  |  |
| 5.524%, 02/25/40 (144A) (h) | 270000 | &nbsp;&nbsp; 270032 |
| Towd Point Mortgage Trust |  |  |
| 3.000%, 06/25/58 (144A) (b) | 1150481 | &nbsp;&nbsp; 1088806 |
| 3.750%, 03/25/58 (144A) (b) | 272805 | &nbsp;&nbsp; 265390 |
| 3.750%, 05/25/58 (144A) (b) | 1362463 | &nbsp;&nbsp; 1335275 |
| Verus Securitization Trust |  |  |
| 6.095%, 02/25/69 (144A) (h) | 204742 | &nbsp;&nbsp; 206150 |
| 6.218%, 06/25/69 (144A) (h) | 546098 | &nbsp;&nbsp; 551983 |
| 6.338%, 04/25/69 (144A) (h) | 682833 | &nbsp;&nbsp; 690286 |
| 6.665%, 09/25/68 (144A) (h) | 168798 | &nbsp;&nbsp; 170729 |
| 6.876%, 11/25/68 (144A) (b) | 549007 | &nbsp;&nbsp; 556838 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 4.894%, 1M TSFR + 0.574%, 04/25/45 (b) | 336640 | &nbsp;&nbsp; 342208 |
|  |  | &nbsp;&nbsp; 31625120 |
| **Commercial Mortgage-Backed Securities — 2.5%** | **Commercial Mortgage-Backed Securities — 2.5%** | **Commercial Mortgage-Backed Securities — 2.5%** |
| BBCMS Mortgage Trust |  |  |
| 1.395%, 05/15/58 (b) (i) | 11516656 | &nbsp;&nbsp; 571786 |
| BMO Mortgage Trust |  |  |
| 1.580%, 05/15/58 (b) (i) | 7922912 | &nbsp;&nbsp; 442413 |
| BX Commercial Mortgage Trust |  |  |
| 5.126%, 1M TSFR + 0.814%, 09/15/36 (144A) (b) | 1889215 | &nbsp;&nbsp; 1883311 |
| BX Mortgage Trust |  |  |
| 5.116%, 1M TSFR + 0.804%, 10/15/36 (144A) (b) | 2643000 | &nbsp;&nbsp; 2637218 |
| BX Trust |  |  |
| 5.803%, 1M TSFR + 1.491%, 04/15/37 (144A) (b) | 1910504 | &nbsp;&nbsp; 1911698 |
| Citigroup Commercial Mortgage Trust |  |  |
| 2.450%, 07/10/49 | 447449 | &nbsp;&nbsp; 440505 |
| COMM Mortgage Trust |  |  |
| 4.242%, 02/10/48 (b) | 442000 | &nbsp;&nbsp; 426558 |
| CSAIL Commercial Mortgage Trust |  |  |
| 1.206%, 03/15/53 (b) (i) | 14380316 | &nbsp;&nbsp; 548415 |
| 3.718%, 08/15/48 | 424249 | &nbsp;&nbsp; 422577 |
| 3.849%, 06/15/57 (b) | 303635 | &nbsp;&nbsp; 298931 |
| GS Mortgage Securities Trust |  |  |
| 0.728%, 02/13/53 (b) (i) | 26945434 | &nbsp;&nbsp; 609269 |
| 3.050%, 05/10/49 | 320000 | &nbsp;&nbsp; 315844 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| 3.576%, 03/17/49 | 1043000 | &nbsp;&nbsp; 1034346 |
| 3.800%, 01/15/48 | 48243 | &nbsp;&nbsp; 47639 |
| 3.801%, 08/15/48 | 246271 | &nbsp;&nbsp; 245733 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 3.994%, 12/15/49 (b) | 602000 | &nbsp;&nbsp; 591541 |
| 4.068%, 12/15/47 | 355000 | &nbsp;&nbsp; 352614 |
| Morgan Stanley Capital I Trust |  |  |
| 4.152%, 05/15/48 (b) | 432685 | &nbsp;&nbsp; 431742 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 1.156%, 10/15/52 (b) (i) | 15146771 | &nbsp;&nbsp; 545178 |
| 3.695%, 11/15/48 | 380000 | &nbsp;&nbsp; 378432 |

---

*See accompanying notes to financial statements.*

**BHFTI-169**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 4.858%, 01/15/59 (b) | 321000 | &nbsp;&nbsp; $317842 |
|  |  | &nbsp;&nbsp; 14453592 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $46,653,228) <br>|  | &nbsp;&nbsp; 46078712 |
| **Floating Rate Loans (j)—4.1%** | **Floating Rate Loans (j)—4.1%** | **Floating Rate Loans (j)—4.1%** |
| **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** |
| Barnes Group, Inc. |  |  |
| 2025 Term Loan B, 7.327%, 1M TSFR + 2.750%, 01/27/32 | 249375 | &nbsp;&nbsp; 250050 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| American Airlines, Inc. |  |  |
| 2023 1st Lien Term Loan, 6.507%, 6M TSFR + 2.250%, <br> 06/04/29<br>| 238600 | &nbsp;&nbsp; 236363 |
| AS Mileage Plan IP Ltd. |  |  |
| Term Loan B, 6.269%, 3M TSFR + 2.000%, 10/15/31 | 136263 | &nbsp;&nbsp; 137157 |
| United Airlines, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.275%, 3M TSFR + 2.000%, <br> 02/22/31<br>| 198889 | &nbsp;&nbsp; 199728 |
| WestJet Loyalty LP |  |  |
| Term Loan B, 7.546%, 3M TSFR + 3.250%, 02/14/31 | 237000 | &nbsp;&nbsp; 237099 |
|  |  | &nbsp;&nbsp; 810347 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Hanesbrands, Inc. |  |  |
| 2025 Term Loan B, 7.077%, 1M TSFR + 2.750%, 03/07/32 | 191045 | &nbsp;&nbsp; 191642 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Clarios Global LP |  |  |
| 2025 USD Term Loan B, 7.077%, 1M TSFR + 2.750%, <br> 01/28/32<br>| 259980 | &nbsp;&nbsp; 260143 |
| First Brands Group LLC |  |  |
| 2021 Term Loan, 9.541%, 3M TSFR + 5.000%, 03/30/27 | 153217 | &nbsp;&nbsp; 145173 |
|  |  | &nbsp;&nbsp; 405316 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Brands Corp. |  |  |
| 2025 Term Loan B, 6.546%, 3M TSFR + 2.250%, 03/31/28 | 340372 | &nbsp;&nbsp; 341933 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, 08/04/31 | 70474 | &nbsp;&nbsp; 70400 |
| Term Loan B, 6.833%, 3M TSFR + 2.500%, 05/31/30 | 238728 | &nbsp;&nbsp; 238728 |
| Knife River Holdco |  |  |
| Term Loan, 6.310%, 3M TSFR + 2.000%, 03/08/32 | 19052 | &nbsp;&nbsp; 19124 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, 6.577%, 1M TSFR + 2.250%, 03/19/29 | 248741 | &nbsp;&nbsp; 249051 |
| 2025 Term Loan B, 6.577%, 1M TSFR + 2.250%, 02/10/32 | 89431 | &nbsp;&nbsp; 89415 |
| Watlow Electric Manufacturing Co. |  |  |
| Term Loan B, 7.280%, 3M TSFR + 3.000%, 03/02/28 | 191219 | &nbsp;&nbsp; 192146 |
|  |  | &nbsp;&nbsp; 858864 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| A-AP Buyer, Inc. |  |  |
| Term Loan B, 7.077%, 1M TSFR + 2.750%, 09/09/31 | 100688 | &nbsp;&nbsp; $100437 |
| Albaugh LLC |  |  |
| 2022 Term Loan B, 8.077%, 1M TSFR + 3.750%, 04/06/29 | 79182 | &nbsp;&nbsp; 78885 |
| Fortis 333, Inc. |  |  |
| USD Term Loan B, 7.796%, 3M TSFR + 3.500%, 03/29/32 | 43860 | &nbsp;&nbsp; 43901 |
| Illuminate Buyer LLC |  |  |
| 2024 1st Lien Term Loan B, 7.327%, 1M TSFR + 3.000%, <br> 12/31/29<br>| 59322 | &nbsp;&nbsp; 59574 |
| INEOS Quattro Holdings U.K. Ltd. |  |  |
| 2023 USD 1st Lien Term Loan B, 8.677%, 1M TSFR + 4.250%, <br> 04/02/29<br>| 339492 | &nbsp;&nbsp; 314030 |
| Lonza Group AG |  |  |
| USD Term Loan B, 8.321%, 3M TSFR + 3.925%, 07/03/28 | 248751 | &nbsp;&nbsp; 228540 |
|  |  | &nbsp;&nbsp; 825367 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| Albion Financing 3 SARL |  |  |
| 2025 USD Term Loan B, 7.321%, 3M TSFR + 3.000%, <br> 08/16/29<br>| 28152 | &nbsp;&nbsp; 28223 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 8.177%, 1M TSFR + <br> 3.750%, 05/12/28<br>| 260044 | &nbsp;&nbsp; 261482 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 6.077%, 1M TSFR + 1.750%, 01/03/29 | 250000 | &nbsp;&nbsp; 250400 |
| Boost Newco Borrower LLC |  |  |
| 2025 USD Term Loan B, 6.296%, 3M TSFR + 2.000%, <br> 01/31/31<br>| 249375 | &nbsp;&nbsp; 250030 |
| Camelot U.S. Acquisition LLC |  |  |
| 2024 Term Loan B, 7.077%, 1M TSFR + 2.750%, 01/31/31 | 250000 | &nbsp;&nbsp; 247708 |
| Cimpress PLC |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, 05/17/28 | 149248 | &nbsp;&nbsp; 149124 |
| Creative Artists Agency LLC |  |  |
| 2024 1st Lien Term Loan B, 7.077%, 1M TSFR + 2.750%, <br> 10/01/31<br>| 248750 | &nbsp;&nbsp; 249714 |
| Garda World Security Corp. |  |  |
| 2025 Term Loan B, 7.314%, 1M TSFR + 3.000%, 02/01/29 | 249375 | &nbsp;&nbsp; 249453 |
| Nuvei Technologies Corp. |  |  |
| 2024 Term Loan B1, 7.327%, 1M TSFR + 3.000%, 11/17/31 | 244894 | &nbsp;&nbsp; 245328 |
| PG Investment Co. 59 SARL |  |  |
| Term Loan B, 7.046%, 3M TSFR + 2.750%, 03/26/31 | 82763 | &nbsp;&nbsp; 83112 |
| Prime Security Services Borrower LLC |  |  |
| 2025 Incremental Term Loan B, 6.070%, 1M TSFR + 1.750%, <br> 03/07/32<br>| 249375 | &nbsp;&nbsp; 247777 |
| TTF Holdings LLC |  |  |
| 2024 Term Loan, 8.002%, 6M TSFR + 3.750%, 07/18/31 | 83205 | &nbsp;&nbsp; 82477 |
| Veritiv Corp. |  |  |
| Term Loan B, 8.296%, 3M TSFR + 4.000%, 11/30/30 | 241676 | &nbsp;&nbsp; 242885 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 01/30/31<br>| 246372 | &nbsp;&nbsp; 245371 |
|  |  | &nbsp;&nbsp; 2833084 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Clover Holdings 2 LLC |  |  |
| Term Loan B, 8.307%, 3M TSFR + 4.000%, 12/09/31 | 47506 | &nbsp;&nbsp; 47640 |

---

*See accompanying notes to financial statements.*

**BHFTI-170**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (j)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| Fortress Intermediate 3, Inc. |  |  |
| Term Loan B, 7.827%, 1M TSFR + 3.500%, 06/27/31 | 243096 | &nbsp;&nbsp; $243703 |
| Imprivata, Inc. |  |  |
| 2024 Term Loan, 7.780%, 3M TSFR + 3.500%, 12/01/27 | 57303 | &nbsp;&nbsp; 57602 |
| Kaseya, Inc. |  |  |
| 2025 1st Lien Term Loan B, 7.577%, 1M TSFR + 3.250%, <br> 03/20/32<br>| 247697 | &nbsp;&nbsp; 249013 |
| McAfee LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.316%, 1M TSFR + 3.000%, <br> 03/01/29<br>| 248750 | &nbsp;&nbsp; 241391 |
| Nielsen Consumer, Inc. |  |  |
| 2025 USD Term Loan, 7.827%, 1M TSFR + 3.500%, 03/06/28 | 249375 | &nbsp;&nbsp; 249999 |
| World Wide Technology Holding Co. LLC |  |  |
| 2024 Term Loan B, 6.562%, 1M TSFR + 2.250%, 03/01/30 | 26184 | &nbsp;&nbsp; 26282 |
|  |  | &nbsp;&nbsp; 1115630 |
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| Core & Main LP |  |  |
| 2024 Term Loan D, 6.270%, 6M TSFR + 2.000%, 07/27/28 | 146390 | &nbsp;&nbsp; 146573 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 6.327%, 1M TSFR + 2.000%, <br> 10/31/31<br>| 374615 | &nbsp;&nbsp; 376078 |
| Corpay Technologies Operating Co. LLC |  |  |
| Term Loan B5, 6.077%, 1M TSFR + 1.750%, 04/28/28 | 31755 | &nbsp;&nbsp; 31798 |
| CPI Holdco B LLC |  |  |
| 2024 Incremental Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 05/17/31<br>| 250000 | &nbsp;&nbsp; 249922 |
| Edelman Financial Center LLC |  |  |
| 2024 Term Loan, 7.327%, 1M TSFR + 3.000%, 04/07/28 | 330932 | &nbsp;&nbsp; 331700 |
| Jane Street Group LLC |  |  |
| 2024 Term Loan B1, 6.333%, 3M TSFR + 2.000%, 12/15/31 | 246134 | &nbsp;&nbsp; 246119 |
|  |  | &nbsp;&nbsp; 1235617 |
| **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
| Calpine Construction Finance Co. LP |  |  |
| 2023 Refinancing Term Loan B, 6.327%, 1M TSFR + 2.000%, <br> 07/31/30<br>| 100000 | &nbsp;&nbsp; 100139 |
| Calpine Corp. |  |  |
| 2024 Term Loan B10, 6.077%, 1M TSFR + 1.750%, 01/31/31 | 149624 | &nbsp;&nbsp; 149768 |
|  |  | &nbsp;&nbsp; 249907 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Minimax Viking GmbH |  |  |
| 2025 USD Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 03/17/32<br>| 22671 | &nbsp;&nbsp; 22799 |
| Roper Industrial Products Investment Co. LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 7.046%, 3M TSFR + 2.750%, <br> 11/22/29<br>| 248501 | &nbsp;&nbsp; 248267 |
|  |  | &nbsp;&nbsp; 271066 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Brand Industrial Services, Inc. |  |  |
| 2024 Term Loan B, 8.776%, 3M TSFR + 4.500%, 08/01/30 | 248740 | &nbsp;&nbsp; 208527 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** | **Engineering & Construction—(Continued)** |
| Radar Bidco SARL |  |  |
| 2024 USD Term Loan, 7.785%, 3M TSFR + 3.500%, 04/04/31 | 83332 | &nbsp;&nbsp; $83827 |
|  |  | &nbsp;&nbsp; 292354 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Bally's Corp. |  |  |
| 2021 Term Loan B, 7.784%, 3M TSFR + 3.250%, 10/02/28 | 247806 | &nbsp;&nbsp; 220160 |
| Banijay Entertainment SAS |  |  |
| 2025 USD Term Loan B3, 7.072%, 1M TSFR + 2.750%, <br> 03/01/28<br>| 44208 | &nbsp;&nbsp; 44365 |
| Caesars Entertainment, Inc. |  |  |
| Term Loan B, 6.577%, 1M TSFR + 2.250%, 02/06/30 | 86280 | &nbsp;&nbsp; 86347 |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, 6.046%, 3M TSFR + 1.750%, 11/30/30 | 248738 | &nbsp;&nbsp; 247999 |
| Great Canadian Gaming Corp. |  |  |
| 2024 Term Loan B, 9.074%, 3M TSFR + 4.750%, 11/01/29 | 150000 | &nbsp;&nbsp; 146813 |
| GVC Holdings Ltd. |  |  |
| 2024 USD Term Loan B3, 7.016%, 6M TSFR + 2.750%, <br> 10/31/29<br>| 99000 | &nbsp;&nbsp; 99504 |
| Scientific Games Holdings LP |  |  |
| 2024 USD Term Loan B, 7.285%, 3M TSFR + 3.000%, <br> 04/04/29<br>| 266067 | &nbsp;&nbsp; 266039 |
|  |  | &nbsp;&nbsp; 1111227 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Aspire Bakeries Holdings LLC |  |  |
| Term Loan, 8.577%, 1M TSFR + 4.250%, 12/23/30 | 87792 | &nbsp;&nbsp; 88286 |
| Froneri Lux Finco SARL |  |  |
| 2024 USD Term Loan B4, 6.237%, 6M TSFR + 2.000%, <br> 09/30/31<br>| 232993 | &nbsp;&nbsp; 230787 |
| Primary Products Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 7.535%, 3M TSFR + 3.250%, <br> 04/01/29<br>| 246532 | &nbsp;&nbsp; 245634 |
|  |  | &nbsp;&nbsp; 564707 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services, Inc. |  |  |
| 2024 Term Loan B8, 6.327%, 1M TSFR + 2.000%, 06/22/30 | 22722 | &nbsp;&nbsp; 22826 |
| Golden State Foods LLC |  |  |
| Term Loan B, 8.561%, 1M TSFR + 4.250%, 12/04/31 | 67290 | &nbsp;&nbsp; 67694 |
|  |  | &nbsp;&nbsp; 90520 |
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| Bausch & Lomb Corp. |  |  |
| Term Loan, 8.671%, 1M TSFR + 4.250%, 05/10/27 | 236041 | &nbsp;&nbsp; 236011 |
| **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 8.564%, 1M TSFR + 4.250%, <br> 02/11/28<br>| 77398 | &nbsp;&nbsp; 77471 |
| Phoenix Guarantor, Inc. |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, 02/21/31 | 99001 | &nbsp;&nbsp; 99372 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 8.689%, 1M TSFR + 4.250%, 10/01/28 | 246164 | &nbsp;&nbsp; 243504 |
|  |  | &nbsp;&nbsp; 420347 |

---

*See accompanying notes to financial statements.*

**BHFTI-171**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (j)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
| First Eagle Investment Management LLC |  |  |
| 2024 Term Loan B2, 7.296%, 3M TSFR + 3.000%, 03/05/29 | 237000 | &nbsp;&nbsp; $237593 |
| Forward Air Corp. |  |  |
| Term Loan B, 8.780%, 3M TSFR + 4.500%, 12/19/30 | 250000 | &nbsp;&nbsp; 248562 |
|  |  | &nbsp;&nbsp; 486155 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Tecta America Corp. |  |  |
| 2025 Term Loan B, 7.327%, 1M TSFR + 3.000%, 02/18/32 | 71428 | &nbsp;&nbsp; 71661 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.324%, 1M TSFR + 3.000%, <br> 07/31/28<br>| 453534 | &nbsp;&nbsp; 453372 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| Hunter Douglas, Inc. |  |  |
| 2025 USD Term Loan B, 7.546%, 3M TSFR + 3.250%, <br> 01/20/32<br>| 224398 | &nbsp;&nbsp; 223323 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Alliant Holdings Intermediate LLC |  |  |
| 2024 Term Loan B6, 7.072%, 1M TSFR + 2.750%, 09/19/31 | 248747 | &nbsp;&nbsp; 249016 |
| AmWINS Group, Inc. |  |  |
| 2025 Term Loan B, 6.577%, 1M TSFR + 2.250%, 01/30/32 | 261066 | &nbsp;&nbsp; 261474 |
| AssuredPartners, Inc. |  |  |
| 2024 Incremental Term Loan B5, 7.827%, 1M TSFR + 3.500%, <br> 02/14/31<br>| 208357 | &nbsp;&nbsp; 209120 |
| Asurion LLC |  |  |
| 2021 Second Lien Term Loan B4, 9.691%, 1M TSFR + 5.250%, <br> 01/20/29<br>| 144707 | &nbsp;&nbsp; 134759 |
| 2023 Term Loan B11, 8.677%, 1M TSFR + 4.250%, 08/19/28 | 246222 | &nbsp;&nbsp; 243975 |
| BroadStreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 7.327%, 1M TSFR + 3.000%, 06/13/31 | 237600 | &nbsp;&nbsp; 238164 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 7.327%, 1M TSFR + 3.000%, 07/31/31 | 220821 | &nbsp;&nbsp; 221833 |
|  |  | &nbsp;&nbsp; 1558341 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| CNT Holdings I Corp. |  |  |
| 2025 Term Loan, 6.780%, 3M TSFR + 2.500%, 11/08/32 | 99750 | &nbsp;&nbsp; 100093 |
| MH Sub I LLC |  |  |
| 2023 Term Loan, 8.577%, 1M TSFR + 4.250%, 05/03/28 | 146999 | &nbsp;&nbsp; 137830 |
| 2024 Term Loan B4, 8.577%, 1M TSFR + 4.250%, 12/31/31 | 99492 | &nbsp;&nbsp; 86744 |
|  |  | &nbsp;&nbsp; 324667 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Horizon U.S. Finco LP |  |  |
| Term Loan B, 9.030%, 3M TSFR + 4.750%, 10/31/31 | 248683 | &nbsp;&nbsp; 245574 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| WEC U.S. Holdings Ltd. |  |  |
| 2024 Term Loan, 6.574%, 1M TSFR + 2.250%, 01/27/31 | 249372 | &nbsp;&nbsp; 249701 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| CD&R Hydra Buyer, Inc. |  |  |
| 2024 Term Loan B, 8.427%, 1M TSFR + 4.000%, 03/25/31 | 189998 | &nbsp;&nbsp; 187425 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** | **Machinery-Diversified—(Continued)** |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.824%, 1M TSFR + 4.500%, 09/28/28 | 236992 | &nbsp;&nbsp; $232450 |
| Crown Equipment Corp. |  |  |
| 2025 Term Loan B, 6.574%, 1M TSFR + 2.250%, 10/10/31 | 250000 | &nbsp;&nbsp; 250195 |
|  |  | &nbsp;&nbsp; 670070 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC |  |  |
| 2024 Term Loan B5, 6.548%, 3M TSFR + 2.250%, 12/15/31 | 248750 | &nbsp;&nbsp; 249416 |
| Gray Television LLC |  |  |
| 2021 Term Loan D, 7.439%, 1M TSFR + 3.000%, 12/01/28 | 287846 | &nbsp;&nbsp; 279787 |
|  |  | &nbsp;&nbsp; 529203 |
| **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
| Crosby U.S. Acquisition Corp. |  |  |
| 2024 1st Lien Term Loan B, 7.827%, 1M TSFR + 3.500%, <br> 08/16/29<br>| 98834 | &nbsp;&nbsp; 99298 |
| Zekelman Industries, Inc. |  |  |
| 2024 Term Loan B, 6.563%, 1M TSFR + 2.250%, 01/24/31 | 237000 | &nbsp;&nbsp; 237740 |
|  |  | &nbsp;&nbsp; 337038 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Hilcorp Energy I LP |  |  |
| Term Loan B, 6.314%, 1M TSFR + 2.000%, 02/11/30 | 114000 | &nbsp;&nbsp; 114237 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Star Holding LLC |  |  |
| 2024 1st Lien Term Loan B, 8.827%, 1M TSFR + 4.500%, <br> 07/31/31<br>| 248747 | &nbsp;&nbsp; 237009 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| EPIC Crude Services LP |  |  |
| 2024 Term Loan B, 7.256%, 3M TSFR + 3.000%, 10/15/31 | 149159 | &nbsp;&nbsp; 149842 |
| Oryx Midstream Services Permian Basin LLC |  |  |
| 2025 Term Loan B, 6.572%, 1M TSFR + 2.250%, 10/05/28 | 157608 | &nbsp;&nbsp; 157749 |
| UGI Energy Services LLC |  |  |
| 2024 Term Loan B, 6.827%, 1M TSFR + 2.500%, 02/22/30 | 166875 | &nbsp;&nbsp; 167761 |
|  |  | &nbsp;&nbsp; 475352 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.941%, 1M TSFR + 3.500%, 06/02/28 | 248708 | &nbsp;&nbsp; 245638 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 2024 Tranche 2 Incremental Term Loan, 7.577%, 1M TSFR + <br> 3.250%, 01/31/30<br>| 227400 | &nbsp;&nbsp; 228821 |
|  |  | &nbsp;&nbsp; 474459 |
| **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
| 1011778 B.C. Unlimited Liability Co. |  |  |
| 2024 Term Loan B6, 6.077%, 1M TSFR + 1.750%, 09/20/30 | 248744 | &nbsp;&nbsp; 247837 |
| Dave & Buster's, Inc. |  |  |
| 2024 Term Loan B, 7.563%, 3M TSFR + 3.250%, 06/29/29 | 250000 | &nbsp;&nbsp; 243177 |
| Flynn Restaurant Group LP |  |  |
| 2025 Incremental Term Loan, 8.077%, 1M TSFR + 3.750%, <br> 01/28/32<br>| 214082 | &nbsp;&nbsp; 214082 |

---

*See accompanying notes to financial statements.*

**BHFTI-172**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (j)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Retail—(Continued)** | **Retail—(Continued)** | **Retail—(Continued)** |
| General Nutrition Centers, Inc. |  |  |
| 2020 2nd Lien Term Loan, 10.427%, 1M TSFR + 6.100%, <br> 10/07/26<br>| 215807 | &nbsp;&nbsp; $146749 |
| Great Outdoors Group LLC |  |  |
| 2025 Term Loan B, 7.577%, 1M TSFR + 3.250%, 01/23/32 | 209563 | &nbsp;&nbsp; 208987 |
| Highline Aftermarket Acquisition LLC |  |  |
| 2025 Term Loan B, 7.827%, 1M TSFR + 3.500%, 02/19/30 | 243040 | &nbsp;&nbsp; 244863 |
| Kodiak Building Partners, Inc. |  |  |
| 2024 Term Loan B, 8.035%, 3M TSFR + 3.750%, 12/04/31 | 249375 | &nbsp;&nbsp; 240335 |
| Peer Holding III BV |  |  |
| 2025 USD Term Loan B5B, 6.796%, 3M TSFR + 2.500%, <br> 07/01/31<br>| 177662 | &nbsp;&nbsp; 178827 |
| Petco Health & Wellness Co., Inc. |  |  |
| 2021 Term Loan B, 7.807%, 3M TSFR + 3.250%, 03/03/28 | 250000 | &nbsp;&nbsp; 231250 |
| Restoration Hardware, Inc. |  |  |
| 2022 Incremental Term Loan, 7.677%, 1M TSFR + 3.250%, <br> 10/20/28<br>| 248721 | &nbsp;&nbsp; 243560 |
| Specialty Building Products Holdings LLC |  |  |
| 2021 Term Loan B, 8.177%, 1M TSFR + 3.750%, 10/15/28 | 248853 | &nbsp;&nbsp; 238899 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.827%, 1M TSFR + 2.500%, <br> 08/03/28<br>| 56305 | &nbsp;&nbsp; 56379 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 7.577%, 1M TSFR + 3.250%, 10/19/29 | 138358 | &nbsp;&nbsp; 137647 |
|  |  | &nbsp;&nbsp; 2632592 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Adeia, Inc. |  |  |
| 2025 Repriced Term Loan, 6.827%, 1M TSFR + 2.500%, <br> 06/08/28<br>| 196279 | &nbsp;&nbsp; 197016 |
| Central Parent, Inc. |  |  |
| 2024 Term Loan B, 7.546%, 3M TSFR + 3.250%, 07/06/29 | 268348 | &nbsp;&nbsp; 224923 |
| Cloudera, Inc. |  |  |
| 2021 Term Loan, 8.177%, 1M TSFR + 3.750%, 10/08/28 | 248715 | &nbsp;&nbsp; 239699 |
| ConnectWise LLC |  |  |
| 2021 Term Loan B, 8.057%, 3M TSFR + 3.500%, 09/29/28 | 89977 | &nbsp;&nbsp; 90539 |
| Flash Charm, Inc. |  |  |
| 2024 Term Loan, 7.776%, 3M TSFR + 3.500%, 03/02/28 | 248740 | &nbsp;&nbsp; 234126 |
| Playtika Holding Corp. |  |  |
| 2021 Term Loan B1, 03/13/28 (k) | 248701 | &nbsp;&nbsp; 245178 |
| Skopima Merger Sub, Inc. |  |  |
| 2024 Repriced Term Loan, 8.077%, 1M TSFR + 3.750%, <br> 05/12/28<br>| 248750 | &nbsp;&nbsp; 245874 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, 7.577%, 1M TSFR + 3.250%, <br> 11/26/31<br>| 248750 | &nbsp;&nbsp; 247875 |
|  |  | &nbsp;&nbsp; 1725230 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| First Student Bidco, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.796%, 3M TSFR + 2.500%, <br> 07/21/28<br>| 189761 | &nbsp;&nbsp; 190078 |
| 2024 Term Loan C, 6.796%, 3M TSFR + 2.500%, 07/21/28 | 58185 | &nbsp;&nbsp; 58282 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 7.577%, 1M TSFR + 3.250%, 01/25/29 | 258050 | &nbsp;&nbsp; 254824 |
| Rand Parent LLC |  |  |
| 2025 Term Loan B, 7.296%, 3M TSFR + 3.000%, 03/18/30 | 249374 | &nbsp;&nbsp; 249062 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Transportation—(Continued)** | **Transportation—(Continued)** | **Transportation—(Continued)** |
| Worldwide Express Operations LLC |  |  |
| 2024 Term Loan B, 8.296%, 3M TSFR + 4.000%, 07/26/28 | 268301 | &nbsp;&nbsp; $268511 |
|  |  | &nbsp;&nbsp; 1020757 |
| Total Floating Rate Loans <br>(Cost $24,316,359) <br>|  | &nbsp;&nbsp; 24079303 |
| **Municipals—1.8%** | **Municipals—1.8%** | **Municipals—1.8%** |
| Curators of the University of Missouri |  |  |
| 2.012%, 11/01/27 | 2000000 | &nbsp;&nbsp; 1912256 |
| Empire State Development Corp. |  |  |
| 2.250%, 03/15/26 | 5950000 | &nbsp;&nbsp; 5865875 |
| Golden State Tobacco Securitization Corp. |  |  |
| 3.850%, 06/01/50 | 1325000 | &nbsp;&nbsp; 1205668 |
| Texas State University System |  |  |
| 2.351%, 03/15/26 | 1385000 | &nbsp;&nbsp; 1369404 |
| Total Municipals <br>(Cost $10,638,263) <br>|  | &nbsp;&nbsp; 10353203 |
| **Foreign Government—0.2%** | **Foreign Government—0.2%** | **Foreign Government—0.2%** |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| Korea Electric Power Corp. |  |  |
| 5.375%, 04/06/26 (144A) | 800000 | &nbsp;&nbsp; 806075 |
| **Sovereign — 0.1%** | **Sovereign — 0.1%** | **Sovereign — 0.1%** |
| Peru Government International Bonds |  |  |
| 2.783%, 01/23/31 (a) | 600000 | &nbsp;&nbsp; 536940 |
| Total Foreign Government <br>(Cost $1,428,699) <br>|  | &nbsp;&nbsp; 1343015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Sanchez Energy Corp. (c) <br>(Cost $1,200,000)<br>| 1200000 | &nbsp;&nbsp; 12000 |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
| KSouth Africa Ltd. (d) (e) (l) | 40457 | &nbsp;&nbsp; 0 |
| KSouth Africa Ltd. - Class A (d) (e) (l) | 8217950 | &nbsp;&nbsp; 0 |
| KSouth Africa Ltd. - Class B (d) (e) (l) | 817800 | &nbsp;&nbsp; 0 |
| Party City Holdco, Inc. (d) (e) (l) | 8 | &nbsp;&nbsp; 0 |
| Total Common Stocks <br>(Cost $487,730) <br>|  | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.7%** | **Short-Term Investments—3.7%** | **Short-Term Investments—3.7%** |
| **Discount Note—2.9%** | **Discount Note—2.9%** | **Discount Note—2.9%** |
| Federal Home Loan Bank |  |  |
| Zero Coupon, 07/01/25 (m) | 16890000 | &nbsp;&nbsp; 16888044 |

---

*See accompanying notes to financial statements.*

**BHFTI-173**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Short-Term Investments—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** | **Repurchase Agreement—0.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $4,368,030; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $4,455,108<br>| 4367636 | &nbsp;&nbsp; $4367636 |
| Total Short-Term Investments <br>(Cost $21,257,636) <br>|  | &nbsp;&nbsp; 21255680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (n)—11.0%** | **Securities Lending Reinvestments (n)—11.0%** | **Securities Lending Reinvestments (n)—11.0%** |
| **Certificates of Deposit—1.9%** | **Certificates of Deposit—1.9%** | **Certificates of Deposit—1.9%** |
| Bank of America NA |  |  |
| 4.600%, SOFR + 0.200%, 07/09/25 (b) | 2000000 | &nbsp;&nbsp; 1999998 |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (b) | 1000000 | &nbsp;&nbsp; 999998 |
| 4.750%, SOFR + 0.350%, 05/14/26 (b) | 2000000 | &nbsp;&nbsp; 1999997 |
| Bank of Nova Scotia |  |  |
| 4.720%, SOFR + 0.330%, 08/21/25 (b) | 1500000 | &nbsp;&nbsp; 1499974 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.630%, SOFR + 0.240%, 12/03/25 (b) | 2000000 | &nbsp;&nbsp; 1999394 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (b) | 2000000 | &nbsp;&nbsp; 2000872 |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000001 |
|  |  | &nbsp;&nbsp; 11500234 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (b) | 1000000 | &nbsp;&nbsp; 1000010 |
| **Repurchase Agreements—8.9%** | **Repurchase Agreements—8.9%** | **Repurchase Agreements—8.9%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $3,000,372; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,339,222<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $10,851,365; collateralized <br> by various Common Stock with an aggregate market value of <br> $12,076,853<br>| 10850000 | &nbsp;&nbsp; 10850000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $5,000,608; collateralized <br> by U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $5,100,621<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $2,049,807; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $2,091,135<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $555,036; collateralized by <br> U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $566,068<br>| 554969 | &nbsp;&nbsp; $554969 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $200,024; collateralized by <br> various Common Stock with an aggregate market value of <br> $220,000<br>| 200000 | &nbsp;&nbsp; 200000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $13,011,527; collateralized <br> by various Common Stock with an aggregate market value of <br> $14,496,597<br>| 13000000 | &nbsp;&nbsp; 13000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $2,008,944; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,222,506<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $2,000,247; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,225,238<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $1,000,126; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,443<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $12,501,538; collateralized <br> by various Common Stock with an aggregate market value of <br> $13,751,692<br>| 12500000 | &nbsp;&nbsp; 12500000 |
|  |  | &nbsp;&nbsp; 52104969 |
| Total Securities Lending Reinvestments <br>(Cost $64,605,227) <br>|  | &nbsp;&nbsp; 64605213 |
| Total Investments—111.1% <br>(Cost $653,777,972) <br>|  | &nbsp;&nbsp; 650772051 |
| Other assets and liabilities (net)—(11.1)%  |  | &nbsp;&nbsp; (64766065)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $586005986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of June 30, 2025, the market value of restricted securities was <br> $490,523, which is 0.1% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $78,890,619 and the collateral received consisted of cash in the <br> amount of $64,605,434 and non-cash collateral with a value of $16,820,884. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br>|

---

*See accompanying notes to financial statements.*

**BHFTI-174**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (b) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (c) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (e) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (f) | Principal amount of security is adjusted for inflation. |
| (g) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of June 30, 2025, the market value of securities pledged was $2,053,820.<br>|
| (h) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (i) | Interest only security. |
| (j) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or  |

---

---

| | |
|:---|:---|
|  | permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (k) | This loan will settle after June 30, 2025, at which time the interest rate will be determined. |
| (l) | Non-income producing security. |
| (m) | The rate shown represents current yield to maturity. |
| (n) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $171,642,358, which is 29.3% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Cost** | **Value** |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.250%, 08/15/27 | 01/19/24-01/22/24 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; $937321 | &nbsp;&nbsp; $490523 |
| KSouth Africa Ltd., 3.000%, 12/31/49 | 04/15/13-12/31/18 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 712186 | &nbsp;&nbsp; 1372248 | &nbsp;&nbsp; 0 |
| KSouth Africa Ltd., 25.000%, 12/31/49 | 12/22/16-12/31/18 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 313720 | &nbsp;&nbsp; 313720 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; $490523 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $103064748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $122318950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $113 <br>,996967<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $191561946 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(63421446)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(63421446)<br>|
| Foreign Government | &nbsp;&nbsp; (253688)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (253688)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (930300)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (930300)<br>|
| Total Borrowings | &nbsp;&nbsp; $(64605434)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(64605434)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(64605434)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-175**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 556 | USD | 115661031 | &nbsp;&nbsp; $438012 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 149 | USD | 16241000 | &nbsp;&nbsp; 138655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (23)<br>| USD | (2578875)<br>| &nbsp;&nbsp; (35251)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (5)<br>| USD | (571328)<br>| &nbsp;&nbsp; (9226)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $532190 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SOFR | Annually | 4.000<br> %<br>| Annually | 08/26/27 | USD | 7900000 | $87227 | $2532 | $84695 |
| Pay | 12M SOFR | Annually | 4.110<br> %<br>| Annually | 02/24/27 | USD | 76500000 | 638281 | 102704 | 535577 |
| Receive | 12M SOFR | Annually | 4.000<br> %<br>| Annually | 02/26/35 | USD | 2300000 | (60838)<br>| 1165 | (62003)<br>|
| Receive | 12M SOFR | Annually | 4.060<br> %<br>| Annually | 02/25/30 | USD | 17100000 | (474051)<br>| 4998 | (479049)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $190619 | $111399 | $79220 |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.HY.S41 | 5.000% | Quarterly | 12/21/28 | 2.619% | USD | 1188000 | $87697 | $(657) | $88354 |
| CDX.NA.HY.S42 | 5.000% | Quarterly | 06/21/29 | 2.779% | USD | 2200000 | 168927 | 88621 | 80306 |
| CDX.NA.HY.S43 | 5.000% | Quarterly | 12/21/29 | 3.073% | USD | 3600000 | 264017 | 243524 | 20493 |
| CDX.NA.IG.S43 | 1.000% | Quarterly | 12/21/29 | 0.453% | USD | 7900000 | 177702 | 140054 | 37648 |
| CDX.NA.IG.S44 | 1.000% | Quarterly | 06/21/30 | 0.510% | USD | 24025000 | 531145 | 408414 | 122731 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1229488 | $879956 | $349532 |

---

**OTC Credit Default Swap Contracts on Corporate Issues—Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Carnival Corp. <br>6.650%, due 01/15/28<br>| 1.000<br> %<br>| Quarterly | 06/21/27<br> CBNA | 0.644<br> %<br>| USD | 685000 | $4657 | $(48628)<br>| $53285 |

---

*See accompanying notes to financial statements.*

**BHFTI-176**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**OTC Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.HY.S39 (15-25% Tranche) | 5.000% | Quarterly | 12/21/27 | JPMC | 1.341<br> %<br>| USD | 1900000 | $164593 | $57025 | $107568 |
| CDX.NA.IG.S41 (3-7% Tranche) | 1.000% | Quarterly | 12/21/28 | CBNA | 0.337<br> %<br>| USD | 5000000 | 107933 | (116003)<br>| 223936 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $272526 | $(58978)<br>| $331504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

Securities in the amount of $137,993 have been received at the custodian bank as collateral for OTC swap contracts.

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $277183 |  |  |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 349532 |  |  |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 620272 | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; $541052 |
|  | Unrealized appreciation on futures contracts (c) (d) <br>| &nbsp;&nbsp; 576667 | Unrealized depreciation on futures contracts (c) (d) <br>| &nbsp;&nbsp; 44477 |
| Total |  | &nbsp;&nbsp; $1823654 |  | &nbsp;&nbsp; $585529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest receivable of $4,640.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Citibank NA | &nbsp;&nbsp; $112590 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $112590 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 164593 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (137993)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26600 |
|  | &nbsp;&nbsp; $277183 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(137993)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $139190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

*See accompanying notes to financial statements.*

**BHFTI-177**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Total** |
| Purchased options | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $95827 | &nbsp;&nbsp;&nbsp; $95827 |
| Futures contracts | &nbsp;&nbsp; 606254 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 606254 |
| Swap contracts | &nbsp;&nbsp; (75354)<br>| &nbsp;&nbsp;&nbsp; 171703 | &nbsp;&nbsp;&nbsp; 96349 |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35948 | &nbsp;&nbsp;&nbsp; 35948 |
|  | &nbsp;&nbsp; $530900 | &nbsp;&nbsp;&nbsp; $303478 | &nbsp;&nbsp;&nbsp; $834378 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Total** |
| Futures contracts | &nbsp;&nbsp; $327900 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $327900 |
| Swap contracts | &nbsp;&nbsp; 79220 | &nbsp;&nbsp;&nbsp; 153634 | &nbsp;&nbsp;&nbsp; 232854 |
|  | &nbsp;&nbsp; $407120 | &nbsp;&nbsp;&nbsp; $153634 | &nbsp;&nbsp;&nbsp; $560754 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $20900000 |
| Futures contracts long | &nbsp;&nbsp; 141203617 |
| Futures contracts short | &nbsp;&nbsp; (3195602)<br>|
| Swap contracts | &nbsp;&nbsp; 127735500 |
| Written options | &nbsp;&nbsp; (20900000)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds & Notes |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3773218 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3773218 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 915157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 915157 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 1709735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1709735 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 906443 | &nbsp;&nbsp; — | &nbsp;&nbsp; 906443 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 8949092 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8949092 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 73467943 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73467943 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 2211522 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2211522 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 2812852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2812852 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 1780054 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1780054 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1162073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1162073 |
| Cosmetics/Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 3350297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3350297 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 8845713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8845713 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 20016409 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20016409 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 1131715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1131715 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 1844034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1844034 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 5296585 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5296585 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 2888133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2888133 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 11253599 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11253599 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 3005225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3005225 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 14616800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14616800 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 305076 | &nbsp;&nbsp; — | &nbsp;&nbsp; 305076 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 1615197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1615197 |
| Machinery-Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 1024778 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1024778 |
| Machinery-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 204772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 204772 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 2951829 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2951829 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 2247433 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2247433 |
| Multi-National | &nbsp;&nbsp; — | &nbsp;&nbsp; 1274679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1274679 |

---

*See accompanying notes to financial statements.*

**BHFTI-178**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Oil & Gas | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8591803 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8591803 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 607769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 607769 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 1213653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1213653 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 6043900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6043900 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 4249397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4249397 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 7749822 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7749822 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 739418 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 739418 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 5686769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5686769 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 962866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 962866 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 7296716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7296716 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 35736 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35736 |
| Trucking & Leasing | &nbsp;&nbsp; — | &nbsp;&nbsp; 2130394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2130394 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 224868606 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 224868606 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 97109623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97109623 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 95150138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95150138 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 65916558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65916558 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 46078712 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46078712 |
| Total Floating Rate Loans\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 24079303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24079303 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10353203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10353203 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1343015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1343015 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12000 |
| Total Common Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 21255680 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21255680 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 64605213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64605213 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $650772051 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $650772051 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(64605434)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(64605434)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $576667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $576667 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (44477)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (44477)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $532190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $532190 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $969804 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $969804 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (541052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (541052)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $428752 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $428752 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $277183 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $277183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-179**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $650772051 |
| Cash | &nbsp;&nbsp; 58185 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 817131 |
| OTC swap contracts at market value (c) | &nbsp;&nbsp; 277183 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 801267 |
| Fund shares sold | &nbsp;&nbsp; 116848 |
| Principal paydowns | &nbsp;&nbsp; 33048 |
| Interest | &nbsp;&nbsp; 4033663 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 4640 |
| Variation margin on futures contracts | &nbsp;&nbsp; 40579 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 40215 |
| Prepaid expenses | &nbsp;&nbsp; 4640 |
| Total Assets | &nbsp;&nbsp; 656999450 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 64605434 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5633948 |
| Fund shares redeemed | &nbsp;&nbsp; 40265 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 206734 |
| Distribution and service fees | &nbsp;&nbsp; 43856 |
| Deferred trustees' fees | &nbsp;&nbsp; 210951 |
| Other expenses | &nbsp;&nbsp; 252276 |
| Total Liabilities | &nbsp;&nbsp; 70993464 |
| **Net Assets**  | &nbsp;&nbsp; $586005986 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $736977474 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (150971488)<br>|
| **Net Assets**  | &nbsp;&nbsp; $586005986 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $371693320 |
| Class B | &nbsp;&nbsp; 214312666 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 43014058 |
| Class B | &nbsp;&nbsp; 24918398 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $8.64 |
| Class B | 8.60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $653,777,972.

(b) Includes securities loaned at value of $78,890,619.

(c) Net premium received on OTC swap contracts was $107,606.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $14315935 |
| Securities lending income | &nbsp;&nbsp; 109951 |
| Total investment income | &nbsp;&nbsp; 14425886 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1552707 |
| Administration fees | &nbsp;&nbsp; 27605 |
| Custodian and accounting fees | &nbsp;&nbsp; 48090 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 270414 |
| Audit and tax services | &nbsp;&nbsp; 53587 |
| Legal | &nbsp;&nbsp; 22723 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 13760 |
| Insurance | &nbsp;&nbsp; 2982 |
| Miscellaneous | &nbsp;&nbsp; 10234 |
| Total expenses | &nbsp;&nbsp; 2022137 |
| Less management fee waiver | &nbsp;&nbsp; (236065)<br>|
| Net expenses | &nbsp;&nbsp; 1786072 |
| **Net Investment Income** | &nbsp;&nbsp; 12639814 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (929040)<br>|
| Purchased options | &nbsp;&nbsp; 95827 |
| Futures contracts | &nbsp;&nbsp; 606254 |
| Written options | &nbsp;&nbsp; 35948 |
| Swap contracts | &nbsp;&nbsp; 96349 |
| Net realized gain (loss) | &nbsp;&nbsp; (94662)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 5602324 |
| Futures contracts | &nbsp;&nbsp; 327900 |
| Swap contracts | &nbsp;&nbsp; 232854 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6163078 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 6068416 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $18708230 |

---

*See accompanying notes to financial statements.*

**BHFTI-180**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $12639814 | &nbsp;&nbsp; $27288726 |
| Net realized gain (loss) | &nbsp;&nbsp; (94662)<br>| &nbsp;&nbsp; (227583)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6163078 | &nbsp;&nbsp; 7090981 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 18708230 | &nbsp;&nbsp; 34152124 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (19373385)<br>| &nbsp;&nbsp; (20601305)<br>|
| Class B | &nbsp;&nbsp; (10676742)<br>| &nbsp;&nbsp; (8912426)<br>|
| **Total distributions** | &nbsp;&nbsp; (30050127)<br>| &nbsp;&nbsp; (29513731)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (52975367)<br>| &nbsp;&nbsp; (76112669)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (64317264)<br>| &nbsp;&nbsp; (71474276)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 650323250 | &nbsp;&nbsp; 721797526 |
| End of period | &nbsp;&nbsp; $586005986 | &nbsp;&nbsp; $650323250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 213881 | &nbsp;&nbsp; $1926038 | &nbsp;&nbsp; 28672 | &nbsp;&nbsp; $252470 |
| Reinvestments | &nbsp;&nbsp; 2255342 | &nbsp;&nbsp; 19373385 | &nbsp;&nbsp; 2406695 | &nbsp;&nbsp; 20601305 |
| Redemptions | &nbsp;&nbsp; (7766341)<br>| &nbsp;&nbsp; (69628716)<br>| &nbsp;&nbsp; (10565829)<br>| &nbsp;&nbsp; (92820070)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (5297118)<br>| &nbsp;&nbsp; $(48329293)<br>| &nbsp;&nbsp; (8130462)<br>| &nbsp;&nbsp; $(71966295)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1287344 | &nbsp;&nbsp; $11419166 | &nbsp;&nbsp; 2757741 | &nbsp;&nbsp; $24090401 |
| Reinvestments | &nbsp;&nbsp; 1248742 | &nbsp;&nbsp; 10676742 | &nbsp;&nbsp; 1046059 | &nbsp;&nbsp; 8912426 |
| Redemptions | &nbsp;&nbsp; (3014720)<br>| &nbsp;&nbsp; (26741982)<br>| &nbsp;&nbsp; (4251834)<br>| &nbsp;&nbsp; (37149201)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (478634)<br>| &nbsp;&nbsp; $(4646074)<br>| &nbsp;&nbsp; (448034)<br>| &nbsp;&nbsp; $(4146374)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(52975367)<br>|  | &nbsp;&nbsp; $(76112669)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-181**

------

**Brighthouse Funds Trust I**

**Brighthouse/Franklin Low Duration Total Return Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.59 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total income (loss) from investment operations | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.36)<br>|
| Total distributions | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.36)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.45 |
| **Total Return (%)** (b) | 3.12 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.57 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net ratio of expenses to average net assets (%) (e) | 0.49 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Ratio of net investment income (loss) to average net assets (%) | 4.19 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 <br>(c)<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 56 <br>(f)<br>| &nbsp;&nbsp; 78 <br>(f)<br>| &nbsp;&nbsp; 103 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $371.7 | &nbsp;&nbsp; $427.1 | &nbsp;&nbsp; $496.0 | &nbsp;&nbsp; $529.3 | &nbsp;&nbsp; $716.9 | &nbsp;&nbsp; $710.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.54 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total income (loss) from investment operations | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total distributions | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $9.40 |
| **Total Return (%)** (b) | 2.98 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp; (4.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.82 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net ratio of expenses to average net assets (%) (e) | 0.74 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Ratio of net investment income (loss) to average net assets (%) | 3.94 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 37 <br>(c)<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 56 <br>(f)<br>| &nbsp;&nbsp; 78 <br>(f)<br>| &nbsp;&nbsp; 103 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $214.3 | &nbsp;&nbsp; $223.2 | &nbsp;&nbsp; $225.8 | &nbsp;&nbsp; $226.4 | &nbsp;&nbsp; $278.0 | &nbsp;&nbsp; $259.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 49%, 50%, and 71% for the years ended December 31, 2022, 2021 and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTI-182**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—81.4% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Australia — 10.5%** | **Australia — 10.5%** | **Australia — 10.5%** |
| New South Wales Treasury Corp. |  |  |
| 1.750%, 03/20/34 (AUD) | 6419000 | &nbsp;&nbsp; $3335754 |
| 2.000%, 03/08/33 (AUD) | 16478000 | &nbsp;&nbsp; 9099605 |
| Queensland Treasury Corp. |  |  |
| 1.750%, 07/20/34 (AUD) (144A) | 15808000 | &nbsp;&nbsp; 8062194 |
| 2.000%, 08/22/33 (AUD) | 9320000 | &nbsp;&nbsp; 5043771 |
| Treasury Corp. of Victoria |  |  |
| 2.000%, 11/20/37 (AUD) | 23416000 | &nbsp;&nbsp; 10838729 |
| 2.250%, 11/20/34 (AUD) | 2047000 | &nbsp;&nbsp; 1083418 |
|  |  | &nbsp;&nbsp; 37463471 |
| **Brazil — 8.8%** | **Brazil — 8.8%** | **Brazil — 8.8%** |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.000%, 01/01/29 (BRL) | 10615000 | &nbsp;&nbsp; 1792654 |
| 10.000%, 01/01/31 (BRL) | 132631000 | &nbsp;&nbsp; 21417034 |
| 10.000%, 01/01/33 (BRL) | 52045000 | &nbsp;&nbsp; 8142713 |
|  |  | &nbsp;&nbsp; 31352401 |
| **Colombia — 6.8%** | **Colombia — 6.8%** | **Colombia — 6.8%** |
| Colombia TES |  |  |
| 6.250%, 07/09/36 (COP) | 4082000000 | &nbsp;&nbsp; 644749 |
| 7.000%, 03/26/31 (COP) | 9039100000 | &nbsp;&nbsp; 1786215 |
| 7.000%, 06/30/32 (COP) | 19600000000 | &nbsp;&nbsp; 3676972 |
| 7.250%, 10/18/34 (COP) | 11954000000 | &nbsp;&nbsp; 2132963 |
| 7.750%, 09/18/30 (COP) | 30604100000 | &nbsp;&nbsp; 6469669 |
| 9.250%, 05/28/42 (COP) | 18685000000 | &nbsp;&nbsp; 3502891 |
| 13.250%, 02/09/33 (COP) | 22995000000 | &nbsp;&nbsp; 5891302 |
|  |  | &nbsp;&nbsp; 24104761 |
| **Egypt — 7.7%** | **Egypt — 7.7%** | **Egypt — 7.7%** |
| Egypt Government International Bonds |  |  |
| 8.500%, 01/31/47 (144A) | 2830000 | &nbsp;&nbsp; 2292645 |
| 8.700%, 03/01/49 (144A) | 1700000 | &nbsp;&nbsp; 1393847 |
| 8.750%, 09/30/51 (144A) | 1430000 | &nbsp;&nbsp; 1171182 |
| 8.875%, 05/29/50 (144A) | 3810000 | &nbsp;&nbsp; 3163790 |
| Egypt Treasury Bills |  |  |
| 26.391%, 12/02/25 (EGP) (a) | 1077300000 | &nbsp;&nbsp; 19386807 |
|  |  | &nbsp;&nbsp; 27408271 |
| **Ghana — 0.9%** | **Ghana — 0.9%** | **Ghana — 0.9%** |
| Republic of Ghana Government Bonds |  |  |
| 8.350%, 3.350% PIK, 02/16/27 (GHS) (b) | 7311008 | &nbsp;&nbsp; 583818 |
| 8.500%, 3.500% PIK, 02/15/28 (GHS) (b) | 7332603 | &nbsp;&nbsp; 530204 |
| 8.650%, 3.650% PIK, 02/13/29 (GHS) (b) | 7010607 | &nbsp;&nbsp; 465168 |
| 8.800%, 3.800% PIK, 02/12/30 (GHS) (b) | 7031285 | &nbsp;&nbsp; 434609 |
| 8.950%, 3.950% PIK, 02/11/31 (GHS) (b) | 6806162 | &nbsp;&nbsp; 395055 |
| 9.100%, 4.100% PIK, 02/10/32 (GHS) (b) | 5137448 | &nbsp;&nbsp; 284380 |
| 9.250%, 4.250% PIK, 02/08/33 (GHS) (b) | 4599546 | &nbsp;&nbsp; 244809 |
| 9.400%, 4.400% PIK, 02/07/34 (GHS) (b) | 1440492 | &nbsp;&nbsp; 73532 |
| 9.550%, 4.550% PIK, 02/06/35 (GHS) (b) | 1349785 | &nbsp;&nbsp; 67339 |
| 9.700%, 4.700% PIK, 02/05/36 (GHS) (b) | 1662209 | &nbsp;&nbsp; 81593 |
| 9.850%, 4.850% PIK, 02/03/37 (GHS) (b) | 942653 | &nbsp;&nbsp; 45790 |
| 10.000%, 5.000% PIK, 02/02/38 (GHS) (b) | 1364921 | &nbsp;&nbsp; 65914 |
|  |  | &nbsp;&nbsp; 3272211 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Greece — 1.5%** | **Greece — 1.5%** | **Greece — 1.5%** |
| Hellenic Republic Government Bonds |  |  |
| 3.375%, 06/15/34 (EUR) (144A) | 2265000 | &nbsp;&nbsp; $2711078 |
| 4.250%, 06/15/33 (EUR) (144A) | 2004000 | &nbsp;&nbsp; 2559515 |
|  |  | &nbsp;&nbsp; 5270593 |
| **India — 6.5%** | **India — 6.5%** | **India — 6.5%** |
| India Government Bonds |  |  |
| 6.790%, 05/15/27 (INR) | 24810000 | &nbsp;&nbsp; 294366 |
| 6.790%, 10/07/34 (INR) | 234400000 | &nbsp;&nbsp; 2806066 |
| 7.100%, 04/18/29 (INR) | 131600000 | &nbsp;&nbsp; 1585106 |
| 7.100%, 04/08/34 (INR) | 95110000 | &nbsp;&nbsp; 1154251 |
| 7.180%, 08/14/33 (INR) | 778400000 | &nbsp;&nbsp; 9472010 |
| 7.260%, 08/22/32 (INR) | 658300000 | &nbsp;&nbsp; 8068371 |
|  |  | &nbsp;&nbsp; 23380170 |
| **Malaysia — 8.7%** | **Malaysia — 8.7%** | **Malaysia — 8.7%** |
| Malaysia Government Bonds |  |  |
| 3.582%, 07/15/32 (MYR) | 29727000 | &nbsp;&nbsp; 7133350 |
| 3.733%, 06/15/28 (MYR) | 7220000 | &nbsp;&nbsp; 1741301 |
| 3.885%, 08/15/29 (MYR) | 1440000 | &nbsp;&nbsp; 349742 |
| 3.899%, 11/16/27 (MYR) | 72760000 | &nbsp;&nbsp; 17579864 |
| 4.498%, 04/15/30 (MYR) | 16474000 | &nbsp;&nbsp; 4122589 |
|  |  | &nbsp;&nbsp; 30926846 |
| **Mexico — 3.6%** | **Mexico — 3.6%** | **Mexico — 3.6%** |
| Mexico Bonos |  |  |
| 7.750%, 05/29/31 (MXN) | 19550000 | &nbsp;&nbsp; 992498 |
| 8.500%, 03/01/29 (MXN) | 35670000 | &nbsp;&nbsp; 1895550 |
| 8.500%, 05/31/29 (MXN) | 86600000 | &nbsp;&nbsp; 4599499 |
| 8.500%, 02/28/30 (MXN) | 99060000 | &nbsp;&nbsp; 5243219 |
|  |  | &nbsp;&nbsp; 12730766 |
| **Norway — 4.4%** | **Norway — 4.4%** | **Norway — 4.4%** |
| Norway Government Bonds |  |  |
| 1.500%, 02/19/26 (NOK) (144A) | 131041000 | &nbsp;&nbsp; 12810280 |
| 1.750%, 02/17/27 (NOK) (144A) | 31963000 | &nbsp;&nbsp; 3083123 |
|  |  | &nbsp;&nbsp; 15893403 |
| **Panama — 4.5%** | **Panama — 4.5%** | **Panama — 4.5%** |
| Panama Government International Bonds |  |  |
| 2.252%, 09/29/32 | 340000 | &nbsp;&nbsp; 259240 |
| 3.298%, 01/19/33 | 290000 | &nbsp;&nbsp; 236158 |
| 6.400%, 02/14/35 (c) | 3100000 | &nbsp;&nbsp; 3010207 |
| 6.700%, 01/26/36 | 310000 | &nbsp;&nbsp; 307873 |
| 6.875%, 01/31/36 (c) | 1970000 | &nbsp;&nbsp; 1957449 |
| 8.000%, 03/01/38 | 9500000 | &nbsp;&nbsp; 10179938 |
|  |  | &nbsp;&nbsp; 15950865 |
| **South Africa — 6.1%** | **South Africa — 6.1%** | **South Africa — 6.1%** |
| Republic of South Africa Government Bonds |  |  |
| 8.500%, 01/31/37 (ZAR) | 167321000 | &nbsp;&nbsp; 8224978 |
| 8.750%, 01/31/44 (ZAR) | 81417600 | &nbsp;&nbsp; 3734510 |
| 8.875%, 02/28/35 (ZAR) | 19320000 | &nbsp;&nbsp; 1020052 |
| 9.000%, 01/31/40 (ZAR) | 180730000 | &nbsp;&nbsp; 8826866 |
|  |  | &nbsp;&nbsp; 21806406 |

---

*See accompanying notes to financial statements.*

**BHFTI-183**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **South Korea — 3.8%** | **South Korea — 3.8%** | **South Korea — 3.8%** |
| Korea Treasury Bonds |  |  |
| 3.125%, 09/10/27 (KRW) | 18121100000 | &nbsp;&nbsp; $13620025 |
| **Spain — 4.5%** | **Spain — 4.5%** | **Spain — 4.5%** |
| Spain Government Bonds |  |  |
| 3.150%, 04/30/35 (EUR) (144A) | 12510000 | &nbsp;&nbsp; 14714500 |
| 3.550%, 10/31/33 (EUR) (144A) | 1037000 | &nbsp;&nbsp; 1271617 |
|  |  | &nbsp;&nbsp; 15986117 |
| **Uruguay — 3.1%** | **Uruguay — 3.1%** | **Uruguay — 3.1%** |
| Uruguay Government International Bonds |  |  |
| 3.875%, 07/02/40 (UYU) (d) | 421816382 | &nbsp;&nbsp; 11136038 |
| Total Foreign Government <br>(Cost $297,240,426) <br>|  | &nbsp;&nbsp; 290302344 |
| **Corporate Bonds & Notes—4.4%** | **Corporate Bonds & Notes—4.4%** | **Corporate Bonds & Notes—4.4%** |
| **Supranational — 4.4%** | **Supranational — 4.4%** | **Supranational — 4.4%** |
| International Bank for Reconstruction & Development |  |  |
| 6.890%, 02/06/30 (INR) | 900000000 | &nbsp;&nbsp; 10616558 |
| 7.070%, 06/26/29 (MXN) | 98200000 | &nbsp;&nbsp; 5141878 |
|  |  | &nbsp;&nbsp; 15758436 |
| Total Corporate Bonds & Notes <br>(Cost $15,898,361) <br>|  | &nbsp;&nbsp; 15758436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—11.7%** | **Short-Term Investments—11.7%** | **Short-Term Investments—11.7%** |
| **Discount Note — 10.5%** |  |  |
| Federal Home Loan Bank |  |  |
| Zero Coupon, 07/01/25 (a) | 37500000 | &nbsp;&nbsp; 37495656 |
| **Repurchase Agreement — 1.2%** | **Repurchase Agreement — 1.2%** | **Repurchase Agreement — 1.2%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25 with a maturity value of $4,446,977; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $4,535,601<br>| 4446576 | &nbsp;&nbsp; 4446576 |
| Total Short-Term Investments <br>(Cost $41,946,576) <br>|  | &nbsp;&nbsp; 41942232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—0.6%** | **Securities Lending Reinvestments (e)—0.6%** | **Securities Lending Reinvestments (e)—0.6%** |
| **Short-Term Investment Funds — 0.4%** |  |  |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (f)<br>| 300000 | &nbsp;&nbsp; 300000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (f)<br>| 300000 | &nbsp;&nbsp; 300000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 4.220% (f)<br>| 200000 | &nbsp;&nbsp; 200000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (f)<br>| 300000 | &nbsp;&nbsp; 300000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds — (Continued)** |  |  |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 4.230% (f)<br>| 300000 | &nbsp;&nbsp; $300000 |
|  |  | &nbsp;&nbsp; 1400000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.2%** | **Repurchase Agreements — 0.2%** | **Repurchase Agreements — 0.2%** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due <br> on 07/01/25 with a maturity value of $324,437; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 2.000% - 4.750%, maturity dates ranging <br> from 02/15/45 - 11/15/53, and an aggregate market <br> value of $330,886<br>| 324398 | &nbsp;&nbsp; 324398 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due <br> on 07/01/25 with a maturity value of $300,036; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 0.250% - 4.750%, maturity dates ranging <br> from 08/31/25 - 02/15/48, and an aggregate market <br> value of $306,000<br>| 300000 | &nbsp;&nbsp; 300000 |
|  |  | &nbsp;&nbsp; 624398 |
| Total Securities Lending Reinvestments <br>(Cost $2,024,398) <br>|  | &nbsp;&nbsp; 2024398 |
| Total Purchased Options—0.4%(g) <br>(Cost $2,502,147) <br>|  | &nbsp;&nbsp; 1373405 |
| Total Investments—98.5% <br>(Cost $359,611,908) <br>|  | &nbsp;&nbsp; 351400815 |
| Other assets and liabilities (net)—1.5%  |  | &nbsp;&nbsp; 5473862 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $356874677 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) The rate shown represents current yield to maturity.

(b) Payment-in kind security for which part of the income earned may be paid as additional principal. 

(c) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $2,148,222 and the collateral received consisted of cash in the amount of $2,024,398 and non-cash collateral with a value of $210,017. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(d) Principal amount of security is adjusted for inflation.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2025. 

(f) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(g) For a breakout of open positions, see details shown in the Purchased Options table that follows. 

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the market value of 144A securities was $53,233,771, which is 14.9% of net assets. 

*See accompanying notes to financial statements.*

**BHFTI-184**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52463755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $154490297 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Foreign Government | &nbsp;&nbsp; $(2024398)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2024398)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(2024398)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 1483000 | CBNA | 09/22/25 | USD | 949921 | &nbsp;&nbsp; $27767 |
| AUD | &nbsp;&nbsp; 4390000 | DBAG | 09/22/25 | USD | 2812416 | &nbsp;&nbsp; 81751 |
| AUD | &nbsp;&nbsp; 8821000 | DBAG | 09/22/25 | USD | 5560361 | &nbsp;&nbsp; 255002 |
| CLP | &nbsp;&nbsp; 2435700000 | HSBC | 07/23/25 | USD | 2425102 | &nbsp;&nbsp; 189379 |
| CLP | &nbsp;&nbsp; 1979400000 | HSBC | 10/27/25 | USD | 2112442 | &nbsp;&nbsp; 11479 |
| CLP | &nbsp;&nbsp; 1521500000 | JPMC | 09/08/25 | USD | 1623418 | &nbsp;&nbsp; 9585 |
| CLP | &nbsp;&nbsp; 2238400000 | JPMC | 10/27/25 | USD | 2388162 | &nbsp;&nbsp; 13670 |
| EUR | &nbsp;&nbsp; 11415 | BOA | 07/15/25 | USD | 12387 | &nbsp;&nbsp; 1071 |
| EUR | &nbsp;&nbsp; 293181 | BOA | 07/15/25 | USD | 334051 | &nbsp;&nbsp; 11598 |
| EUR | &nbsp;&nbsp; 638606 | BOA | 07/15/25 | USD | 701234 | &nbsp;&nbsp; 51657 |
| EUR | &nbsp;&nbsp; 790047 | BOA | 07/15/25 | USD | 862408 | &nbsp;&nbsp; 69026 |
| EUR | &nbsp;&nbsp; 1652833 | BOA | 07/15/25 | USD | 1816827 | &nbsp;&nbsp; 131797 |
| EUR | &nbsp;&nbsp; 940000 | BNP | 07/15/25 | USD | 1090947 | &nbsp;&nbsp; 17275 |
| EUR | &nbsp;&nbsp; 6160000 | BNP | 07/15/25 | USD | 7025696 | &nbsp;&nbsp; 236698 |
| INR | &nbsp;&nbsp; 126100000 | HSBC | 09/17/25 | USD | 1426019 | &nbsp;&nbsp; 39485 |
| JPY | &nbsp;&nbsp; 2667975460 | BOA | 07/17/25 | USD | 17417996 | &nbsp;&nbsp; 1139969 |
| JPY | &nbsp;&nbsp; 3246610940 | BNP | 07/16/25 | USD | 21037246 | &nbsp;&nbsp; 1543076 |
| JPY | &nbsp;&nbsp; 489364730 | JPMC | 08/13/25 | USD | 3275062 | &nbsp;&nbsp; 139193 |
| JPY | &nbsp;&nbsp; 4929871000 | MSCS | 09/10/25 | USD | 34390930 | &nbsp;&nbsp; 112296 |
| JPY | &nbsp;&nbsp; 1546844000 | MSCS | 10/07/25 | USD | 10903711 | &nbsp;&nbsp; (45602)<br>|
| JPY | &nbsp;&nbsp; 4008433000 | MSCS | 10/07/25 | USD | 28027864 | &nbsp;&nbsp; 109427 |
| KRW | &nbsp;&nbsp; 19421000000 | JPMC | 09/17/25 | USD | 14239209 | &nbsp;&nbsp; 219815 |
| MXN | &nbsp;&nbsp; 10878660 | BNP | 08/27/25 | USD | 556752 | &nbsp;&nbsp; 19621 |
| MXN | &nbsp;&nbsp; 3953377 | BNP | 09/10/25 | USD | 203761 | &nbsp;&nbsp; 5382 |
| MXN | &nbsp;&nbsp; 22784239 | HSBC | 08/27/25 | USD | 1166478 | &nbsp;&nbsp; 40676 |
| MXN | &nbsp;&nbsp; 4025000 | HSBC | 09/10/25 | USD | 207399 | &nbsp;&nbsp; 5533 |
| MXN | &nbsp;&nbsp; 239610000 | JPMC | 08/27/25 | USD | 12265740 | &nbsp;&nbsp; 429270 |
| RSD | &nbsp;&nbsp; 188900280 | DBAG | 07/17/25 | USD | 1823765 | &nbsp;&nbsp; 75801 |
| RSD | &nbsp;&nbsp; 831323473 | DBAG | 09/17/25 | USD | 7695302 | &nbsp;&nbsp; 662673 |
| RSD | &nbsp;&nbsp; 104954000 | DBAG | 09/30/25 | USD | 1048727 | &nbsp;&nbsp; 6235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |
| AUD | &nbsp;&nbsp; 1483000<br> CBNA | 09/22/25 | USD | 961711 | &nbsp;&nbsp; (15977)<br>|
| AUD | &nbsp;&nbsp; 13211000<br> DBAG | 09/22/25 | USD | 8567106 | &nbsp;&nbsp; (142423)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-185**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| CNH | &nbsp;&nbsp; 44960770 | CBNA | 08/21/25 | USD | 6233210 | &nbsp;&nbsp; $(71971)<br>|
| CNH | &nbsp;&nbsp; 44737762 | CBNA | 11/17/25 | USD | 6292231 | &nbsp;&nbsp; (21821)<br>|
| CNH | &nbsp;&nbsp; 2301915 | DBAG | 08/18/25 | USD | 321658 | &nbsp;&nbsp; (1079)<br>|
| CNH | &nbsp;&nbsp; 44926665 | DBAG | 08/21/25 | USD | 6228051 | &nbsp;&nbsp; (72348)<br>|
| CNH | &nbsp;&nbsp; 154661000 | HSBC | 09/29/25 | USD | 21727849 | &nbsp;&nbsp; (23940)<br>|
| CNH | &nbsp;&nbsp; 75487460 | HSBC | 12/17/25 | USD | 10643730 | &nbsp;&nbsp; (33097)<br>|
| CNH | &nbsp;&nbsp; 35742451 | JPMC | 08/21/25 | USD | 4955420 | &nbsp;&nbsp; (57008)<br>|
| CNH | &nbsp;&nbsp; 167009000 | MSCS | 09/29/25 | USD | 23464889 | &nbsp;&nbsp; (23544)<br>|
| EUR | &nbsp;&nbsp; 7506205 | BOA | 07/15/25 | USD | 7738334 | &nbsp;&nbsp; (1111181)<br>|
| EUR | &nbsp;&nbsp; 8778795 | BBP | 07/16/25 | USD | 9084824 | &nbsp;&nbsp; (1265709)<br>|
| EUR | &nbsp;&nbsp; 8336000 | BNP | 07/15/25 | USD | 8586830 | &nbsp;&nbsp; (1240981)<br>|
| EUR | &nbsp;&nbsp; 8779000 | JPMC | 07/16/25 | USD | 9076081 | &nbsp;&nbsp; (1274693)<br>|
| INR | &nbsp;&nbsp; 126100000 | HSBC | 09/17/25 | USD | 1451544 | &nbsp;&nbsp; (13960)<br>|
| JPY | &nbsp;&nbsp; 2667975460 | BOA | 07/17/25 | USD | 18759430 | &nbsp;&nbsp; 201464 |
| JPY | &nbsp;&nbsp; 1797400000 | BNP | 07/16/25 | USD | 12313995 | &nbsp;&nbsp; (187001)<br>|
| JPY | &nbsp;&nbsp; 1449210940 | BNP | 07/16/25 | USD | 10189568 | &nbsp;&nbsp; 110242 |
| JPY | &nbsp;&nbsp; 301513600 | JPMC | 08/13/25 | USD | 2126759 | &nbsp;&nbsp; 23125 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $388703 |

---

**Purchased Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| USD Call / JPY Put | JPY | 154.350 | 10/03/25 | MSCS | 90772000 | USD | 90772000 | $528929 | $137066 | $(391863)<br>|
| USD Put / JPY Call | JPY | 128.000 | 09/11/25 | MSCS | 18795000 | USD | 18795000 | 70575 | 19547 | (51028)<br>|
| USD Put / JPY Call | JPY | 137.500 | 10/03/25 | MSCS | 38220000 | USD | 38220000 | 842407 | 355140 | (487267)<br>|
| USD Put / JPY Call | JPY | 140.250 | 09/08/25 | MSCS | 80042000 | USD | 80042000 | 1060236 | 861652 | (198584)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $2502147 | $1373405 | $(1128742)<br>|

---

**Written Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| USD Call / JPY Put | JPY | 146.800 | 10/03/25 | MSCS | (45386000)<br>| USD | (45386000)<br>| $(828839)<br>| $(396356)<br>| $432483 |
| USD Put / JPY Call | JPY | 127.900 | 10/03/25 | MSCS | (38220000)<br>| USD | (38220000)<br>| (265743)<br>| (68910)<br>| 196833 |
| USD Put / JPY Call | JPY | 136.200 | 09/08/25 | MSCS | (66702000)<br>| USD | (66702000)<br>| (454308)<br>| (315634)<br>| 138674 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1548890)<br>| $(780900)<br>| $767990 |

---

Securities in the amount of $1,850,739 and cash in the amount of $210,000 has been received at the custodian bank as collateral for OTC derivative contracts.

*See accompanying notes to financial statements.*

**BHFTI-186**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | Investments at market value (a) <br>| &nbsp;&nbsp; $1373405 |  |  |
|  | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 5991038 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $5602335 |
|  |  |  | Written options at value | &nbsp;&nbsp; 780900 |
| Total |  | &nbsp;&nbsp; $7364443 |  | &nbsp;&nbsp; $6383235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $1606582 | &nbsp;&nbsp;&nbsp;&nbsp; $(1111181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $495401 |
| BNP Paribas SA | &nbsp;&nbsp; 1932294 | &nbsp;&nbsp;&nbsp;&nbsp; (1427982)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (504312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 27767 | &nbsp;&nbsp;&nbsp;&nbsp; (27767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 1081462 | &nbsp;&nbsp;&nbsp;&nbsp; (215850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (865612)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 286552 | &nbsp;&nbsp;&nbsp;&nbsp; (70997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (210000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5555 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 834658 | &nbsp;&nbsp;&nbsp;&nbsp; (834658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 1595128 | &nbsp;&nbsp;&nbsp;&nbsp; (850046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (332612)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 412470 |
|  | &nbsp;&nbsp; $7364443 | &nbsp;&nbsp;&nbsp;&nbsp; $(4538481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1912536)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $913426 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $1111181 | &nbsp;&nbsp;&nbsp;&nbsp; $(1111181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 1265709 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1100000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165709 |
| BNP Paribas SA | &nbsp;&nbsp; 1427982 | &nbsp;&nbsp;&nbsp;&nbsp; (1427982)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 109769 | &nbsp;&nbsp;&nbsp;&nbsp; (27767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42002 |
| Deutsche Bank AG | &nbsp;&nbsp; 215850 | &nbsp;&nbsp;&nbsp;&nbsp; (215850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 70997 | &nbsp;&nbsp;&nbsp;&nbsp; (70997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 1331701 | &nbsp;&nbsp;&nbsp;&nbsp; (834658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (497043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 850046 | &nbsp;&nbsp;&nbsp;&nbsp; (850046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $6383235 | &nbsp;&nbsp;&nbsp;&nbsp; $(4538481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1637043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $207711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Foreign** <br>**Exchange**<br>|
| Purchased options | &nbsp;&nbsp; $(1316788)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; 552115 |

---

*See accompanying notes to financial statements.*

**BHFTI-187**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Foreign**<br> **Exchange**<br>|
| Written options | &nbsp;&nbsp; $1141431 |
|  | &nbsp;&nbsp; $376758 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Foreign** <br>**Exchange**<br>|
| Purchased options | &nbsp;&nbsp; $1867787 |
| Forward foreign currency transactions | &nbsp;&nbsp; 3523167 |
| Written options | &nbsp;&nbsp; 691111 |
|  | &nbsp;&nbsp; $6082065 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $308580333 |
| Forward foreign currency transactions | &nbsp;&nbsp; 331603537 |
| Written options | &nbsp;&nbsp; (276540833)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Foreign Government\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290302344 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290302344 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15758436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15758436 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 41942232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41942232 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1400000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 624398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 624398 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 624398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2024398 |
| Total Purchased Options At Value | &nbsp;&nbsp; — | &nbsp;&nbsp; 1373405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1373405 |
| Total Investments | &nbsp;&nbsp; $1400000 | &nbsp;&nbsp; $350000815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $351400815 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2024398)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2024398)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; 5991038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5991038 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5602335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5602335)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $388703 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $388703 |
| Total Written Options at Value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(780900)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(780900)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-188**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $351400815 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 3567381 |
| Cash collateral for forward foreign currency exchange contracts | &nbsp;&nbsp; 1900000 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 5991038 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 30589 |
| Fund shares sold | &nbsp;&nbsp; 6500 |
| Interest | &nbsp;&nbsp; 6715653 |
| Prepaid expenses | &nbsp;&nbsp; 2754 |
| Total Assets | &nbsp;&nbsp; 369614730 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 50000 |
| Written options at value (d) | &nbsp;&nbsp; 780900 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 5602335 |
| Collateral for securities loaned | &nbsp;&nbsp; 2024398 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3352097 |
| Fund shares redeemed | &nbsp;&nbsp; 39754 |
| Foreign taxes | &nbsp;&nbsp; 93603 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 162485 |
| Distribution and service fees | &nbsp;&nbsp; 5917 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 404463 |
| Total Liabilities | &nbsp;&nbsp; 12740053 |
| **Net Assets**  | &nbsp;&nbsp; $356874677 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $476066842 |
| Distributable earnings (Accumulated losses) (e) | &nbsp;&nbsp; (119192165)<br>|
| **Net Assets**  | &nbsp;&nbsp; $356874677 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $327925147 |
| Class B | &nbsp;&nbsp; 28949530 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 41442386 |
| Class B | &nbsp;&nbsp; 3761030 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $7.91 |
| Class B | 7.70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $359,611,908.

(b) Includes securities loaned at value of $2,148,222.

(c) Identified cost of cash denominated in foreign currencies was $3,552,255.

(d) Premiums received on written options were $1,548,890.

(e) Includes foreign capital gains tax of $93,603.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest (a) | &nbsp;&nbsp; $14872409 |
| Securities lending income | &nbsp;&nbsp; 496 |
| Total investment income | &nbsp;&nbsp; 14872905 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1265948 |
| Administration fees | &nbsp;&nbsp; 23954 |
| Custodian and accounting fees | &nbsp;&nbsp; 130847 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 36084 |
| Audit and tax services | &nbsp;&nbsp; 46734 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 9763 |
| Insurance | &nbsp;&nbsp; 2098 |
| Miscellaneous | &nbsp;&nbsp; 20505 |
| Total expenses | &nbsp;&nbsp; 1578690 |
| Less management fee waiver | &nbsp;&nbsp; (84396)<br>|
| Net expenses | &nbsp;&nbsp; 1494294 |
| **Net Investment Income** | &nbsp;&nbsp; 13378611 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; (17499077)<br>|
| Purchased options | &nbsp;&nbsp; (1316788)<br>|
| Written options | &nbsp;&nbsp; 1141431 |
| Foreign currency transactions | &nbsp;&nbsp; (82024)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; 552115 |
| Net realized gain (loss) | &nbsp;&nbsp; (17204343)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; 50759376 |
| Purchased options | &nbsp;&nbsp; 1867787 |
| Written options | &nbsp;&nbsp; 691111 |
| Foreign currency transactions | &nbsp;&nbsp; 397856 |
| Forward foreign currency transactions | &nbsp;&nbsp; 3523167 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 57239297 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 40034954 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $53413565 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,372,250.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $12,621.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $(70,974).

*See accompanying notes to financial statements.*

**BHFTI-189**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $13378611 | &nbsp;&nbsp; $28191686 |
| Net realized gain (loss) | &nbsp;&nbsp; (17204343)<br>| &nbsp;&nbsp; (30417476)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 57239297 | &nbsp;&nbsp; (57237553)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 53413565 | &nbsp;&nbsp; (59463343)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (135261834)<br>| &nbsp;&nbsp; (76952694)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (81848269)<br>| &nbsp;&nbsp; (136416037)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 438722946 | &nbsp;&nbsp; 575138983 |
| End of period | &nbsp;&nbsp; $356874677 | &nbsp;&nbsp; $438722946 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 275865 | &nbsp;&nbsp; $1986640 | &nbsp;&nbsp; 168507 | &nbsp;&nbsp; $1241890 |
| Redemptions | &nbsp;&nbsp; (17693219)<br>| &nbsp;&nbsp; (134288014)<br>| &nbsp;&nbsp; (10514715)<br>| &nbsp;&nbsp; (78204387)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (17417354)<br>| &nbsp;&nbsp; $(132301374)<br>| &nbsp;&nbsp; (10346208)<br>| &nbsp;&nbsp; $(76962497)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 83694 | &nbsp;&nbsp; $582958 | &nbsp;&nbsp; 506889 | &nbsp;&nbsp; $3642934 |
| Redemptions | &nbsp;&nbsp; (485302)<br>| &nbsp;&nbsp; (3543418)<br>| &nbsp;&nbsp; (495614)<br>| &nbsp;&nbsp; (3633131)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (401608)<br>| &nbsp;&nbsp; $(2960460)<br>| &nbsp;&nbsp; 11275 | &nbsp;&nbsp; $9803 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(135261834)<br>|  | &nbsp;&nbsp; $(76952694)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-190**

------

**Brighthouse Funds Trust I**

**Brighthouse/Templeton International Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $7.85 | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $9.48 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | 0.71 | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.84)<br>|
| Total income (loss) from investment operations | 0.94 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.62)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>|
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.62)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.91 | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $7.85 | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $8.31 |
| **Total Return (%)** (c) | 13.49 <br>(d)<br>| &nbsp;&nbsp; (11.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp; (4.69)<br>| &nbsp;&nbsp; (5.75)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.73 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net ratio of expenses to average net assets (%) (f) | 0.69 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Ratio of net investment income (loss) to average net assets (%) | 6.35 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(d)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 37 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $327.9 | &nbsp;&nbsp; $410.4 | &nbsp;&nbsp; $543.3 | &nbsp;&nbsp; $579.6 | &nbsp;&nbsp; $871.7 | &nbsp;&nbsp; $988.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $6.79 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $7.41 | &nbsp;&nbsp; $7.77 | &nbsp;&nbsp; $8.18 | &nbsp;&nbsp; $9.33 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 0.69 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.82)<br>|
| Total income (loss) from investment operations | 0.91 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.60)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>|
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.60)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.70 | &nbsp;&nbsp; $6.79 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $7.41 | &nbsp;&nbsp; $7.77 | &nbsp;&nbsp; $8.18 |
| **Total Return (%)** (c) | 13.40 <br>(d)<br>| &nbsp;&nbsp; (11.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (5.91)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.98 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (f) | 0.94 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Ratio of net investment income (loss) to average net assets (%) | 6.17 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 16 <br>(d)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 37 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $28.9 | &nbsp;&nbsp; $28.3 | &nbsp;&nbsp; $31.8 | &nbsp;&nbsp; $34.1 | &nbsp;&nbsp; $42.6 | &nbsp;&nbsp; $43.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions from return of capital were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-191**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** |
| Boeing Co. (a) | 44052 | &nbsp;&nbsp; $9230216 |
| General Dynamics Corp.  | 10587 | &nbsp;&nbsp; 3087804 |
| Northrop Grumman Corp.  | 18043 | &nbsp;&nbsp; 9021139 |
| RTX Corp.  | 47701 | &nbsp;&nbsp; 6965300 |
| StandardAero, Inc. (a) (b) | 241269 | &nbsp;&nbsp; 7636164 |
|  |  | &nbsp;&nbsp; 35940623 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| CH Robinson Worldwide, Inc.  | 100067 | &nbsp;&nbsp; 9601429 |
| **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
| Goodyear Tire & Rubber Co. (a) | 281528 | &nbsp;&nbsp; 2919445 |
| Modine Manufacturing Co. (a) (b) | 69010 | &nbsp;&nbsp; 6797485 |
|  |  | &nbsp;&nbsp; 9716930 |
| **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
| Tesla, Inc. (a) | 79774 | &nbsp;&nbsp; 25341009 |
| **Banks — 4.0%** | **Banks — 4.0%** | **Banks — 4.0%** |
| JPMorgan Chase & Co.  | 46098 | &nbsp;&nbsp; 13364271 |
| Wells Fargo & Co.  | 1022896 | &nbsp;&nbsp; 81954428 |
|  |  | &nbsp;&nbsp; 95318699 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Celsius Holdings, Inc. (a) (b) | 87101 | &nbsp;&nbsp; 4040615 |
| Coca-Cola Co.  | 223209 | &nbsp;&nbsp; 15792037 |
| Monster Beverage Corp. (a) | 37861 | &nbsp;&nbsp; 2371613 |
| Vita Coco Co., Inc. (a) (b) | 8515 | &nbsp;&nbsp; 307392 |
|  |  | &nbsp;&nbsp; 22511657 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| AbbVie, Inc.  | 43107 | &nbsp;&nbsp; 8001521 |
| Akero Therapeutics, Inc. (a) (b) | 11263 | &nbsp;&nbsp; 600994 |
| Alnylam Pharmaceuticals, Inc. (a) | 4675 | &nbsp;&nbsp; 1524471 |
| Ascendis Pharma AS (ADR) (a) | 6647 | &nbsp;&nbsp; 1147272 |
| Avidity Biosciences, Inc. (a) (b) | 35665 | &nbsp;&nbsp; 1012886 |
| Cytokinetics, Inc. (a) | 89644 | &nbsp;&nbsp; 2961838 |
| Gilead Sciences, Inc.  | 68788 | &nbsp;&nbsp; 7626525 |
| Kymera Therapeutics, Inc. (a) | 13037 | &nbsp;&nbsp; 568935 |
| Merus NV (a) | 18266 | &nbsp;&nbsp; 960792 |
| Metsera, Inc. (a) (b) | 35315 | &nbsp;&nbsp; 1004712 |
| Newamsterdam Pharma Co. NV (a) (b) | 82600 | &nbsp;&nbsp; 1495886 |
| PTC Therapeutics, Inc. (a) | 14987 | &nbsp;&nbsp; 731965 |
| Regeneron Pharmaceuticals, Inc.  | 2369 | &nbsp;&nbsp; 1243725 |
| Revolution Medicines, Inc. (a) (b) | 30929 | &nbsp;&nbsp; 1137878 |
| Scholar Rock Holding Corp. (a) (b) | 19542 | &nbsp;&nbsp; 692178 |
| Ultragenyx Pharmaceutical, Inc. (a) | 12619 | &nbsp;&nbsp; 458827 |
| United Therapeutics Corp. (a) | 10444 | &nbsp;&nbsp; 3001083 |
| Vertex Pharmaceuticals, Inc. (a) (b) | 20812 | &nbsp;&nbsp; 9265502 |
|  |  | &nbsp;&nbsp; 43436990 |
| **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** |
| Amazon.com, Inc. (a) | 480672 | &nbsp;&nbsp; 105454630 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| AZEK Co., Inc. (a) | 131498 | &nbsp;&nbsp; 7146916 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Building Products—(Continued)** | **Building Products—(Continued)** | **Building Products—(Continued)** |
| Builders FirstSource, Inc. (a) (b) | 10671 | &nbsp;&nbsp; $1245199 |
| Fortune Brands Innovations, Inc. (b) | 10566 | &nbsp;&nbsp; 543938 |
|  |  | &nbsp;&nbsp; 8936053 |
| **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| ARES Management Corp. - Class A | 73203 | &nbsp;&nbsp; 12678760 |
| Goldman Sachs Group, Inc.  | 7592 | &nbsp;&nbsp; 5373238 |
| Intercontinental Exchange, Inc.  | 123695 | &nbsp;&nbsp; 22694322 |
| KKR & Co., Inc.  | 272519 | &nbsp;&nbsp; 36253202 |
|  |  | &nbsp;&nbsp; 76999522 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| Cabot Corp. (b) | 34764 | &nbsp;&nbsp; 2607300 |
| Celanese Corp.  | 57505 | &nbsp;&nbsp; 3181752 |
| FMC Corp. (b) | 95351 | &nbsp;&nbsp; 3980904 |
| Ingevity Corp. (a) | 39397 | &nbsp;&nbsp; 1697617 |
| Linde PLC | 41835 | &nbsp;&nbsp; 19628145 |
| PPG Industries, Inc.  | 91127 | &nbsp;&nbsp; 10365696 |
|  |  | &nbsp;&nbsp; 41461414 |
| **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
| Clean Harbors, Inc. (a) (b) | 80148 | &nbsp;&nbsp; 18528615 |
| Waste Connections, Inc.  | 19663 | &nbsp;&nbsp; 3671475 |
|  |  | &nbsp;&nbsp; 22200090 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| Arista Networks, Inc. (a) | 141298 | &nbsp;&nbsp; 14456198 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| Fluor Corp. (a) | 197002 | &nbsp;&nbsp; 10100293 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| James Hardie Industries PLC (ADR) (a) | 319296 | &nbsp;&nbsp; 8585869 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| American Express Co.  | 25725 | &nbsp;&nbsp; 8205761 |
| **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** | **Consumer Staples Distribution & Retail — 2.6%** |
| Casey's General Stores, Inc. (b) | 5283 | &nbsp;&nbsp; 2695756 |
| Costco Wholesale Corp.  | 11611 | &nbsp;&nbsp; 11494193 |
| Performance Food Group Co. (a) | 54050 | &nbsp;&nbsp; 4727754 |
| U.S. Foods Holding Corp. (a) | 277841 | &nbsp;&nbsp; 21396535 |
| Walmart, Inc.  | 232019 | &nbsp;&nbsp; 22686818 |
|  |  | &nbsp;&nbsp; 63001056 |
| **Distributors — 0.5%** | **Distributors — 0.5%** | **Distributors — 0.5%** |
| Pool Corp. (b) | 44823 | &nbsp;&nbsp; 13065008 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| American Electric Power Co., Inc.  | 128565 | &nbsp;&nbsp; 13339904 |
| NextEra Energy, Inc.  | 71733 | &nbsp;&nbsp; 4979705 |
| PG&E Corp.  | 853484 | &nbsp;&nbsp; 11897567 |
|  |  | &nbsp;&nbsp; 30217176 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| Vertiv Holdings Co. - Class A | 44302 | &nbsp;&nbsp; 5688820 |

---

*See accompanying notes to financial statements.*

**BHFTI-192**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |
| Coherent Corp. (a) (b) | 140645 | &nbsp;&nbsp; $12546940 |
| Flex Ltd. (a) | 234678 | &nbsp;&nbsp; 11715126 |
| Ralliant Corp. (a) | 16255 | &nbsp;&nbsp; 788189 |
|  |  | &nbsp;&nbsp; 25050255 |
| **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** |
| Netflix, Inc. (a) | 23847 | &nbsp;&nbsp; 31934233 |
| Spotify Technology SA (a) | 3593 | &nbsp;&nbsp; 2757052 |
| Walt Disney Co.  | 135167 | &nbsp;&nbsp; 16762060 |
|  |  | &nbsp;&nbsp; 51453345 |
| **Financial Services — 4.2%** | **Financial Services — 4.2%** | **Financial Services — 4.2%** |
| Berkshire Hathaway, Inc. - Class B (a) | 95610 | &nbsp;&nbsp; 46444470 |
| Equitable Holdings, Inc.  | 189525 | &nbsp;&nbsp; 10632352 |
| Mastercard, Inc. - Class A | 76452 | &nbsp;&nbsp; 42961437 |
|  |  | &nbsp;&nbsp; 100038259 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Freshpet, Inc. (a) (b) | 57022 | &nbsp;&nbsp; 3875215 |
| **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** |
| Atmos Energy Corp. (b) | 72728 | &nbsp;&nbsp; 11208112 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Knight-Swift Transportation Holdings, Inc. (b) | 261303 | &nbsp;&nbsp; 11557432 |
| **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
| Abbott Laboratories | 61709 | &nbsp;&nbsp; 8393041 |
| Align Technology, Inc. (a) | 9740 | &nbsp;&nbsp; 1844074 |
| Boston Scientific Corp. (a) | 157439 | &nbsp;&nbsp; 16910523 |
| Edwards Lifesciences Corp. (a) | 105323 | &nbsp;&nbsp; 8237312 |
| Intuitive Surgical, Inc. (a) | 27365 | &nbsp;&nbsp; 14870415 |
|  |  | &nbsp;&nbsp; 50255365 |
| **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** |
| Acadia Healthcare Co., Inc. (a) (b) | 68984 | &nbsp;&nbsp; 1565247 |
| Cencora, Inc.  | 26263 | &nbsp;&nbsp; 7874961 |
| CVS Health Corp.  | 71769 | &nbsp;&nbsp; 4950626 |
| Elevance Health, Inc. (b) | 11260 | &nbsp;&nbsp; 4379690 |
| HCA Healthcare, Inc.  | 13435 | &nbsp;&nbsp; 5146948 |
| Labcorp Holdings, Inc.  | 17496 | &nbsp;&nbsp; 4592875 |
| Molina Healthcare, Inc. (a) | 6645 | &nbsp;&nbsp; 1979545 |
| UnitedHealth Group, Inc.  | 62796 | &nbsp;&nbsp; 19590468 |
|  |  | &nbsp;&nbsp; 50080360 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Welltower, Inc.  | 124961 | &nbsp;&nbsp; 19210255 |
| **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** |
| Airbnb, Inc. - Class A (a) | 160418 | &nbsp;&nbsp; 21229718 |
| Chipotle Mexican Grill, Inc. (a) | 231124 | &nbsp;&nbsp; 12977613 |
| Flutter Entertainment PLC (a) | 30575 | &nbsp;&nbsp; 8737112 |
| Hyatt Hotels Corp. - Class A (b) | 122331 | &nbsp;&nbsp; 17083524 |
| Marriott International, Inc. - Class A | 28877 | &nbsp;&nbsp; 7889485 |
| Royal Caribbean Cruises Ltd. (b) | 29415 | &nbsp;&nbsp; 9211013 |
| Starbucks Corp.  | 90787 | &nbsp;&nbsp; 8318813 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Wingstop, Inc. (b) | 22727 | &nbsp;&nbsp; $7653090 |
|  |  | &nbsp;&nbsp; 93100368 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| Champion Homes, Inc. (a) (b) | 60134 | &nbsp;&nbsp; 3764990 |
| DR Horton, Inc.  | 22707 | &nbsp;&nbsp; 2927386 |
| Lennar Corp. - Class A (b) | 14112 | &nbsp;&nbsp; 1560928 |
|  |  | &nbsp;&nbsp; 8253304 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. (b) | 12736 | &nbsp;&nbsp; 1224057 |
| **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
| Vistra Corp.  | 49948 | &nbsp;&nbsp; 9680422 |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| American International Group, Inc.  | 151574 | &nbsp;&nbsp; 12973219 |
| Chubb Ltd.  | 41024 | &nbsp;&nbsp; 11885473 |
| Everest Group Ltd.  | 18565 | &nbsp;&nbsp; 6309315 |
| Hamilton Insurance Group Ltd. - Class B (a) | 148671 | &nbsp;&nbsp; 3214267 |
| Marsh & McLennan Cos., Inc.  | 79808 | &nbsp;&nbsp; 17449221 |
| SiriusPoint Ltd. (a) | 215744 | &nbsp;&nbsp; 4399020 |
|  |  | &nbsp;&nbsp; 56230515 |
| **Interactive Media & Services — 5.7%** | **Interactive Media & Services — 5.7%** | **Interactive Media & Services — 5.7%** |
| Alphabet, Inc. - Class A | 619255 | &nbsp;&nbsp; 109131309 |
| Meta Platforms, Inc. - Class A | 38692 | &nbsp;&nbsp; 28558178 |
|  |  | &nbsp;&nbsp; 137689487 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Snowflake, Inc. - Class A (a) | 50986 | &nbsp;&nbsp; 11409137 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Agilent Technologies, Inc.  | 64091 | &nbsp;&nbsp; 7563379 |
| Danaher Corp.  | 62525 | &nbsp;&nbsp; 12351189 |
| ICON PLC (a) | 8727 | &nbsp;&nbsp; 1269342 |
|  |  | &nbsp;&nbsp; 21183910 |
| **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| Deere & Co. (b) | 4437 | &nbsp;&nbsp; 2256170 |
| Fortive Corp.  | 48764 | &nbsp;&nbsp; 2542067 |
| IDEX Corp.  | 45285 | &nbsp;&nbsp; 7950688 |
| Ingersoll Rand, Inc.  | 45605 | &nbsp;&nbsp; 3793424 |
| Middleby Corp. (a) (b) | 49723 | &nbsp;&nbsp; 7160112 |
|  |  | &nbsp;&nbsp; 23702461 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| MNTN, Inc. - Class A (a) | 9600 | &nbsp;&nbsp; 209952 |
| New York Times Co. - Class A | 82973 | &nbsp;&nbsp; 4644829 |
|  |  | &nbsp;&nbsp; 4854781 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Nucor Corp. (b) | 36983 | &nbsp;&nbsp; 4790778 |

---

*See accompanying notes to financial statements.*

**BHFTI-193**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Sempra | 188587 | &nbsp;&nbsp; $14289237 |
| **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** |
| EQT Corp.  | 114318 | &nbsp;&nbsp; 6667026 |
| Exxon Mobil Corp.  | 371401 | &nbsp;&nbsp; 40037028 |
| Marathon Petroleum Corp.  | 65714 | &nbsp;&nbsp; 10915752 |
| Shell PLC (ADR) (b) | 321167 | &nbsp;&nbsp; 22613368 |
| Targa Resources Corp.  | 73634 | &nbsp;&nbsp; 12818207 |
|  |  | &nbsp;&nbsp; 93051381 |
| **Personal Care Products — 1.5%** | **Personal Care Products — 1.5%** | **Personal Care Products — 1.5%** |
| BellRing Brands, Inc. (a) | 132144 | &nbsp;&nbsp; 7655102 |
| elf Beauty, Inc. (a) (b) | 14258 | &nbsp;&nbsp; 1774265 |
| Haleon PLC (ADR) (b) | 1131562 | &nbsp;&nbsp; 11734298 |
| Unilever PLC (ADR) (b) | 224892 | &nbsp;&nbsp; 13756644 |
|  |  | &nbsp;&nbsp; 34920309 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| AstraZeneca PLC (ADR) | 104919 | &nbsp;&nbsp; 7331740 |
| Eli Lilly & Co.  | 46557 | &nbsp;&nbsp; 36292578 |
| GSK PLC (ADR) (b) | 131806 | &nbsp;&nbsp; 5061350 |
| Johnson & Johnson | 69517 | &nbsp;&nbsp; 10618722 |
| Merck & Co., Inc.  | 211655 | &nbsp;&nbsp; 16754610 |
| Novo Nordisk AS (ADR) (b) | 52354 | &nbsp;&nbsp; 3613473 |
| Structure Therapeutics, Inc. (ADR) (a) (b) | 59416 | &nbsp;&nbsp; 1232288 |
| Verona Pharma PLC (ADR) (a) (b) | 19265 | &nbsp;&nbsp; 1822083 |
|  |  | &nbsp;&nbsp; 82726844 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| Camden Property Trust (b) | 65121 | &nbsp;&nbsp; 7338485 |
| **Semiconductors & Semiconductor Equipment — 12.5%** | **Semiconductors & Semiconductor Equipment — 12.5%** | **Semiconductors & Semiconductor Equipment — 12.5%** |
| Broadcom, Inc.  | 275853 | &nbsp;&nbsp; 76038880 |
| First Solar, Inc. (a) (b) | 31396 | &nbsp;&nbsp; 5197294 |
| MKS, Inc. (b) | 75515 | &nbsp;&nbsp; 7503170 |
| NVIDIA Corp.  | 1218512 | &nbsp;&nbsp; 192512711 |
| NXP Semiconductors NV | 89705 | &nbsp;&nbsp; 19599645 |
|  |  | &nbsp;&nbsp; 300851700 |
| **Software — 12.1%** | **Software — 12.1%** | **Software — 12.1%** |
| HubSpot, Inc. (a) | 20571 | &nbsp;&nbsp; 11450436 |
| Intuit, Inc.  | 29321 | &nbsp;&nbsp; 23094099 |
| Microsoft Corp.  | 360178 | &nbsp;&nbsp; 179156139 |
| Palantir Technologies, Inc. - Class A (a) | 23211 | &nbsp;&nbsp; 3164123 |
| SAP SE (ADR) (b) | 55738 | &nbsp;&nbsp; 16949926 |
| ServiceNow, Inc. (a) | 25895 | &nbsp;&nbsp; 26622132 |
| Synopsys, Inc. (a) | 36354 | &nbsp;&nbsp; 18637969 |
| Zscaler, Inc. (a) | 40793 | &nbsp;&nbsp; 12806554 |
|  |  | &nbsp;&nbsp; 291881378 |
| **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** |
| O'Reilly Automotive, Inc. (a) | 96564 | &nbsp;&nbsp; 8703313 |
| TJX Cos., Inc.  | 111337 | &nbsp;&nbsp; 13749006 |
|  |  | &nbsp;&nbsp; 22452319 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Technology Hardware, Storage & Peripherals — 5.5%** | **Technology Hardware, Storage & Peripherals — 5.5%** | **Technology Hardware, Storage & Peripherals — 5.5%** |
| Apple, Inc.  | 603237 | &nbsp;&nbsp; $123766135 |
| NetApp, Inc. (b) | 78794 | &nbsp;&nbsp; 8395501 |
|  |  | &nbsp;&nbsp; 132161636 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| Deckers Outdoor Corp. (a) | 22988 | &nbsp;&nbsp; 2369373 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Philip Morris International, Inc.  | 99053 | &nbsp;&nbsp; 18040523 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| WESCO International, Inc.  | 51824 | &nbsp;&nbsp; 9597805 |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| T-Mobile U.S., Inc.  | 85028 | &nbsp;&nbsp; 20258771 |
| Total Common Stocks <br>(Cost $1,955,592,693) <br>|  | &nbsp;&nbsp; 2375026806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.4%** | **Short-Term Investments—1.4%** | **Short-Term Investments—1.4%** |
| **Repurchase Agreement—1.4%** | **Repurchase Agreement—1.4%** | **Repurchase Agreement—1.4%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $32,677,316; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $33,327,953<br>| 32674366 | &nbsp;&nbsp; 32674366 |
| Total Short-Term Investments <br>(Cost $32,674,366) <br>|  | &nbsp;&nbsp; 32674366 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—3.8%** | **Securities Lending Reinvestments (c)—3.8%** | **Securities Lending Reinvestments (c)—3.8%** |
| **Short-Term Investment Funds—0.0%** | **Short-Term Investment Funds—0.0%** | **Short-Term Investment Funds—0.0%** |
| Western Asset Institutional Government Reserves Fund, <br>Institutional Class, 4.240% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** | **Certificates of Deposit—0.7%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (e) | 1000000 | &nbsp;&nbsp; 999998 |
| Bank of Nova Scotia |  |  |
| 4.720%, SOFR + 0.330%, 08/21/25 (e) | 2000000 | &nbsp;&nbsp; 1999966 |
| BNP Paribas SA |  |  |
| 4.600%, SOFR + 0.210%, 07/22/25 (e) | 3000000 | &nbsp;&nbsp; 2999964 |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (e) | 1000000 | &nbsp;&nbsp; 1000936 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.630%, SOFR + 0.240%, 12/03/25 (e) | 2000000 | &nbsp;&nbsp; 1999394 |
| 4.750%, SOFR+0.360%, 09/03/25 (e) | 1000000 | &nbsp;&nbsp; 1000132 |
| Mizuho Bank Ltd. |  |  |
| 4.690%, SOFR+ 0.290%, 11/13/25 (e) | 2000000 | &nbsp;&nbsp; 1999992 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 07/11/25 (e) | 1000000 | &nbsp;&nbsp; 1000013 |
| 4.620%, SOFR + 0.220%, 12/15/25 (e) | 1000000 | &nbsp;&nbsp; 999983 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (e) | 1000000 | &nbsp;&nbsp; 1000436 |
| Svenska Handelsbanken AB |  |  |
| 4.580%, SOFR + 0.180%, 08/11/25 (e) | 1500000 | &nbsp;&nbsp; 1499995 |

---

*See accompanying notes to financial statements.*

**BHFTI-194**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (e) | 1000000 | &nbsp;&nbsp; $999769 |
|  |  | &nbsp;&nbsp; 17500578 |
| **Commercial Paper—0.4%** | **Commercial Paper—0.4%** | **Commercial Paper—0.4%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (e) | 1000000 | &nbsp;&nbsp; 1000010 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 2000000 | &nbsp;&nbsp; 1999273 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (e) | 2000000 | &nbsp;&nbsp; 1999928 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (e) | 2000000 | &nbsp;&nbsp; 1999902 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 1000000 | &nbsp;&nbsp; 999627 |
| 4.460%, 07/16/25 | 1000000 | &nbsp;&nbsp; 998008 |
| Salisbury Receivables Co. LLC |  |  |
| 4.470%, 07/15/25 | 1000000 | &nbsp;&nbsp; 998110 |
|  |  | &nbsp;&nbsp; 9994858 |
| **Repurchase Agreements—2.5%** | **Repurchase Agreements—2.5%** | **Repurchase Agreements—2.5%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $7,000,867; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,791,518<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $2,000,243; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $10,249,033; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 5.000%, maturity dates ranging from <br> 07/15/25 - 07/15/26, and various Common Stock with an <br> aggregate market value of $10,455,675<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $7,345,323; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $7,491,320<br>| 7344429 | &nbsp;&nbsp; 7344430 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $5,004,433; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,575,614<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.590%, due on <br> 07/07/25 with a maturity value of $15,013,388; <br> collateralized by various Common Stock with an aggregate <br> market value of $16,727,246<br>| 15000000 | &nbsp;&nbsp; 15000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $4,017,889; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,445,012<br>| 4000000 | &nbsp;&nbsp; $4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $5,000,617; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,563,094<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $4,000,492; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,400,542<br>| 4000000 | &nbsp;&nbsp; 4000000 |
|  |  | &nbsp;&nbsp; 59344430 |
| **Time Deposits—0.2%** | **Time Deposits—0.2%** | **Time Deposits—0.2%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments <br>(Cost $91,840,594) <br>|  | &nbsp;&nbsp; 91839866 |
| Total Investments—103.9% <br>(Cost $2,080,107,653) <br>|  | &nbsp;&nbsp; 2499541038 |
| Other assets and liabilities (net)—(3.9)%  |  | &nbsp;&nbsp; (93904557)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2405636481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $151,698,526 and the collateral received consisted of cash in the amount of $91,824,799 and non-cash collateral with a value of $63,034,583. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(e) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

*See accompanying notes to financial statements.*

**BHFTI-195**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $935576662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1060305041 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(91824799)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(91824799)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(91824799)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 74 | USD | 23138875 | &nbsp;&nbsp; $378669 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts | &nbsp;&nbsp; $378669 |

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $589584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $456021 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $13640038 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See accompanying notes to financial statements.*

**BHFTI-196**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $2375026806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2375026806 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 32674366 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32674366 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 17500578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17500578 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 9994858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9994858 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 59344430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59344430 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 90839866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91839866 |
| Total Investments | &nbsp;&nbsp; $2376026806 | &nbsp;&nbsp; $123514232 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2499541038 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(91824799)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(91824799)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $378669 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $378669 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-197**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2499541038 |
| Cash | &nbsp;&nbsp; 128 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 1593292 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5773937 |
| Fund shares sold | &nbsp;&nbsp; 73326 |
| Dividends and interest | &nbsp;&nbsp; 1179253 |
| Variation margin on futures contracts | &nbsp;&nbsp; 111408 |
| Prepaid expenses | &nbsp;&nbsp; 18633 |
| Total Assets | &nbsp;&nbsp; 2508291015 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 91824799 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 7984137 |
| Fund shares redeemed | &nbsp;&nbsp; 1291871 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 940809 |
| Distribution and service fees | &nbsp;&nbsp; 26389 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 362428 |
| Total Liabilities | &nbsp;&nbsp; 102654534 |
| **Net Assets**  | &nbsp;&nbsp; $2405636481 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1854962224 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 550674257 |
| **Net Assets**  | &nbsp;&nbsp; $2405636481 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $2244105028 |
| Class B | &nbsp;&nbsp; 88023905 |
| Class E | &nbsp;&nbsp; 73507548 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 168654182 |
| Class B | &nbsp;&nbsp; 6974373 |
| Class E | &nbsp;&nbsp; 5643046 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $13.31 |
| Class B | 12.62 |
| Class E | 13.03 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,080,107,653.

(b) Includes securities loaned at value of $151,698,526.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $11836140 |
| Interest | &nbsp;&nbsp; 214731 |
| Securities lending income | &nbsp;&nbsp; 161168 |
| Total investment income | &nbsp;&nbsp; 12212039 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 6450448 |
| Administration fees | &nbsp;&nbsp; 54407 |
| Custodian and accounting fees | &nbsp;&nbsp; 55138 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 105978 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 52148 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 66940 |
| Insurance | &nbsp;&nbsp; 10163 |
| Miscellaneous | &nbsp;&nbsp; 11812 |
| Total expenses | &nbsp;&nbsp; 6874838 |
| Less management fee waiver | &nbsp;&nbsp; (818652)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (8941)<br>|
| Net expenses | &nbsp;&nbsp; 6047245 |
| **Net Investment Income** | &nbsp;&nbsp; 6164794 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 132133267 |
| Futures contracts | &nbsp;&nbsp; 589584 |
| Foreign currency transactions | &nbsp;&nbsp; 12 |
| Net realized gain (loss) | &nbsp;&nbsp; 132722863 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (33894125)<br>|
| Futures contracts | &nbsp;&nbsp; 456021 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (33438104)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 99284759 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $105449553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $74,639.

*See accompanying notes to financial statements.*

**BHFTI-198**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $6164794 | &nbsp;&nbsp; $12480980 |
| Net realized gain (loss) | &nbsp;&nbsp; 132722863 | &nbsp;&nbsp; 425590401 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (33438104)<br>| &nbsp;&nbsp; 26741963 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 105449553 | &nbsp;&nbsp; 464813344 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (407148526)<br>| &nbsp;&nbsp; (163158928)<br>|
| Class B | &nbsp;&nbsp; (16620788)<br>| &nbsp;&nbsp; (6597304)<br>|
| Class E | &nbsp;&nbsp; (13328013)<br>| &nbsp;&nbsp; (5406864)<br>|
| **Total distributions** | &nbsp;&nbsp; (437097327)<br>| &nbsp;&nbsp; (175163096)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 322457920 | &nbsp;&nbsp; (116946952)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (9189854)<br>| &nbsp;&nbsp; 172703296 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2414826335 | &nbsp;&nbsp; 2242123039 |
| End of period | &nbsp;&nbsp; $2405636481 | &nbsp;&nbsp; $2414826335 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 344946 | &nbsp;&nbsp; $5090695 | &nbsp;&nbsp; 4068031 | &nbsp;&nbsp; $62298279 |
| Reinvestments | &nbsp;&nbsp; 31391559 | &nbsp;&nbsp; 407148526 | &nbsp;&nbsp; 11144736 | &nbsp;&nbsp; 163158928 |
| Redemptions | &nbsp;&nbsp; (7416835)<br>| &nbsp;&nbsp; (111979216)<br>| &nbsp;&nbsp; (21633098)<br>| &nbsp;&nbsp; (326304490)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 24319670 | &nbsp;&nbsp; $300260005 | &nbsp;&nbsp; (6420331)<br>| &nbsp;&nbsp; $(100847283)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 236803 | &nbsp;&nbsp; $3412845 | &nbsp;&nbsp; 492469 | &nbsp;&nbsp; $7116265 |
| Reinvestments | &nbsp;&nbsp; 1350186 | &nbsp;&nbsp; 16620788 | &nbsp;&nbsp; 470564 | &nbsp;&nbsp; 6597304 |
| Redemptions | &nbsp;&nbsp; (561890)<br>| &nbsp;&nbsp; (7980678)<br>| &nbsp;&nbsp; (1617587)<br>| &nbsp;&nbsp; (23271182)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1025099 | &nbsp;&nbsp; $12052955 | &nbsp;&nbsp; (654554)<br>| &nbsp;&nbsp; $(9557613)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 93767 | &nbsp;&nbsp; $1258751 | &nbsp;&nbsp; 174240 | &nbsp;&nbsp; $2534689 |
| Reinvestments | &nbsp;&nbsp; 1049450 | &nbsp;&nbsp; 13328013 | &nbsp;&nbsp; 375738 | &nbsp;&nbsp; 5406864 |
| Redemptions | &nbsp;&nbsp; (297021)<br>| &nbsp;&nbsp; (4441804)<br>| &nbsp;&nbsp; (982946)<br>| &nbsp;&nbsp; (14483609)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 846196 | &nbsp;&nbsp; $10144960 | &nbsp;&nbsp; (432968)<br>| &nbsp;&nbsp; $(6542056)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $322457920 |  | &nbsp;&nbsp; $(116946952)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-199**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $15.61 | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp; $19.02 | &nbsp;&nbsp; $17.12 | &nbsp;&nbsp; $15.21 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| Total income (loss) from investment operations | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (0.99)<br>|
| Total distributions | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (1.16)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.31 | &nbsp;&nbsp; $15.61 | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp; $11.71 | &nbsp;&nbsp; $19.02 | &nbsp;&nbsp; $17.12 |
| **Total Return (%)** (b) | 4.67 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.69 | &nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp; (19.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.38 | &nbsp;&nbsp;&nbsp;&nbsp;22.27 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.59 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.51 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Ratio of net investment income (loss) to average net assets (%) | 0.55 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 <br>(c)<br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 76 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2244.1 | &nbsp;&nbsp; $2252.5 | &nbsp;&nbsp; $2083.4 | &nbsp;&nbsp; $1899.6 | &nbsp;&nbsp; $2562.0 | &nbsp;&nbsp; $2390.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $16.67 | &nbsp;&nbsp; $14.83 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 |
| Total income (loss) from investment operations | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.14)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (0.99)<br>|
| Total distributions | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (1.13)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.62 | &nbsp;&nbsp; $14.93 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $16.67 |
| **Total Return (%)** (b) | 4.52 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.31 | &nbsp;&nbsp;&nbsp;&nbsp;25.42 | &nbsp;&nbsp; (19.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.03 | &nbsp;&nbsp;&nbsp;&nbsp;22.03 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.76 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Ratio of net investment income (loss) to average net assets (%) | 0.30 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 <br>(c)<br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 76 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $88.0 | &nbsp;&nbsp; $88.8 | &nbsp;&nbsp; $87.6 | &nbsp;&nbsp; $81.8 | &nbsp;&nbsp; $118.1 | &nbsp;&nbsp; $116.0 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-200**

------

**Brighthouse Funds Trust I**

**Brighthouse/Wellington Large Cap Research Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $11.53 | &nbsp;&nbsp; $18.78 | &nbsp;&nbsp; $16.93 | &nbsp;&nbsp; $15.05 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Total income (loss) from investment operations | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (0.99)<br>|
| Total distributions | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (1.14)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.03 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $11.53 | &nbsp;&nbsp; $18.78 | &nbsp;&nbsp; $16.93 |
| **Total Return (%)** (b) | 4.59 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.51 | &nbsp;&nbsp;&nbsp;&nbsp;25.51 | &nbsp;&nbsp; (19.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.20 | &nbsp;&nbsp;&nbsp;&nbsp;22.10 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.74 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.66 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Ratio of net investment income (loss) to average net assets (%) | 0.40 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 40 <br>(c)<br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 76 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $73.5 | &nbsp;&nbsp; $73.5 | &nbsp;&nbsp; $71.1 | &nbsp;&nbsp; $63.9 | &nbsp;&nbsp; $87.9 | &nbsp;&nbsp; $80.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the six months ended June 30, 2025 and for each of the years ended December 31, 2024 through 2020 (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-201**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—99.1% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 5.9%** | **Australia — 5.9%** | **Australia — 5.9%** |
| Charter Hall Group (REIT) | 693442 | &nbsp;&nbsp; $8759129 |
| Goodman Group (REIT) | 1023651 | &nbsp;&nbsp; 23072653 |
| Mirvac Group (REIT) | 3210295 | &nbsp;&nbsp; 4659026 |
| Scentre Group (REIT) | 2293922 | &nbsp;&nbsp; 5391493 |
| Stockland (REIT) | 2541978 | &nbsp;&nbsp; 8992012 |
|  |  | &nbsp;&nbsp; 50874313 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| Montea NV (REIT) | 42428 | &nbsp;&nbsp; 3251843 |
| Shurgard Self Storage Ltd. (REIT) | 55424 | &nbsp;&nbsp; 2417675 |
| Warehouses De Pauw CVA (REIT) | 135388 | &nbsp;&nbsp; 3299801 |
|  |  | &nbsp;&nbsp; 8969319 |
| **Canada — 1.6%** | **Canada — 1.6%** | **Canada — 1.6%** |
| Boardwalk Real Estate Investment Trust (REIT) (a) | 90279 | &nbsp;&nbsp; 4640079 |
| H&R Real Estate Investment Trust (REIT) (a) | 521353 | &nbsp;&nbsp; 4088893 |
| Killam Apartment Real Estate Investment Trust (REIT) (a) | 202585 | &nbsp;&nbsp; 2917343 |
| Primaris Real Estate Investment Trust (REIT) | 195031 | &nbsp;&nbsp; 2108211 |
|  |  | &nbsp;&nbsp; 13754526 |
| **France — 4.2%** | **France — 4.2%** | **France — 4.2%** |
| Carmila SA (REIT) (b) | 163583 | &nbsp;&nbsp; 3208414 |
| Klepierre SA (REIT) | 332449 | &nbsp;&nbsp; 13171892 |
| Mercialys SA (REIT) | 266723 | &nbsp;&nbsp; 3344780 |
| Unibail-Rodamco-Westfield (REIT) (b) | 172746 | &nbsp;&nbsp; 16531629 |
|  |  | &nbsp;&nbsp; 36256715 |
| **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** |
| Grand City Properties SA | 205202 | &nbsp;&nbsp; 2680256 |
| TAG Immobilien AG | 267281 | &nbsp;&nbsp; 4750214 |
| Vonovia SE | 225068 | &nbsp;&nbsp; 7927822 |
|  |  | &nbsp;&nbsp; 15358292 |
| **Hong Kong — 3.4%** | **Hong Kong — 3.4%** | **Hong Kong — 3.4%** |
| Henderson Land Development Co. Ltd.  | 1243309 | &nbsp;&nbsp; 4354979 |
| Hongkong Land Holdings Ltd.  | 828300 | &nbsp;&nbsp; 4782732 |
| Link (REIT) | 1429996 | &nbsp;&nbsp; 7623187 |
| Sun Hung Kai Properties Ltd.  | 393684 | &nbsp;&nbsp; 4520478 |
| Swire Properties Ltd.  | 2244970 | &nbsp;&nbsp; 5612934 |
| Wharf Real Estate Investment Co. Ltd.  | 967018 | &nbsp;&nbsp; 2738494 |
|  |  | &nbsp;&nbsp; 29632804 |
| **Japan — 9.3%** | **Japan — 9.3%** | **Japan — 9.3%** |
| AEON REIT Investment Corp. (REIT) (a) | 3347 | &nbsp;&nbsp; 2945508 |
| Daiwa Office Investment Corp. (REIT) | 1834 | &nbsp;&nbsp; 4070776 |
| Frontier Real Estate Investment Corp. (REIT) (a) | 5000 | &nbsp;&nbsp; 2849458 |
| Invincible Investment Corp. (REIT) (a) | 13550 | &nbsp;&nbsp; 5833043 |
| Japan Hotel REIT Investment Corp. (REIT) | 9589 | &nbsp;&nbsp; 5059171 |
| Japan Metropolitan Fund Invest (REIT) | 13697 | &nbsp;&nbsp; 9709418 |
| LaSalle Logiport REIT (REIT) | 3527 | &nbsp;&nbsp; 3404573 |
| Mitsui Fudosan Co. Ltd.  | 1748400 | &nbsp;&nbsp; 16890341 |
| Nippon Prologis REIT, Inc. (REIT) | 14979 | &nbsp;&nbsp; 8273362 |
| Orix JREIT, Inc. (REIT) | 4219 | &nbsp;&nbsp; 5501868 |
| Sumitomo Realty & Development Co. Ltd.  | 238800 | &nbsp;&nbsp; 9206806 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Tokyu Fudosan Holdings Corp.  | 894168 | &nbsp;&nbsp; $6406117 |
|  |  | &nbsp;&nbsp; 80150441 |
| **Netherlands — 0.7%** | **Netherlands — 0.7%** | **Netherlands — 0.7%** |
| CTP NV | 156219 | &nbsp;&nbsp; 3287899 |
| Eurocommercial Properties NV (REIT) | 73844 | &nbsp;&nbsp; 2330304 |
|  |  | &nbsp;&nbsp; 5618203 |
| **Singapore — 3.2%** | **Singapore — 3.2%** | **Singapore — 3.2%** |
| CapitaLand Ascendas (REIT) | 5224390 | &nbsp;&nbsp; 11014773 |
| CapitaLand Integrated Commercial Trust (REIT) | 5355500 | &nbsp;&nbsp; 9141503 |
| Keppel DC REIT (REIT) | 3940000 | &nbsp;&nbsp; 7221938 |
|  |  | &nbsp;&nbsp; 27378214 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| Castellum AB (a) | 267419 | &nbsp;&nbsp; 3531922 |
| **Switzerland — 0.6%** | **Switzerland — 0.6%** | **Switzerland — 0.6%** |
| PSP Swiss Property AG | 28898 | &nbsp;&nbsp; 5336649 |
| **United Kingdom — 4.5%** | **United Kingdom — 4.5%** | **United Kingdom — 4.5%** |
| Big Yellow Group PLC (REIT) | 345817 | &nbsp;&nbsp; 4804957 |
| Land Securities Group PLC (REIT) | 901898 | &nbsp;&nbsp; 7813341 |
| LondonMetric Property PLC (REIT) | 3681227 | &nbsp;&nbsp; 10259536 |
| NewRiver REIT PLC (REIT) | 2499624 | &nbsp;&nbsp; 2532484 |
| Tritax Big Box REIT PLC (REIT) | 3741033 | &nbsp;&nbsp; 7581112 |
| UNITE Group PLC (REIT) | 512435 | &nbsp;&nbsp; 5982484 |
|  |  | &nbsp;&nbsp; 38973914 |
| **United States — 62.5%** | **United States — 62.5%** | **United States — 62.5%** |
| American Tower Corp. (REIT) | 19560 | &nbsp;&nbsp; 4323151 |
| AvalonBay Communities, Inc. (REIT) (a) | 41166 | &nbsp;&nbsp; 8377281 |
| Brixmor Property Group, Inc. (REIT) | 509112 | &nbsp;&nbsp; 13257277 |
| COPT Defense Properties (REIT) (a) | 182601 | &nbsp;&nbsp; 5036136 |
| Cousins Properties, Inc. (REIT) | 350168 | &nbsp;&nbsp; 10515545 |
| Digital Realty Trust, Inc. (REIT) | 141958 | &nbsp;&nbsp; 24747538 |
| EastGroup Properties, Inc. (REIT) (a) | 71535 | &nbsp;&nbsp; 11954929 |
| Elme Communities (REIT) | 304312 | &nbsp;&nbsp; 4838561 |
| Equinix, Inc. (REIT) | 52850 | &nbsp;&nbsp; 42040590 |
| Essential Properties Realty Trust, Inc. (REIT) (a) | 235417 | &nbsp;&nbsp; 7512156 |
| Extra Space Storage, Inc. (REIT) | 173315 | &nbsp;&nbsp; 25553564 |
| First Industrial Realty Trust, Inc. (REIT) | 267236 | &nbsp;&nbsp; 12862069 |
| Getty Realty Corp. (REIT) (a) | 104071 | &nbsp;&nbsp; 2876522 |
| Hilton Worldwide Holdings, Inc. (a) | 30448 | &nbsp;&nbsp; 8109520 |
| Independence Realty Trust, Inc. (REIT) (a) | 416313 | &nbsp;&nbsp; 7364577 |
| Invitation Homes, Inc. (REIT) | 566060 | &nbsp;&nbsp; 18566768 |
| Iron Mountain, Inc. (REIT) (a) | 187195 | &nbsp;&nbsp; 19200591 |
| Mid-America Apartment Communities, Inc. (REIT) (a) | 86483 | &nbsp;&nbsp; 12800349 |
| Prologis, Inc. (REIT) | 157698 | &nbsp;&nbsp; 16577214 |
| Public Storage (REIT) | 84548 | &nbsp;&nbsp; 24808074 |
| Realty Income Corp. (REIT) (a) | 694592 | &nbsp;&nbsp; 40015445 |
| Regency Centers Corp. (REIT) (a) | 265945 | &nbsp;&nbsp; 18943262 |
| Simon Property Group, Inc. (REIT) | 281566 | &nbsp;&nbsp; 45264550 |
| STAG Industrial, Inc. (REIT) (a) | 375056 | &nbsp;&nbsp; 13607032 |
| Sunstone Hotel Investors, Inc. (REIT) (a) | 467785 | &nbsp;&nbsp; 4060374 |
| UDR, Inc. (REIT) (a) | 373204 | &nbsp;&nbsp; 15237919 |

---

*See accompanying notes to financial statements.*

**BHFTI-202**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **United States — (Continued)** | **United States — (Continued)** | **United States — (Continued)** |
| Urban Edge Properties (REIT) | 248596 | &nbsp;&nbsp; $4638801 |
| Ventas, Inc. (REIT) | 292036 | &nbsp;&nbsp; 18442073 |
| VICI Properties, Inc. (REIT) (a) | 770686 | &nbsp;&nbsp; 25124364 |
| Vornado Realty Trust (REIT) (a) | 276458 | &nbsp;&nbsp; 10571754 |
| Welltower, Inc. (REIT) | 399093 | &nbsp;&nbsp; 61352567 |
|  |  | &nbsp;&nbsp; 538580553 |
| Total Common Stocks <br>(Cost $799,003,524) <br>|  | &nbsp;&nbsp; 854415865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** | **Short-Term Investments—0.5%** |
| **Repurchase Agreement — 0.5%** | **Repurchase Agreement — 0.5%** | **Repurchase Agreement — 0.5%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25 with a maturity value of $4,060,549; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $4,141,461<br>| 4060182 | &nbsp;&nbsp; 4060182 |
| Total Short-Term Investments <br>(Cost $4,060,182) <br>|  | &nbsp;&nbsp; 4060182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—5.2%** | **Securities Lending Reinvestments (c)—5.2%** | **Securities Lending Reinvestments (c)—5.2%** |
| **Short-Term Investment Funds — 1.0%** |  |  |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp; 9000000 |
| **Time Deposit — 0.1%** | **Time Deposit — 0.1%** | **Time Deposit — 0.1%** |
| Credit Agricole Corp. and Investment Bank <br>4.320%, 07/01/25<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 4.1%** | **Repurchase Agreements — 4.1%** | **Repurchase Agreements — 4.1%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $4,000,496; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,452,296<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $3,000,378; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,339,222<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $5,000,607; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $5,100,000<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $2,049,807; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $2,091,135<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,058,823; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $4,139,497<br>| 4058329 | &nbsp;&nbsp; 4058329 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,200,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $2,001,773; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,230,246<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,000,365; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $3,060,001<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $3,000,377; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,337,329<br>| 3000000 | &nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp; 35058329 |
| Total Securities Lending Reinvestments <br>(Cost $45,058,329) <br>|  | &nbsp;&nbsp; 45058329 |
| Total Investments—104.8% <br>(Cost $848,122,035) <br>|  | &nbsp;&nbsp; 903534376 |
| Other assets and liabilities (net)—(4.8)%  |  | &nbsp;&nbsp; (41164378)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $862369998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $100,526,408 and the collateral received consisted of cash in the amount of $45,058,329 and non-cash collateral with a value of $58,029,878. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are 

*See accompanying notes to financial statements.*

**BHFTI-203**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) <br>| Non-income producing security. |
| (c) <br>| Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (d) <br>| The rate shown represents the annualized seven-day yield as of June 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Retail REITs | 23.9 |
| Specialized REITs | 20.9 |
| Industrial REITs | 13.3 |
| Real Estate Management & Development | 9.5 |
| Residential REITs | 9.4 |
| Health Care REITs | 9.3 |
| Diversified REITs | 6.0 |
| Office REITs | 4.1 |
| Hotel & Resort REITs | 1.7 |
| Hotels, Restaurants & Leisure | 1.0 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $472710624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $486823389 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(45058329)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(45058329)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(45058329)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50874313 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50874313 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 8969319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8969319 |
| Canada | &nbsp;&nbsp; 13754526 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13754526 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 36256715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36256715 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 15358292 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15358292 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 29632804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29632804 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 80150441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80150441 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 5618203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5618203 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 27378214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27378214 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 3531922 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3531922 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 5336649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5336649 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 38973914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38973914 |

---

*See accompanying notes to financial statements.*

**BHFTI-204**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States | &nbsp;&nbsp; $538580553 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $538580553 |
| Total Common Stocks | &nbsp;&nbsp; 552335079 | &nbsp;&nbsp; 302080786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 854415865 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4060182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4060182 |
| Securities Lending Reinvestments |  |  |  |  |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 |
| Short-Term Investment Funds | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 35058329 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35058329 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; 36058329 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45058329 |
| Total Investments | &nbsp;&nbsp; $561335079 | &nbsp;&nbsp; $342199297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $903534376 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(45058329)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(45058329)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-205**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $903534376 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 577430 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 795800 |
| Dividends and interest | &nbsp;&nbsp; 3906851 |
| Prepaid expenses | &nbsp;&nbsp; 6977 |
| Total Assets | &nbsp;&nbsp; 908821434 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 45058329 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 279662 |
| Fund shares redeemed | &nbsp;&nbsp; 114019 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 431424 |
| Distribution and service fees | &nbsp;&nbsp; 62746 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 281155 |
| Total Liabilities | &nbsp;&nbsp; 46451436 |
| **Net Assets**  | &nbsp;&nbsp; $862369998 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $836092204 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 26277794 |
| **Net Assets**  | &nbsp;&nbsp; $862369998 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $549223580 |
| Class B | &nbsp;&nbsp; 292365112 |
| Class E | &nbsp;&nbsp; 20781306 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 52816297 |
| Class B | &nbsp;&nbsp; 28224513 |
| Class E | &nbsp;&nbsp; 1997470 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.40 |
| Class B | 10.36 |
| Class E | 10.40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $848,122,035.

(b) Includes securities loaned at value of $100,526,408.

(c) Identified cost of cash denominated in foreign currencies was $573,314.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $17513227 |
| Interest | &nbsp;&nbsp; 56804 |
| Securities lending income | &nbsp;&nbsp; 76625 |
| Total investment income | &nbsp;&nbsp; 17646656 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2747609 |
| Administration fees | &nbsp;&nbsp; 26352 |
| Custodian and accounting fees | &nbsp;&nbsp; 52370 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 365250 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 15266 |
| Audit and tax services | &nbsp;&nbsp; 27777 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 49760 |
| Insurance | &nbsp;&nbsp; 3852 |
| Miscellaneous | &nbsp;&nbsp; 9469 |
| Total expenses | &nbsp;&nbsp; 3340462 |
| Less management fee waiver | &nbsp;&nbsp; (173561)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (89210)<br>|
| Net expenses | &nbsp;&nbsp; 3077691 |
| **Net Investment Income** | &nbsp;&nbsp; 14568965 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (3736453)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (42509)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (3778962)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 29198298 |
| Foreign currency transactions | &nbsp;&nbsp; 97558 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 29295856 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 25516894 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $40085859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $845,316.

*See accompanying notes to financial statements.*

**BHFTI-206**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14568965 | &nbsp;&nbsp; $28777444 |
| Net realized gain (loss) | &nbsp;&nbsp; (3778962)<br>| &nbsp;&nbsp; 19728032 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 29295856 | &nbsp;&nbsp; (37396630)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 40085859 | &nbsp;&nbsp; 11108846 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (15996919)<br>| &nbsp;&nbsp; (21845861)<br>|
| Class B | &nbsp;&nbsp; (7775880)<br>| &nbsp;&nbsp; (11229231)<br>|
| Class E | &nbsp;&nbsp; (564216)<br>| &nbsp;&nbsp; (763021)<br>|
| **Total distributions** | &nbsp;&nbsp; (24337015)<br>| &nbsp;&nbsp; (33838113)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (5896032)<br>| &nbsp;&nbsp; (104073848)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 9852812 | &nbsp;&nbsp; (126803115)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 852517186 | &nbsp;&nbsp; 979320301 |
| End of period | &nbsp;&nbsp; $862369998 | &nbsp;&nbsp; $852517186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 757219 | &nbsp;&nbsp; $7849613 | &nbsp;&nbsp; 1223663 | &nbsp;&nbsp; $12544085 |
| Reinvestments | &nbsp;&nbsp; 1536688 | &nbsp;&nbsp; 15996919 | &nbsp;&nbsp; 2236014 | &nbsp;&nbsp; 21845861 |
| Redemptions | &nbsp;&nbsp; (1642361)<br>| &nbsp;&nbsp; (17106644)<br>| &nbsp;&nbsp; (8712821)<br>| &nbsp;&nbsp; (93228663)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 651546 | &nbsp;&nbsp; $6739888 | &nbsp;&nbsp; (5253144)<br>| &nbsp;&nbsp; $(58838717)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 500464 | &nbsp;&nbsp; $5107835 | &nbsp;&nbsp; 1119360 | &nbsp;&nbsp; $11427902 |
| Reinvestments | &nbsp;&nbsp; 749844 | &nbsp;&nbsp; 7775880 | &nbsp;&nbsp; 1154083 | &nbsp;&nbsp; 11229231 |
| Redemptions | &nbsp;&nbsp; (2451480)<br>| &nbsp;&nbsp; (25104447)<br>| &nbsp;&nbsp; (6354616)<br>| &nbsp;&nbsp; (66512643)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1201172)<br>| &nbsp;&nbsp; $(12220732)<br>| &nbsp;&nbsp; (4081173)<br>| &nbsp;&nbsp; $(43855510)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 79812 | &nbsp;&nbsp; $815641 | &nbsp;&nbsp; 181038 | &nbsp;&nbsp; $1861450 |
| Reinvestments | &nbsp;&nbsp; 54199 | &nbsp;&nbsp; 564216 | &nbsp;&nbsp; 78098 | &nbsp;&nbsp; 763021 |
| Redemptions | &nbsp;&nbsp; (174032)<br>| &nbsp;&nbsp; (1795045)<br>| &nbsp;&nbsp; (379536)<br>| &nbsp;&nbsp; (4004092)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (40021)<br>| &nbsp;&nbsp; $(415188)<br>| &nbsp;&nbsp; (120400)<br>| &nbsp;&nbsp; $(1379621)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(5896032)<br>|  | &nbsp;&nbsp; $(104073848)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-207**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $15.03 | &nbsp;&nbsp; $11.53 | &nbsp;&nbsp;&nbsp;&nbsp; $12.97 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain (loss) | 0.32 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp; (1.16)<br>|
| Total income (loss) from investment operations | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>|
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>|
| Total distributions | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $15.03 | &nbsp;&nbsp;&nbsp;&nbsp; $11.53 |
| **Total Return (%)** (b) | 4.89 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 12.99 <br>(d)<br>| &nbsp;&nbsp; (24.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.35 <br>(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.53 ) (d)(e)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.70 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net ratio of expenses to average net assets (%) (g) | 0.66 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Ratio of net investment income (loss) to average net assets (%) | 3.54 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 55 <br>(c)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $549.2 | &nbsp;&nbsp; $532.8 | &nbsp;&nbsp; $605.2 | &nbsp;&nbsp; $594.1 | &nbsp;&nbsp; $834.7 | &nbsp;&nbsp;&nbsp;&nbsp; $788.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $14.95 | &nbsp;&nbsp; $11.47 | &nbsp;&nbsp;&nbsp;&nbsp; $12.90 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss) | 0.31 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>|
| Total income (loss) from investment operations | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>|
| Total distributions | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $14.95 | &nbsp;&nbsp;&nbsp;&nbsp; $11.47 |
| **Total Return (%)** (b) | 4.73 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp; (24.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.07 <br>(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.77 ) (d)(e)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.95 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net ratio of expenses to average net assets (%) (g) | 0.91 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Ratio of net investment income (loss) to average net assets (%) | 3.27 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 55 <br>(c)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $292.4 | &nbsp;&nbsp; $299.0 | &nbsp;&nbsp; $351.4 | &nbsp;&nbsp; $337.9 | &nbsp;&nbsp; $492.3 | &nbsp;&nbsp;&nbsp;&nbsp; $444.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-208**

------

**Brighthouse Funds Trust I**

**CBRE Global Real Estate Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $15.02 | &nbsp;&nbsp; $11.52 | &nbsp;&nbsp;&nbsp;&nbsp; $12.96 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) | 0.31 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (3.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp; (1.15)<br>|
| Total income (loss) from investment operations | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>|
| Total distributions | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $15.02 | &nbsp;&nbsp;&nbsp;&nbsp; $11.52 |
| **Total Return (%)** (b) | 4.73 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp; (24.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.21 <br>(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.71 ) (d)(e)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.85 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net ratio of expenses to average net assets (%) (g) | 0.81 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ratio of net investment income (loss) to average net assets (%) | 3.37 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 55 <br>(c)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $20.8 | &nbsp;&nbsp; $20.8 | &nbsp;&nbsp; $22.7 | &nbsp;&nbsp; $22.3 | &nbsp;&nbsp; $31.8 | &nbsp;&nbsp;&nbsp;&nbsp; $26.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes gains from settlement of security litigations; excluding these gains, the total return for Class A, Class B and Class E would have been 33.99%, 33.71% and 33.85% for the year ended December 31, 2021, and (4.70)%, (4.93)% and (4.88)% for the year ended December 31, 2020, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-209**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—94.9% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 3.2%** | **Australia — 3.2%** | **Australia — 3.2%** |
| Glencore PLC (a) | 17379265 | &nbsp;&nbsp; $67672733 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |
| Open Text Corp.  | 609086 | &nbsp;&nbsp; 17797343 |
| **China — 3.2%** | **China — 3.2%** | **China — 3.2%** |
| Alibaba Group Holding Ltd. (b) | 2721500 | &nbsp;&nbsp; 38622231 |
| Prosus NV (a) | 515033 | &nbsp;&nbsp; 28850555 |
|  |  | &nbsp;&nbsp; 67472786 |
| **Denmark — 1.7%** | **Denmark — 1.7%** | **Denmark — 1.7%** |
| DSV AS | 151700 | &nbsp;&nbsp; 36441259 |
| **France — 19.3%** | **France — 19.3%** | **France — 19.3%** |
| Accor SA | 632980 | &nbsp;&nbsp; 33114448 |
| Airbus SE | 214200 | &nbsp;&nbsp; 44820043 |
| BNP Paribas SA | 700175 | &nbsp;&nbsp; 63064278 |
| Capgemini SE | 235130 | &nbsp;&nbsp; 40244706 |
| Danone SA | 161100 | &nbsp;&nbsp; 13162390 |
| Edenred SE | 1278940 | &nbsp;&nbsp; 39667184 |
| Kering SA | 284100 | &nbsp;&nbsp; 61974377 |
| LVMH Moet Hennessy Louis Vuitton SE | 58900 | &nbsp;&nbsp; 30890201 |
| Pernod Ricard SA | 422267 | &nbsp;&nbsp; 42180717 |
| Publicis Groupe SA | 217998 | &nbsp;&nbsp; 24609923 |
| Worldline SA (a) (b) | 2412500 | &nbsp;&nbsp; 10204857 |
|  |  | &nbsp;&nbsp; 403933124 |
| **Germany — 22.7%** | **Germany — 22.7%** | **Germany — 22.7%** |
| adidas AG | 186707 | &nbsp;&nbsp; 43521274 |
| Allianz SE | 65700 | &nbsp;&nbsp; 26619687 |
| Bayer AG | 1792883 | &nbsp;&nbsp; 53912217 |
| Bayerische Motoren Werke AG | 556607 | &nbsp;&nbsp; 49449251 |
| Brenntag SE | 679953 | &nbsp;&nbsp; 45034246 |
| Continental AG | 678755 | &nbsp;&nbsp; 59229910 |
| Daimler Truck Holding AG | 993113 | &nbsp;&nbsp; 47004051 |
| Fresenius Medical Care AG | 868614 | &nbsp;&nbsp; 49803010 |
| Fresenius SE & Co. KGaA | 763223 | &nbsp;&nbsp; 38384492 |
| Mercedes-Benz Group AG | 590693 | &nbsp;&nbsp; 34561417 |
| Siemens AG | 40500 | &nbsp;&nbsp; 10387250 |
| thyssenkrupp AG | 1510451 | &nbsp;&nbsp; 16220036 |
|  |  | &nbsp;&nbsp; 474126841 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| Prudential PLC | 3003562 | &nbsp;&nbsp; 37708020 |
| **Indonesia — 1.9%** | **Indonesia — 1.9%** | **Indonesia — 1.9%** |
| Bank Mandiri Persero Tbk. PT | 130512500 | &nbsp;&nbsp; 39261661 |
| **Italy — 1.9%** | **Italy — 1.9%** | **Italy — 1.9%** |
| Intesa Sanpaolo SpA | 4287900 | &nbsp;&nbsp; 24716824 |
| Ryanair Holdings PLC (ADR) | 261425 | &nbsp;&nbsp; 15076380 |
|  |  | &nbsp;&nbsp; 39793204 |
| **Japan — 3.8%** | **Japan — 3.8%** | **Japan — 3.8%** |
| Asahi Group Holdings Ltd. (b) | 817600 | &nbsp;&nbsp; 10942410 |
| Fujitsu Ltd.  | 692000 | &nbsp;&nbsp; 16812871 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Japan — (Continued)** | **Japan — (Continued)** | **Japan — (Continued)** |
| Komatsu Ltd.  | 964200 | &nbsp;&nbsp; $31560474 |
| Mitsubishi Estate Co. Ltd.  | 686600 | &nbsp;&nbsp; 12846302 |
| SMC Corp.  | 22500 | &nbsp;&nbsp; 8102769 |
|  |  | &nbsp;&nbsp; 80264826 |
| **Luxembourg — 1.9%** | **Luxembourg — 1.9%** | **Luxembourg — 1.9%** |
| Eurofins Scientific SE (b) | 557004 | &nbsp;&nbsp; 39692056 |
| **Netherlands — 6.4%** | **Netherlands — 6.4%** | **Netherlands — 6.4%** |
| Akzo Nobel NV | 580929 | &nbsp;&nbsp; 40655075 |
| ASML Holding NV | 29400 | &nbsp;&nbsp; 23560866 |
| ASR Nederland NV | 319600 | &nbsp;&nbsp; 21227905 |
| EXOR NV | 270646 | &nbsp;&nbsp; 27293808 |
| Koninklijke Ahold Delhaize NV | 521800 | &nbsp;&nbsp; 21815222 |
|  |  | &nbsp;&nbsp; 134552876 |
| **South Korea — 2.9%** | **South Korea — 2.9%** | **South Korea — 2.9%** |
| KB Financial Group, Inc.  | 583243 | &nbsp;&nbsp; 47920494 |
| NAVER Corp.  | 70800 | &nbsp;&nbsp; 13745836 |
|  |  | &nbsp;&nbsp; 61666330 |
| **Spain — 0.5%** | **Spain — 0.5%** | **Spain — 0.5%** |
| Amadeus IT Group SA | 112500 | &nbsp;&nbsp; 9517304 |
| **Sweden — 3.5%** | **Sweden — 3.5%** | **Sweden — 3.5%** |
| Sandvik AB | 974100 | &nbsp;&nbsp; 22353706 |
| SKF AB - B Shares | 1302699 | &nbsp;&nbsp; 29921174 |
| Volvo AB - B Shares | 750473 | &nbsp;&nbsp; 21070746 |
|  |  | &nbsp;&nbsp; 73345626 |
| **Switzerland — 1.2%** | **Switzerland — 1.2%** | **Switzerland — 1.2%** |
| Cie Financiere Richemont SA - Class A | 109513 | &nbsp;&nbsp; 20711236 |
| Swatch Group AG (b) | 24879 | &nbsp;&nbsp; 4060374 |
|  |  | &nbsp;&nbsp; 24771610 |
| **United Kingdom — 13.1%** | **United Kingdom — 13.1%** | **United Kingdom — 13.1%** |
| Ashtead Group PLC | 773100 | &nbsp;&nbsp; 49558413 |
| Diageo PLC | 1115800 | &nbsp;&nbsp; 28066316 |
| Flutter Entertainment PLC (a) | 91202 | &nbsp;&nbsp; 26061883 |
| Lloyds Banking Group PLC | 16749400 | &nbsp;&nbsp; 17638694 |
| Reckitt Benckiser Group PLC | 533900 | &nbsp;&nbsp; 36319597 |
| Rentokil Initial PLC | 3648500 | &nbsp;&nbsp; 17658229 |
| Schroders PLC | 6994541 | &nbsp;&nbsp; 34706429 |
| Smith & Nephew PLC | 1719699 | &nbsp;&nbsp; 26277980 |
| Smiths Group PLC | 397890 | &nbsp;&nbsp; 12269913 |
| WPP PLC | 3527169 | &nbsp;&nbsp; 24655193 |
|  |  | &nbsp;&nbsp; 273212647 |
| **United States — 5.0%** | **United States — 5.0%** | **United States — 5.0%** |
| CNH Industrial NV (b) | 4503629 | &nbsp;&nbsp; 58367032 |
| Novartis AG | 167700 | &nbsp;&nbsp; 20287517 |

---

*See accompanying notes to financial statements.*

**BHFTI-210**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **United States — (Continued)** | **United States — (Continued)** | **United States — (Continued)** |
| Roche Holding AG | 77000 | &nbsp;&nbsp; $25172104 |
|  |  | &nbsp;&nbsp; 103826653 |
| Total Common Stocks <br>(Cost $1,779,722,405) <br>|  | &nbsp;&nbsp; 1985056899 |
| **Preferred Stocks—1.8%** | **Preferred Stocks—1.8%** | **Preferred Stocks—1.8%** |
| **South Korea — 1.8%** | **South Korea — 1.8%** | **South Korea — 1.8%** |
| Samsung Electronics Co. Ltd. <br>(Cost $49,812,385)<br>| 1039500 | &nbsp;&nbsp; 38120387 |
| **Equity Linked Security—0.4%** |  |  |
| **Italy — 0.4%** |  |  |
| Ryanair Holdings PLC (HSBC Bank PLC) 12/12/25 (c) <br>(Cost $5,009,216)<br>| 250000 | &nbsp;&nbsp; 7073594 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.5%** | **Short-Term Investments—2.5%** | **Short-Term Investments—2.5%** |
| **Repurchase Agreement — 2.5%** | **Repurchase Agreement — 2.5%** | **Repurchase Agreement — 2.5%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25 with a maturity value of $52,389,565; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $53,432,616<br>| 52384835 | &nbsp;&nbsp; 52384835 |
| Total Short-Term Investments <br>(Cost $52,384,835) <br>|  | &nbsp;&nbsp; 52384835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (d)—1.1%** | **Securities Lending Reinvestments (d)—1.1%** | **Securities Lending Reinvestments (d)—1.1%** |
| **Short-Term Investment Funds — 0.2%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (e)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (e)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 4.270% (e)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 4000000 |
| **Time Deposit — 0.0%** | **Time Deposit — 0.0%** | **Time Deposit — 0.0%** |
| Credit Agricole Corp. and Investment Bank <br>4.320%, 07/01/25<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.9%** | **Repurchase Agreements — 0.9%** | **Repurchase Agreements — 0.9%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $5,000,612; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.625%, maturity dates ranging from <br> 09/15/25 - 05/15/34, and an aggregate market value of <br> $5,100,000<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,229,271; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 2.000% - 4.750%, maturity dates ranging from <br> 02/15/45 - 11/15/53, and an aggregate market value of <br> $2,273,581<br>| 2229000 | &nbsp;&nbsp; $2229000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; <br> collateralized by various Common Stock with an aggregate <br> market value of $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $2,001,773; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,230,246<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,000,487; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.250% - 4.750%, maturity dates ranging from <br> 08/31/25 - 02/15/48, and an aggregate market value of <br> $4,080,002<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $1,000,123; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,112,619<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $2,000,246; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,200,271<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 19229000 |
| Total Securities Lending Reinvestments <br>(Cost $24,229,000) <br>|  | &nbsp;&nbsp; 24229000 |
| Total Investments—100.7% <br>(Cost $1,911,157,841) <br>|  | &nbsp;&nbsp; 2106864715 |
| Other assets and liabilities (net)—(0.7)%  |  | &nbsp;&nbsp; (15568823)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2091295892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $27,225,161 and the collateral received consisted of cash in the amount of $24,229,000 and non-cash collateral with a value of $5,417,356. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank PLC) in addition to the market risk of the underlying security. 

(d) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(e) The rate shown represents the annualized seven-day yield as of June 30, 2025.

*See accompanying notes to financial statements.*

**BHFTI-211**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Machinery | 10.4 |
| Banks | 9.2 |
| Textiles, Apparel & Luxury Goods | 7.7 |
| Pharmaceuticals | 4.8 |
| Trading Companies & Distributors | 4.5 |
| Health Care Providers & Services | 4.2 |
| Insurance | 4.1 |
| Automobiles | 4.0 |
| Metals & Mining | 4.0 |
| Beverages | 3.9 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $461854285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $733245175 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(24229000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(24229000)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(24229000)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67672733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67672733 |
| Canada | &nbsp;&nbsp; 17797343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17797343 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 67472786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67472786 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 36441259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36441259 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 403933124 | &nbsp;&nbsp; — | &nbsp;&nbsp; 403933124 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 474126841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 474126841 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 37708020 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37708020 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 39261661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39261661 |
| Italy | &nbsp;&nbsp; 15076380 | &nbsp;&nbsp; 24716824 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39793204 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 80264826 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80264826 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 39692056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39692056 |
| Netherlands | &nbsp;&nbsp; 23560866 | &nbsp;&nbsp; 110992010 | &nbsp;&nbsp; — | &nbsp;&nbsp; 134552876 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 61666330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61666330 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 9517304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9517304 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 73345626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73345626 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 24771610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24771610 |
| United Kingdom | &nbsp;&nbsp; 26061883 | &nbsp;&nbsp; 247150764 | &nbsp;&nbsp; — | &nbsp;&nbsp; 273212647 |

---

*See accompanying notes to financial statements.*

**BHFTI-212**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United States | &nbsp;&nbsp; $58367032 | &nbsp;&nbsp; $45459621 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103826653 |
| Total Common Stocks | &nbsp;&nbsp; 140863504 | &nbsp;&nbsp; 1844193395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1985056899 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 38120387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38120387 |
| Total Equity Linked Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 7073594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7073594 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 52384835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52384835 |
| Securities Lending Reinvestments |  |  |  |  |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 |
| Short-Term Investment Funds | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 19229000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19229000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 20229000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24229000 |
| Total Investments | &nbsp;&nbsp; $144863504 | &nbsp;&nbsp; $1962001211 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2106864715 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24229000)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24229000)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-213**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2106864715 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 5402 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 11172875 |
| Fund shares sold | &nbsp;&nbsp; 20464 |
| Dividends and interest | &nbsp;&nbsp; 8151244 |
| Prepaid expenses | &nbsp;&nbsp; 16719 |
| Total Assets | &nbsp;&nbsp; 2126231419 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 24229000 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5642083 |
| Fund shares redeemed | &nbsp;&nbsp; 2917785 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1160084 |
| Distribution and service fees | &nbsp;&nbsp; 148241 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 614233 |
| Total Liabilities | &nbsp;&nbsp; 34935527 |
| **Net Assets**  | &nbsp;&nbsp; $2091295892 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1828998644 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 262297248 |
| **Net Assets**  | &nbsp;&nbsp; $2091295892 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1336673918 |
| Class B | &nbsp;&nbsp; 696525251 |
| Class E | &nbsp;&nbsp; 58096723 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 94873152 |
| Class B | &nbsp;&nbsp; 50918371 |
| Class E | &nbsp;&nbsp; 4197829 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $14.09 |
| Class B | 13.68 |
| Class E | 13.84 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,911,157,841.

(b) Includes securities loaned at value of $27,225,161.

(c) Identified cost of cash denominated in foreign currencies was $5,371.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $45513110 |
| Interest | &nbsp;&nbsp; 755948 |
| Securities lending income | &nbsp;&nbsp; 140969 |
| Total investment income | &nbsp;&nbsp; 46410027 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 7903823 |
| Administration fees | &nbsp;&nbsp; 49551 |
| Custodian and accounting fees | &nbsp;&nbsp; 168542 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 844049 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 41142 |
| Audit and tax services | &nbsp;&nbsp; 28322 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 58657 |
| Insurance | &nbsp;&nbsp; 9341 |
| Miscellaneous | &nbsp;&nbsp; 16206 |
| Total expenses | &nbsp;&nbsp; 9162390 |
| Less management fee waiver | &nbsp;&nbsp; (949067)<br>|
| Net expenses | &nbsp;&nbsp; 8213323 |
| **Net Investment Income** | &nbsp;&nbsp; 38196704 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 95249023 |
| Foreign currency transactions | &nbsp;&nbsp; (85732)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 95163291 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 281737143 |
| Foreign currency transactions | &nbsp;&nbsp; 745132 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 282482275 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 377645566 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $415842270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $6,330,078.

*See accompanying notes to financial statements.*

**BHFTI-214**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $38196704 | &nbsp;&nbsp; $46395799 |
| Net realized gain (loss) | &nbsp;&nbsp; 95163291 | &nbsp;&nbsp; 169689129 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 282482275 | &nbsp;&nbsp; (319831655)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 415842270 | &nbsp;&nbsp; (103746727)<br>|
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (74787997)<br>| &nbsp;&nbsp; (33229053)<br>|
| Class B | &nbsp;&nbsp; (38404692)<br>| &nbsp;&nbsp; (15142240)<br>|
| Class E | &nbsp;&nbsp; (3215004)<br>| &nbsp;&nbsp; (1303511)<br>|
| **Total distributions** | &nbsp;&nbsp; (116407693)<br>| &nbsp;&nbsp; (49674804)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (195554988)<br>| &nbsp;&nbsp; (167152492)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 103879589 | &nbsp;&nbsp; (320574023)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1987416303 | &nbsp;&nbsp; 2307990326 |
| End of period | &nbsp;&nbsp; $2091295892 | &nbsp;&nbsp; $1987416303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 766301 | &nbsp;&nbsp; $10283560 | &nbsp;&nbsp; 1356282 | &nbsp;&nbsp; $17159296 |
| Reinvestments | &nbsp;&nbsp; 5364993 | &nbsp;&nbsp; 74787997 | &nbsp;&nbsp; 2604158 | &nbsp;&nbsp; 33229053 |
| Redemptions | &nbsp;&nbsp; (15924873)<br>| &nbsp;&nbsp; (219551548)<br>| &nbsp;&nbsp; (12535480)<br>| &nbsp;&nbsp; (157957538)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (9793579)<br>| &nbsp;&nbsp; $(134479991)<br>| &nbsp;&nbsp; (8575040)<br>| &nbsp;&nbsp; $(107569189)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 695644 | &nbsp;&nbsp; $8706701 | &nbsp;&nbsp; 2787514 | &nbsp;&nbsp; $33970028 |
| Reinvestments | &nbsp;&nbsp; 2836388 | &nbsp;&nbsp; 38404692 | &nbsp;&nbsp; 1220164 | &nbsp;&nbsp; 15142240 |
| Redemptions | &nbsp;&nbsp; (8035726)<br>| &nbsp;&nbsp; (105514482)<br>| &nbsp;&nbsp; (8082445)<br>| &nbsp;&nbsp; (100797323)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (4503694)<br>| &nbsp;&nbsp; $(58403089)<br>| &nbsp;&nbsp; (4074767)<br>| &nbsp;&nbsp; $(51685055)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 115731 | &nbsp;&nbsp; $1550277 | &nbsp;&nbsp; 347584 | &nbsp;&nbsp; $4317813 |
| Reinvestments | &nbsp;&nbsp; 234843 | &nbsp;&nbsp; 3215004 | &nbsp;&nbsp; 103865 | &nbsp;&nbsp; 1303511 |
| Redemptions | &nbsp;&nbsp; (560241)<br>| &nbsp;&nbsp; (7437189)<br>| &nbsp;&nbsp; (1074548)<br>| &nbsp;&nbsp; (13519572)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (209667)<br>| &nbsp;&nbsp; $(2671908)<br>| &nbsp;&nbsp; (623099)<br>| &nbsp;&nbsp; $(7898248)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(195554988)<br>|  | &nbsp;&nbsp; $(167152492)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-215**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $13.45 | &nbsp;&nbsp; $13.61 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | 2.45 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Total income (loss) from investment operations | 2.71 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.37)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.29)<br>|
| Total distributions | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $13.45 |
| **Total Return (%)** (b) | 22.23 <br>(c)<br>| &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.26 | &nbsp;&nbsp; (15.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.81 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net ratio of expenses to average net assets (%) (e) | 0.72 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | 3.85 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 23 <br>(c)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 48 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1336.7 | &nbsp;&nbsp; $1277.5 | &nbsp;&nbsp; $1484.9 | &nbsp;&nbsp; $1532.0 | &nbsp;&nbsp; $1956.0 | &nbsp;&nbsp; $2075.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp; $14.12 | &nbsp;&nbsp; $13.10 | &nbsp;&nbsp; $13.27 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 2.38 | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Total income (loss) from investment operations | 2.61 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.34)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.29)<br>|
| Total distributions | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.63)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp; $14.12 | &nbsp;&nbsp; $13.10 |
| **Total Return (%)** (b) | 22.08 <br>(c)<br>| &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.95 | &nbsp;&nbsp; (16.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.06 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net ratio of expenses to average net assets (%) (e) | 0.97 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment income (loss) to average net assets (%) | 3.58 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 23 <br>(c)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 48 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $696.5 | &nbsp;&nbsp; $657.0 | &nbsp;&nbsp; $758.2 | &nbsp;&nbsp; $741.5 | &nbsp;&nbsp; $952.6 | &nbsp;&nbsp; $1028.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-216**

------

**Brighthouse Funds Trust I**

**Harris Oakmark International Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.99 | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $14.27 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $13.40 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 2.41 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Total income (loss) from investment operations | 2.65 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.35)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.29)<br>|
| Total distributions | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.64)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $11.99 | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $14.27 | &nbsp;&nbsp; $13.24 |
| **Total Return (%)** (b) | 22.21 <br>(c)<br>| &nbsp;&nbsp; (4.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.05 | &nbsp;&nbsp; (15.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.96 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net ratio of expenses to average net assets (%) (e) | 0.87 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Ratio of net investment income (loss) to average net assets (%) | 3.71 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 23 <br>(c)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 48 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $58.1 | &nbsp;&nbsp; $52.9 | &nbsp;&nbsp; $64.8 | &nbsp;&nbsp; $60.9 | &nbsp;&nbsp; $81.1 | &nbsp;&nbsp; $85.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-217**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**U.S. Treasury & Government Agencies—7.1% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury — 7.1%** | **U.S. Treasury — 7.1%** | **U.S. Treasury — 7.1%** |
| U.S. Treasury Floating Rate Notes |  |  |
| 4.431%, 3M USTBMM + 0.150%, 04/30/26 (a) | 17600000 | &nbsp;&nbsp; $17610344 |
| 4.463%, 3M USTBMM + 0.182%, 07/31/26 (a) | 32400000 | &nbsp;&nbsp; 32432581 |
| Total U.S. Treasury & Government Agencies <br>(Cost $50,000,000) <br>|  | &nbsp;&nbsp; 50042925 |
| **Municipals—2.9%** | **Municipals—2.9%** | **Municipals—2.9%** |
| Board of Regents of the University of Texas System |  |  |
| 4.320%, 08/01/45 (a) <br>(Cost $20,000,000)<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| **Corporate Bonds & Notes—2.5%** | **Corporate Bonds & Notes—2.5%** | **Corporate Bonds & Notes—2.5%** |
| **Commercial Services — 2.5%** | **Commercial Services — 2.5%** | **Commercial Services — 2.5%** |
| Altoona-Blair County Development Corp. |  |  |
| 4.410%, 09/01/38 (144A) (a) <br>(Cost $17,850,000)<br>| 17850000 | &nbsp;&nbsp; 17850000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—83.2%** | **Short-Term Investments—83.2%** | **Short-Term Investments—83.2%** |
| **Certificates of Deposit—7.4%** | **Certificates of Deposit—7.4%** | **Certificates of Deposit—7.4%** |
| Bank of Montreal |  |  |
| 4.690%, SOFR + 0.300%, 03/19/26 (a) | 5000000 | &nbsp;&nbsp; 5001120 |
| Canadian Imperial Bank of Commerce |  |  |
| 4.750%, SOFR + 0.360%, 11/17/25 (a) | 9000000 | &nbsp;&nbsp; 9006720 |
| MUFG Bank Ltd. |  |  |
| 4.650%, SOFR + 0.250%, 08/14/25 (a) | 15000000 | &nbsp;&nbsp; 15002923 |
| Swedbank AB |  |  |
| 4.690%, SOFR + 0.300%, 10/14/25 (a) | 15000000 | &nbsp;&nbsp; 14999972 |
| Toronto-Dominion Bank |  |  |
| 4.760%, SOFR + 0.370%, 07/10/26 (a) | 8000000 | &nbsp;&nbsp; 8002804 |
|  |  | &nbsp;&nbsp; 52013539 |
| **Commercial Paper—51.6%** | **Commercial Paper—51.6%** | **Commercial Paper—51.6%** |
| Alphabet, Inc. |  |  |
| 4.393%, 09/23/25 (144A) (b) | 9000000 | &nbsp;&nbsp; 8908165 |
| Aquitaine Funding Co. LLC |  |  |
| 4.479%, 09/04/25 (144A) (b) | 15000000 | &nbsp;&nbsp; 14877570 |
| Banque et Caisse d'Epargne de l'Etat |  |  |
| 4.380%, 08/20/25 (b) | 12000000 | &nbsp;&nbsp; 11925863 |
| 4.423%, 10/02/25 (b) | 2800000 | &nbsp;&nbsp; 2768275 |
| Britannia Funding Co. LLC |  |  |
| 3.888%, 07/07/25 (144A) (b) | 5700000 | &nbsp;&nbsp; 5695157 |
| Caisse des Depots et Consignations |  |  |
| 2.188%, 07/02/25 (b) | 10000000 | &nbsp;&nbsp; 9997604 |
| CDP Financial, Inc. |  |  |
| 2.195%, 07/02/25 (144A) (b) | 8500000 | &nbsp;&nbsp; 8497963 |
| 4.455%, 12/02/25 (b) | 12000000 | &nbsp;&nbsp; 11777704 |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank |  |  |
| 3.845%, 07/08/25 (144A) (b) | 5500000 | &nbsp;&nbsp; 5494695 |
| 3.854%, 07/08/25 (144A) (b) | 8000000 | &nbsp;&nbsp; 7992283 |
| Erste Abwicklungsanstalt |  |  |
| 4.397%, 09/10/25 (b) | 15000000 | &nbsp;&nbsp; 14869740 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Falcon Asset Funding LLC |  |  |
| 4.800%, SOFR + 0.400%, 11/07/25 (144A) (a) | 10000000 | &nbsp;&nbsp; $9999984 |
| Federation des Caisses Desjardins du Quebec |  |  |
| 4.385%, 09/02/25 (b) | 15000000 | &nbsp;&nbsp; 14882773 |
| HSBC Bank PLC |  |  |
| 4.750%, SOFR + 0.360%, 09/11/25 (144A) (a) | 10000000 | &nbsp;&nbsp; 10004562 |
| Lexington Parker Capital Co. LLC |  |  |
| Zero Coupon, 07/01/25 (144A) (b) | 12800000 | &nbsp;&nbsp; 12798456 |
| 4.406%, 08/14/25 (144A) (b) | 10000000 | &nbsp;&nbsp; 9945125 |
| LVMH Moet Hennessy Louis Vuitton SE |  |  |
| 4.123%, 07/15/25 (b) | 14700000 | &nbsp;&nbsp; 14673519 |
| LVMH Moet Hennessy Louis Vuitton, Inc. |  |  |
| 4.211%, 07/21/25 (144A) (b) | 8000000 | &nbsp;&nbsp; 7979811 |
| Nestle Finance International Ltd. |  |  |
| 3.897%, 07/09/25 (b) | 1000000 | &nbsp;&nbsp; 998922 |
| 4.278%, 07/30/25 (144A) (b) | 16000000 | &nbsp;&nbsp; 15942400 |
| New York Life Short Term Funding LLC |  |  |
| 4.269%, 07/23/25 (144A) (b) | 12000000 | &nbsp;&nbsp; 11966696 |
| Novartis Finance Corp. |  |  |
| 4.092%, 07/14/25 (b) | 17000000 | &nbsp;&nbsp; 16971370 |
| 4.286%, 08/05/25 (b) | 5750000 | &nbsp;&nbsp; 5725114 |
| NRW Bank |  |  |
| 3.774%, 07/07/25 (b) | 6500000 | &nbsp;&nbsp; 6494528 |
| PACCAR Financial Corp. |  |  |
| 2.941%, 07/03/25 (b) | 9000000 | &nbsp;&nbsp; 8996720 |
| PepsiCo, Inc. |  |  |
| 4.377%, 09/18/25 (144A) (b) | 8000000 | &nbsp;&nbsp; 7923614 |
| Province of Ontario |  |  |
| 4.266%, 07/25/25 (b) | 8000000 | &nbsp;&nbsp; 7976012 |
| 4.377%, 09/10/25 (b) | 12000000 | &nbsp;&nbsp; 11896176 |
| PSP Capital, Inc. |  |  |
| 4.373%, 09/04/25 (b) | 10200000 | &nbsp;&nbsp; 10119104 |
| Sanofi SA |  |  |
| 4.406%, 09/17/25 (144A) (b) | 21000000 | &nbsp;&nbsp; 20800750 |
| Schlumberger Investment SA |  |  |
| 4.238%, 07/16/25 (144A) (b) | 8250000 | &nbsp;&nbsp; 8234109 |
| Siemens Capital Co. LLC |  |  |
| 4.384%, 09/24/25 (144A) (b) | 18000000 | &nbsp;&nbsp; 17816218 |
| Thunder Bay Funding LLC |  |  |
| 4.610%, SOFR + 0.210%, 10/10/25 (144A) (a) | 12000000 | &nbsp;&nbsp; 12000972 |
| TotalEnergies Capital SA |  |  |
| 4.408%, 09/04/25 (144A) (b) | 10000000 | &nbsp;&nbsp; 9919590 |
| Unilever Finance Netherlands BV |  |  |
| 2.195%, 07/02/25 (b) | 7000000 | &nbsp;&nbsp; 6998323 |
|  |  | &nbsp;&nbsp; 363869867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investment Funds—24.2%** |  |  |
| Invesco U.S. Dollar Liquidity Portfolio, Agency Class |  |  |
| 4.520% (c) (d) | 122763207 | &nbsp;&nbsp; 122763207 |
| STIT-Government & Agency Portfolio, <br>Institutional Class<br>|  |  |
| 4.260% (c) (d) | 29412906 | &nbsp;&nbsp; 29412906 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-218**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Short-Term Investments—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Short-Term Investment Funds —(Continued)** |  |  |
| STIT-Treasury Portfolio, <br>Institutional Class<br>|  |  |
| 4.230% (c) (d) | 18838796 | &nbsp;&nbsp; $18838796 |
| Total Short-Term Investment Funds <br>(Cost $171,014,909) <br>|  | &nbsp;&nbsp; 171014909 |
| Total Short-Term Investments <br>(Cost $586,909,790) <br>|  | &nbsp;&nbsp; 586898315 |
| Total Investments—95.7% <br>(Cost $674,759,790) <br>|  | &nbsp;&nbsp; 674791240 |
| Other assets and liabilities (net)—4.3%  |  | &nbsp;&nbsp; 30512765 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $705304005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. 

---

| | |
|:---|:---|
|  | Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (b) | The rate shown represents current yield to maturity. |
| (c) | Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated <br> issuers.)<br>|
| (d) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $224,648,120, which is 31.9% of net assets.<br>|

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| Invesco U.S. Dollar Liquidity Portfolio, Agency Class | &nbsp;&nbsp; $133391798 | &nbsp;&nbsp; $65045826 | &nbsp;&nbsp; $(75674417)<br>| &nbsp;&nbsp; $122763207 |
| STIT-Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp; 20171879 | &nbsp;&nbsp; 116941528 | &nbsp;&nbsp; (107700501)<br>| &nbsp;&nbsp; 29412906 |
| STIT-Treasury Portfolio, Institutional Class | &nbsp;&nbsp; 12678111 | &nbsp;&nbsp; 77961019 | &nbsp;&nbsp; (71800334)<br>| &nbsp;&nbsp; 18838796 |
|  | &nbsp;&nbsp; $166241788 | &nbsp;&nbsp; $259948373 | &nbsp;&nbsp; $(255175252)<br>| &nbsp;&nbsp; $171014909 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| Invesco U.S. Dollar Liquidity Portfolio, Agency Class | &nbsp;&nbsp; $2814045 | &nbsp;&nbsp; 122763207 |
| STIT-Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp; 553885 | &nbsp;&nbsp; 29412906 |
| STIT-Treasury Portfolio, Institutional Class | &nbsp;&nbsp; 355617 | &nbsp;&nbsp; 18838796 |
|  | &nbsp;&nbsp; $3723547 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 <br>,306842<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-219**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 1407 | AUD | 161269299 | &nbsp;&nbsp; $1144951 |
| Brent Crude Oil Futures | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp; 156 | USD | 10274160 | &nbsp;&nbsp; 387841 |
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 836 | CAD | 101992000 | &nbsp;&nbsp; 602926 |
| Euro STOXX 50 Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 845 | EUR | 45013150 | &nbsp;&nbsp; 74848 |
| Euro-Bund Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 558 | EUR | 72623700 | &nbsp;&nbsp; (636910)<br>|
| FTSE 100 Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 405 | GBP | 35597475 | &nbsp;&nbsp; (521338)<br>|
| Japanese Government 10 Year Bond Futures | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; 41 | JPY | 5699820000 | &nbsp;&nbsp; 126293 |
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 882 | USD | 54397350 | &nbsp;&nbsp; 951987 |
| New York Harbor ULSD Futures | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp; 110 | USD | 10516506 | &nbsp;&nbsp; 1067344 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp; 124 | USD | 10791497 | &nbsp;&nbsp; (373422)<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 272 | USD | 29807120 | &nbsp;&nbsp; 995119 |
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 78 | USD | 24389625 | &nbsp;&nbsp; 863518 |
| Silver Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 96 | USD | 17362560 | &nbsp;&nbsp; (34824)<br>|
| TOPIX Index Futures | &nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp; 332 | JPY | 9480260000 | &nbsp;&nbsp; 1463694 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 401 | GBP | 37305030 | &nbsp;&nbsp; 971527 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 301 | USD | 34756093 | &nbsp;&nbsp; 1419127 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 08/20/25 | &nbsp;&nbsp; 59 | USD | 3767150 | &nbsp;&nbsp; 183974 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $8686655 |

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Fixed Rate** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premium** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 0.190% | Monthly | 12/04/25 | BBP | Barclays Soybean Oil Seasonal Index | USD | 5740277 | $(279502)<br>| $— | $(279502)<br>|
| Pay | 0.170% | Monthly | 04/07/26 | BBP | Barclays Copper Excess Return Index | USD | 9676325 | 181219 |  | 181219 |
| Pay | 0.190% | Monthly | 02/12/26 | BBP | Barclays Soybeans Seasonal Excess Return Index | USD | 5125831 | (161917)<br>|  | (161917)<br>|
| Pay | 0.170% | Monthly | 05/05/26 | BBP | Barclays Wheat Chicago Seasonal Index | USD | 553969 | (13278)<br>|  | (13278)<br>|
| Pay | 0.270% | Monthly | 01/27/26 | CIBC | CIBC Dynamic Roll LME Copper Excess Return Index 2 | USD | 14161973 | 350714 |  | 350714 |
| Pay | 0.200% | Monthly | 04/01/26 | CIBC | CIBC Lean Hogs Seasonal Index | USD | 6787652 | (105685)<br>|  | (105685)<br>|
| Pay | 0.150% | Monthly | 12/10/25 | CIBC | CIBC Live Cattle Seasonal Index | USD | 4743462 | (93271)<br>|  | (93271)<br>|
| Pay | 0.280% | Monthly | 02/05/26 | CIBC | CIBC Seasonal Enhanced Cotton Index | USD | 4137208 | 29354 |  | 29354 |
| Pay | 0.260% | Monthly | 02/10/26 | CIBC | CIBC Soybean Oil Seasonal Index | USD | 1391506 | 120788 |  | 120788 |
| Pay | 0.140% | Monthly | 02/18/26 | CIBC | CIBC Soymeal Front Month Excess Return Index | USD | 5699254 | (308894)<br>|  | (308894)<br>|
| Pay | 0.210% | Monthly | 12/11/25 | CIBC | CIBC Sugar Excess Return Index | USD | 7807596 | (180110)<br>|  | (180110)<br>|
| Pay | 0.180% | Monthly | 05/05/26 | GSI | GSCI Corn Seasonal Enhanced Excess Return Index | USD | 2234056 | (56250)<br>|  | (56250)<br>|
| Pay | 0.250% | Monthly | 01/27/26 | JPMC | JPMorgan Contag Gas Oil Excess Return Index | USD | 7928023 | (728785)<br>|  | (728785)<br>|
| Pay | 0.300% | Monthly | 02/05/26 | MBL | Macquarie Dynamic Roll Aluminum Excess Return Index | USD | 6180115 | 73756 |  | 73756 |
| Pay | 0.170% | Monthly | 05/05/26 | MBL | Macquarie Soymeal Front Month Excess Return Index | USD | 3220222 | (15509)<br>|  | (15509)<br>|
| Pay | 0.120% | Monthly | 05/05/26 | MLI | Merrill Lynch Corn Seasonal Excess Return Index | USD | 3249804 | (96344)<br>|  | (96344)<br>|
| Pay | 0.180% | Monthly | 10/09/25 | MLI | Merrill Lynch Cotton Seasonal Index | USD | 4124660 | 23047 |  | 23047 |
| Pay | 0.090% | Monthly | 11/25/25 | MLI | Merrill Lynch Gold Excess Return Index | USD | 12289287 | (28542)<br>|  | (28542)<br>|
| Pay | 0.250% | Monthly | 12/01/25 | MLI | Merrill Lynch Natural Gas Seasonal Index | USD | 137333 | 1677 |  | 1677 |
| Pay | 0.160% | Monthly | 11/25/25 | RBC | RBC Coffee Front Month Excess Return Index | USD | 12415696 | (1465616)<br>| 15755 | (1481371)<br>|
| Pay | 0.180% | Monthly | 02/12/26 | RBC | RBC Enhanced Soybean Excess Return Index | USD | 3171094 | (25308)<br>|  | (25308)<br>|
| Pay | 0.060% | Monthly | 02/18/26 | RBC | RBC Gold Excess Return Index | USD | 17173264 | (39884)<br>| 103776 | (143660)<br>|
| Pay | 0.180% | Monthly | 11/25/25 | RBC | RBC Sugar Excess Return Index | USD | 5653682 | (337972)<br>| 1284 | (339256)<br>|
| Pay | 0.300% | Monthly | 04/27/26 | MSCS | S&P GSCI Aluminum Dynamic Roll Index | USD | 10091956 | 265248 |  | 265248 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-220**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**OTC Total Return Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Fixed Rate** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Counterparty**  | **Underlying Reference**<br> **Instrument** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premium**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Pay | 0.090% | Monthly | 10/21/25 | JPMC | S&P GSCI Gold Excess Return Index | USD | 10058261 | $(258644)<br>| $— | $(258644)<br>|
| Pay | 0.250% | Monthly | 02/10/26 | GSI | S&P GSCI Soybean Oil Seasonal Index | USD | 4887999 | 484827 |  | 484827 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(2664881)<br>| $120815 | $(2785696)<br>|

---

Cash in the amount of $710,000 has been received at the custodian bank and held in a segregated account as collateral for OTC swap contracts.

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Commodity | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $1530630 | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $4195511 |
|  | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 1639159 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 408246 |
| Equity | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 4349166 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 521338 |
| Interest Rate | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 4264824 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 636910 |
| Total |  | &nbsp;&nbsp; $11783779 |  | &nbsp;&nbsp; $5762005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest payable of $16,100.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $181219 | &nbsp;&nbsp;&nbsp;&nbsp; $(181219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 500856 | &nbsp;&nbsp;&nbsp;&nbsp; (500856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 484827 | &nbsp;&nbsp;&nbsp;&nbsp; (56250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (428577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Macquarie Bank, Ltd. | &nbsp;&nbsp; 73756 | &nbsp;&nbsp;&nbsp;&nbsp; (15509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58247 |
| Merrill Lynch International | &nbsp;&nbsp; 24724 | &nbsp;&nbsp;&nbsp;&nbsp; (24724)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 265248 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (265248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1530630 | &nbsp;&nbsp;&nbsp;&nbsp; $(778558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(693825)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $58247 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $454697 | &nbsp;&nbsp;&nbsp;&nbsp; $(181219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(273478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 687960 | &nbsp;&nbsp;&nbsp;&nbsp; (500856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 187104 |
| Goldman Sachs International | &nbsp;&nbsp; 56250 | &nbsp;&nbsp;&nbsp;&nbsp; (56250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 987429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 187429 |
| Macquarie Bank, Ltd. | &nbsp;&nbsp; 15509 | &nbsp;&nbsp;&nbsp;&nbsp; (15509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 124886 | &nbsp;&nbsp;&nbsp;&nbsp; (24724)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100162 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-221**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Pledged†**<br>| **Net**<br> **Amount\*\***<br>|
| Royal Bank of Canada | &nbsp;&nbsp; $1868780 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1680000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $188780 |
|  | &nbsp;&nbsp; $4195511 | &nbsp;&nbsp;&nbsp;&nbsp; $(778558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2753478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $663475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $(13295174)<br>| &nbsp;&nbsp;&nbsp; $1049437 | &nbsp;&nbsp;&nbsp; $(817124)<br>| &nbsp;&nbsp;&nbsp; $(13062861)<br>|
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7518834 | &nbsp;&nbsp;&nbsp; 7518834 |
|  | &nbsp;&nbsp; $(13295174)<br>| &nbsp;&nbsp;&nbsp; $1049437 | &nbsp;&nbsp;&nbsp; $6701710 | &nbsp;&nbsp;&nbsp; $(5544027)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Commodity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $9145367 | &nbsp;&nbsp;&nbsp; $9382476 | &nbsp;&nbsp;&nbsp; $594219 | &nbsp;&nbsp;&nbsp; $19122062 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1240018)<br>| &nbsp;&nbsp;&nbsp; (1240018)<br>|
|  | &nbsp;&nbsp; $9145367 | &nbsp;&nbsp;&nbsp; $9382476 | &nbsp;&nbsp;&nbsp; $(645799)<br>| &nbsp;&nbsp;&nbsp; $17882044 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $736656401 |
| Swap contracts | &nbsp;&nbsp; 169309829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50042925 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50042925 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20000000 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 17850000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17850000 |
| Short-Term Investments |  |  |  |  |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 52013539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52013539 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 363869867 | &nbsp;&nbsp; — | &nbsp;&nbsp; 363869867 |
| Short-Term Investment Funds | &nbsp;&nbsp; 171014909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 171014909 |
| Total Short-Term Investments | &nbsp;&nbsp; 171014909 | &nbsp;&nbsp; 415883406 | &nbsp;&nbsp; — | &nbsp;&nbsp; 586898315 |
| Total Investments | &nbsp;&nbsp; $171014909 | &nbsp;&nbsp; $503776331 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $674791240 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $10253149 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10253149 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (1566494)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1566494)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $8686655 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8686655 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1530630 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1530630 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-222**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4195511)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4195511)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2664881)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2664881)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Consolidated Schedule of Investments for additional detailed categorizations.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-223**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $503776331 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 171014909 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 46068 |
| Cash collateral (d) | &nbsp;&nbsp; 33765343 |
| OTC swap contracts at market value | &nbsp;&nbsp; 1530630 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 11585 |
| Interest | &nbsp;&nbsp; 765308 |
| Dividends on affiliated investments | &nbsp;&nbsp; 524413 |
| Variation margin on futures contracts | &nbsp;&nbsp; 538126 |
| Prepaid expenses | &nbsp;&nbsp; 5392 |
| Total Assets | &nbsp;&nbsp; 711978105 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 496154 |
| OTC swap contracts at market value (e) | &nbsp;&nbsp; 4195511 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 963521 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 16100 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 373426 |
| Distribution and service fees | &nbsp;&nbsp; 144903 |
| Deferred trustees' fees | &nbsp;&nbsp; 204750 |
| Other expenses | &nbsp;&nbsp; 279735 |
| Total Liabilities | &nbsp;&nbsp; 6674100 |
| **Net Assets**  | &nbsp;&nbsp; $705304005 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $792734615 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (87430610)<br>|
| **Net Assets**  | &nbsp;&nbsp; $705304005 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $705304005 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 87382249 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $8.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $503,744,881.

(b) Identified cost of affiliated investments was $171,014,909.

(c) Identified cost of cash denominated in foreign currencies was $45,501.

(d) Includes collateral of $30,855,343 for futures contracts and $2,910,000 for OTC swap contracts. 

(e) Net premium paid on OTC swap contracts was $120,815.

**Consolidated§ Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $3723547 |
| Interest | &nbsp;&nbsp; 12158390 |
| Total investment income | &nbsp;&nbsp; 15881937 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2347043 |
| Administration fees | &nbsp;&nbsp; 35619 |
| Custodian and accounting fees | &nbsp;&nbsp; 38582 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 890789 |
| Audit and tax services | &nbsp;&nbsp; 52383 |
| Legal | &nbsp;&nbsp; 27336 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 22147 |
| Insurance | &nbsp;&nbsp; 4544 |
| Miscellaneous | &nbsp;&nbsp; 13610 |
| Total expenses | &nbsp;&nbsp; 3452088 |
| Less management fee waiver | &nbsp;&nbsp; (50437)<br>|
| Net expenses | &nbsp;&nbsp; 3401651 |
| **Net Investment Income** | &nbsp;&nbsp; 12480286 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 6482 |
| Futures contracts | &nbsp;&nbsp; (13062861)<br>|
| Swap contracts | &nbsp;&nbsp; 7518834 |
| Foreign currency transactions | &nbsp;&nbsp; (56497)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (5594042)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (4924)<br>|
| Futures contracts | &nbsp;&nbsp; 19122062 |
| Swap contracts | &nbsp;&nbsp; (1240018)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 5277 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 17882397 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 12288355 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $24768641 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-224**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $12480286 | &nbsp;&nbsp; $46279694 |
| Net realized gain (loss) | &nbsp;&nbsp; (5594042)<br>| &nbsp;&nbsp; 33749460 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 17882397 | &nbsp;&nbsp; (32659854)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 24768641 | &nbsp;&nbsp; 47369300 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (42291465)<br>| &nbsp;&nbsp; (16204335)<br>|
| **Total distributions** | &nbsp;&nbsp; (42291465)<br>| &nbsp;&nbsp; (16204335)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (9975883)<br>| &nbsp;&nbsp; (417590589)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (27498707)<br>| &nbsp;&nbsp; (386425624)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 732802712 | &nbsp;&nbsp; 1119228336 |
| End of period | &nbsp;&nbsp; $705304005 | &nbsp;&nbsp; $732802712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 922225 | &nbsp;&nbsp; $7620904 | &nbsp;&nbsp; 2234361 | &nbsp;&nbsp; $18616871 |
| Reinvestments | &nbsp;&nbsp; 5260132 | &nbsp;&nbsp; 42291465 | &nbsp;&nbsp; 1945298 | &nbsp;&nbsp; 16204335 |
| Redemptions | &nbsp;&nbsp; (7143990)<br>| &nbsp;&nbsp; (59888252)<br>| &nbsp;&nbsp; (54134377)<br>| &nbsp;&nbsp; (452411795)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (961633)<br>| &nbsp;&nbsp; $(9975883)<br>| &nbsp;&nbsp; (49954718)<br>| &nbsp;&nbsp; $(417590589)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(9975883)<br>|  | &nbsp;&nbsp; $(417590589)<br>|

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-225**

------

**Brighthouse Funds Trust I**

**Invesco Balanced-Risk Allocation Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $10.11 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | 0.14 | &nbsp;&nbsp; (0.04 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Total income (loss) from investment operations | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.53)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.52)<br>|
| Total distributions | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.07 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.91 |
| **Total Return (%)** (c) | 3.52 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp; (12.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.97 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (f) (g) | 0.95 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Ratio of net investment income (loss) to average net assets (%) | 3.50 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.22)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 9 <br>(d)<br>| &nbsp;&nbsp; 80 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 147 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $705.3 | &nbsp;&nbsp; $732.8 | &nbsp;&nbsp; $1119.2 | &nbsp;&nbsp; $1181.8 | &nbsp;&nbsp; $1398.1 | &nbsp;&nbsp; $1403.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized and unrealized gain (loss) does not directly correlate to the amounts reported in the Consolidated Statement of Operations due to the timing of shareholder activity in the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2025 and for each of the years ended December 31, 2024 through 2020 (see Note 6 of the Notes to Consolidated Financial Statements).

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-226**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—95.9% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| Textron, Inc.  | 300703 | &nbsp;&nbsp; $24143444 |
| **Air Freight & Logistics — 1.6%** | **Air Freight & Logistics — 1.6%** | **Air Freight & Logistics — 1.6%** |
| FedEx Corp. (a) | 132239 | &nbsp;&nbsp; 30059247 |
| **Banks — 13.8%** | **Banks — 13.8%** | **Banks — 13.8%** |
| Bank of America Corp.  | 1339546 | &nbsp;&nbsp; 63387317 |
| Citigroup, Inc.  | 373071 | &nbsp;&nbsp; 31755804 |
| Citizens Financial Group, Inc.  | 700844 | &nbsp;&nbsp; 31362769 |
| Fifth Third Bancorp (a) | 620554 | &nbsp;&nbsp; 25523386 |
| Huntington Bancshares, Inc.  | 1922386 | &nbsp;&nbsp; 32219189 |
| M&T Bank Corp.  | 119031 | &nbsp;&nbsp; 23090824 |
| Wells Fargo & Co.  | 686987 | &nbsp;&nbsp; 55041398 |
|  |  | &nbsp;&nbsp; 262380687 |
| **Beverages — 3.0%** | **Beverages — 3.0%** | **Beverages — 3.0%** |
| Anheuser-Busch InBev SA | 271605 | &nbsp;&nbsp; 18673823 |
| Coca-Cola Co.  | 181120 | &nbsp;&nbsp; 12814240 |
| Keurig Dr. Pepper, Inc.  | 761582 | &nbsp;&nbsp; 25177901 |
|  |  | &nbsp;&nbsp; 56665964 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Regeneron Pharmaceuticals, Inc.  | 13085 | &nbsp;&nbsp; 6869625 |
| **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** |
| eBay, Inc.  | 319988 | &nbsp;&nbsp; 23826306 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| Johnson Controls International PLC | 351184 | &nbsp;&nbsp; 37092054 |
| **Capital Markets — 2.7%** | **Capital Markets — 2.7%** | **Capital Markets — 2.7%** |
| Goldman Sachs Group, Inc.  | 13720 | &nbsp;&nbsp; 9710330 |
| State Street Corp.  | 385933 | &nbsp;&nbsp; 41040115 |
|  |  | &nbsp;&nbsp; 50750445 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| CF Industries Holdings, Inc.  | 100776 | &nbsp;&nbsp; 9271392 |
| Corteva, Inc.  | 216971 | &nbsp;&nbsp; 16170849 |
|  |  | &nbsp;&nbsp; 25442241 |
| **Communications Equipment — 3.4%** | **Communications Equipment — 3.4%** | **Communications Equipment — 3.4%** |
| Cisco Systems, Inc.  | 751211 | &nbsp;&nbsp; 52119019 |
| F5, Inc. (a) (b) | 44919 | &nbsp;&nbsp; 13220560 |
|  |  | &nbsp;&nbsp; 65339579 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| Capital One Financial Corp.  | 36244 | &nbsp;&nbsp; 7711273 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Sysco Corp.  | 445995 | &nbsp;&nbsp; 33779661 |
| **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
| International Paper Co.  | 312082 | &nbsp;&nbsp; 14614800 |
| **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| Evergy, Inc. (a) | 96484 | &nbsp;&nbsp; 6650642 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment — 3.3%** | **Electrical Equipment — 3.3%** | **Electrical Equipment — 3.3%** |
| Eaton Corp. PLC (a) | 90730 | &nbsp;&nbsp; $32389703 |
| Emerson Electric Co. (a) | 232460 | &nbsp;&nbsp; 30993892 |
|  |  | &nbsp;&nbsp; 63383595 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| Tenaris SA | 570465 | &nbsp;&nbsp; 10655264 |
| **Entertainment — 2.2%** | **Entertainment — 2.2%** | **Entertainment — 2.2%** |
| Universal Music Group NV | 359275 | &nbsp;&nbsp; 11658882 |
| Walt Disney Co.  | 157756 | &nbsp;&nbsp; 19563322 |
| Warner Bros Discovery, Inc. (b) | 984749 | &nbsp;&nbsp; 11285224 |
|  |  | &nbsp;&nbsp; 42507428 |
| **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** |
| Baxter International, Inc.  | 264079 | &nbsp;&nbsp; 7996312 |
| Becton Dickinson & Co.  | 95127 | &nbsp;&nbsp; 16385626 |
| GE HealthCare Technologies, Inc.  | 165327 | &nbsp;&nbsp; 12245771 |
| Medtronic PLC | 216973 | &nbsp;&nbsp; 18913536 |
|  |  | &nbsp;&nbsp; 55541245 |
| **Health Care Providers & Services — 5.9%** | **Health Care Providers & Services — 5.9%** | **Health Care Providers & Services — 5.9%** |
| CVS Health Corp.  | 656324 | &nbsp;&nbsp; 45273229 |
| Elevance Health, Inc.  | 76452 | &nbsp;&nbsp; 29736770 |
| Henry Schein, Inc. (a) (b) | 198299 | &nbsp;&nbsp; 14485742 |
| Humana, Inc.  | 39733 | &nbsp;&nbsp; 9713924 |
| UnitedHealth Group, Inc.  | 37979 | &nbsp;&nbsp; 11848309 |
|  |  | &nbsp;&nbsp; 111057974 |
| **Hotels, Restaurants & Leisure — 4.2%** | **Hotels, Restaurants & Leisure — 4.2%** | **Hotels, Restaurants & Leisure — 4.2%** |
| Domino's Pizza, Inc. (a) | 37067 | &nbsp;&nbsp; 16702390 |
| Las Vegas Sands Corp. (a) | 455281 | &nbsp;&nbsp; 19809276 |
| Restaurant Brands International, Inc. (a) | 309598 | &nbsp;&nbsp; 20536800 |
| Starbucks Corp.  | 251706 | &nbsp;&nbsp; 23063821 |
|  |  | &nbsp;&nbsp; 80112287 |
| **Household Products — 3.9%** | **Household Products — 3.9%** | **Household Products — 3.9%** |
| Clorox Co.  | 120122 | &nbsp;&nbsp; 14423049 |
| Kimberly-Clark Corp.  | 217170 | &nbsp;&nbsp; 27997556 |
| Reckitt Benckiser Group PLC | 462516 | &nbsp;&nbsp; 31463560 |
|  |  | &nbsp;&nbsp; 73884165 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| Allstate Corp.  | 67864 | &nbsp;&nbsp; 13661702 |
| American International Group, Inc. (a) | 314111 | &nbsp;&nbsp; 26884760 |
|  |  | &nbsp;&nbsp; 40546462 |
| **Interactive Media & Services — 4.1%** | **Interactive Media & Services — 4.1%** | **Interactive Media & Services — 4.1%** |
| Alphabet, Inc. - Class A | 222349 | &nbsp;&nbsp; 39184564 |
| Meta Platforms, Inc. - Class A | 52760 | &nbsp;&nbsp; 38941629 |
|  |  | &nbsp;&nbsp; 78126193 |
| **IT Services — 2.3%** | **IT Services — 2.3%** | **IT Services — 2.3%** |
| Cognizant Technology Solutions Corp. - Class A | 409362 | &nbsp;&nbsp; 31942517 |

---

*See accompanying notes to financial statements.*

**BHFTI-227**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **IT Services—(Continued)** | **IT Services—(Continued)** | **IT Services—(Continued)** |
| DXC Technology Co. (b) | 800194 | &nbsp;&nbsp; $12234966 |
|  |  | &nbsp;&nbsp; 44177483 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| ICON PLC (b) | 59594 | &nbsp;&nbsp; 8667947 |
| IQVIA Holdings, Inc. (b) | 58549 | &nbsp;&nbsp; 9226737 |
|  |  | &nbsp;&nbsp; 17894684 |
| **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** |
| Caterpillar, Inc.  | 60983 | &nbsp;&nbsp; 23674210 |
| Westinghouse Air Brake Technologies Corp.  | 135487 | &nbsp;&nbsp; 28364204 |
|  |  | &nbsp;&nbsp; 52038414 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| Charter Communications, Inc. - Class A (b) | 49606 | &nbsp;&nbsp; 20279429 |
| Comcast Corp. - Class A | 467351 | &nbsp;&nbsp; 16679757 |
|  |  | &nbsp;&nbsp; 36959186 |
| **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** |
| Dominion Energy, Inc. (a) | 410798 | &nbsp;&nbsp; 23218303 |
| Sempra (a) | 397289 | &nbsp;&nbsp; 30102588 |
|  |  | &nbsp;&nbsp; 53320891 |
| **Oil, Gas & Consumable Fuels — 6.2%** | **Oil, Gas & Consumable Fuels — 6.2%** | **Oil, Gas & Consumable Fuels — 6.2%** |
| Chevron Corp.  | 202131 | &nbsp;&nbsp; 28943138 |
| ConocoPhillips | 251354 | &nbsp;&nbsp; 22556508 |
| EQT Corp.  | 187706 | &nbsp;&nbsp; 10947014 |
| Exxon Mobil Corp.  | 153140 | &nbsp;&nbsp; 16508492 |
| Hess Corp.  | 94257 | &nbsp;&nbsp; 13058365 |
| Suncor Energy, Inc.  | 662196 | &nbsp;&nbsp; 24799240 |
|  |  | &nbsp;&nbsp; 116812757 |
| **Pharmaceuticals — 5.8%** | **Pharmaceuticals — 5.8%** | **Pharmaceuticals — 5.8%** |
| AstraZeneca PLC | 175834 | &nbsp;&nbsp; 24521422 |
| Bristol-Myers Squibb Co.  | 288381 | &nbsp;&nbsp; 13349157 |
| Johnson & Johnson | 156568 | &nbsp;&nbsp; 23915762 |
| Merck & Co., Inc.  | 264670 | &nbsp;&nbsp; 20951277 |
| Sanofi SA (ADR) (a) | 553468 | &nbsp;&nbsp; 26738039 |
|  |  | &nbsp;&nbsp; 109475657 |
| **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** | **Semiconductors & Semiconductor Equipment — 3.2%** |
| Intel Corp.  | 620412 | &nbsp;&nbsp; 13897229 |
| NXP Semiconductors NV | 147868 | &nbsp;&nbsp; 32307679 |
| QUALCOMM, Inc.  | 89975 | &nbsp;&nbsp; 14329419 |
|  |  | &nbsp;&nbsp; 60534327 |
| **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
| Microsoft Corp.  | 117506 | &nbsp;&nbsp; 58448659 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| SBA Communications Corp.  | 65228 | &nbsp;&nbsp; 15318144 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| NIKE, Inc. - Class B (a) | 225161 | &nbsp;&nbsp; 15995437 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Tobacco — 1.9%** | **Tobacco — 1.9%** | **Tobacco — 1.9%** |
| Philip Morris International, Inc.  | 195425 | &nbsp;&nbsp; $35592755 |
| Total Common Stocks <br>(Cost $1,367,661,882) <br>|  | &nbsp;&nbsp; 1817708975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.5%** | **Short-Term Investments—3.5%** | **Short-Term Investments—3.5%** |
| **Repurchase Agreement—3.5%** | **Repurchase Agreement—3.5%** | **Repurchase Agreement—3.5%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $65,917,393; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $67,229,832<br>| 65911443 | &nbsp;&nbsp; 65911443 |
| Total Short-Term Investments <br>(Cost $65,911,443) <br>|  | &nbsp;&nbsp; 65911443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—5.4%** | **Securities Lending Reinvestments (c)—5.4%** | **Securities Lending Reinvestments (c)—5.4%** |
| **Short-Term Investment Funds—0.9%** | **Short-Term Investment Funds—0.9%** | **Short-Term Investment Funds—0.9%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 17000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificate of Deposit—0.1%** | **Certificate of Deposit—0.1%** | **Certificate of Deposit—0.1%** |
| Cooperatieve Rabobank UA |  |  |
| 4.740%, SOFR + 0.340%, 07/30/25 (e) | 1000000 | &nbsp;&nbsp; 1000170 |
| **Repurchase Agreements—3.9%** | **Repurchase Agreements—3.9%** | **Repurchase Agreements—3.9%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $3,000,368; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $3,060,000<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $2,000,248; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,226,148<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $10,001,214; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.375% - 4.250%, maturity dates ranging from <br> 07/31/27 - 05/15/39, and an aggregate market value of <br> $10,200,000<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $10,001,217; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market value <br> of $10,201,241<br>| 10000000 | &nbsp;&nbsp; 10000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-228**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $5,660,607; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $5,773,118<br>| 5659918 | &nbsp;&nbsp; $5659918 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $10,001,225; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,000,000<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $8,001,009; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,920,840<br>| 8000000 | &nbsp;&nbsp; 8000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,000,365; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $3,060,001<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $12,001,480; <br> collateralized by various Common Stock with an aggregate <br> market value of $13,351,426<br>| 12000000 | &nbsp;&nbsp; 12000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $10,001,231; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,001,354<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 73659918 |
| **Time Deposits—0.5%** | **Time Deposits—0.5%** | **Time Deposits—0.5%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 4000000 | &nbsp;&nbsp; 4000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—(Continued)** | **Time Deposits—(Continued)** | **Time Deposits—(Continued)** |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 4000000 | &nbsp;&nbsp; $4000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 10000000 |
| Total Securities Lending Reinvestments <br>(Cost $101,659,918) <br>|  | &nbsp;&nbsp; 101660088 |
| Total Investments—104.8% <br>(Cost $1,535,233,243) <br>|  | &nbsp;&nbsp; 1985280506 |
| Other assets and liabilities (net)—(4.8)%  |  | &nbsp;&nbsp; (90355583)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1894924923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $171,396,771 and the collateral received consisted of cash in the amount of $101,659,918 and non-cash collateral with a value of $73,792,933. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(e) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $209828514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $361470076 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(101659918)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(101659918)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(101659918)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-229**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| CAD | &nbsp;&nbsp; 4663420 | DBAG | 07/09/25 | USD | 3432217 | &nbsp;&nbsp; $(6415)<br>|
| CAD | &nbsp;&nbsp; 630328 | GSI | 07/09/25 | USD | 462330 | &nbsp;&nbsp; 716 |
| CAD | &nbsp;&nbsp; 1145430 | RBC | 07/09/25 | USD | 835438 | &nbsp;&nbsp; 6008 |
| EUR | &nbsp;&nbsp; 725426 | RBC | 07/09/25 | USD | 836340 | &nbsp;&nbsp; 18569 |
| GBP | &nbsp;&nbsp; 452390 | DBAG | 07/09/25 | USD | 616536 | &nbsp;&nbsp; 4456 |
| GBP | &nbsp;&nbsp; 446158 | GSI | 07/09/25 | USD | 611691 | &nbsp;&nbsp; 747 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| CAD | &nbsp;&nbsp; 32503265 | DBAG | 07/09/25 | USD | 23758669 | &nbsp;&nbsp; (118599)<br>|
| CAD | &nbsp;&nbsp; 731263 | DBAG | 07/09/25 | USD | 534410 | &nbsp;&nbsp; (2784)<br>|
| CAD | &nbsp;&nbsp; 4140472 | RBC | 07/09/25 | USD | 3050235 | &nbsp;&nbsp; 8598 |
| EUR | &nbsp;&nbsp; 29750233 | DBAG | 07/09/25 | USD | 34129699 | &nbsp;&nbsp; (930732)<br>|
| GBP | &nbsp;&nbsp; 474253 | GSI | 07/09/25 | USD | 643157 | &nbsp;&nbsp; (7846)<br>|
| GBP | &nbsp;&nbsp; 20817617 | RBC | 07/09/25 | USD | 28211077 | &nbsp;&nbsp; (365114)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(1392396)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $39094 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $1431490 |

---

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Deutsche Bank AG | &nbsp;&nbsp; $4456 | &nbsp;&nbsp;&nbsp;&nbsp; $(4456)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs International | &nbsp;&nbsp; 1463 | &nbsp;&nbsp;&nbsp;&nbsp; (1463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 33175 | &nbsp;&nbsp;&nbsp;&nbsp; (33175)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $39094 | &nbsp;&nbsp;&nbsp;&nbsp; $(39094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Deutsche Bank AG | &nbsp;&nbsp; $1058530 | &nbsp;&nbsp;&nbsp;&nbsp; $(4456)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1054074 |
| Goldman Sachs International | &nbsp;&nbsp; 7846 | &nbsp;&nbsp;&nbsp;&nbsp; (1463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6383 |

---

*See accompanying notes to financial statements.*

**BHFTI-230**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Pledged†**<br>| **Net**<br> **Amount\*\***<br>|
| Royal Bank of Canada | &nbsp;&nbsp; $365114 | &nbsp;&nbsp;&nbsp;&nbsp; $(33175)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $331939 |
|  | &nbsp;&nbsp; $1431490 | &nbsp;&nbsp;&nbsp;&nbsp; $(39094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1392396 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Foreign** <br>**Exchange**<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $(5014640)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Foreign** <br>**Exchange**<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $(2702260)<br>|

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $95009092 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $24143444 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24143444 |
| Air Freight & Logistics | &nbsp;&nbsp; 30059247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30059247 |
| Banks | &nbsp;&nbsp; 262380687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 262380687 |
| Beverages | &nbsp;&nbsp; 37992141 | &nbsp;&nbsp; 18673823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56665964 |
| Biotechnology | &nbsp;&nbsp; 6869625 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6869625 |
| Broadline Retail | &nbsp;&nbsp; 23826306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23826306 |
| Building Products | &nbsp;&nbsp; 37092054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37092054 |
| Capital Markets | &nbsp;&nbsp; 50750445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50750445 |
| Chemicals | &nbsp;&nbsp; 25442241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25442241 |
| Communications Equipment | &nbsp;&nbsp; 65339579 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65339579 |
| Consumer Finance | &nbsp;&nbsp; 7711273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7711273 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 33779661 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33779661 |
| Containers & Packaging | &nbsp;&nbsp; 14614800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14614800 |
| Electric Utilities | &nbsp;&nbsp; 6650642 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6650642 |
| Electrical Equipment | &nbsp;&nbsp; 63383595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63383595 |
| Energy Equipment & Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 10655264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10655264 |
| Entertainment | &nbsp;&nbsp; 30848546 | &nbsp;&nbsp; 11658882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42507428 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 55541245 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55541245 |
| Health Care Providers & Services | &nbsp;&nbsp; 111057974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111057974 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 80112287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80112287 |
| Household Products | &nbsp;&nbsp; 42420605 | &nbsp;&nbsp; 31463560 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73884165 |
| Insurance | &nbsp;&nbsp; 40546462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40546462 |
| Interactive Media & Services | &nbsp;&nbsp; 78126193 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78126193 |
| IT Services | &nbsp;&nbsp; 44177483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44177483 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 17894684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17894684 |

---

*See accompanying notes to financial statements.*

**BHFTI-231**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Machinery | &nbsp;&nbsp; $52038414 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52038414 |
| Media | &nbsp;&nbsp; 36959186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36959186 |
| Multi-Utilities | &nbsp;&nbsp; 53320891 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53320891 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 116812757 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116812757 |
| Pharmaceuticals | &nbsp;&nbsp; 84954235 | &nbsp;&nbsp; 24521422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109475657 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 60534327 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60534327 |
| Software | &nbsp;&nbsp; 58448659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58448659 |
| Specialized REITs | &nbsp;&nbsp; 15318144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15318144 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 15995437 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15995437 |
| Tobacco | &nbsp;&nbsp; 35592755 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35592755 |
| Total Common Stocks | &nbsp;&nbsp; 1720736024 | &nbsp;&nbsp; 96972951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1817708975 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 65911443 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65911443 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17000000 |
| Certificate of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000170 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 73659918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73659918 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp; 84660088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101660088 |
| Total Investments | &nbsp;&nbsp; $1737736024 | &nbsp;&nbsp; $247544482 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1985280506 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(101659918)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(101659918)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39094 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39094 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1431490)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1431490)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1392396)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1392396)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-232**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1985280506 |
| Cash | &nbsp;&nbsp; 298474 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 48182 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 39094 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 11828956 |
| Fund shares sold | &nbsp;&nbsp; 360816 |
| Dividends and interest | &nbsp;&nbsp; 2951347 |
| Prepaid expenses | &nbsp;&nbsp; 14759 |
| Total Assets | &nbsp;&nbsp; 2000822134 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 1431490 |
| Collateral for securities loaned | &nbsp;&nbsp; 101659918 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1275762 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 818794 |
| Distribution and service fees | &nbsp;&nbsp; 170152 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 316994 |
| Total Liabilities | &nbsp;&nbsp; 105897211 |
| **Net Assets**  | &nbsp;&nbsp; $1894924923 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1313391414 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 581533509 |
| **Net Assets**  | &nbsp;&nbsp; $1894924923 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1047540893 |
| Class B | &nbsp;&nbsp; 847384030 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 86692288 |
| Class B | &nbsp;&nbsp; 70812242 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $12.08 |
| Class B | 11.97 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,535,233,243.

(b) Includes securities loaned at value of $171,396,771.

(c) Identified cost of cash denominated in foreign currencies was $47,482.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $22065845 |
| Interest | &nbsp;&nbsp; 781438 |
| Securities lending income | &nbsp;&nbsp; 54226 |
| Total investment income | &nbsp;&nbsp; 22901509 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 5309983 |
| Administration fees | &nbsp;&nbsp; 45270 |
| Custodian and accounting fees | &nbsp;&nbsp; 47786 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1031426 |
| Audit and tax services | &nbsp;&nbsp; 27078 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 37925 |
| Insurance | &nbsp;&nbsp; 8157 |
| Miscellaneous | &nbsp;&nbsp; 10869 |
| Total expenses | &nbsp;&nbsp; 6561251 |
| Less management fee waiver | &nbsp;&nbsp; (379688)<br>|
| Net expenses | &nbsp;&nbsp; 6181563 |
| **Net Investment Income** | &nbsp;&nbsp; 16719946 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 134814497 |
| Foreign currency transactions | &nbsp;&nbsp; 38690 |
| Forward foreign currency transactions | &nbsp;&nbsp; (5014640)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 129838547 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (7394114)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 11606 |
| Forward foreign currency transactions | &nbsp;&nbsp; (2702260)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (10084768)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 119753779 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $136473725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $455,205.

*See accompanying notes to financial statements.*

**BHFTI-233**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $16719946 | &nbsp;&nbsp; $33263929 |
| Net realized gain (loss) | &nbsp;&nbsp; 129838547 | &nbsp;&nbsp; 229744046 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (10084768)<br>| &nbsp;&nbsp; 8272884 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 136473725 | &nbsp;&nbsp; 271280859 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (147888995)<br>| &nbsp;&nbsp; (110440347)<br>|
| Class B | &nbsp;&nbsp; (118498551)<br>| &nbsp;&nbsp; (89455234)<br>|
| **Total distributions** | &nbsp;&nbsp; (266387546)<br>| &nbsp;&nbsp; (199895581)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 144056297 | &nbsp;&nbsp; (96982626)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 14142476 | &nbsp;&nbsp; (25597348)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1880782447 | &nbsp;&nbsp; 1906379795 |
| End of period | &nbsp;&nbsp; $1894924923 | &nbsp;&nbsp; $1880782447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 135479 | &nbsp;&nbsp; $1769437 | &nbsp;&nbsp; 952034 | &nbsp;&nbsp; $13106828 |
| Reinvestments | &nbsp;&nbsp; 12501183 | &nbsp;&nbsp; 147888995 | &nbsp;&nbsp; 9000843 | &nbsp;&nbsp; 110440347 |
| Redemptions | &nbsp;&nbsp; (4915699)<br>| &nbsp;&nbsp; (65395207)<br>| &nbsp;&nbsp; (13195819)<br>| &nbsp;&nbsp; (176140248)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 7720963 | &nbsp;&nbsp; $84263225 | &nbsp;&nbsp; (3242942)<br>| &nbsp;&nbsp; $(52593073)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1580190 | &nbsp;&nbsp; $20582630 | &nbsp;&nbsp; 2199081 | &nbsp;&nbsp; $28447414 |
| Reinvestments | &nbsp;&nbsp; 10110798 | &nbsp;&nbsp; 118498551 | &nbsp;&nbsp; 7350471 | &nbsp;&nbsp; 89455234 |
| Redemptions | &nbsp;&nbsp; (6051096)<br>| &nbsp;&nbsp; (79288109)<br>| &nbsp;&nbsp; (12426028)<br>| &nbsp;&nbsp; (162292201)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 5639892 | &nbsp;&nbsp; $59793072 | &nbsp;&nbsp; (2876476)<br>| &nbsp;&nbsp; $(44389553)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $144056297 |  | &nbsp;&nbsp; $(96982626)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-234**

------

**Brighthouse Funds Trust I**

**Invesco Comstock Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $16.79 | &nbsp;&nbsp; $12.84 | &nbsp;&nbsp; $14.18 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp; (0.55)<br>|
| Total income (loss) from investment operations | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp; (0.28)<br>|
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.30)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.76)<br>|
| Total distributions | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $16.79 | &nbsp;&nbsp; $12.84 |
| **Total Return (%)** (b) | 7.49 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;33.47 | &nbsp;&nbsp; (0.27)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.60 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.56 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | 1.94 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 39 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1047.5 | &nbsp;&nbsp; $1035.0 | &nbsp;&nbsp; $1047.2 | &nbsp;&nbsp; $1032.1 | &nbsp;&nbsp; $1384.6 | &nbsp;&nbsp; $1456.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp; $16.68 | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $14.09 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp; (0.55)<br>|
| Total income (loss) from investment operations | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp; (0.31)<br>|
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.76)<br>|
| Total distributions | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.02)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp; $16.68 | &nbsp;&nbsp; $12.76 |
| **Total Return (%)** (b) | 7.44 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;33.18 | &nbsp;&nbsp; (0.51)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.85 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.81 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Ratio of net investment income (loss) to average net assets (%) | 1.68 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 12 <br>(c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 39 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $847.4 | &nbsp;&nbsp; $845.8 | &nbsp;&nbsp; $859.2 | &nbsp;&nbsp; $862.0 | &nbsp;&nbsp; $1017.8 | &nbsp;&nbsp; $935.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% the six months ended June 30, 2025 and for each of the years ended December 31, 2024 through 2020. (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-235**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—100.1% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Canada — 1.5%** | **Canada — 1.5%** | **Canada — 1.5%** |
| Shopify, Inc. - Class A (a) | 146955 | &nbsp;&nbsp; $16951259 |
| **China — 3.0%** | **China — 3.0%** | **China — 3.0%** |
| JD.com, Inc. (ADR) | 791395 | &nbsp;&nbsp; 25831133 |
| Tencent Holdings Ltd.  | 130000 | &nbsp;&nbsp; 8349523 |
|  |  | &nbsp;&nbsp; 34180656 |
| **Denmark — 1.1%** | **Denmark — 1.1%** | **Denmark — 1.1%** |
| Novo Nordisk AS - Class B | 176088 | &nbsp;&nbsp; 12287064 |
| **France — 5.6%** | **France — 5.6%** | **France — 5.6%** |
| Airbus SE | 180187 | &nbsp;&nbsp; 37703031 |
| EssilorLuxottica SA | 39582 | &nbsp;&nbsp; 10873598 |
| LVMH Moet Hennessy Louis Vuitton SE | 28577 | &nbsp;&nbsp; 14987254 |
|  |  | &nbsp;&nbsp; 63563883 |
| **Germany — 5.3%** | **Germany — 5.3%** | **Germany — 5.3%** |
| Allianz SE | 21669 | &nbsp;&nbsp; 8779635 |
| SAP SE | 169888 | &nbsp;&nbsp; 51677840 |
|  |  | &nbsp;&nbsp; 60457475 |
| **India — 6.5%** | **India — 6.5%** | **India — 6.5%** |
| DLF Ltd.  | 4858535 | &nbsp;&nbsp; 47492095 |
| HDFC Bank Ltd.  | 262238 | &nbsp;&nbsp; 6113081 |
| ICICI Bank Ltd. (ADR) | 609884 | &nbsp;&nbsp; 20516498 |
|  |  | &nbsp;&nbsp; 74121674 |
| **Israel — 0.9%** | **Israel — 0.9%** | **Israel — 0.9%** |
| Nice Ltd. (ADR) (a) (b) | 63547 | &nbsp;&nbsp; 10733724 |
| **Italy — 1.6%** | **Italy — 1.6%** | **Italy — 1.6%** |
| Brunello Cucinelli SpA | 93821 | &nbsp;&nbsp; 11403513 |
| Ferrari NV | 9317 | &nbsp;&nbsp; 4568076 |
| Moncler SpA | 37864 | &nbsp;&nbsp; 2161876 |
|  |  | &nbsp;&nbsp; 18133465 |
| **Japan — 3.2%** | **Japan — 3.2%** | **Japan — 3.2%** |
| Capcom Co. Ltd.  | 320000 | &nbsp;&nbsp; 10924758 |
| Hoya Corp.  | 41800 | &nbsp;&nbsp; 4962283 |
| Keyence Corp.  | 41300 | &nbsp;&nbsp; 16583546 |
| TDK Corp.  | 306300 | &nbsp;&nbsp; 3582547 |
|  |  | &nbsp;&nbsp; 36053134 |
| **Netherlands — 2.5%** | **Netherlands — 2.5%** | **Netherlands — 2.5%** |
| Adyen NV (a) | 9185 | &nbsp;&nbsp; 16864681 |
| ASML Holding NV | 3575 | &nbsp;&nbsp; 2862314 |
| BE Semiconductor Industries NV | 34788 | &nbsp;&nbsp; 5207668 |
| Universal Music Group NV | 101688 | &nbsp;&nbsp; 3299891 |
|  |  | &nbsp;&nbsp; 28234554 |
| **Spain — 1.5%** | **Spain — 1.5%** | **Spain — 1.5%** |
| Amadeus IT Group SA | 197788 | &nbsp;&nbsp; 16732521 |
| **Sweden — 1.6%** | **Sweden — 1.6%** | **Sweden — 1.6%** |
| Assa Abloy AB - Class B | 234926 | &nbsp;&nbsp; 7346085 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Sweden — (Continued)** | **Sweden — (Continued)** | **Sweden — (Continued)** |
| Atlas Copco AB - A Shares | 690742 | &nbsp;&nbsp; $11189659 |
|  |  | &nbsp;&nbsp; 18535744 |
| **Switzerland — 1.3%** | **Switzerland — 1.3%** | **Switzerland — 1.3%** |
| Lonza Group AG | 21337 | &nbsp;&nbsp; 15245419 |
| **Taiwan — 1.0%** | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 299000 | &nbsp;&nbsp; 10795695 |
| **United States — 63.5%** | **United States — 63.5%** | **United States — 63.5%** |
| Alphabet, Inc. - Class A | 546437 | &nbsp;&nbsp; 96298592 |
| Amazon.com, Inc. (a) | 89105 | &nbsp;&nbsp; 19548746 |
| Analog Devices, Inc.  | 154963 | &nbsp;&nbsp; 36884293 |
| ARM Holdings PLC (ADR) (a) (b) | 47700 | &nbsp;&nbsp; 7714998 |
| Boston Scientific Corp. (a) | 114435 | &nbsp;&nbsp; 12291463 |
| Broadcom, Inc.  | 95952 | &nbsp;&nbsp; 26449169 |
| Ecolab, Inc.  | 24989 | &nbsp;&nbsp; 6733036 |
| Eli Lilly & Co.  | 41150 | &nbsp;&nbsp; 32077659 |
| Equifax, Inc.  | 55232 | &nbsp;&nbsp; 14325524 |
| IDEXX Laboratories, Inc. (a) | 8746 | &nbsp;&nbsp; 4690830 |
| Intuit, Inc.  | 50731 | &nbsp;&nbsp; 39957258 |
| Intuitive Surgical, Inc. (a) | 31710 | &nbsp;&nbsp; 17231531 |
| IQVIA Holdings, Inc. (a) | 30195 | &nbsp;&nbsp; 4758430 |
| Lam Research Corp.  | 88527 | &nbsp;&nbsp; 8617218 |
| Linde PLC | 7694 | &nbsp;&nbsp; 3609871 |
| Marriott International, Inc. - Class A (b) | 41067 | &nbsp;&nbsp; 11219915 |
| Marvell Technology, Inc.  | 408642 | &nbsp;&nbsp; 31628891 |
| Mastercard, Inc. - Class A | 14980 | &nbsp;&nbsp; 8417861 |
| Meta Platforms, Inc. - Class A | 141435 | &nbsp;&nbsp; 104391759 |
| Microsoft Corp.  | 69599 | &nbsp;&nbsp; 34619239 |
| Netflix, Inc. (a) | 18970 | &nbsp;&nbsp; 25403296 |
| NVIDIA Corp.  | 309784 | &nbsp;&nbsp; 48942774 |
| Phathom Pharmaceuticals, Inc. (a) (b) | 241322 | &nbsp;&nbsp; 2314278 |
| S&P Global, Inc.  | 89177 | &nbsp;&nbsp; 47022140 |
| ServiceNow, Inc. (a) | 5365 | &nbsp;&nbsp; 5515649 |
| Spotify Technology SA (a) | 15561 | &nbsp;&nbsp; 11940578 |
| Stryker Corp.  | 7471 | &nbsp;&nbsp; 2955752 |
| Synopsys, Inc. (a) | 11360 | &nbsp;&nbsp; 5824045 |
| Thermo Fisher Scientific, Inc.  | 7786 | &nbsp;&nbsp; 3156912 |
| TJX Cos., Inc.  | 54138 | &nbsp;&nbsp; 6685502 |
| Visa, Inc. - Class A (b) | 102618 | &nbsp;&nbsp; 36434521 |
| Zoetis, Inc.  | 18098 | &nbsp;&nbsp; 2822383 |
|  |  | &nbsp;&nbsp; 720484113 |
| Total Common Stocks <br>(Cost $593,825,120) <br>|  | &nbsp;&nbsp; 1136510380 |

---

*See accompanying notes to financial statements.*

**BHFTI-236**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Short-Term Investments—0.5%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Repurchase Agreement — 0.5%** | **Repurchase Agreement — 0.5%** | **Repurchase Agreement — 0.5%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25 with a maturity value of $5,064,857; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $5,165,719<br>| 5064400 | &nbsp;&nbsp; $5064400 |
| Total Short-Term Investments <br>(Cost $5,064,400) <br>|  | &nbsp;&nbsp; 5064400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—0.4%** | **Securities Lending Reinvestments (c)—0.4%** | **Securities Lending Reinvestments (c)—0.4%** |
| **Short-Term Investment Funds — 0.2%** |  |  |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 4.220% (d)<br>| 300000 | &nbsp;&nbsp; 300000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 4.230% (d)<br>| 500000 | &nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp; 1800000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 0.2%** | **Repurchase Agreements — 0.2%** | **Repurchase Agreements — 0.2%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $500,061; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $510,000<br>| 500000 | &nbsp;&nbsp; 500000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $750,091; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $765,093<br>| 750000 | &nbsp;&nbsp; 750000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $459,664; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $468,801<br>| 459608 | &nbsp;&nbsp; 459608 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $700,085; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $714,000<br>| 700000 | &nbsp;&nbsp; 700000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $200,025; collateralized <br> by various Common Stock with an aggregate market value of <br> $222,524<br>| 200000 | &nbsp;&nbsp; $200000 |
|  |  | &nbsp;&nbsp; 2609608 |
| Total Securities Lending Reinvestments <br>(Cost $4,409,608) <br>|  | &nbsp;&nbsp; 4409608 |
| Total Investments—101.0% <br>(Cost $603,299,128) <br>|  | &nbsp;&nbsp; 1145984388 |
| Other assets and liabilities (net)—(1.0)%  |  | &nbsp;&nbsp; (11080810)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1134903578 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $28,624,831 and the collateral received consisted of cash in the amount of $4,409,608 and non-cash collateral with a value of $24,698,628. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Interactive Media & Services | 18.4 |
| Semiconductors & Semiconductor Equipment | 15.8 |
| Software | 13.1 |
| Financial Services | 5.4 |
| Health Care Equipment & Supplies | 4.7 |
| Entertainment | 4.5 |
| Pharmaceuticals | 4.4 |
| Real Estate Management & Development | 4.2 |
| Capital Markets | 4.1 |
| Broadline Retail | 4.0 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105496042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $175185725 |

---

*See accompanying notes to financial statements.*

**BHFTI-237**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(4409608)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4409608)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(4409608)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Canada | &nbsp;&nbsp; $16951259 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16951259 |
| China | &nbsp;&nbsp; 25831133 | &nbsp;&nbsp; 8349523 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34180656 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 12287064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12287064 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 63563883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63563883 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 60457475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60457475 |
| India | &nbsp;&nbsp; 20516498 | &nbsp;&nbsp; 53605176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74121674 |
| Israel | &nbsp;&nbsp; 10733724 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10733724 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 18133465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18133465 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 36053134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36053134 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 28234554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28234554 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 16732521 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16732521 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 18535744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18535744 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 15245419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15245419 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 10795695 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10795695 |
| United States | &nbsp;&nbsp; 720484113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 720484113 |
| Total Common Stocks | &nbsp;&nbsp; 794516727 | &nbsp;&nbsp; 341993653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1136510380 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5064400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5064400 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1800000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 2609608 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2609608 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 2609608 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4409608 |
| Total Investments | &nbsp;&nbsp; $796316727 | &nbsp;&nbsp; $349667661 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1145984388 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4409608)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4409608)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-238**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1145984388 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 780597 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 28467 |
| Dividends and interest | &nbsp;&nbsp; 537515 |
| Prepaid expenses | &nbsp;&nbsp; 8737 |
| Total Assets | &nbsp;&nbsp; 1147339704 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 4409608 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1469242 |
| Foreign taxes | &nbsp;&nbsp; 5457520 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 477123 |
| Distribution and service fees | &nbsp;&nbsp; 61441 |
| Deferred trustees' fees | &nbsp;&nbsp; 239038 |
| Other expenses | &nbsp;&nbsp; 322154 |
| Total Liabilities | &nbsp;&nbsp; 12436126 |
| **Net Assets**  | &nbsp;&nbsp; $1134903578 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $507403951 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; 627499627 |
| **Net Assets**  | &nbsp;&nbsp; $1134903578 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $822629977 |
| Class B | &nbsp;&nbsp; 299198753 |
| Class E | &nbsp;&nbsp; 13074848 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 35152229 |
| Class B | &nbsp;&nbsp; 12997480 |
| Class E | &nbsp;&nbsp; 563667 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $23.40 |
| Class B | 23.02 |
| Class E | 23.20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $603,299,128.

(b) Includes securities loaned at value of $28,624,831.

(c) Identified cost of cash denominated in foreign currencies was $779,406.

(d) Includes foreign capital gains tax of $5,400,388.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $5584973 |
| Interest | &nbsp;&nbsp; 90030 |
| Securities lending income | &nbsp;&nbsp; 62725 |
| Total investment income | &nbsp;&nbsp; 5737728 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3572211 |
| Administration fees | &nbsp;&nbsp; 30602 |
| Custodian and accounting fees | &nbsp;&nbsp; 72590 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 355312 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 9506 |
| Audit and tax services | &nbsp;&nbsp; 29412 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 42349 |
| Insurance | &nbsp;&nbsp; 4890 |
| Miscellaneous | &nbsp;&nbsp; 18723 |
| Total expenses | &nbsp;&nbsp; 4178352 |
| Less management fee waiver | &nbsp;&nbsp; (745437)<br>|
| Net expenses | &nbsp;&nbsp; 3432915 |
| **Net Investment Income** | &nbsp;&nbsp; 2304813 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; 88259255 |
| Foreign currency transactions | &nbsp;&nbsp; 87537 |
| Net realized gain (loss) | &nbsp;&nbsp; 88346792 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; (3180281)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 44926 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (3135355)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 85211437 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $87516250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $490,318.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $472,540.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $265,545.

*See accompanying notes to financial statements.*

**BHFTI-239**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2304813 | &nbsp;&nbsp; $2442496 |
| Net realized gain (loss) | &nbsp;&nbsp; 88346792 | &nbsp;&nbsp; 167606991 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (3135355)<br>| &nbsp;&nbsp; 7437799 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 87516250 | &nbsp;&nbsp; 177487286 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (122843459)<br>| &nbsp;&nbsp; (74930530)<br>|
| Class B | &nbsp;&nbsp; (45244534)<br>| &nbsp;&nbsp; (26837158)<br>|
| Class E | &nbsp;&nbsp; (1963440)<br>| &nbsp;&nbsp; (1235318)<br>|
| **Total distributions** | &nbsp;&nbsp; (170051433)<br>| &nbsp;&nbsp; (103003006)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 97861451 | &nbsp;&nbsp; (93691324)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 15326268 | &nbsp;&nbsp; (19207044)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1119577310 | &nbsp;&nbsp; 1138784354 |
| End of period | &nbsp;&nbsp; $1134903578 | &nbsp;&nbsp; $1119577310 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 234856 | &nbsp;&nbsp; $5891545 | &nbsp;&nbsp; 368753 | &nbsp;&nbsp; $9381271 |
| Reinvestments | &nbsp;&nbsp; 5359662 | &nbsp;&nbsp; 122843459 | &nbsp;&nbsp; 2981716 | &nbsp;&nbsp; 74930530 |
| Redemptions | &nbsp;&nbsp; (2173589)<br>| &nbsp;&nbsp; (55032378)<br>| &nbsp;&nbsp; (6232275)<br>| &nbsp;&nbsp; (159081372)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3420929 | &nbsp;&nbsp; $73702626 | &nbsp;&nbsp; (2881806)<br>| &nbsp;&nbsp; $(74769571)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 290861 | &nbsp;&nbsp; $7090184 | &nbsp;&nbsp; 576122 | &nbsp;&nbsp; $14403289 |
| Reinvestments | &nbsp;&nbsp; 2006409 | &nbsp;&nbsp; 45244534 | &nbsp;&nbsp; 1081707 | &nbsp;&nbsp; 26837158 |
| Redemptions | &nbsp;&nbsp; (1170491)<br>| &nbsp;&nbsp; (28960536)<br>| &nbsp;&nbsp; (2349025)<br>| &nbsp;&nbsp; (59272653)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1126779 | &nbsp;&nbsp; $23374182 | &nbsp;&nbsp; (691196)<br>| &nbsp;&nbsp; $(18032206)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 20091 | &nbsp;&nbsp; $504051 | &nbsp;&nbsp; 19350 | &nbsp;&nbsp; $488078 |
| Reinvestments | &nbsp;&nbsp; 86419 | &nbsp;&nbsp; 1963440 | &nbsp;&nbsp; 49532 | &nbsp;&nbsp; 1235318 |
| Redemptions | &nbsp;&nbsp; (67889)<br>| &nbsp;&nbsp; (1682848)<br>| &nbsp;&nbsp; (103600)<br>| &nbsp;&nbsp; (2612943)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 38621 | &nbsp;&nbsp; $784643 | &nbsp;&nbsp; (34718)<br>| &nbsp;&nbsp; $(889547)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $97861451 |  | &nbsp;&nbsp; $(93691324)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-240**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $25.47 | &nbsp;&nbsp; $23.94 | &nbsp;&nbsp; $18.84 | &nbsp;&nbsp; $32.65 | &nbsp;&nbsp; $29.42 | &nbsp;&nbsp; $23.28 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp; (10.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 |
| Total income (loss) from investment operations | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.41 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $23.40 | &nbsp;&nbsp; $25.47 | &nbsp;&nbsp; $23.94 | &nbsp;&nbsp; $18.84 | &nbsp;&nbsp; $32.65 | &nbsp;&nbsp; $29.42 |
| **Total Return (%)** (c) | 8.25 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;34.99 | &nbsp;&nbsp; (31.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;27.92 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.71 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net ratio of expenses to average net assets (%) (f) (g) | 0.57 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Ratio of net investment income (loss) to average net assets (%) | 0.50 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp; (0.00 ) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 <br>(d)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $822.6 | &nbsp;&nbsp; $808.2 | &nbsp;&nbsp; $828.6 | &nbsp;&nbsp; $730.5 | &nbsp;&nbsp; $1079.7 | &nbsp;&nbsp; $1071.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $25.11 | &nbsp;&nbsp; $23.63 | &nbsp;&nbsp; $18.62 | &nbsp;&nbsp; $32.39 | &nbsp;&nbsp; $29.23 | &nbsp;&nbsp; $23.13 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | 1.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp; (10.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 |
| Total income (loss) from investment operations | 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.21)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $23.02 | &nbsp;&nbsp; $25.11 | &nbsp;&nbsp; $23.63 | &nbsp;&nbsp; $18.62 | &nbsp;&nbsp; $32.39 | &nbsp;&nbsp; $29.23 |
| **Total Return (%)** (c) | 8.13 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.15 | &nbsp;&nbsp;&nbsp;&nbsp;34.58 | &nbsp;&nbsp; (31.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;27.58 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.96 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Net ratio of expenses to average net assets (%) (f) (g) | 0.82 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Ratio of net investment income (loss) to average net assets (%) | 0.25 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.07)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 <br>(d)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $299.2 | &nbsp;&nbsp; $298.1 | &nbsp;&nbsp; $296.9 | &nbsp;&nbsp; $256.4 | &nbsp;&nbsp; $388.5 | &nbsp;&nbsp; $392.1 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-241**

------

**Brighthouse Funds Trust I**

**Invesco Global Equity Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $25.26 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $18.71 | &nbsp;&nbsp; $32.50 | &nbsp;&nbsp; $29.29 | &nbsp;&nbsp; $23.18 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp; (10.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.34 |
| Total income (loss) from investment operations | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp; (10.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.18)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (4.05)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $23.20 | &nbsp;&nbsp; $25.26 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $18.71 | &nbsp;&nbsp; $32.50 | &nbsp;&nbsp; $29.29 |
| **Total Return (%)** (c) | 8.20 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;&nbsp;&nbsp;34.73 | &nbsp;&nbsp; (31.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.61 | &nbsp;&nbsp;&nbsp;&nbsp;27.69 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.86 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (f) (g) | 0.72 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Ratio of net investment income (loss) to average net assets (%) | 0.35 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 10 <br>(d)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $13.1 | &nbsp;&nbsp; $13.3 | &nbsp;&nbsp; $13.3 | &nbsp;&nbsp; $12.5 | &nbsp;&nbsp; $22.2 | &nbsp;&nbsp; $22.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2025 and for each of the years ended December 31, 2024 through 2020 (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Ratio of net investment income (loss) to average net assets was less than 0.01%.

*See accompanying notes to financial statements.*

**BHFTI-242**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.9% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** |
| BWX Technologies, Inc.  | 51706 | &nbsp;&nbsp; $7448766 |
| Kratos Defense & Security Solutions, Inc. (a) | 215544 | &nbsp;&nbsp; 10012019 |
| Loar Holdings, Inc. (a) | 34419 | &nbsp;&nbsp; 2965885 |
| Rocket Lab Corp. (a) (b) | 126331 | &nbsp;&nbsp; 4518860 |
|  |  | &nbsp;&nbsp; 24945530 |
| **Banks — 1.7%** | **Banks — 1.7%** | **Banks — 1.7%** |
| Bancorp, Inc. (a) (b) | 150472 | &nbsp;&nbsp; 8572390 |
| Western Alliance Bancorp | 70090 | &nbsp;&nbsp; 5465618 |
|  |  | &nbsp;&nbsp; 14038008 |
| **Biotechnology — 6.5%** | **Biotechnology — 6.5%** | **Biotechnology — 6.5%** |
| ADMA Biologics, Inc. (a) | 460343 | &nbsp;&nbsp; 8382847 |
| Ascendis Pharma AS (ADR) (a) | 45747 | &nbsp;&nbsp; 7895932 |
| Bridgebio Pharma, Inc. (a) | 98075 | &nbsp;&nbsp; 4234878 |
| CareDx, Inc. (a) | 181285 | &nbsp;&nbsp; 3542309 |
| Halozyme Therapeutics, Inc. (a) | 105488 | &nbsp;&nbsp; 5487486 |
| Insmed, Inc. (a) | 112193 | &nbsp;&nbsp; 11291104 |
| Madrigal Pharmaceuticals, Inc. (a) | 22731 | &nbsp;&nbsp; 6879310 |
| Vericel Corp. (a) (b) | 152808 | &nbsp;&nbsp; 6501980 |
|  |  | &nbsp;&nbsp; 54215846 |
| **Broadline Retail — 1.4%** | **Broadline Retail — 1.4%** | **Broadline Retail — 1.4%** |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 89152 | &nbsp;&nbsp; 11748451 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Armstrong World Industries, Inc.  | 40823 | &nbsp;&nbsp; 6631288 |
| Zurn Elkay Water Solutions Corp. (b) | 192980 | &nbsp;&nbsp; 7057279 |
|  |  | &nbsp;&nbsp; 13688567 |
| **Capital Markets — 4.1%** | **Capital Markets — 4.1%** | **Capital Markets — 4.1%** |
| Evercore, Inc. - Class A | 35466 | &nbsp;&nbsp; 9576529 |
| Hamilton Lane, Inc. - Class A | 38074 | &nbsp;&nbsp; 5411077 |
| Piper Sandler Cos.  | 39436 | &nbsp;&nbsp; 10960842 |
| StepStone Group, Inc. - Class A | 157238 | &nbsp;&nbsp; 8726709 |
|  |  | &nbsp;&nbsp; 34675157 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Element Solutions, Inc.  | 269096 | &nbsp;&nbsp; 6095024 |
| **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** |
| Casella Waste Systems, Inc. - Class A (a) (b) | 62418 | &nbsp;&nbsp; 7201789 |
| Clean Harbors, Inc. (a) | 52413 | &nbsp;&nbsp; 12116837 |
|  |  | &nbsp;&nbsp; 19318626 |
| **Construction & Engineering — 4.5%** | **Construction & Engineering — 4.5%** | **Construction & Engineering — 4.5%** |
| API Group Corp. (a) | 168395 | &nbsp;&nbsp; 8596565 |
| Construction Partners, Inc. - Class A (a) (b) | 76777 | &nbsp;&nbsp; 8159860 |
| Everus Construction Group, Inc. (a) | 124095 | &nbsp;&nbsp; 7883755 |
| Limbach Holdings, Inc. (a) | 45450 | &nbsp;&nbsp; 6367545 |
| Sterling Infrastructure, Inc. (a) | 27573 | &nbsp;&nbsp; 6361918 |
|  |  | &nbsp;&nbsp; 37369643 |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| Upstart Holdings, Inc. (a) (b) | 140211 | &nbsp;&nbsp; 9068847 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| Maplebear, Inc. (a) | 168833 | &nbsp;&nbsp; $7638005 |
| **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** |
| Bright Horizons Family Solutions, Inc. (a) | 44375 | &nbsp;&nbsp; 5484306 |
| Stride, Inc. (a) (b) | 51899 | &nbsp;&nbsp; 7535216 |
|  |  | &nbsp;&nbsp; 13019522 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| Hammond Power Solutions, Inc. (b) | 54036 | &nbsp;&nbsp; 4977225 |
| nVent Electric PLC | 110418 | &nbsp;&nbsp; 8088119 |
| Regal Rexnord Corp. (b) | 43638 | &nbsp;&nbsp; 6325764 |
|  |  | &nbsp;&nbsp; 19391108 |
| **Electronic Equipment, Instruments & Components — 6.4%** | **Electronic Equipment, Instruments & Components — 6.4%** | **Electronic Equipment, Instruments & Components — 6.4%** |
| Fabrinet (a) (b) | 31352 | &nbsp;&nbsp; 9238807 |
| Itron, Inc. (a) | 68820 | &nbsp;&nbsp; 9058777 |
| Mirion Technologies, Inc. (a) | 337160 | &nbsp;&nbsp; 7259055 |
| OSI Systems, Inc. (a) | 18259 | &nbsp;&nbsp; 4105719 |
| PAR Technology Corp. (a) (b) | 131015 | &nbsp;&nbsp; 9088511 |
| Sanmina Corp. (a) | 89456 | &nbsp;&nbsp; 8751480 |
| TTM Technologies, Inc. (a) | 156620 | &nbsp;&nbsp; 6393228 |
|  |  | &nbsp;&nbsp; 53895577 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| TechnipFMC PLC | 211817 | &nbsp;&nbsp; 7294977 |
| **Financial Services — 2.3%** | **Financial Services — 2.3%** | **Financial Services — 2.3%** |
| Payoneer Global, Inc. (a) | 588640 | &nbsp;&nbsp; 4032184 |
| PennyMac Financial Services, Inc.  | 83550 | &nbsp;&nbsp; 8324922 |
| Shift4 Payments, Inc. - Class A (a) (b) | 69533 | &nbsp;&nbsp; 6891416 |
|  |  | &nbsp;&nbsp; 19248522 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Post Holdings, Inc. (a) | 52383 | &nbsp;&nbsp; 5711318 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Knight-Swift Transportation Holdings, Inc.  | 129108 | &nbsp;&nbsp; 5710447 |
| **Health Care Equipment & Supplies — 4.9%** | **Health Care Equipment & Supplies — 4.9%** | **Health Care Equipment & Supplies — 4.9%** |
| Glaukos Corp. (a) | 39021 | &nbsp;&nbsp; 4030479 |
| Integer Holdings Corp. (a) | 66166 | &nbsp;&nbsp; 8136433 |
| Lantheus Holdings, Inc. (a) | 91705 | &nbsp;&nbsp; 7506971 |
| Merit Medical Systems, Inc. (a) | 85439 | &nbsp;&nbsp; 7986838 |
| TransMedics Group, Inc. (a) (b) | 62064 | &nbsp;&nbsp; 8317197 |
| UFP Technologies, Inc. (a) (b) | 22589 | &nbsp;&nbsp; 5515330 |
|  |  | &nbsp;&nbsp; 41493248 |
| **Health Care Providers & Services — 4.9%** | **Health Care Providers & Services — 4.9%** | **Health Care Providers & Services — 4.9%** |
| Alignment Healthcare, Inc. (a) | 214168 | &nbsp;&nbsp; 2998351 |
| BrightSpring Health Services, Inc. (a) | 281049 | &nbsp;&nbsp; 6629946 |
| Encompass Health Corp.  | 109490 | &nbsp;&nbsp; 13426759 |
| Guardant Health, Inc. (a) | 176775 | &nbsp;&nbsp; 9199371 |
| HealthEquity, Inc. (a) | 82208 | &nbsp;&nbsp; 8612110 |
|  |  | &nbsp;&nbsp; 40866537 |

---

*See accompanying notes to financial statements.*

**BHFTI-243**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure — 5.1%** | **Hotels, Restaurants & Leisure — 5.1%** | **Hotels, Restaurants & Leisure — 5.1%** |
| Genius Sports Ltd. (a) | 540210 | &nbsp;&nbsp; $5618184 |
| Planet Fitness, Inc. - Class A (a) | 70849 | &nbsp;&nbsp; 7726083 |
| Shake Shack, Inc. - Class A (a) | 79031 | &nbsp;&nbsp; 11111759 |
| Texas Roadhouse, Inc.  | 32089 | &nbsp;&nbsp; 6013799 |
| Travel & Leisure Co.  | 85610 | &nbsp;&nbsp; 4418332 |
| Wingstop, Inc.  | 8262 | &nbsp;&nbsp; 2782146 |
| Wyndham Hotels & Resorts, Inc.  | 59676 | &nbsp;&nbsp; 4846288 |
|  |  | &nbsp;&nbsp; 42516591 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| Cavco Industries, Inc. (a) | 9660 | &nbsp;&nbsp; 4196594 |
| **Independent Power and Renewable Electricity Producers — 1.2%** | **Independent Power and Renewable Electricity Producers — 1.2%** | **Independent Power and Renewable Electricity Producers — 1.2%** |
| Talen Energy Corp. (a) | 33788 | &nbsp;&nbsp; 9824537 |
| **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** |
| EastGroup Properties, Inc.  | 28136 | &nbsp;&nbsp; 4702088 |
| Terreno Realty Corp.  | 103854 | &nbsp;&nbsp; 5823094 |
|  |  | &nbsp;&nbsp; 10525182 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Palomar Holdings, Inc. (a) | 36251 | &nbsp;&nbsp; 5591717 |
| Root, Inc. - Class A (a) | 38826 | &nbsp;&nbsp; 4968563 |
| Skyward Specialty Insurance Group, Inc. (a) | 98357 | &nbsp;&nbsp; 5684051 |
|  |  | &nbsp;&nbsp; 16244331 |
| **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| Cargurus, Inc. (a) | 177216 | &nbsp;&nbsp; 5931420 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| BioLife Solutions, Inc. (a) (b) | 314251 | &nbsp;&nbsp; 6768966 |
| Repligen Corp. (a) | 45983 | &nbsp;&nbsp; 5719366 |
|  |  | &nbsp;&nbsp; 12488332 |
| **Machinery — 7.4%** | **Machinery — 7.4%** | **Machinery — 7.4%** |
| Atmus Filtration Technologies, Inc.  | 162799 | &nbsp;&nbsp; 5929140 |
| Enpro, Inc.  | 37126 | &nbsp;&nbsp; 7111485 |
| Esab Corp.  | 65373 | &nbsp;&nbsp; 7880715 |
| ESCO Technologies, Inc.  | 36873 | &nbsp;&nbsp; 7074823 |
| Federal Signal Corp. (b) | 99209 | &nbsp;&nbsp; 10557822 |
| Mueller Industries, Inc.  | 78106 | &nbsp;&nbsp; 6207084 |
| RBC Bearings, Inc. (a) | 29679 | &nbsp;&nbsp; 11420479 |
| SPX Technologies, Inc. (a) | 33183 | &nbsp;&nbsp; 5564125 |
|  |  | &nbsp;&nbsp; 61745673 |
| **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** |
| Carpenter Technology Corp.  | 53298 | &nbsp;&nbsp; 14730501 |
| MP Materials Corp. (a) (b) | 70264 | &nbsp;&nbsp; 2337684 |
|  |  | &nbsp;&nbsp; 17068185 |
| **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| Antero Resources Corp. (a) | 140769 | &nbsp;&nbsp; 5670175 |
| Range Resources Corp.  | 138233 | &nbsp;&nbsp; 5621936 |
|  |  | &nbsp;&nbsp; 11292111 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Personal Care Products — 0.8%** | **Personal Care Products — 0.8%** | **Personal Care Products — 0.8%** |
| BellRing Brands, Inc. (a) | 110868 | &nbsp;&nbsp; $6422583 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| Prestige Consumer Healthcare, Inc. (a) | 136174 | &nbsp;&nbsp; 10873494 |
| **Professional Services — 1.7%** | **Professional Services — 1.7%** | **Professional Services — 1.7%** |
| CBIZ, Inc. (a) (b) | 93334 | &nbsp;&nbsp; 6692981 |
| ExlService Holdings, Inc. (a) | 169103 | &nbsp;&nbsp; 7405021 |
|  |  | &nbsp;&nbsp; 14098002 |
| **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** |
| Impinj, Inc. (a) (b) | 73452 | &nbsp;&nbsp; 8158313 |
| Lattice Semiconductor Corp. (a) | 132111 | &nbsp;&nbsp; 6472118 |
| MACOM Technology Solutions Holdings, Inc. (a) | 87554 | &nbsp;&nbsp; 12545613 |
| SiTime Corp. (a) | 46115 | &nbsp;&nbsp; 9826184 |
|  |  | &nbsp;&nbsp; 37002228 |
| **Software — 10.4%** | **Software — 10.4%** | **Software — 10.4%** |
| Agilysys, Inc. (a) | 81360 | &nbsp;&nbsp; 9327110 |
| AvePoint, Inc. (a) | 425139 | &nbsp;&nbsp; 8209434 |
| Box, Inc. - Class A (a) (b) | 105042 | &nbsp;&nbsp; 3589285 |
| Cellebrite DI Ltd. (a) | 319388 | &nbsp;&nbsp; 5110208 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 276850 | &nbsp;&nbsp; 6071321 |
| Commvault Systems, Inc. (a) | 55200 | &nbsp;&nbsp; 9623016 |
| CyberArk Software Ltd. (a) | 30012 | &nbsp;&nbsp; 12211283 |
| Descartes Systems Group, Inc. (a) | 61710 | &nbsp;&nbsp; 6272513 |
| Intapp, Inc. (a) | 88309 | &nbsp;&nbsp; 4558511 |
| Q2 Holdings, Inc. (a) | 126672 | &nbsp;&nbsp; 11855232 |
| ServiceTitan, Inc. - Class A (a) | 59495 | &nbsp;&nbsp; 6376674 |
| Vertex, Inc. - Class A (a) | 120195 | &nbsp;&nbsp; 4247090 |
|  |  | &nbsp;&nbsp; 87451677 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| Boot Barn Holdings, Inc. (a) | 66386 | &nbsp;&nbsp; 10090672 |
| Floor & Decor Holdings, Inc. - Class A (a) | 77734 | &nbsp;&nbsp; 5904675 |
| Murphy USA, Inc.  | 9074 | &nbsp;&nbsp; 3691303 |
|  |  | &nbsp;&nbsp; 19686650 |
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| Kontoor Brands, Inc.  | 85458 | &nbsp;&nbsp; 5637664 |
| Steven Madden Ltd. (b) | 147725 | &nbsp;&nbsp; 3542446 |
|  |  | &nbsp;&nbsp; 9180110 |
| **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** |
| Applied Industrial Technologies, Inc.  | 34260 | &nbsp;&nbsp; 7963737 |
| FTAI Aviation Ltd. (b) | 46479 | &nbsp;&nbsp; 5346944 |
|  |  | &nbsp;&nbsp; 13310681 |
| Total Common Stocks <br>(Cost $698,151,757) <br>|  | &nbsp;&nbsp; 829291341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—5.4%** | **Securities Lending Reinvestments (c)—5.4%** | **Securities Lending Reinvestments (c)—5.4%** |
| **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-244**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (d)<br>| 1000000 | &nbsp;&nbsp; $1000000 |
|  |  | &nbsp;&nbsp; 2000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—4.8%** | **Repurchase Agreements—4.8%** | **Repurchase Agreements—4.8%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $3,000,372; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,339,222<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $6,000,728; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $6,120,000<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $5,000,608; collateralized <br> by U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $5,100,621<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $2,049,807; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $2,091,135<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,883,566; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $2,940,881<br>| 2883216 | &nbsp;&nbsp; 2883216 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $4,000,490; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,400,000<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $1,000,887; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,115,123<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,000,365; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $3,060,001<br>| 3000000 | &nbsp;&nbsp; 3000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $4,500,555; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,006,785<br>| 4500000 | &nbsp;&nbsp; $4500000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $5,500,677; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,050,745<br>| 5500000 | &nbsp;&nbsp; 5500000 |
|  |  | &nbsp;&nbsp; 39883216 |
| **Time Deposits—0.4%** | **Time Deposits—0.4%** | **Time Deposits—0.4%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank of Canada |  |  |
| 4.400%, OBFR + 0.070%, 07/07/25 (e) | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments <br>(Cost $44,883,216) <br>|  | &nbsp;&nbsp; 44883216 |
| Total Investments—104.3% <br>(Cost $743,034,973) <br>|  | &nbsp;&nbsp; 874174557 |
| Other assets and liabilities (net)—(4.3)%  |  | &nbsp;&nbsp; (35760466)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $838414091 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $54,936,637 and the collateral received consisted of cash in the amount of $44,883,216 and non-cash collateral with a value of $20,950,233. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(e) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

*See accompanying notes to financial statements.*

**BHFTI-245**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $421150618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $409541166 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(44883216)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(44883216)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(44883216)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $829291341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $829291341 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 39883216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39883216 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 42883216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44883216 |
| Total Investments | &nbsp;&nbsp; $831291341 | &nbsp;&nbsp; $42883216 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $874174557 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(44883216)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(44883216)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-246**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $874174557 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 9502 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 15384276 |
| Fund shares sold | &nbsp;&nbsp; 88290 |
| Dividends | &nbsp;&nbsp; 147933 |
| Prepaid expenses | &nbsp;&nbsp; 6335 |
| Total Assets | &nbsp;&nbsp; 889810893 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 3747414 |
| Collateral for securities loaned | &nbsp;&nbsp; 44883216 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1293090 |
| Fund shares redeemed | &nbsp;&nbsp; 450685 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 516811 |
| Distribution and service fees | &nbsp;&nbsp; 83763 |
| Deferred trustees' fees | &nbsp;&nbsp; 223633 |
| Other expenses | &nbsp;&nbsp; 198190 |
| Total Liabilities | &nbsp;&nbsp; 51396802 |
| **Net Assets**  | &nbsp;&nbsp; $838414091 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $683869123 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 154544968 |
| **Net Assets**  | &nbsp;&nbsp; $838414091 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $415366512 |
| Class B | &nbsp;&nbsp; 411000734 |
| Class E | &nbsp;&nbsp; 12046845 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 44745001 |
| Class B | &nbsp;&nbsp; 56135113 |
| Class E | &nbsp;&nbsp; 1444213 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.28 |
| Class B | 7.32 |
| Class E | 8.34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $743,034,973.

(b) Includes securities loaned at value of $54,936,637.

(c) Identified cost of cash denominated in foreign currencies was $9,479.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $1662241 |
| Interest | &nbsp;&nbsp; 301287 |
| Securities lending income | &nbsp;&nbsp; 75371 |
| Total investment income | &nbsp;&nbsp; 2038899 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3416828 |
| Administration fees | &nbsp;&nbsp; 25354 |
| Custodian and accounting fees | &nbsp;&nbsp; 27541 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 490730 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 9123 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 31832 |
| Insurance | &nbsp;&nbsp; 3704 |
| Miscellaneous | &nbsp;&nbsp; 8311 |
| Total expenses | &nbsp;&nbsp; 4081227 |
| Less management fee waiver | &nbsp;&nbsp; (365147)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (36277)<br>|
| Net expenses | &nbsp;&nbsp; 3679803 |
| **Net Investment Loss** | &nbsp;&nbsp; (1640904)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 37988468 |
| Foreign currency transactions | &nbsp;&nbsp; 5793 |
| Net realized gain (loss) | &nbsp;&nbsp; 37994261 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (58652102)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 8 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (58652094)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (20657833)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(22298737)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $11,366.

*See accompanying notes to financial statements.*

**BHFTI-247**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1640904)<br>| &nbsp;&nbsp; $(4085394)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 37994261 | &nbsp;&nbsp; 108403404 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (58652094)<br>| &nbsp;&nbsp; 41700350 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (22298737)<br>| &nbsp;&nbsp; 146018360 |
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 2064676 | &nbsp;&nbsp; (234165184)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (20234061)<br>| &nbsp;&nbsp; (88146824)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 858648152 | &nbsp;&nbsp; 946794976 |
| End of period | &nbsp;&nbsp; $838414091 | &nbsp;&nbsp; $858648152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2784627 | &nbsp;&nbsp; $23899613 | &nbsp;&nbsp; 599808 | &nbsp;&nbsp; $5370013 |
| Redemptions | &nbsp;&nbsp; (1987985)<br>| &nbsp;&nbsp; (18609822)<br>| &nbsp;&nbsp; (18172711)<br>| &nbsp;&nbsp; (167060205)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 796642 | &nbsp;&nbsp; $5289791 | &nbsp;&nbsp; (17572903)<br>| &nbsp;&nbsp; $(161690192)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3146949 | &nbsp;&nbsp; $21219614 | &nbsp;&nbsp; 1842192 | &nbsp;&nbsp; $13035085 |
| Redemptions | &nbsp;&nbsp; (3226088)<br>| &nbsp;&nbsp; (23239260)<br>| &nbsp;&nbsp; (11677208)<br>| &nbsp;&nbsp; (83675857)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (79139)<br>| &nbsp;&nbsp; $(2019646)<br>| &nbsp;&nbsp; (9835016)<br>| &nbsp;&nbsp; $(70640772)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 106395 | &nbsp;&nbsp; $858175 | &nbsp;&nbsp; 145535 | &nbsp;&nbsp; $1203268 |
| Redemptions | &nbsp;&nbsp; (256058)<br>| &nbsp;&nbsp; (2063644)<br>| &nbsp;&nbsp; (381184)<br>| &nbsp;&nbsp; (3037488)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (149663)<br>| &nbsp;&nbsp; $(1205469)<br>| &nbsp;&nbsp; (235649)<br>| &nbsp;&nbsp; $(1834220)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $2064676 |  | &nbsp;&nbsp; $(234165184)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-248**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $7.30 | &nbsp;&nbsp; $17.05 | &nbsp;&nbsp; $19.33 | &nbsp;&nbsp; $13.12 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.11 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp; (6.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.83)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.84)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.28 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $7.30 | &nbsp;&nbsp; $17.05 | &nbsp;&nbsp; $19.33 |
| **Total Return (%)** (c) | &nbsp;&nbsp; (2.93 ) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.59 | &nbsp;&nbsp;&nbsp;&nbsp;12.33 | &nbsp;&nbsp; (35.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;57.24 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.90 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net ratio of expenses to average net assets (%) (f) (g) | 0.81 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.29 ) (e)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.41)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 52 <br>(d)<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 50 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $415.4 | &nbsp;&nbsp; $420.3 | &nbsp;&nbsp; $504.5 | &nbsp;&nbsp; $482.4 | &nbsp;&nbsp; $655.2 | &nbsp;&nbsp; $727.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.55 | &nbsp;&nbsp; $6.49 | &nbsp;&nbsp; $5.79 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $17.22 | &nbsp;&nbsp; $11.80 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; (5.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.25 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.83)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.83)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.32 | &nbsp;&nbsp; $7.55 | &nbsp;&nbsp; $6.49 | &nbsp;&nbsp; $5.79 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $17.22 |
| **Total Return (%)** (c) | &nbsp;&nbsp; (3.05 ) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp; 12.09 <br>(h)<br>| &nbsp;&nbsp; (35.26 ) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp;&nbsp;56.76 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.15 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Net ratio of expenses to average net assets (%) (f) (g) | 1.06 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.54 ) (e)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.66)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 52 <br>(d)<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 50 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $411.0 | &nbsp;&nbsp; $424.6 | &nbsp;&nbsp; $428.8 | &nbsp;&nbsp; $394.4 | &nbsp;&nbsp; $574.9 | &nbsp;&nbsp; $576.4 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-249**

------

**Brighthouse Funds Trust I**

**Invesco Small Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $6.59 | &nbsp;&nbsp; $15.97 | &nbsp;&nbsp; $18.34 | &nbsp;&nbsp; $12.49 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp; (5.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.75 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp; (5.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.83)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.83)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $6.59 | &nbsp;&nbsp; $15.97 | &nbsp;&nbsp; $18.34 |
| **Total Return (%)** (c) | &nbsp;&nbsp; (3.02 ) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.37 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp; (35.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp;&nbsp;57.08 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.05 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net ratio of expenses to average net assets (%) (f) (g) | 0.96 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.44 ) (e)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.56)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 52 <br>(d)<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 50 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $12.0 | &nbsp;&nbsp; $13.7 | &nbsp;&nbsp; $13.5 | &nbsp;&nbsp; $13.0 | &nbsp;&nbsp; $22.7 | &nbsp;&nbsp; $21.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions from return of capital were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2025 and for each of the years ended December 31, 2024 through 2020 (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

*See accompanying notes to financial statements.*

**BHFTI-250**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—29.5% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 4.2%** | **Agency Collateralized Mortgage Obligations — 4.2%** | **Agency Collateralized Mortgage Obligations — 4.2%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 1.952%, -1x SOFR30A + 6.256%, 10/15/37 (a) (b) | 1135218 | &nbsp;&nbsp; $101589 |
| 1.982%, -1x SOFR30A + 6.286%, 11/15/36 (a) (b) | 557732 | &nbsp;&nbsp; 48357 |
| 3.000%, 02/15/26 | 23504 | &nbsp;&nbsp; 23370 |
| 4.868%, SOFR30A + 0.564%, 08/15/42 (b) | 1420391 | &nbsp;&nbsp; 1401769 |
| 5.000%, 08/15/35 | 459436 | &nbsp;&nbsp; 471300 |
| 5.098%, SOFR30A + 0.794%, 11/15/37 (b) | 213440 | &nbsp;&nbsp; 213346 |
| 5.768%, SOFR30A + 1.464%, 03/15/38 (b) | 600000 | &nbsp;&nbsp; 621212 |
| 6.000%, 07/15/35 | 1159992 | &nbsp;&nbsp; 1234722 |
| 6.000%, 03/15/36 | 920239 | &nbsp;&nbsp; 975132 |
| 6.500%, 05/15/28 | 33726 | &nbsp;&nbsp; 34110 |
| 6.500%, 03/15/37 | 213916 | &nbsp;&nbsp; 229847 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| 3.000%, 10/25/62 | 2845971 | &nbsp;&nbsp; 2391388 |
| 3.250%, 11/25/61 | 2118908 | &nbsp;&nbsp; 1822607 |
| 3.500%, 05/25/57 | 2848923 | &nbsp;&nbsp; 2614424 |
| 3.500%, 06/25/57 | 2666222 | &nbsp;&nbsp; 2441186 |
| 3.500%, 07/25/58 | 2561050 | &nbsp;&nbsp; 2287750 |
| 3.500%, 10/25/58 | 1347586 | &nbsp;&nbsp; 1098920 |
| 3.500%, 05/25/64 | 3247603 | &nbsp;&nbsp; 2810374 |
| 4.000%, 11/25/57 | 2084601 | &nbsp;&nbsp; 1955635 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| Zero Coupon, 09/15/43 (c) | 291929 | &nbsp;&nbsp; 223523 |
| 3.000%, 01/15/43 | 903651 | &nbsp;&nbsp; 828547 |
| Federal National Mortgage Association Benchmark REMICS |  |  |
| 5.500%, 06/25/37 | 226581 | &nbsp;&nbsp; 236498 |
| Federal National Mortgage Association Grantor Trust |  |  |
| 2.898%, 06/25/27 | 3890000 | &nbsp;&nbsp; 3784431 |
| Federal National Mortgage Association REMICS |  |  |
| Zero Coupon, 09/25/43 (c) | 494916 | &nbsp;&nbsp; 372050 |
| Zero Coupon, 10/25/43 (c) | 286770 | &nbsp;&nbsp; 208931 |
| Zero Coupon, 12/25/43 (c) | 520497 | &nbsp;&nbsp; 380341 |
| 2.110%, -1x SOFR30A + 6.416%, 01/25/41 (a) (b) | 1329853 | &nbsp;&nbsp; 164068 |
| 3.500%, 02/25/43 | 1087476 | &nbsp;&nbsp; 1032780 |
| 3.500%, 11/25/57 | 1852857 | &nbsp;&nbsp; 1787993 |
| 4.920%, SOFR30A + 0.614%, 10/25/42 (b) | 172133 | &nbsp;&nbsp; 170165 |
| 5.000%, 03/25/40 | 1455314 | &nbsp;&nbsp; 1489994 |
| 5.020%, SOFR30A + 0.714%, 10/25/43 (b) | 653889 | &nbsp;&nbsp; 648700 |
| 5.020%, SOFR30A + 0.714%, 12/25/43 (b) | 620816 | &nbsp;&nbsp; 621504 |
| 5.320%, SOFR30A + 1.014%, 03/25/38 (b) | 72581 | &nbsp;&nbsp; 73015 |
| 5.420%, SOFR30A + 1.114%, 08/25/32 (b) | 159924 | &nbsp;&nbsp; 161446 |
| 5.500%, 12/25/35 | 390214 | &nbsp;&nbsp; 405341 |
| 6.000%, 01/25/36 | 775400 | &nbsp;&nbsp; 795392 |
| 6.500%, 07/18/28 | 16521 | &nbsp;&nbsp; 16697 |
| Government National Mortgage Association REMICS |  |  |
| 1.650%, 02/20/63 | 18602 | &nbsp;&nbsp; 17533 |
| 1.650%, 04/20/63 | 49986 | &nbsp;&nbsp; 47967 |
| 4.414%, 04/20/43 (b) | 814495 | &nbsp;&nbsp; 784760 |
| 4.746%, 1M TSFR + 0.414%, 08/20/60 (b) | 44 | &nbsp;&nbsp; 43 |
| 4.746%, 1M TSFR + 0.414%, 11/20/62 (b) | 145 | &nbsp;&nbsp; 144 |
| 4.786%, 1M TSFR + 0.454%, 12/20/62 (b) | 263029 | &nbsp;&nbsp; 262914 |
| 4.839%, 1M TSFR + 0.514%, 02/20/62 (b) | 19019 | &nbsp;&nbsp; 18806 |
| 4.856%, 1M TSFR + 0.524%, 03/20/63 (b) | 60392 | &nbsp;&nbsp; 60436 |
| 4.866%, 1M TSFR + 0.534%, 02/20/63 (b) | 349385 | &nbsp;&nbsp; 349688 |
| 4.883%, 11/20/42 (b) | 2620655 | &nbsp;&nbsp; 2680797 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Government National Mortgage Association REMICS |  |  |
| 4.916%, 1M TSFR + 0.584%, 03/20/63 (b) | 261455 | &nbsp;&nbsp; $261863 |
| 4.916%, 1M TSFR + 0.584%, 07/20/64 (b) | 211154 | &nbsp;&nbsp; 211477 |
| 4.916%, 1M TSFR + 0.584%, 09/20/64 (b) | 411647 | &nbsp;&nbsp; 412173 |
| 4.926%, 1M TSFR + 0.594%, 04/20/63 (b) | 469653 | &nbsp;&nbsp; 470179 |
| 4.932%, 1M TSFR + 0.614%, 09/20/37 (b) | 70595 | &nbsp;&nbsp; 70192 |
| 4.946%, 1M TSFR + 0.614%, 01/20/63 (b) | 10471 | &nbsp;&nbsp; 10413 |
| 4.946%, 1M TSFR + 0.614%, 04/20/63 (b) | 627193 | &nbsp;&nbsp; 628693 |
| 4.946%, 1M TSFR + 0.614%, 06/20/64 (b) | 1573478 | &nbsp;&nbsp; 1576475 |
| 4.946%, 1M TSFR + 0.614%, 07/20/64 (b) | 665433 | &nbsp;&nbsp; 666653 |
| 4.996%, 1M TSFR + 0.664%, 04/20/62 (b) | 64 | &nbsp;&nbsp; 64 |
| 5.000%, 12/20/33 | 295446 | &nbsp;&nbsp; 294676 |
| 5.000%, 06/16/39 | 21034 | &nbsp;&nbsp; 21033 |
| 5.000%, 07/20/39 | 663686 | &nbsp;&nbsp; 669332 |
| 5.000%, 10/20/39 | 687642 | &nbsp;&nbsp; 692292 |
| 5.046%, 1M TSFR + 0.714%, 04/20/64 (b) | 2663730 | &nbsp;&nbsp; 2672922 |
| 5.092%, 06/20/40 (b) | 885069 | &nbsp;&nbsp; 907022 |
| 5.096%, 1M TSFR + 0.764%, 07/20/63 (b) | 67133 | &nbsp;&nbsp; 67291 |
| 5.096%, 1M TSFR + 0.764%, 01/20/64 (b) | 66548 | &nbsp;&nbsp; 66815 |
| 5.096%, 1M TSFR + 0.764%, 02/20/64 (b) | 235706 | &nbsp;&nbsp; 236728 |
| 5.096%, 1M TSFR + 0.764%, 03/20/64 (b) | 140289 | &nbsp;&nbsp; 140838 |
| 5.136%, 1M TSFR + 0.804%, 02/20/64 (b) | 443444 | &nbsp;&nbsp; 445142 |
| 5.146%, 1M TSFR + 0.814%, 09/20/63 (b) | 101669 | &nbsp;&nbsp; 102049 |
| 5.196%, 1M TSFR + 0.864%, 09/20/63 (b) | 50700 | &nbsp;&nbsp; 50889 |
| 5.446%, 1M TSFR + 1.114%, 12/20/66 (b) | 404760 | &nbsp;&nbsp; 406831 |
| 5.500%, 07/16/33 (a) | 262495 | &nbsp;&nbsp; 2386 |
|  |  | &nbsp;&nbsp; 51485970 |
| **Agency Mortgage-Backed Securities — 25.3%** | **Agency Mortgage-Backed Securities — 25.3%** | **Agency Mortgage-Backed Securities — 25.3%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.500%, 07/01/50 | 8980465 | &nbsp;&nbsp; 7492632 |
| 2.500%, 05/01/51 | 2075400 | &nbsp;&nbsp; 1736117 |
| 2.500%, 01/01/52 | 3856147 | &nbsp;&nbsp; 3232822 |
| 3.000%, 09/01/50 | 3107166 | &nbsp;&nbsp; 2828542 |
| 3.000%, 02/01/52 | 2567672 | &nbsp;&nbsp; 2223056 |
| 3.500%, 03/01/32 | 228965 | &nbsp;&nbsp; 224652 |
| 3.500%, 12/01/32 | 763842 | &nbsp;&nbsp; 745217 |
| 3.500%, 01/01/33 | 1194932 | &nbsp;&nbsp; 1163815 |
| 3.500%, 03/01/33 | 1227379 | &nbsp;&nbsp; 1195849 |
| 3.500%, 04/01/33 | 1938776 | &nbsp;&nbsp; 1895943 |
| 3.500%, 05/01/33 | 430353 | &nbsp;&nbsp; 418394 |
| 3.500%, 06/01/43 | 673401 | &nbsp;&nbsp; 627512 |
| 3.700%, 06/01/34 | 3248365 | &nbsp;&nbsp; 3050949 |
| 3.750%, 08/01/32 | 3500000 | &nbsp;&nbsp; 3339315 |
| 4.000%, 09/01/32 | 160599 | &nbsp;&nbsp; 158791 |
| 4.000%, 11/01/32 | 427318 | &nbsp;&nbsp; 422581 |
| 4.000%, 12/01/32 | 336279 | &nbsp;&nbsp; 332179 |
| 4.000%, 01/01/33 | 31490 | &nbsp;&nbsp; 31200 |
| 4.000%, 02/01/33 | 93728 | &nbsp;&nbsp; 92683 |
| 4.000%, 08/01/42 | 795006 | &nbsp;&nbsp; 768044 |
| 4.000%, 08/01/43 | 1327168 | &nbsp;&nbsp; 1280070 |
| 4.000%, 01/01/46 | 952549 | &nbsp;&nbsp; 903850 |
| 4.000%, 07/01/48 | 1191353 | &nbsp;&nbsp; 1129413 |
| 4.000%, 05/01/52 | 496074 | &nbsp;&nbsp; 464225 |
| 5.000%, 02/01/34 | 80930 | &nbsp;&nbsp; 81510 |
| 5.000%, 08/01/39 | 436450 | &nbsp;&nbsp; 442417 |

---

*See accompanying notes to financial statements.*

**BHFTI-251**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 6.000%, 12/01/54 | 1087152 | &nbsp;&nbsp; $1108701 |
| 6.864%, 1Y RFUCCT + 1.846%, 07/01/40 (b) | 197916 | &nbsp;&nbsp; 204114 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Credit Risk<br>|  |  |
| 6.105%, SOFR30A + 1.800%, 07/25/41 (144A) (b) | 410139 | &nbsp;&nbsp; 402757 |
| 8.555%, SOFR30A + 4.250%, 05/25/52 (144A) (b) | 1307304 | &nbsp;&nbsp; 1329498 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 2.920%, 06/25/32 | 3100000 | &nbsp;&nbsp; 2833083 |
| 3.336%, 04/25/28 (b) | 1790000 | &nbsp;&nbsp; 1751393 |
| 3.690%, 01/25/29 | 397000 | &nbsp;&nbsp; 392081 |
| 3.710%, 09/25/32 (b) | 3035000 | &nbsp;&nbsp; 2905297 |
| 3.800%, 10/25/32 (b) | 2100000 | &nbsp;&nbsp; 2019813 |
| 3.900%, 08/25/28 (b) | 3170000 | &nbsp;&nbsp; 3155596 |
| Federal National Mortgage Association |  |  |
| 1.508%, 11/01/32 (b) | 8199500 | &nbsp;&nbsp; 6769186 |
| 1.755%, 03/01/32 (b) | 5031534 | &nbsp;&nbsp; 4299059 |
| 1.800%, 10/01/33 | 3484000 | &nbsp;&nbsp; 2878122 |
| 1.930%, 11/01/31 | 4300000 | &nbsp;&nbsp; 3720963 |
| 2.000%, 08/01/51 | 4049777 | &nbsp;&nbsp; 3208827 |
| 2.010%, 01/01/32 | 4050000 | &nbsp;&nbsp; 3523139 |
| 2.440%, 06/01/30 | 2872093 | &nbsp;&nbsp; 2644912 |
| 2.500%, 05/01/50 | 3144489 | &nbsp;&nbsp; 2644266 |
| 2.500%, 09/01/50 | 2626168 | &nbsp;&nbsp; 2212794 |
| 2.500%, 10/01/50 | 1939105 | &nbsp;&nbsp; 1642578 |
| 2.500%, 05/01/51 | 3368240 | &nbsp;&nbsp; 2821459 |
| 2.500%, 09/01/51 | 3241583 | &nbsp;&nbsp; 2689263 |
| 2.500%, 10/01/51 | 6112437 | &nbsp;&nbsp; 5106701 |
| 2.500%, 01/01/52 | 2507139 | &nbsp;&nbsp; 2104980 |
| 2.500%, 02/01/52 | 3403932 | &nbsp;&nbsp; 2858758 |
| 2.500%, 03/01/52 | 3476426 | &nbsp;&nbsp; 2926799 |
| 2.500%, 05/01/52 | 4185397 | &nbsp;&nbsp; 3526122 |
| 2.500%, 09/01/52 | 4701684 | &nbsp;&nbsp; 3922895 |
| 2.500%, 03/01/62 | 2344459 | &nbsp;&nbsp; 1861040 |
| 2.510%, 10/01/30 | 3150000 | &nbsp;&nbsp; 2893374 |
| 2.730%, 07/01/28 | 2719567 | &nbsp;&nbsp; 2610299 |
| 2.810%, 09/01/31 | 1328092 | &nbsp;&nbsp; 1228974 |
| 2.970%, 06/01/30 | 2750000 | &nbsp;&nbsp; 2590897 |
| 2.980%, 09/01/36 | 1095506 | &nbsp;&nbsp; 1021776 |
| 3.000%, 01/01/43 | 1329844 | &nbsp;&nbsp; 1199430 |
| 3.000%, 01/01/52 | 2435975 | &nbsp;&nbsp; 2109038 |
| 3.000%, 02/01/52 | 5064135 | &nbsp;&nbsp; 4428299 |
| 3.000%, 06/01/52 | 3625339 | &nbsp;&nbsp; 3142860 |
| 3.000%, 07/01/60 | 2275917 | &nbsp;&nbsp; 1959001 |
| 3.000%, 03/01/61 | 2750002 | &nbsp;&nbsp; 2366947 |
| 3.500%, 08/01/26 | 16038 | &nbsp;&nbsp; 15898 |
| 3.500%, 02/01/33 | 754176 | &nbsp;&nbsp; 737245 |
| 3.500%, 05/01/33 | 993811 | &nbsp;&nbsp; 970910 |
| 3.500%, 07/01/42 | 687682 | &nbsp;&nbsp; 645471 |
| 3.500%, 08/01/42 | 214988 | &nbsp;&nbsp; 202467 |
| 3.500%, 07/01/43 | 865450 | &nbsp;&nbsp; 805446 |
| 3.500%, 01/01/50 | 2585126 | &nbsp;&nbsp; 2360148 |
| 3.500%, 07/01/50 | 1890848 | &nbsp;&nbsp; 1721019 |
| 3.500%, 12/01/51 | 1323595 | &nbsp;&nbsp; 1202013 |
| 3.500%, 02/01/52 | 3852475 | &nbsp;&nbsp; 3475412 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.500%, 03/01/60 | 1791462 | &nbsp;&nbsp; $1600485 |
| 3.500%, 03/01/61 | 1272167 | &nbsp;&nbsp; 1125229 |
| 3.500%, 03/01/62 | 2801536 | &nbsp;&nbsp; 2478026 |
| 3.540%, 06/01/32 | 4357000 | &nbsp;&nbsp; 4091342 |
| 3.550%, 02/01/30 | 1500000 | &nbsp;&nbsp; 1460405 |
| 3.730%, 10/01/32 | 2463120 | &nbsp;&nbsp; 2348753 |
| 3.800%, 09/01/32 | 3411180 | &nbsp;&nbsp; 3268482 |
| 3.805%, 11/01/32 | 2025000 | &nbsp;&nbsp; 1941417 |
| 3.895%, 02/01/33 | 3450000 | &nbsp;&nbsp; 3311249 |
| 3.970%, 08/01/33 | 4674532 | &nbsp;&nbsp; 4464446 |
| 4.000%, 02/01/31 | 235336 | &nbsp;&nbsp; 233596 |
| 4.000%, 10/01/32 | 141428 | &nbsp;&nbsp; 139552 |
| 4.000%, 12/01/40 | 64368 | &nbsp;&nbsp; 61639 |
| 4.000%, 07/01/42 | 444210 | &nbsp;&nbsp; 426467 |
| 4.000%, 06/01/47 | 450602 | &nbsp;&nbsp; 426806 |
| 4.000%, 04/01/52 | 4687983 | &nbsp;&nbsp; 4368840 |
| 4.000%, 05/01/52 | 7310169 | &nbsp;&nbsp; 6813276 |
| 4.170%, 05/01/33 | 3000000 | &nbsp;&nbsp; 2930638 |
| 4.185%, 04/01/33 | 3000000 | &nbsp;&nbsp; 2934777 |
| 4.190%, 04/01/33 | 2000000 | &nbsp;&nbsp; 1956072 |
| 4.330%, 01/01/33 | 2700000 | &nbsp;&nbsp; 2671404 |
| 4.500%, 02/01/40 | 135444 | &nbsp;&nbsp; 135095 |
| 4.500%, 06/01/62 | 1886197 | &nbsp;&nbsp; 1804179 |
| 4.520%, 06/01/33 | 1577778 | &nbsp;&nbsp; 1579575 |
| 4.520%, 10/01/33 | 1300000 | &nbsp;&nbsp; 1299308 |
| 4.550%, 09/01/33 | 3102141 | &nbsp;&nbsp; 3115045 |
| 4.590%, 04/01/33 | 3350000 | &nbsp;&nbsp; 3350296 |
| 4.735%, 02/01/33 | 3100000 | &nbsp;&nbsp; 3126741 |
| 5.000%, 09/01/35 | 246396 | &nbsp;&nbsp; 249748 |
| 5.000%, 06/01/53 | 3793410 | &nbsp;&nbsp; 3724866 |
| 5.080%, 02/01/32 | 3145000 | &nbsp;&nbsp; 3238723 |
| 5.290%, 12/01/32 | 2486740 | &nbsp;&nbsp; 2582176 |
| 5.500%, 01/01/58 | 1628241 | &nbsp;&nbsp; 1679443 |
| 6.000%, 07/01/28 | 28643 | &nbsp;&nbsp; 29102 |
| 6.000%, 12/01/39 | 97162 | &nbsp;&nbsp; 101853 |
| Federal National Mortgage Association-ACES |  |  |
| 1.000%, 11/25/33 | 10177 | &nbsp;&nbsp; 10146 |
| 1.200%, 10/25/30 | 841890 | &nbsp;&nbsp; 797310 |
| 1.764%, 11/25/31 (b) | 7400000 | &nbsp;&nbsp; 6304682 |
| 1.924%, 10/25/30 (a) (b) | 13166401 | &nbsp;&nbsp; 549804 |
| 1.992%, 01/25/32 (b) | 5000000 | &nbsp;&nbsp; 4327640 |
| 2.018%, 11/25/33 (a) (b) | 6420981 | &nbsp;&nbsp; 426809 |
| 2.488%, 05/25/26 | 1052548 | &nbsp;&nbsp; 1034196 |
| 2.546%, 12/25/26 (b) | 637654 | &nbsp;&nbsp; 621807 |
| 3.061%, 05/25/27 (b) | 2151923 | &nbsp;&nbsp; 2110632 |
| 3.109%, 04/25/29 (b) | 1467353 | &nbsp;&nbsp; 1417364 |
| 3.159%, 03/25/28 (b) | 1486385 | &nbsp;&nbsp; 1447634 |
| 3.162%, 06/25/27 (b) | 1885156 | &nbsp;&nbsp; 1846787 |
| 3.166%, 02/25/30 (b) | 1139979 | &nbsp;&nbsp; 1091574 |
| 3.467%, 07/25/28 (b) | 3646152 | &nbsp;&nbsp; 3575850 |
| 3.876%, 08/25/32 (b) | 2600000 | &nbsp;&nbsp; 2497691 |
| FREMF Mortgage Trust |  |  |
| 3.688%, 11/25/49 (144A) (b) | 1700000 | &nbsp;&nbsp; 1670822 |
| 3.786%, 04/25/28 (144A) (b) | 3100000 | &nbsp;&nbsp; 2935045 |

---

*See accompanying notes to financial statements.*

**BHFTI-252**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 2.500%, 10/20/51 | 2207764 | &nbsp;&nbsp; $1876639 |
| 3.000%, 02/20/51 | 1450601 | &nbsp;&nbsp; 1283659 |
| 3.500%, 01/20/51 | 2266394 | &nbsp;&nbsp; 2033435 |
| 3.500%, 02/20/52 | 2643936 | &nbsp;&nbsp; 2418057 |
| 4.000%, 01/20/52 | 2566435 | &nbsp;&nbsp; 2397252 |
| 4.000%, 02/20/52 | 3151417 | &nbsp;&nbsp; 2931709 |
| 4.000%, 08/20/52 | 5772564 | &nbsp;&nbsp; 5393783 |
| 4.500%, 11/20/49 | 1527758 | &nbsp;&nbsp; 1463124 |
| 4.875%, 1Y H15 + 1.500%, 04/20/41 (b) | 94624 | &nbsp;&nbsp; 96201 |
| 5.000%, 05/20/52 | 2768650 | &nbsp;&nbsp; 2697454 |
| 5.500%, 07/20/53 | 2537163 | &nbsp;&nbsp; 2552964 |
| 5.815%, 1Y H15 + 1.710%, 03/20/72 (b) | 2998892 | &nbsp;&nbsp; 3137978 |
| 5.839%, 1Y H15 + 1.749%, 10/20/71 (b) | 3238560 | &nbsp;&nbsp; 3379970 |
| 5.839%, 1Y H15 + 1.748%, 11/20/71 (b) | 3489644 | &nbsp;&nbsp; 3648344 |
| 5.854%, 1Y H15 + 1.739%, 04/20/72 (b) | 2793768 | &nbsp;&nbsp; 2921996 |
| 5.869%, 1Y H15 + 1.777%, 12/20/71 (b) | 2980350 | &nbsp;&nbsp; 3120384 |
| 5.911%, 1Y H15 + 1.786%, 09/20/71 (b) | 2987659 | &nbsp;&nbsp; 3128084 |
| 5.912%, 1Y H15 + 1.828%, 08/20/71 (b) | 2965743 | &nbsp;&nbsp; 3108035 |
|  |  | &nbsp;&nbsp; 306756810 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $376,929,464) <br>|  | &nbsp;&nbsp; 358242780 |
| **U.S. Treasury & Government Agencies—27.1%** | **U.S. Treasury & Government Agencies—27.1%** | **U.S. Treasury & Government Agencies—27.1%** |
| **Federal Agencies — 0.2%** | **Federal Agencies — 0.2%** | **Federal Agencies — 0.2%** |
| Tennessee Valley Authority |  |  |
| 5.880%, 04/01/36 | 1600000 | &nbsp;&nbsp; 1768922 |
| Tennessee Valley Authority Generic STRIPS |  |  |
| Zero Coupon, 03/15/32 (a) | 1000000 | &nbsp;&nbsp; 747838 |
| Tennessee Valley Authority Principal STRIPS |  |  |
| Zero Coupon, 06/15/35 (c) | 750000 | &nbsp;&nbsp; 469010 |
|  |  | &nbsp;&nbsp; 2985770 |
| **U.S. Treasury — 26.9%** | **U.S. Treasury — 26.9%** | **U.S. Treasury — 26.9%** |
| U.S. Treasury Bonds |  |  |
| 1.125%, 05/15/40 | 555000 | &nbsp;&nbsp; 345054 |
| 1.250%, 05/15/50 | 528000 | &nbsp;&nbsp; 253605 |
| 1.375%, 08/15/50 | 380000 | &nbsp;&nbsp; 187358 |
| 1.625%, 11/15/50 | 6800000 | &nbsp;&nbsp; 3582484 |
| 1.875%, 02/15/51 | 13028900 | &nbsp;&nbsp; 7318577 |
| 1.875%, 11/15/51 | 8840000 | &nbsp;&nbsp; 4917941 |
| 2.000%, 02/15/50 | 5127000 | &nbsp;&nbsp; 3010510 |
| 2.000%, 08/15/51 | 3675000 | &nbsp;&nbsp; 2118724 |
| 2.250%, 05/15/41 | 12370000 | &nbsp;&nbsp; 8983713 |
| 2.250%, 08/15/46 | 6537000 | &nbsp;&nbsp; 4282501 |
| 2.250%, 08/15/49 | 170000 | &nbsp;&nbsp; 106642 |
| 2.250%, 02/15/52 | 10400000 | &nbsp;&nbsp; 6352531 |
| 2.375%, 02/15/42 | 11600000 | &nbsp;&nbsp; 8439000 |
| 2.375%, 11/15/49 | 4475000 | &nbsp;&nbsp; 2878159 |
| 2.500%, 02/15/45 | 6750000 | &nbsp;&nbsp; 4751895 |
| 2.750%, 11/15/42 | 9475000 | &nbsp;&nbsp; 7217655 |
| 2.750%, 08/15/47 | 8000000 | &nbsp;&nbsp; 5701875 |
| 2.875%, 05/15/43 | 10415000 | &nbsp;&nbsp; 8027280 |
| 2.875%, 05/15/49 | 27000 | &nbsp;&nbsp; 19382 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bonds |  |  |
| 2.875%, 05/15/52 | 2280000 | &nbsp;&nbsp; $1604550 |
| 3.000%, 11/15/44 | 238000 | &nbsp;&nbsp; 183269 |
| 3.000%, 11/15/45 | 510000 | &nbsp;&nbsp; 388536 |
| 3.000%, 02/15/47 | 276000 | &nbsp;&nbsp; 207205 |
| 3.000%, 02/15/48 | 1580000 | &nbsp;&nbsp; 1173952 |
| 3.125%, 02/15/43 | 1160000 | &nbsp;&nbsp; 932848 |
| 3.500%, 02/15/39 | 7063500 | &nbsp;&nbsp; 6377844 |
| 3.625%, 08/15/43 | 6050000 | &nbsp;&nbsp; 5204891 |
| 3.625%, 02/15/44 | 4325000 | &nbsp;&nbsp; 3702774 |
| 3.625%, 02/15/53 | 22641000 | &nbsp;&nbsp; 18482485 |
| 3.750%, 11/15/43 | 2908000 | &nbsp;&nbsp; 2540865 |
| 3.875%, 08/15/40 | 5950000 | &nbsp;&nbsp; 5473768 |
| 3.875%, 02/15/43 | 435000 | &nbsp;&nbsp; 389393 |
| 3.875%, 05/15/43 | 215000 | &nbsp;&nbsp; 192039 |
| 4.000%, 11/15/42 | 4600000 | &nbsp;&nbsp; 4196602 |
| 4.250%, 05/15/39 | 2850000 | &nbsp;&nbsp; 2774631 |
| 4.375%, 02/15/38 | 720000 | &nbsp;&nbsp; 719184 |
| 4.375%, 05/15/41 | 1200000 | &nbsp;&nbsp; 1162922 |
| 4.500%, 11/15/54 | 7065000 | &nbsp;&nbsp; 6732724 |
| U.S. Treasury Notes |  |  |
| 0.625%, 08/15/30 | 1850000 | &nbsp;&nbsp; 1577775 |
| 1.500%, 02/15/30 | 1105000 | &nbsp;&nbsp; 999939 |
| 1.625%, 05/15/31 | 3640000 | &nbsp;&nbsp; 3210309 |
| 1.875%, 02/15/32 | 53815000 | &nbsp;&nbsp; 47273114 |
| 2.875%, 05/15/32 | 1795000 | &nbsp;&nbsp; 1674819 |
| 3.875%, 08/15/34 | 10675000 | &nbsp;&nbsp; 10422720 |
| 4.000%, 04/30/32 (d) | 21905000 | &nbsp;&nbsp; 21932381 |
| 4.250%, 01/31/30 | 10865000 | &nbsp;&nbsp; 11079329 |
| 4.250%, 11/15/34 | 5720000 | &nbsp;&nbsp; 5738769 |
| 4.625%, 02/15/35 | 38980000 | &nbsp;&nbsp; 40216397 |
| 4.875%, 10/31/30 | 1265000 | &nbsp;&nbsp; 1327904 |
| U.S. Treasury STRIPS Coupon |  |  |
| Zero Coupon, 02/15/30 | 6300000 | &nbsp;&nbsp; 5270706 |
| Zero Coupon, 05/15/30 | 700000 | &nbsp;&nbsp; 579643 |
| Zero Coupon, 08/15/30 | 3925000 | &nbsp;&nbsp; 3214333 |
| Zero Coupon, 11/15/30 | 5425000 | &nbsp;&nbsp; 4391494 |
| Zero Coupon, 02/15/31 | 12775000 | &nbsp;&nbsp; 10217050 |
| Zero Coupon, 11/15/31 | 3000000 | &nbsp;&nbsp; 2317237 |
| Zero Coupon, 02/15/32 | 12900000 | &nbsp;&nbsp; 9847092 |
| Zero Coupon, 05/15/32 | 800000 | &nbsp;&nbsp; 604279 |
| Zero Coupon, 08/15/33 | 400000 | &nbsp;&nbsp; 284155 |
| Zero Coupon, 11/15/33 | 1000000 | &nbsp;&nbsp; 701487 |
| Zero Coupon, 02/15/34 | 2000000 | &nbsp;&nbsp; 1383925 |
| Zero Coupon, 08/15/34 | 2600000 | &nbsp;&nbsp; 1752161 |
|  |  | &nbsp;&nbsp; 326952386 |
| Total U.S. Treasury & Government Agencies <br>(Cost $379,681,407) <br>|  | &nbsp;&nbsp; 329938156 |
| **Corporate Bonds & Notes—26.2%** | **Corporate Bonds & Notes—26.2%** | **Corporate Bonds & Notes—26.2%** |
| **Aerospace/Defense — 0.6%** | **Aerospace/Defense — 0.6%** | **Aerospace/Defense — 0.6%** |
| BAE Systems PLC |  |  |
| 1.900%, 02/15/31 (144A) | 720000 | &nbsp;&nbsp; 625628 |
| 3.000%, 09/15/50 (144A) | 332000 | &nbsp;&nbsp; 216514 |

---

*See accompanying notes to financial statements.*

**BHFTI-253**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** |
| Boeing Co. |  |  |
| 2.196%, 02/04/26 | 905000 | &nbsp;&nbsp; $890875 |
| 3.100%, 05/01/26 | 360000 | &nbsp;&nbsp; 355216 |
| 3.250%, 03/01/28 | 659000 | &nbsp;&nbsp; 636473 |
| 5.040%, 05/01/27 | 335000 | &nbsp;&nbsp; 337496 |
| 5.150%, 05/01/30 | 675000 | &nbsp;&nbsp; 687217 |
| 5.705%, 05/01/40 | 550000 | &nbsp;&nbsp; 543366 |
| 6.298%, 05/01/29 (d) | 580000 | &nbsp;&nbsp; 613148 |
| 6.388%, 05/01/31 | 330000 | &nbsp;&nbsp; 354649 |
| 6.528%, 05/01/34 | 540000 | &nbsp;&nbsp; 586726 |
| Northrop Grumman Corp. |  |  |
| 3.850%, 04/15/45 | 182000 | &nbsp;&nbsp; 143561 |
| RTX Corp. |  |  |
| 2.820%, 09/01/51 | 1260000 | &nbsp;&nbsp; 778427 |
| 4.350%, 04/15/47 | 133000 | &nbsp;&nbsp; 110495 |
| 4.500%, 06/01/42 | 550000 | &nbsp;&nbsp; 486818 |
|  |  | &nbsp;&nbsp; 7366609 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| Altria Group, Inc. |  |  |
| 2.450%, 02/04/32 | 485000 | &nbsp;&nbsp; 418302 |
| BAT Capital Corp. |  |  |
| 2.259%, 03/25/28 | 465000 | &nbsp;&nbsp; 439940 |
| 4.540%, 08/15/47 | 363000 | &nbsp;&nbsp; 293239 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.650%, 09/17/34 (d) | 730000 | &nbsp;&nbsp; 708296 |
| Reynolds American, Inc. |  |  |
| 7.000%, 08/04/41 | 570000 | &nbsp;&nbsp; 595101 |
|  |  | &nbsp;&nbsp; 2454878 |
| **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
| Air Canada Pass-Through Trust |  |  |
| 3.300%, 07/15/31 (144A) | 341606 | &nbsp;&nbsp; 319474 |
| 3.550%, 07/15/31 (144A) | 484387 | &nbsp;&nbsp; 452670 |
| British Airways Pass-Through Trust |  |  |
| 3.300%, 06/15/34 (144A) | 423104 | &nbsp;&nbsp; 393112 |
| 3.800%, 03/20/33 (144A) | 341668 | &nbsp;&nbsp; 330493 |
| 4.125%, 03/20/33 (144A) | 460492 | &nbsp;&nbsp; 440345 |
| Delta Air Lines Pass-Through Trust |  |  |
| 2.000%, 12/10/29 | 290227 | &nbsp;&nbsp; 273172 |
| United Airlines Pass-Through Trust |  |  |
| 3.100%, 04/07/30 | 601796 | &nbsp;&nbsp; 560836 |
| 3.500%, 09/01/31 | 606818 | &nbsp;&nbsp; 571695 |
| 3.700%, 09/01/31 | 833355 | &nbsp;&nbsp; 776966 |
| 4.000%, 10/11/27 | 272727 | &nbsp;&nbsp; 270325 |
| 4.150%, 02/25/33 | 920617 | &nbsp;&nbsp; 881689 |
| 4.300%, 02/15/27 | 399033 | &nbsp;&nbsp; 398550 |
| 4.600%, 09/01/27 | 331275 | &nbsp;&nbsp; 327170 |
| 5.450%, 08/15/38 | 732569 | &nbsp;&nbsp; 739323 |
|  |  | &nbsp;&nbsp; 6735820 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Hyundai Capital America |  |  |
| 1.800%, 01/10/28 (144A) | 635000 | &nbsp;&nbsp; 591802 |
| 2.375%, 10/15/27 (144A) | 400000 | &nbsp;&nbsp; 380347 |
| 4.550%, 09/26/29 (144A) (d) | 500000 | &nbsp;&nbsp; 495541 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** | **Auto Manufacturers—(Continued)** |
| Stellantis Finance U.S., Inc. |  |  |
| 2.691%, 09/15/31 (144A) (d) | 606000 | &nbsp;&nbsp; $512138 |
| Volkswagen Group of America Finance LLC |  |  |
| 1.625%, 11/24/27 (144A) | 300000 | &nbsp;&nbsp; 279180 |
|  |  | &nbsp;&nbsp; 2259008 |
| **Banks — 8.6%** | **Banks — 8.6%** | **Banks — 8.6%** |
| ABN AMRO Bank NV |  |  |
| 2.470%, 1Y H15 + 1.100%, 12/13/29 (144A) (b) | 200000 | &nbsp;&nbsp; 186505 |
| AIB Group PLC |  |  |
| 5.320%, SOFR + 1.650%, 05/15/31 (144A) (b) | 955000 | &nbsp;&nbsp; 971752 |
| Banco Nacional de Panama |  |  |
| 2.500%, 08/11/30 (144A) | 950000 | &nbsp;&nbsp; 793999 |
| Banco Santander SA |  |  |
| 1.722%, 1Y H15 + 0.900%, 09/14/27 (b) (d) | 200000 | &nbsp;&nbsp; 193195 |
| 5.565%, 01/17/30 | 400000 | &nbsp;&nbsp; 415309 |
| 5.588%, 08/08/28 | 1600000 | &nbsp;&nbsp; 1652856 |
| 6.607%, 11/07/28 | 1000000 | &nbsp;&nbsp; 1066710 |
| Bank of America Corp. |  |  |
| 1.898%, SOFR + 1.530%, 07/23/31 (b) | 445000 | &nbsp;&nbsp; 391010 |
| 2.087%, SOFR + 1.060%, 06/14/29 (b) | 1018000 | &nbsp;&nbsp; 954203 |
| 2.572%, SOFR + 1.210%, 10/20/32 (b) | 855000 | &nbsp;&nbsp; 753564 |
| 3.970%, 3M TSFR + 1.332%, 03/05/29 (b) | 382000 | &nbsp;&nbsp; 377774 |
| 5.202%, SOFR + 1.630%, 04/25/29 (b) | 1460000 | &nbsp;&nbsp; 1492064 |
| 5.468%, SOFR + 1.650%, 01/23/35 (b) | 2955000 | &nbsp;&nbsp; 3035785 |
| Bank of Ireland Group PLC |  |  |
| 2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (b) | 655000 | &nbsp;&nbsp; 634432 |
| 5.601%, SOFR + 1.620%, 03/20/30 (144A) (b) | 425000 | &nbsp;&nbsp; 437948 |
| Bank of Montreal |  |  |
| 4.640%, SOFR + 1.250%, 09/10/30 (b) (d) | 413000 | &nbsp;&nbsp; 416419 |
| Bank of New York Mellon Corp. |  |  |
| 6.474%, SOFR + 1.845%, 10/25/34 (b) | 620000 | &nbsp;&nbsp; 682727 |
| Bank of Nova Scotia |  |  |
| 4.850%, 02/01/30 (d) | 1040000 | &nbsp;&nbsp; 1059756 |
| Banque Federative du Credit Mutuel SA |  |  |
| 5.790%, 07/13/28 (144A) | 855000 | &nbsp;&nbsp; 887445 |
| Barclays PLC |  |  |
| 2.894%, 1Y H15 + 1.300%, 11/24/32 (b) | 460000 | &nbsp;&nbsp; 407116 |
| 4.942%, SOFR + 1.560%, 09/10/30 (b) | 285000 | &nbsp;&nbsp; 287125 |
| 5.367%, SOFR + 1.230%, 02/25/31 (b) | 435000 | &nbsp;&nbsp; 444347 |
| 5.785%, SOFR + 1.590%, 02/25/36 (b) | 415000 | &nbsp;&nbsp; 424166 |
| 6.224%, SOFR + 2.980%, 05/09/34 (b) (d) | 200000 | &nbsp;&nbsp; 212271 |
| 6.496%, SOFR + 1.880%, 09/13/27 (b) | 1655000 | &nbsp;&nbsp; 1691727 |
| BNP Paribas SA |  |  |
| 3.132%, SOFR + 1.561%, 01/20/33 (144A) (b) | 586000 | &nbsp;&nbsp; 521618 |
| 5.176%, SOFR + 1.520%, 01/09/30 (144A) (b) | 1305000 | &nbsp;&nbsp; 1332210 |
| 5.283%, SOFR + 1.280%, 11/19/30 (144A) (b) | 1615000 | &nbsp;&nbsp; 1645783 |
| 5.497%, SOFR + 1.590%, 05/20/30 (144A) (b) | 1279000 | &nbsp;&nbsp; 1313299 |
| 5.786%, SOFR + 1.620%, 01/13/33 (144A) (b) | 815000 | &nbsp;&nbsp; 847848 |
| BPCE SA |  |  |
| 2.277%, SOFR + 1.312%, 01/20/32 (144A) (b) | 415000 | &nbsp;&nbsp; 359081 |
| 5.389%, SOFR + 1.581%, 05/28/31 (144A) (b) | 910000 | &nbsp;&nbsp; 926601 |
| 5.716%, SOFR + 1.959%, 01/18/30 (144A) (b) (d) | 370000 | &nbsp;&nbsp; 380940 |
| 5.876%, SOFR + 1.680%, 01/14/31 (144A) (b) | 525000 | &nbsp;&nbsp; 544576 |
| 5.936%, SOFR + 1.850%, 05/30/35 (144A) (b) | 1175000 | &nbsp;&nbsp; 1204008 |
| 6.027%, SOFR + 1.956%, 05/28/36 (144A) (b) | 1175000 | &nbsp;&nbsp; 1210424 |

---

*See accompanying notes to financial statements.*

**BHFTI-254**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| BPCE SA |  |  |
| 6.293%, SOFR + 2.040%, 01/14/36 (144A) (b) | 685000 | &nbsp;&nbsp; $719370 |
| CaixaBank SA |  |  |
| 5.581%, SOFR + 1.790%, 07/03/36 (144A) (b) | 970000 | &nbsp;&nbsp; 979949 |
| 6.684%, SOFR + 2.080%, 09/13/27 (144A) (b) | 930000 | &nbsp;&nbsp; 952430 |
| Citigroup, Inc. |  |  |
| 2.561%, SOFR + 1.167%, 05/01/32 (b) | 915000 | &nbsp;&nbsp; 810616 |
| 3.057%, SOFR + 1.351%, 01/25/33 (b) | 677000 | &nbsp;&nbsp; 605042 |
| 4.300%, 11/20/26 | 750000 | &nbsp;&nbsp; 748918 |
| 4.450%, 09/29/27 | 1294000 | &nbsp;&nbsp; 1295242 |
| 4.542%, SOFR + 1.338%, 09/19/30 (b) | 988000 | &nbsp;&nbsp; 983522 |
| 5.449%, SOFR + 1.447%, 06/11/35 (b) | 1000000 | &nbsp;&nbsp; 1021431 |
| Cooperatieve Rabobank UA |  |  |
| 3.750%, 07/21/26 | 513000 | &nbsp;&nbsp; 508874 |
| Credit Agricole SA |  |  |
| 5.222%, SOFR + 1.460%, 05/27/31 (144A) (b) | 715000 | &nbsp;&nbsp; 728333 |
| 5.230%, SOFR + 1.130%, 01/09/29 (144A) (b) | 713000 | &nbsp;&nbsp; 724595 |
| 5.335%, SOFR + 1.690%, 01/10/30 (144A) (b) (d) | 637000 | &nbsp;&nbsp; 651617 |
| 5.862%, SOFR + 1.740%, 01/09/36 (144A) (b) | 795000 | &nbsp;&nbsp; 824110 |
| Danske Bank AS |  |  |
| 4.613%, 1Y H15 + 1.100%, 10/02/30 (144A) (b) | 440000 | &nbsp;&nbsp; 438202 |
| 5.019%, 1Y H15 + 0.930%, 03/04/31 (144A) (b) | 660000 | &nbsp;&nbsp; 667480 |
| 5.705%, 1Y H15 + 1.400%, 03/01/30 (144A) (b) | 920000 | &nbsp;&nbsp; 954528 |
| Deutsche Bank AG |  |  |
| 2.311%, SOFR + 1.219%, 11/16/27 (b) | 312000 | &nbsp;&nbsp; 302725 |
| 3.035%, SOFR + 1.718%, 05/28/32 (b) | 1600000 | &nbsp;&nbsp; 1435376 |
| 4.999%, SOFR + 1.700%, 09/11/30 (b) | 150000 | &nbsp;&nbsp; 151136 |
| 5.297%, SOFR + 1.720%, 05/09/31 (b) | 1520000 | &nbsp;&nbsp; 1543743 |
| 5.373%, SOFR + 1.210%, 01/10/29 (b) | 405000 | &nbsp;&nbsp; 412109 |
| 5.403%, SOFR + 2.050%, 09/11/35 (b) (d) | 150000 | &nbsp;&nbsp; 149166 |
| DNB Bank ASA |  |  |
| 4.853%, SOFR + 1.050%, 11/05/30 (144A) (b) | 590000 | &nbsp;&nbsp; 596597 |
| Fifth Third Bancorp |  |  |
| 8.250%, 03/01/38 (d) | 200000 | &nbsp;&nbsp; 239543 |
| Goldman Sachs Group, Inc. |  |  |
| 1.948%, SOFR + 0.913%, 10/21/27 (b) | 781000 | &nbsp;&nbsp; 756212 |
| 1.992%, SOFR + 1.090%, 01/27/32 (b) | 950000 | &nbsp;&nbsp; 822848 |
| 2.640%, SOFR + 1.114%, 02/24/28 (b) | 920000 | &nbsp;&nbsp; 893505 |
| 3.691%, 3M TSFR + 1.772%, 06/05/28 (b) | 2614000 | &nbsp;&nbsp; 2576844 |
| 4.411%, 3M TSFR + 1.692%, 04/23/39 (b) | 445000 | &nbsp;&nbsp; 401168 |
| 5.049%, SOFR + 1.210%, 07/23/30 (b) | 745000 | &nbsp;&nbsp; 757370 |
| 5.218%, SOFR + 1.580%, 04/23/31 (b) | 578000 | &nbsp;&nbsp; 592549 |
| 5.330%, SOFR + 1.550%, 07/23/35 (b) | 1570000 | &nbsp;&nbsp; 1583650 |
| 6.484%, SOFR + 1.770%, 10/24/29 (b) | 840000 | &nbsp;&nbsp; 891044 |
| HSBC Holdings PLC |  |  |
| 2.206%, SOFR + 1.285%, 08/17/29 (b) | 630000 | &nbsp;&nbsp; 586912 |
| 2.357%, SOFR + 1.947%, 08/18/31 (b) | 890000 | &nbsp;&nbsp; 790426 |
| 5.240%, SOFR + 1.570%, 05/13/31 (b) | 430000 | &nbsp;&nbsp; 437821 |
| 5.286%, SOFR + 1.290%, 11/19/30 (b) | 525000 | &nbsp;&nbsp; 536325 |
| 6.332%, SOFR + 2.650%, 03/09/44 (b) | 370000 | &nbsp;&nbsp; 397170 |
| 6.500%, 09/15/37 | 930000 | &nbsp;&nbsp; 986779 |
| Huntington Bancshares, Inc. |  |  |
| 5.272%, SOFR + 1.276%, 01/15/31 (b) | 450000 | &nbsp;&nbsp; 461069 |
| ING Groep NV |  |  |
| 1.726%, SOFR + 1.005%, 04/01/27 (b) | 285000 | &nbsp;&nbsp; 279148 |
| 6.083%, SOFR + 1.560%, 09/11/27 (b) | 240000 | &nbsp;&nbsp; 244409 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| KBC Group NV |  |  |
| 4.932%, 1Y H15 + 1.070%, 10/16/30 (144A) (b) | 550000 | &nbsp;&nbsp; $556301 |
| KeyCorp |  |  |
| 4.789%, SOFR + 2.060%, 06/01/33 (b) | 170000 | &nbsp;&nbsp; 165727 |
| 5.121%, SOFR + 1.227%, 04/04/31 (b) (d) | 670000 | &nbsp;&nbsp; 677997 |
| Lloyds Banking Group PLC |  |  |
| 5.462%, 1Y H15 + 1.375%, 01/05/28 (b) | 730000 | &nbsp;&nbsp; 739892 |
| 5.679%, 1Y H15 + 1.750%, 01/05/35 (b) | 795000 | &nbsp;&nbsp; 816062 |
| Macquarie Bank Ltd. |  |  |
| 3.052%, 5Y H15 + 1.700%, 03/03/36 (144A) (b) | 825000 | &nbsp;&nbsp; 731945 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 2.048%, 07/17/30 | 1020000 | &nbsp;&nbsp; 905847 |
| 5.159%, 1Y H15 + 1.170%, 04/24/31 (b) | 200000 | &nbsp;&nbsp; 204749 |
| Mizuho Financial Group, Inc. |  |  |
| 2.869%, 3M TSFR + 1.572%, 09/13/30 (b) | 539000 | &nbsp;&nbsp; 503832 |
| 4.711%, 1Y H15 + 0.920%, 07/08/31 (b) | 830000 | &nbsp;&nbsp; 829895 |
| 5.323%, 1Y H15 + 1.070%, 07/08/36 (b) | 1690000 | &nbsp;&nbsp; 1692938 |
| Morgan Stanley |  |  |
| 3.772%, 3M TSFR + 1.402%, 01/24/29 (b) | 278000 | &nbsp;&nbsp; 274031 |
| 4.300%, 01/27/45 | 400000 | &nbsp;&nbsp; 340944 |
| 4.431%, 3M TSFR + 1.890%, 01/23/30 (b) (d) | 1157000 | &nbsp;&nbsp; 1155373 |
| 4.457%, 3M TSFR + 1.693%, 04/22/39 (b) | 850000 | &nbsp;&nbsp; 788129 |
| 5.042%, SOFR + 1.215%, 07/19/30 (b) | 465000 | &nbsp;&nbsp; 472900 |
| 5.123%, SOFR + 1.730%, 02/01/29 (b) | 380000 | &nbsp;&nbsp; 386633 |
| 5.164%, SOFR + 1.590%, 04/20/29 (b) | 1215000 | &nbsp;&nbsp; 1238814 |
| 5.320%, SOFR + 1.555%, 07/19/35 (b) | 625000 | &nbsp;&nbsp; 632630 |
| 5.449%, SOFR + 1.630%, 07/20/29 (b) | 275000 | &nbsp;&nbsp; 282824 |
| 5.466%, SOFR + 1.730%, 01/18/35 (b) | 448000 | &nbsp;&nbsp; 458326 |
| NatWest Group PLC |  |  |
| 4.892%, 05/18/29 (d) | 290000 | &nbsp;&nbsp; 292903 |
| 5.076%, 01/27/30 | 565000 | &nbsp;&nbsp; 573274 |
| 5.115%, 1Y H15 + 1.050%, 05/23/31 (b) | 945000 | &nbsp;&nbsp; 960464 |
| 5.778%, 1Y H15 + 1.500%, 03/01/35 (b) | 555000 | &nbsp;&nbsp; 576338 |
| 5.808%, 1Y H15 + 1.950%, 09/13/29 (b) | 570000 | &nbsp;&nbsp; 591966 |
| PNC Financial Services Group, Inc. |  |  |
| 4.812%, SOFR + 1.259%, 10/21/32 (b) | 600000 | &nbsp;&nbsp; 601380 |
| 4.899%, SOFR + 1.333%, 05/13/31 (b) | 690000 | &nbsp;&nbsp; 698764 |
| 5.068%, SOFR + 1.933%, 01/24/34 (b) | 964000 | &nbsp;&nbsp; 968797 |
| Royal Bank of Canada |  |  |
| 4.650%, SOFR + 1.080%, 10/18/30 (b) | 950000 | &nbsp;&nbsp; 951668 |
| Santander Holdings USA, Inc. |  |  |
| 6.174%, SOFR + 2.500%, 01/09/30 (b) | 900000 | &nbsp;&nbsp; 936704 |
| Santander U.K. Group Holdings PLC |  |  |
| 1.673%, SOFR + 0.989%, 06/14/27 (b) | 680000 | &nbsp;&nbsp; 660520 |
| 4.858%, SOFR + 1.554%, 09/11/30 (b) | 550000 | &nbsp;&nbsp; 549277 |
| 5.694%, SOFR + 1.524%, 04/15/31 (b) | 505000 | &nbsp;&nbsp; 520870 |
| 6.534%, SOFR + 2.600%, 01/10/29 (b) | 1300000 | &nbsp;&nbsp; 1356835 |
| Societe Generale SA |  |  |
| 1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (b) | 720000 | &nbsp;&nbsp; 700806 |
| 2.889%, 1Y H15 + 1.300%, 06/09/32 (144A) (b) | 1670000 | &nbsp;&nbsp; 1472980 |
| 5.250%, 02/19/27 (144A) | 705000 | &nbsp;&nbsp; 712092 |
| 5.512%, SOFR + 1.650%, 05/22/31 (144A) (b) | 2404000 | &nbsp;&nbsp; 2451608 |
| Standard Chartered PLC |  |  |
| 5.005%, 1Y H15 + 1.150%, 10/15/30 (144A) (b) (d) | 355000 | &nbsp;&nbsp; 358644 |
| 5.688%, 1Y H15 + 1.050%, 05/14/28 (144A) (b) (d) | 354000 | &nbsp;&nbsp; 361096 |

---

*See accompanying notes to financial statements.*

**BHFTI-255**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.040%, 07/16/29 | 1020000 | &nbsp;&nbsp; $966805 |
| 5.240%, 04/15/30 (d) | 1000000 | &nbsp;&nbsp; 1029981 |
| 5.710%, 01/13/30 | 960000 | &nbsp;&nbsp; 1007129 |
| Toronto-Dominion Bank |  |  |
| 5.298%, 01/30/32 | 635000 | &nbsp;&nbsp; 651705 |
| Truist Financial Corp. |  |  |
| 5.711%, SOFR + 1.922%, 01/24/35 (b) (d) | 480000 | &nbsp;&nbsp; 497544 |
| 7.161%, SOFR + 2.446%, 10/30/29 (b) | 1070000 | &nbsp;&nbsp; 1157405 |
| U.S. Bancorp |  |  |
| 5.083%, SOFR + 1.296%, 05/15/31 (b) (d) | 690000 | &nbsp;&nbsp; 703829 |
| UBS Group AG |  |  |
| 3.869%, 01/12/29 (144A) | 905000 | &nbsp;&nbsp; 891033 |
| 5.428%, 1Y H15 + 1.520%, 02/08/30 (144A) (b) | 258000 | &nbsp;&nbsp; 264966 |
| 5.617%, 1Y USD SOFR ICE Swap + 1.340%, 09/13/30 <br> (144A) (b)<br>| 725000 | &nbsp;&nbsp; 752824 |
| 6.537%, SOFR + 3.920%, 08/12/33 (144A) (b) | 262000 | &nbsp;&nbsp; 284974 |
| UniCredit SpA |  |  |
| 1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (b) | 345000 | &nbsp;&nbsp; 336485 |
| Wells Fargo & Co. |  |  |
| 4.970%, SOFR + 1.370%, 04/23/29 (b) | 580000 | &nbsp;&nbsp; 588116 |
| 5.198%, SOFR + 1.500%, 01/23/30 (b) | 1060000 | &nbsp;&nbsp; 1085760 |
| 5.557%, SOFR + 1.990%, 07/25/34 (b) | 425000 | &nbsp;&nbsp; 438612 |
| 5.574%, SOFR + 1.740%, 07/25/29 (b) | 1220000 | &nbsp;&nbsp; 1259720 |
|  |  | &nbsp;&nbsp; 104666159 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.700%, 02/01/36 | 1103000 | &nbsp;&nbsp; 1076252 |
| Coca-Cola Femsa SAB de CV |  |  |
| 1.850%, 09/01/32 | 515000 | &nbsp;&nbsp; 421512 |
| Constellation Brands, Inc. |  |  |
| 5.250%, 11/15/48 | 180000 | &nbsp;&nbsp; 165291 |
| Molson Coors Beverage Co. |  |  |
| 4.200%, 07/15/46 (d) | 249000 | &nbsp;&nbsp; 198655 |
|  |  | &nbsp;&nbsp; 1861710 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| Amgen, Inc. |  |  |
| 4.663%, 06/15/51 | 347000 | &nbsp;&nbsp; 297082 |
| 5.600%, 03/02/43 (d) | 731000 | &nbsp;&nbsp; 725162 |
| 5.650%, 03/02/53 (d) | 865000 | &nbsp;&nbsp; 844582 |
| Baxalta, Inc. |  |  |
| 5.250%, 06/23/45 | 27000 | &nbsp;&nbsp; 25210 |
| Biogen, Inc. |  |  |
| 5.750%, 05/15/35 | 480000 | &nbsp;&nbsp; 494313 |
| Gilead Sciences, Inc. |  |  |
| 2.600%, 10/01/40 | 1760000 | &nbsp;&nbsp; 1262741 |
|  |  | &nbsp;&nbsp; 3649090 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| CRH America Finance, Inc. |  |  |
| 3.400%, 05/09/27 (144A) | 214000 | &nbsp;&nbsp; 210428 |
| Masco Corp. |  |  |
| 2.000%, 10/01/30 | 260000 | &nbsp;&nbsp; 225688 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Building Materials—(Continued)** | **Building Materials—(Continued)** | **Building Materials—(Continued)** |
| Masco Corp. |  |  |
| 6.500%, 08/15/32 | 720000 | &nbsp;&nbsp; $766606 |
|  |  | &nbsp;&nbsp; 1202722 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| DuPont de Nemours, Inc. |  |  |
| 5.319%, 11/15/38 | 2025000 | &nbsp;&nbsp; 2096159 |
| EIDP, Inc. |  |  |
| 5.125%, 05/15/32 | 935000 | &nbsp;&nbsp; 953458 |
| Nutrien Ltd. |  |  |
| 4.125%, 03/15/35 | 620000 | &nbsp;&nbsp; 564381 |
|  |  | &nbsp;&nbsp; 3613998 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| Element Fleet Management Corp. |  |  |
| 5.037%, 03/25/30 (144A) (d) | 740000 | &nbsp;&nbsp; 746503 |
| 6.319%, 12/04/28 (144A) (d) | 610000 | &nbsp;&nbsp; 643144 |
| ERAC USA Finance LLC |  |  |
| 7.000%, 10/15/37 (144A) | 500000 | &nbsp;&nbsp; 573791 |
| Ford Foundation |  |  |
| 2.815%, 06/01/70 | 275000 | &nbsp;&nbsp; 153364 |
| Global Payments, Inc. |  |  |
| 2.900%, 05/15/30 | 211000 | &nbsp;&nbsp; 193991 |
| 2.900%, 11/15/31 (d) | 404000 | &nbsp;&nbsp; 357328 |
| 3.200%, 08/15/29 (d) | 1437000 | &nbsp;&nbsp; 1358850 |
| 5.300%, 08/15/29 | 272000 | &nbsp;&nbsp; 276913 |
| Pepperdine University |  |  |
| 3.301%, 12/01/59 | 450000 | &nbsp;&nbsp; 277901 |
| Quanta Services, Inc. |  |  |
| 2.350%, 01/15/32 | 855000 | &nbsp;&nbsp; 736106 |
| 2.900%, 10/01/30 | 1110000 | &nbsp;&nbsp; 1023264 |
| S&P Global, Inc. |  |  |
| 2.900%, 03/01/32 | 581000 | &nbsp;&nbsp; 528194 |
| University of Southern California |  |  |
| 3.226%, 10/01/2120 | 440000 | &nbsp;&nbsp; 251318 |
|  |  | &nbsp;&nbsp; 7120667 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Accenture Capital, Inc. |  |  |
| 4.250%, 10/04/31 | 585000 | &nbsp;&nbsp; 579531 |
| 4.500%, 10/04/34 | 400000 | &nbsp;&nbsp; 389286 |
| Apple, Inc. |  |  |
| 2.700%, 08/05/51 | 965000 | &nbsp;&nbsp; 603604 |
| CGI, Inc. |  |  |
| 2.300%, 09/14/31 | 1184000 | &nbsp;&nbsp; 1023598 |
| Dell International LLC/EMC Corp. |  |  |
| 5.300%, 04/01/32 (d) | 1425000 | &nbsp;&nbsp; 1456502 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.000%, 10/15/34 | 1040000 | &nbsp;&nbsp; 1008819 |
| Leidos, Inc. |  |  |
| 2.300%, 02/15/31 | 365000 | &nbsp;&nbsp; 319376 |
|  |  | &nbsp;&nbsp; 5380716 |

---

*See accompanying notes to financial statements.*

**BHFTI-256**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| Haleon U.S. Capital LLC |  |  |
| 3.375%, 03/24/29 | 780000 | &nbsp;&nbsp; $754261 |
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| WW Grainger, Inc. |  |  |
| 4.600%, 06/15/45 | 190000 | &nbsp;&nbsp; 168125 |
| **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 2.450%, 10/29/26 | 990000 | &nbsp;&nbsp; 964534 |
| 3.300%, 01/30/32 | 945000 | &nbsp;&nbsp; 856160 |
| 6.100%, 01/15/27 | 990000 | &nbsp;&nbsp; 1011970 |
| Aircastle Ltd./Aircastle Ireland DAC |  |  |
| 5.250%, 03/15/30 (144A) | 530000 | &nbsp;&nbsp; 534367 |
| American Express Co. |  |  |
| 5.442%, SOFR + 1.320%, 01/30/36 (b) (d) | 635000 | &nbsp;&nbsp; 648213 |
| Aviation Capital Group LLC |  |  |
| 5.125%, 04/10/30 (144A) | 505000 | &nbsp;&nbsp; 509769 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.125%, 02/21/26 (144A) | 445000 | &nbsp;&nbsp; 436780 |
| 2.528%, 11/18/27 (144A) | 5211000 | &nbsp;&nbsp; 4953498 |
| 3.250%, 02/15/27 (144A) | 1840000 | &nbsp;&nbsp; 1793570 |
| 4.250%, 04/15/26 (144A) | 885000 | &nbsp;&nbsp; 879861 |
| 4.375%, 05/01/26 (144A) | 540000 | &nbsp;&nbsp; 536745 |
| 5.500%, 01/15/26 (144A) | 1140000 | &nbsp;&nbsp; 1141752 |
| 5.750%, 03/01/29 (144A) | 645000 | &nbsp;&nbsp; 662591 |
| Brookfield Finance, Inc. |  |  |
| 4.700%, 09/20/47 | 84000 | &nbsp;&nbsp; 71385 |
| 4.850%, 03/29/29 | 485000 | &nbsp;&nbsp; 489444 |
| Capital One Financial Corp. |  |  |
| 1.878%, SOFR + 0.855%, 11/02/27 (b) | 324000 | &nbsp;&nbsp; 312964 |
| 2.618%, SOFR + 1.265%, 11/02/32 (b) | 735000 | &nbsp;&nbsp; 641714 |
| 6.312%, SOFR + 2.640%, 06/08/29 (b) | 570000 | &nbsp;&nbsp; 598329 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 5.150%, 03/17/30 (144A) (d) | 895000 | &nbsp;&nbsp; 894398 |
| 5.200%, 03/27/28 (144A) (d) | 840000 | &nbsp;&nbsp; 849360 |
| Nasdaq, Inc. |  |  |
| 5.550%, 02/15/34 | 262000 | &nbsp;&nbsp; 272970 |
| Nomura Holdings, Inc. |  |  |
| 2.679%, 07/16/30 | 540000 | &nbsp;&nbsp; 489895 |
|  |  | &nbsp;&nbsp; 19550269 |
| **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** |
| AEP Transmission Co. LLC |  |  |
| 3.150%, 09/15/49 | 225000 | &nbsp;&nbsp; 150067 |
| AES Corp. |  |  |
| 5.800%, 03/15/32 (d) | 725000 | &nbsp;&nbsp; 736074 |
| Baltimore Gas & Electric Co. |  |  |
| 5.200%, 06/15/33 | 1510000 | &nbsp;&nbsp; 1494383 |
| Berkshire Hathaway Energy Co. |  |  |
| 6.125%, 04/01/36 | 325000 | &nbsp;&nbsp; 349536 |
| Cleveland Electric Illuminating Co. |  |  |
| 4.550%, 11/15/30 (144A) | 250000 | &nbsp;&nbsp; 245726 |
| Constellation Energy Generation LLC |  |  |
| 5.750%, 10/01/41 (d) | 1260000 | &nbsp;&nbsp; 1259923 |
| 5.800%, 03/01/33 (d) | 174000 | &nbsp;&nbsp; 183989 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Constellation Energy Generation LLC |  |  |
| 6.250%, 10/01/39 | 160000 | &nbsp;&nbsp; $170804 |
| Consumers Energy Co. |  |  |
| 4.350%, 08/31/64 | 191000 | &nbsp;&nbsp; 148561 |
| Delmarva Power & Light Co. |  |  |
| 4.150%, 05/15/45 | 500000 | &nbsp;&nbsp; 410517 |
| Dominion Energy, Inc. |  |  |
| 2.850%, 08/15/26 | 183000 | &nbsp;&nbsp; 179862 |
| DTE Electric Co. |  |  |
| 5.700%, 10/01/37 | 300000 | &nbsp;&nbsp; 312311 |
| DTE Electric Securitization Funding II LLC |  |  |
| 6.090%, 09/01/38 | 600000 | &nbsp;&nbsp; 647796 |
| Duke Energy Corp. |  |  |
| 6.100%, 09/15/53 (d) | 660000 | &nbsp;&nbsp; 671277 |
| Duke Energy Indiana LLC |  |  |
| 3.750%, 05/15/46 | 350000 | &nbsp;&nbsp; 265096 |
| Duke Energy Progress LLC |  |  |
| 2.900%, 08/15/51 | 470000 | &nbsp;&nbsp; 292124 |
| 4.100%, 03/15/43 | 200000 | &nbsp;&nbsp; 164937 |
| 4.375%, 03/30/44 | 247000 | &nbsp;&nbsp; 209196 |
| 5.700%, 04/01/35 | 360000 | &nbsp;&nbsp; 372829 |
| Duquesne Light Holdings, Inc. |  |  |
| 2.532%, 10/01/30 (144A) | 450000 | &nbsp;&nbsp; 397788 |
| 2.775%, 01/07/32 (144A) | 280000 | &nbsp;&nbsp; 241439 |
| 3.616%, 08/01/27 (144A) | 1050000 | &nbsp;&nbsp; 1017497 |
| Electricite de France SA |  |  |
| 5.950%, 04/22/34 (144A) (d) | 580000 | &nbsp;&nbsp; 604227 |
| Emera U.S. Finance LP |  |  |
| 4.750%, 06/15/46 | 500000 | &nbsp;&nbsp; 415702 |
| Enel Finance International NV |  |  |
| 3.500%, 04/06/28 (144A) | 465000 | &nbsp;&nbsp; 453438 |
| Entergy Arkansas LLC |  |  |
| 2.650%, 06/15/51 | 285000 | &nbsp;&nbsp; 166781 |
| Entergy Corp. |  |  |
| 2.950%, 09/01/26 | 194000 | &nbsp;&nbsp; 190777 |
| Entergy Louisiana LLC |  |  |
| 2.900%, 03/15/51 | 390000 | &nbsp;&nbsp; 241152 |
| 3.050%, 06/01/31 | 195000 | &nbsp;&nbsp; 179628 |
| 5.800%, 03/15/55 | 525000 | &nbsp;&nbsp; 525061 |
| Entergy Mississippi LLC |  |  |
| 5.850%, 06/01/54 | 320000 | &nbsp;&nbsp; 320725 |
| Fells Point Funding Trust |  |  |
| 3.046%, 01/31/27 (144A) | 1895000 | &nbsp;&nbsp; 1853913 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 3.250%, 03/15/28 (144A) | 113000 | &nbsp;&nbsp; 109605 |
| Florida Power & Light Co. |  |  |
| 5.625%, 04/01/34 (d) | 1250000 | &nbsp;&nbsp; 1322045 |
| Fortis, Inc. |  |  |
| 3.055%, 10/04/26 | 636000 | &nbsp;&nbsp; 624667 |
| ITC Holdings Corp. |  |  |
| 2.950%, 05/14/30 (144A) (d) | 330000 | &nbsp;&nbsp; 306897 |
| Jersey Central Power & Light Co. |  |  |
| 5.100%, 01/15/35 (d) | 220000 | &nbsp;&nbsp; 219350 |
| 6.150%, 06/01/37 | 200000 | &nbsp;&nbsp; 212615 |
| Massachusetts Electric Co. |  |  |
| 4.004%, 08/15/46 (144A) | 402000 | &nbsp;&nbsp; 318016 |

---

*See accompanying notes to financial statements.*

**BHFTI-257**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Mid-Atlantic Interstate Transmission LLC |  |  |
| 4.100%, 05/15/28 (144A) | 340000 | &nbsp;&nbsp; $337476 |
| Nevada Power Co. |  |  |
| 5.375%, 09/15/40 | 223000 | &nbsp;&nbsp; 223655 |
| 6.650%, 04/01/36 | 360000 | &nbsp;&nbsp; 397000 |
| New England Power Co. |  |  |
| 3.800%, 12/05/47 (144A) | 280000 | &nbsp;&nbsp; 214233 |
| New York State Electric & Gas Corp. |  |  |
| 3.250%, 12/01/26 (144A) | 434000 | &nbsp;&nbsp; 427872 |
| Niagara Mohawk Power Corp. |  |  |
| 1.960%, 06/27/30 (144A) | 700000 | &nbsp;&nbsp; 617973 |
| Northern States Power Co. |  |  |
| 6.500%, 03/01/28 | 628000 | &nbsp;&nbsp; 661454 |
| NRG Energy, Inc. |  |  |
| 2.000%, 12/02/25 (144A) | 560000 | &nbsp;&nbsp; 551829 |
| 2.450%, 12/02/27 (144A) | 625000 | &nbsp;&nbsp; 593194 |
| Ohio Power Co. |  |  |
| 2.900%, 10/01/51 | 635000 | &nbsp;&nbsp; 387731 |
| Oncor Electric Delivery Co. LLC |  |  |
| 3.100%, 09/15/49 | 670000 | &nbsp;&nbsp; 438986 |
| Pacific Gas & Electric Co. |  |  |
| 3.750%, 08/15/42 | 245000 | &nbsp;&nbsp; 174656 |
| 4.300%, 03/15/45 | 420000 | &nbsp;&nbsp; 317009 |
| 5.800%, 05/15/34 | 1168000 | &nbsp;&nbsp; 1167764 |
| 5.900%, 10/01/54 | 55000 | &nbsp;&nbsp; 49866 |
| 6.000%, 08/15/35 | 1665000 | &nbsp;&nbsp; 1683676 |
| 6.400%, 06/15/33 | 755000 | &nbsp;&nbsp; 789211 |
| 6.750%, 01/15/53 | 40000 | &nbsp;&nbsp; 40246 |
| PG&E Recovery Funding LLC |  |  |
| 5.231%, 06/01/42 | 495000 | &nbsp;&nbsp; 490825 |
| 5.529%, 06/01/51 | 590000 | &nbsp;&nbsp; 580630 |
| 5.536%, 07/15/49 | 630000 | &nbsp;&nbsp; 611144 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.263%, 06/01/38 | 465000 | &nbsp;&nbsp; 438218 |
| 5.099%, 06/01/54 | 675000 | &nbsp;&nbsp; 622565 |
| 5.212%, 12/01/49 | 360000 | &nbsp;&nbsp; 341166 |
| Progress Energy, Inc. |  |  |
| 7.000%, 10/30/31 | 200000 | &nbsp;&nbsp; 225869 |
| Public Service Co. of Oklahoma |  |  |
| 6.625%, 11/15/37 | 600000 | &nbsp;&nbsp; 652177 |
| Puget Energy, Inc. |  |  |
| 2.379%, 06/15/28 | 853000 | &nbsp;&nbsp; 805122 |
| 5.725%, 03/15/35 (144A) | 275000 | &nbsp;&nbsp; 276647 |
| San Diego Gas & Electric Co. |  |  |
| 2.950%, 08/15/51 | 635000 | &nbsp;&nbsp; 399549 |
| SCE Recovery Funding LLC |  |  |
| 4.697%, 06/15/42 | 585786 | &nbsp;&nbsp; 569448 |
| Sigeco Securitization I LLC |  |  |
| 5.026%, 11/15/38 | 549210 | &nbsp;&nbsp; 553476 |
| Southern California Edison Co. |  |  |
| 3.650%, 03/01/28 | 500000 | &nbsp;&nbsp; 486118 |
| 5.550%, 01/15/36 | 500000 | &nbsp;&nbsp; 488929 |
| 5.875%, 12/01/53 | 713000 | &nbsp;&nbsp; 650816 |
| 5.900%, 03/01/55 | 185000 | &nbsp;&nbsp; 169157 |
| Southern Co. |  |  |
| 5.200%, 06/15/33 | 712000 | &nbsp;&nbsp; 724422 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Southern Power Co. |  |  |
| 5.150%, 09/15/41 | 400000 | &nbsp;&nbsp; $378302 |
| Southwestern Public Service Co. |  |  |
| 4.500%, 08/15/41 | 250000 | &nbsp;&nbsp; 215586 |
| Tampa Electric Co. |  |  |
| 4.450%, 06/15/49 | 500000 | &nbsp;&nbsp; 410929 |
| Toledo Edison Co. |  |  |
| 6.150%, 05/15/37 | 400000 | &nbsp;&nbsp; 432346 |
| Virginia Electric & Power Co. |  |  |
| 4.450%, 02/15/44 | 126000 | &nbsp;&nbsp; 107040 |
| 6.000%, 05/15/37 | 685000 | &nbsp;&nbsp; 720165 |
| Vistra Operations Co. LLC |  |  |
| 5.700%, 12/30/34 (144A) | 230000 | &nbsp;&nbsp; 234209 |
| 6.000%, 04/15/34 (144A) | 90000 | &nbsp;&nbsp; 93461 |
|  |  | &nbsp;&nbsp; 38738478 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Honeywell International, Inc. |  |  |
| 5.250%, 03/01/54 | 690000 | &nbsp;&nbsp; 654588 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| Bimbo Bakeries USA, Inc. |  |  |
| 5.375%, 01/09/36 (144A) (d) | 200000 | &nbsp;&nbsp; 197604 |
| Campbell's Co. |  |  |
| 3.125%, 04/24/50 | 287000 | &nbsp;&nbsp; 186317 |
| Conagra Brands, Inc. |  |  |
| 5.300%, 11/01/38 | 205000 | &nbsp;&nbsp; 196200 |
| J.M. Smucker Co. |  |  |
| 6.200%, 11/15/33 | 325000 | &nbsp;&nbsp; 348819 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 3.750%, 12/01/31 | 760000 | &nbsp;&nbsp; 707174 |
| 6.750%, 03/15/34 | 845000 | &nbsp;&nbsp; 922457 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co.<br>|  |  |
| 5.500%, 01/15/36 (144A) | 810000 | &nbsp;&nbsp; 811191 |
| 6.375%, 04/15/66 (144A) | 905000 | &nbsp;&nbsp; 911670 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| 5.950%, 04/20/35 (144A) | 135000 | &nbsp;&nbsp; 139857 |
| Kroger Co. |  |  |
| 5.000%, 09/15/34 | 270000 | &nbsp;&nbsp; 268069 |
| 5.500%, 09/15/54 | 210000 | &nbsp;&nbsp; 199343 |
| 8.000%, 09/15/29 | 610000 | &nbsp;&nbsp; 688992 |
| Mars, Inc. |  |  |
| 5.650%, 05/01/45 (144A) (d) | 1055000 | &nbsp;&nbsp; 1057551 |
| Tyson Foods, Inc. |  |  |
| 5.700%, 03/15/34 | 520000 | &nbsp;&nbsp; 538326 |
|  |  | &nbsp;&nbsp; 7173570 |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
| APA Infrastructure Ltd. |  |  |
| 4.250%, 07/15/27 (144A) | 687000 | &nbsp;&nbsp; 683860 |
| 5.125%, 09/16/34 (144A) | 1041000 | &nbsp;&nbsp; 1020883 |
| Atmos Energy Corp. |  |  |
| 4.150%, 01/15/43 | 460000 | &nbsp;&nbsp; 385816 |
| Brooklyn Union Gas Co. |  |  |
| 4.273%, 03/15/48 (144A) | 500000 | &nbsp;&nbsp; 384098 |

---

*See accompanying notes to financial statements.*

**BHFTI-258**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Gas—(Continued)** | **Gas—(Continued)** | **Gas—(Continued)** |
| KeySpan Gas East Corp. |  |  |
| 2.742%, 08/15/26 (144A) | 345000 | &nbsp;&nbsp; $337468 |
| NiSource, Inc. |  |  |
| 1.700%, 02/15/31 | 570000 | &nbsp;&nbsp; 488024 |
| Southern California Gas Co. |  |  |
| 2.550%, 02/01/30 | 829000 | &nbsp;&nbsp; 761563 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.950%, 10/01/46 | 212000 | &nbsp;&nbsp; 162936 |
| 4.400%, 06/01/43 | 375000 | &nbsp;&nbsp; 314643 |
| 6.000%, 10/01/34 | 1000000 | &nbsp;&nbsp; 1045265 |
| Southwest Gas Corp. |  |  |
| 3.800%, 09/29/46 | 332000 | &nbsp;&nbsp; 243623 |
|  |  | &nbsp;&nbsp; 5828179 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Solventum Corp. |  |  |
| 5.600%, 03/23/34 | 821000 | &nbsp;&nbsp; 844929 |
| **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
| Aetna, Inc. |  |  |
| 6.625%, 06/15/36 | 297000 | &nbsp;&nbsp; 318739 |
| Children's Hospital |  |  |
| 2.928%, 07/15/50 | 540000 | &nbsp;&nbsp; 337789 |
| Children's Hospital Corp. |  |  |
| 2.585%, 02/01/50 | 430000 | &nbsp;&nbsp; 258559 |
| Cigna Group |  |  |
| 4.800%, 07/15/46 | 156000 | &nbsp;&nbsp; 135715 |
| CommonSpirit Health |  |  |
| 1.547%, 10/01/25 | 435000 | &nbsp;&nbsp; 431463 |
| 2.782%, 10/01/30 | 430000 | &nbsp;&nbsp; 393641 |
| 3.910%, 10/01/50 | 425000 | &nbsp;&nbsp; 314663 |
| Cottage Health Obligated Group |  |  |
| 3.304%, 11/01/49 | 500000 | &nbsp;&nbsp; 346321 |
| Elevance Health, Inc. |  |  |
| 4.650%, 08/15/44 | 324000 | &nbsp;&nbsp; 281561 |
| Hackensack Meridian Health, Inc. |  |  |
| 2.675%, 09/01/41 | 1180000 | &nbsp;&nbsp; 821774 |
| 2.875%, 09/01/50 | 700000 | &nbsp;&nbsp; 438522 |
| Hartford HealthCare Corp. |  |  |
| 3.447%, 07/01/54 | 1100000 | &nbsp;&nbsp; 761329 |
| HCA, Inc. |  |  |
| 3.500%, 07/15/51 | 397000 | &nbsp;&nbsp; 262983 |
| 3.625%, 03/15/32 | 242000 | &nbsp;&nbsp; 223217 |
| 5.125%, 06/15/39 | 565000 | &nbsp;&nbsp; 531371 |
| 5.450%, 09/15/34 | 515000 | &nbsp;&nbsp; 519457 |
| 5.500%, 06/15/47 | 445000 | &nbsp;&nbsp; 413521 |
| 5.750%, 03/01/35 | 578000 | &nbsp;&nbsp; 594400 |
| 5.950%, 09/15/54 | 300000 | &nbsp;&nbsp; 291557 |
| 6.100%, 04/01/64 | 640000 | &nbsp;&nbsp; 624131 |
| Memorial Health Services |  |  |
| 3.447%, 11/01/49 | 995000 | &nbsp;&nbsp; 708465 |
| MyMichigan Health |  |  |
| 3.409%, 06/01/50 | 245000 | &nbsp;&nbsp; 172760 |
| Nationwide Children's Hospital, Inc. |  |  |
| 4.556%, 11/01/52 | 181000 | &nbsp;&nbsp; 154284 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| NYU Langone Hospitals |  |  |
| 3.380%, 07/01/55 | 410000 | &nbsp;&nbsp; $275818 |
| Piedmont Healthcare, Inc. |  |  |
| 2.864%, 01/01/52 | 620000 | &nbsp;&nbsp; 377994 |
| Texas Health Resources |  |  |
| 2.328%, 11/15/50 | 340000 | &nbsp;&nbsp; 190783 |
| 4.330%, 11/15/55 | 250000 | &nbsp;&nbsp; 203271 |
| UnitedHealth Group, Inc. |  |  |
| 3.250%, 05/15/51 | 900000 | &nbsp;&nbsp; 596969 |
| 5.875%, 02/15/53 | 405000 | &nbsp;&nbsp; 405777 |
| Yale-New Haven Health Services Corp. |  |  |
| 2.496%, 07/01/50 | 580000 | &nbsp;&nbsp; 334021 |
|  |  | &nbsp;&nbsp; 11720855 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| AIG SunAmerica Global Financing X |  |  |
| 6.900%, 03/15/32 (144A) | 500000 | &nbsp;&nbsp; 551049 |
| Aon North America, Inc. |  |  |
| 5.450%, 03/01/34 (d) | 1000000 | &nbsp;&nbsp; 1027189 |
| Berkshire Hathaway Finance Corp. |  |  |
| 3.850%, 03/15/52 | 620000 | &nbsp;&nbsp; 479761 |
| Corebridge Financial, Inc. |  |  |
| 3.850%, 04/05/29 | 390000 | &nbsp;&nbsp; 382123 |
| F&G Annuities & Life, Inc. |  |  |
| 6.500%, 06/04/29 | 330000 | &nbsp;&nbsp; 340256 |
| Guardian Life Insurance Co. of America |  |  |
| 4.850%, 01/24/77 (144A) | 156000 | &nbsp;&nbsp; 129507 |
| Hartford Insurance Group, Inc. |  |  |
| 4.300%, 04/15/43 | 400000 | &nbsp;&nbsp; 337144 |
| New York Life Insurance Co. |  |  |
| 4.450%, 05/15/69 (144A) | 625000 | &nbsp;&nbsp; 486479 |
| Pacific Life Insurance Co. |  |  |
| 4.300%, 10/24/67 (144A) | 200000 | &nbsp;&nbsp; 156761 |
|  |  | &nbsp;&nbsp; 3890269 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| Amazon.com, Inc. |  |  |
| 3.950%, 04/13/52 (d) | 1270000 | &nbsp;&nbsp; 1002194 |
| Identity Digital, Inc. |  |  |
| 6.793%, 03/20/65 (e) (f) | 2500000 | &nbsp;&nbsp; 2500000 |
| Meta Platforms, Inc. |  |  |
| 5.400%, 08/15/54 | 365000 | &nbsp;&nbsp; 355963 |
| 5.600%, 05/15/53 | 835000 | &nbsp;&nbsp; 834990 |
| Uber Technologies, Inc. |  |  |
| 4.800%, 09/15/34 | 370000 | &nbsp;&nbsp; 363427 |
|  |  | &nbsp;&nbsp; 5056574 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| Steel Dynamics, Inc. |  |  |
| 1.650%, 10/15/27 | 630000 | &nbsp;&nbsp; 593780 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.500%, 03/01/42 | 775000 | &nbsp;&nbsp; 552613 |
| 3.700%, 04/01/51 | 840000 | &nbsp;&nbsp; 559533 |

---

*See accompanying notes to financial statements.*

**BHFTI-259**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 4.800%, 03/01/50 | 935000 | &nbsp;&nbsp; $748064 |
| 6.834%, 10/23/55 | 400000 | &nbsp;&nbsp; 409346 |
| Comcast Corp. |  |  |
| 2.887%, 11/01/51 | 1131000 | &nbsp;&nbsp; 688301 |
| 2.937%, 11/01/56 | 663000 | &nbsp;&nbsp; 389281 |
| 2.987%, 11/01/63 | 42000 | &nbsp;&nbsp; 23616 |
| 3.900%, 03/01/38 | 591000 | &nbsp;&nbsp; 514015 |
| 4.200%, 08/15/34 (d) | 556000 | &nbsp;&nbsp; 525416 |
| Cox Communications, Inc. |  |  |
| 2.950%, 10/01/50 (144A) | 630000 | &nbsp;&nbsp; 357701 |
| Time Warner Cable LLC |  |  |
| 5.500%, 09/01/41 | 1000000 | &nbsp;&nbsp; 909268 |
|  |  | &nbsp;&nbsp; 5677154 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| BHP Billiton Finance USA Ltd. |  |  |
| 5.125%, 02/21/32 | 495000 | &nbsp;&nbsp; 506820 |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.440%, 01/26/36 (144A) | 528000 | &nbsp;&nbsp; 552306 |
| Glencore Funding LLC |  |  |
| 2.500%, 09/01/30 (144A) | 1165000 | &nbsp;&nbsp; 1049708 |
| 5.634%, 04/04/34 (144A) (d) | 610000 | &nbsp;&nbsp; 621729 |
|  |  | &nbsp;&nbsp; 2730563 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Parker-Hannifin Corp. |  |  |
| 4.450%, 11/21/44 | 333000 | &nbsp;&nbsp; 286839 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| Aker BP ASA |  |  |
| 5.800%, 10/01/54 (144A) | 185000 | &nbsp;&nbsp; 168652 |
| BP Capital Markets America, Inc. |  |  |
| 2.939%, 06/04/51 | 1260000 | &nbsp;&nbsp; 790721 |
| ConocoPhillips Co. |  |  |
| 5.500%, 01/15/55 | 760000 | &nbsp;&nbsp; 721102 |
| Coterra Energy, Inc. |  |  |
| 3.900%, 05/15/27 | 710000 | &nbsp;&nbsp; 701102 |
| 5.400%, 02/15/35 | 590000 | &nbsp;&nbsp; 584025 |
| Devon Energy Corp. |  |  |
| 5.750%, 09/15/54 | 685000 | &nbsp;&nbsp; 616692 |
| EQT Corp. |  |  |
| 3.900%, 10/01/27 | 150000 | &nbsp;&nbsp; 148012 |
| Exxon Mobil Corp. |  |  |
| 2.995%, 08/16/39 | 690000 | &nbsp;&nbsp; 537345 |
| Jonah Energy LLC |  |  |
| 7.800%, 11/10/37 | 1364435 | &nbsp;&nbsp; 1376988 |
| Occidental Petroleum Corp. |  |  |
| 5.200%, 08/01/29 | 275000 | &nbsp;&nbsp; 275885 |
| Suncor Energy, Inc. |  |  |
| 5.950%, 12/01/34 | 668000 | &nbsp;&nbsp; 692983 |
| 7.875%, 06/15/26 | 544000 | &nbsp;&nbsp; 561242 |
| TotalEnergies Capital International SA |  |  |
| 2.986%, 06/29/41 | 900000 | &nbsp;&nbsp; 663438 |
| 3.127%, 05/29/50 | 870000 | &nbsp;&nbsp; 573943 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| TotalEnergies Capital International SA |  |  |
| 3.461%, 07/12/49 | 660000 | &nbsp;&nbsp; $467751 |
|  |  | &nbsp;&nbsp; 8879881 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| Halliburton Co. |  |  |
| 4.750%, 08/01/43 | 215000 | &nbsp;&nbsp; 186433 |
| 4.850%, 11/15/35 (d) | 270000 | &nbsp;&nbsp; 259864 |
|  |  | &nbsp;&nbsp; 446297 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Graphic Packaging International LLC |  |  |
| 1.512%, 04/15/26 (144A) | 894000 | &nbsp;&nbsp; 870636 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| AbbVie, Inc. |  |  |
| 4.050%, 11/21/39 | 1682000 | &nbsp;&nbsp; 1474284 |
| 4.400%, 11/06/42 | 600000 | &nbsp;&nbsp; 527556 |
| 4.450%, 05/14/46 | 220000 | &nbsp;&nbsp; 189372 |
| 5.050%, 03/15/34 | 1115000 | &nbsp;&nbsp; 1135251 |
| AstraZeneca PLC |  |  |
| 6.450%, 09/15/37 | 350000 | &nbsp;&nbsp; 393167 |
| Becton Dickinson & Co. |  |  |
| 3.794%, 05/20/50 (d) | 103000 | &nbsp;&nbsp; 76734 |
| Bristol-Myers Squibb Co. |  |  |
| 3.700%, 03/15/52 | 380000 | &nbsp;&nbsp; 276833 |
| 4.125%, 06/15/39 | 527000 | &nbsp;&nbsp; 468977 |
| 4.550%, 02/20/48 | 427000 | &nbsp;&nbsp; 367136 |
| 5.550%, 02/22/54 (d) | 61000 | &nbsp;&nbsp; 59511 |
| 5.650%, 02/22/64 | 555000 | &nbsp;&nbsp; 538853 |
| Cencora, Inc. |  |  |
| 5.150%, 02/15/35 (d) | 1110000 | &nbsp;&nbsp; 1119419 |
| CVS Health Corp. |  |  |
| 4.300%, 03/25/28 (d) | 179000 | &nbsp;&nbsp; 178266 |
| CVS Pass-Through Trust |  |  |
| 4.704%, 01/10/36 (144A) | 547209 | &nbsp;&nbsp; 524213 |
| 5.773%, 01/10/33 (144A) | 484472 | &nbsp;&nbsp; 488296 |
| 8.353%, 07/10/31 (144A) | 92790 | &nbsp;&nbsp; 100684 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.300%, 05/19/53 (d) | 1265000 | &nbsp;&nbsp; 1194172 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.025%, 07/09/40 | 945000 | &nbsp;&nbsp; 706633 |
| 3.175%, 07/09/50 | 927000 | &nbsp;&nbsp; 607080 |
| 5.650%, 07/05/44 | 228000 | &nbsp;&nbsp; 226949 |
| Zoetis, Inc. |  |  |
| 2.000%, 05/15/30 | 590000 | &nbsp;&nbsp; 530239 |
|  |  | &nbsp;&nbsp; 11183625 |
| **Pipelines — 1.1%** | **Pipelines — 1.1%** | **Pipelines — 1.1%** |
| Boardwalk Pipelines LP |  |  |
| 3.400%, 02/15/31 | 630000 | &nbsp;&nbsp; 581958 |
| Cameron LNG LLC |  |  |
| 3.701%, 01/15/39 (144A) | 769000 | &nbsp;&nbsp; 655871 |
| Cheniere Energy Partners LP |  |  |
| 5.550%, 10/30/35 (144A) | 300000 | &nbsp;&nbsp; 302359 |

---

*See accompanying notes to financial statements.*

**BHFTI-260**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Columbia Pipelines Holding Co. LLC |  |  |
| 5.097%, 10/01/31 (144A) | 252000 | &nbsp;&nbsp; $253093 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.439%, 02/15/35 (144A) | 1600000 | &nbsp;&nbsp; 1609292 |
| 5.962%, 02/15/55 (144A) | 1085000 | &nbsp;&nbsp; 1040411 |
| Eastern Energy Gas Holdings LLC |  |  |
| 6.200%, 01/15/55 | 325000 | &nbsp;&nbsp; 335850 |
| Enbridge, Inc. |  |  |
| 5.625%, 04/05/34 | 705000 | &nbsp;&nbsp; 724328 |
| 5.700%, 03/08/33 (d) | 680000 | &nbsp;&nbsp; 705013 |
| Energy Transfer LP |  |  |
| 4.150%, 09/15/29 | 308000 | &nbsp;&nbsp; 303421 |
| 4.950%, 01/15/43 | 394000 | &nbsp;&nbsp; 336038 |
| 5.300%, 04/01/44 | 200000 | &nbsp;&nbsp; 179143 |
| 6.000%, 06/15/48 | 270000 | &nbsp;&nbsp; 259270 |
| 6.100%, 02/15/42 | 500000 | &nbsp;&nbsp; 492291 |
| Enterprise Products Operating LLC |  |  |
| 4.950%, 10/15/54 | 179000 | &nbsp;&nbsp; 156401 |
| 5.100%, 02/15/45 | 200000 | &nbsp;&nbsp; 185827 |
| Flex Intermediate Holdco LLC |  |  |
| 4.317%, 12/30/39 (144A) | 425000 | &nbsp;&nbsp; 334163 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.940%, 09/30/40 (144A) | 706592 | &nbsp;&nbsp; 578806 |
| Kinder Morgan, Inc. |  |  |
| 5.050%, 02/15/46 | 250000 | &nbsp;&nbsp; 220669 |
| MPLX LP |  |  |
| 5.400%, 04/01/35 | 495000 | &nbsp;&nbsp; 491444 |
| 5.500%, 06/01/34 (d) | 960000 | &nbsp;&nbsp; 963902 |
| 5.950%, 04/01/55 | 300000 | &nbsp;&nbsp; 285742 |
| ONEOK Partners LP |  |  |
| 6.650%, 10/01/36 | 950000 | &nbsp;&nbsp; 1020637 |
| ONEOK, Inc. |  |  |
| 4.750%, 10/15/31 | 680000 | &nbsp;&nbsp; 673254 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.911%, 09/01/27 (144A) | 195000 | &nbsp;&nbsp; 196251 |
| 5.026%, 10/01/29 (144A) | 225000 | &nbsp;&nbsp; 225726 |
| Williams Cos., Inc. |  |  |
| 5.600%, 03/15/35 | 455000 | &nbsp;&nbsp; 467714 |
| 6.000%, 03/15/55 | 120000 | &nbsp;&nbsp; 119829 |
|  |  | &nbsp;&nbsp; 13698703 |
| **Real Estate Investment Trusts — 1.0%** | **Real Estate Investment Trusts — 1.0%** | **Real Estate Investment Trusts — 1.0%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 2.000%, 05/18/32 | 710000 | &nbsp;&nbsp; 589477 |
| 4.000%, 02/01/50 | 566000 | &nbsp;&nbsp; 416568 |
| American Tower Corp. |  |  |
| 1.500%, 01/31/28 | 965000 | &nbsp;&nbsp; 898792 |
| 1.875%, 10/15/30 | 845000 | &nbsp;&nbsp; 734503 |
| 2.100%, 06/15/30 | 470000 | &nbsp;&nbsp; 417403 |
| 2.950%, 01/15/51 (d) | 255000 | &nbsp;&nbsp; 161456 |
| 3.100%, 06/15/50 (d) | 390000 | &nbsp;&nbsp; 255749 |
| 3.375%, 10/15/26 | 287000 | &nbsp;&nbsp; 283332 |
| 3.700%, 10/15/49 | 665000 | &nbsp;&nbsp; 485975 |
| Brixmor Operating Partnership LP |  |  |
| 2.250%, 04/01/28 | 600000 | &nbsp;&nbsp; 567556 |
| 2.500%, 08/16/31 (d) | 325000 | &nbsp;&nbsp; 283240 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| COPT Defense Properties LP |  |  |
| 2.750%, 04/15/31 | 1153000 | &nbsp;&nbsp; $1019820 |
| DOC Dr. LLC |  |  |
| 2.625%, 11/01/31 | 405000 | &nbsp;&nbsp; 357311 |
| Essex Portfolio LP |  |  |
| 2.650%, 03/15/32 | 565000 | &nbsp;&nbsp; 493091 |
| Goodman U.S. Finance Six LLC |  |  |
| 5.125%, 10/07/34 (144A) | 270000 | &nbsp;&nbsp; 269117 |
| Goodman U.S. Finance Three LLC |  |  |
| 3.700%, 03/15/28 (144A) | 387000 | &nbsp;&nbsp; 379336 |
| Healthpeak OP LLC |  |  |
| 3.500%, 07/15/29 | 600000 | &nbsp;&nbsp; 579232 |
| Safehold GL Holdings LLC |  |  |
| 2.800%, 06/15/31 | 2220000 | &nbsp;&nbsp; 1986052 |
| UDR, Inc. |  |  |
| 2.100%, 08/01/32 | 470000 | &nbsp;&nbsp; 389277 |
| 3.000%, 08/15/31 | 95000 | &nbsp;&nbsp; 86285 |
| 3.200%, 01/15/30 | 625000 | &nbsp;&nbsp; 592207 |
| Welltower OP LLC |  |  |
| 6.500%, 03/15/41 | 225000 | &nbsp;&nbsp; 248089 |
| WP Carey, Inc. |  |  |
| 2.250%, 04/01/33 | 845000 | &nbsp;&nbsp; 688950 |
|  |  | &nbsp;&nbsp; 12182818 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| AutoZone, Inc. |  |  |
| 1.650%, 01/15/31 | 530000 | &nbsp;&nbsp; 453813 |
| Home Depot, Inc. |  |  |
| 3.625%, 04/15/52 | 705000 | &nbsp;&nbsp; 513153 |
| McDonald's Corp. |  |  |
| 4.450%, 03/01/47 | 180000 | &nbsp;&nbsp; 152131 |
| 4.700%, 12/09/35 | 84000 | &nbsp;&nbsp; 81928 |
| 6.300%, 10/15/37 | 152000 | &nbsp;&nbsp; 166450 |
|  |  | &nbsp;&nbsp; 1367475 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| Nationwide Building Society |  |  |
| 2.972%, SOFR + 1.290%, 02/16/28 (144A) (b) | 1450000 | &nbsp;&nbsp; 1415813 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| Analog Devices, Inc. |  |  |
| 2.800%, 10/01/41 (d) | 722000 | &nbsp;&nbsp; 525364 |
| Broadcom, Inc. |  |  |
| 3.137%, 11/15/35 (144A) | 1685000 | &nbsp;&nbsp; 1421195 |
| 3.187%, 11/15/36 (144A) | 465000 | &nbsp;&nbsp; 385481 |
| 5.050%, 07/12/29 | 1400000 | &nbsp;&nbsp; 1433626 |
| Intel Corp. |  |  |
| 3.050%, 08/12/51 | 205000 | &nbsp;&nbsp; 121788 |
| 3.250%, 11/15/49 | 205000 | &nbsp;&nbsp; 129837 |
| 3.734%, 12/08/47 | 255000 | &nbsp;&nbsp; 179898 |
| 5.700%, 02/10/53 (d) | 200000 | &nbsp;&nbsp; 186128 |
| KLA Corp. |  |  |
| 3.300%, 03/01/50 | 610000 | &nbsp;&nbsp; 422617 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 2.500%, 05/11/31 | 1085000 | &nbsp;&nbsp; 958223 |
| 3.250%, 05/11/41 | 1115000 | &nbsp;&nbsp; 820053 |

---

*See accompanying notes to financial statements.*

**BHFTI-261**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors—(Continued)** | **Semiconductors—(Continued)** | **Semiconductors—(Continued)** |
| QUALCOMM, Inc. |  |  |
| 4.500%, 05/20/52 (d) | 460000 | &nbsp;&nbsp; $389496 |
| Texas Instruments, Inc. |  |  |
| 5.050%, 05/18/63 | 681000 | &nbsp;&nbsp; 624457 |
|  |  | &nbsp;&nbsp; 7598163 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Cadence Design Systems, Inc. |  |  |
| 4.700%, 09/10/34 (d) | 953000 | &nbsp;&nbsp; 941502 |
| Fiserv, Inc. |  |  |
| 4.400%, 07/01/49 | 295000 | &nbsp;&nbsp; 241512 |
| Oracle Corp. |  |  |
| 3.600%, 04/01/50 | 580000 | &nbsp;&nbsp; 405619 |
| 3.800%, 11/15/37 | 900000 | &nbsp;&nbsp; 770433 |
| 3.850%, 07/15/36 | 124000 | &nbsp;&nbsp; 109180 |
| 3.900%, 05/15/35 (d) | 106000 | &nbsp;&nbsp; 95636 |
| 4.300%, 07/08/34 | 103000 | &nbsp;&nbsp; 97826 |
| 4.900%, 02/06/33 | 820000 | &nbsp;&nbsp; 822194 |
| Roper Technologies, Inc. |  |  |
| 4.750%, 02/15/32 | 380000 | &nbsp;&nbsp; 380666 |
| Synopsys, Inc. |  |  |
| 5.700%, 04/01/55 | 645000 | &nbsp;&nbsp; 641297 |
| VMware LLC |  |  |
| 4.650%, 05/15/27 | 425000 | &nbsp;&nbsp; 427479 |
|  |  | &nbsp;&nbsp; 4933344 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| AT&T, Inc. |  |  |
| 3.550%, 09/15/55 | 396000 | &nbsp;&nbsp; 267200 |
| 3.650%, 06/01/51 | 2795000 | &nbsp;&nbsp; 1985687 |
| Sprint Capital Corp. |  |  |
| 6.875%, 11/15/28 | 362000 | &nbsp;&nbsp; 388621 |
| T-Mobile USA, Inc. |  |  |
| 3.600%, 11/15/60 | 385000 | &nbsp;&nbsp; 256715 |
| Verizon Communications, Inc. |  |  |
| 2.650%, 11/20/40 | 779000 | &nbsp;&nbsp; 549562 |
| 4.780%, 02/15/35 (d) | 346000 | &nbsp;&nbsp; 337073 |
| Vodafone Group PLC |  |  |
| 5.625%, 02/10/53 | 275000 | &nbsp;&nbsp; 259449 |
| 6.150%, 02/27/37 | 178000 | &nbsp;&nbsp; 191055 |
|  |  | &nbsp;&nbsp; 4235362 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Burlington Northern Santa Fe LLC |  |  |
| 3.550%, 02/15/50 | 233000 | &nbsp;&nbsp; 171384 |
| Canadian Pacific Railway Co. |  |  |
| 4.700%, 05/01/48 | 597000 | &nbsp;&nbsp; 526568 |
| CSX Corp. |  |  |
| 4.750%, 11/15/48 | 404000 | &nbsp;&nbsp; 358155 |
| 6.000%, 10/01/36 | 300000 | &nbsp;&nbsp; 322039 |
| Norfolk Southern Corp. |  |  |
| 3.942%, 11/01/47 | 219000 | &nbsp;&nbsp; 171625 |
| Union Pacific Corp. |  |  |
| 4.100%, 09/15/67 | 200000 | &nbsp;&nbsp; 147872 |
|  |  | &nbsp;&nbsp; 1697643 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.800%, 05/01/30 (d) | 750000 | &nbsp;&nbsp; $696810 |
| Total Corporate Bonds & Notes <br>(Cost $341,104,893) <br>|  | &nbsp;&nbsp; 319186380 |
| **Asset-Backed Securities—11.8%** | **Asset-Backed Securities—11.8%** | **Asset-Backed Securities—11.8%** |
| **Asset-Backed - Automobile — 4.2%** | **Asset-Backed - Automobile — 4.2%** | **Asset-Backed - Automobile — 4.2%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| 5.360%, 06/20/30 (144A) | 1608000 | &nbsp;&nbsp; 1649872 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| 5.650%, 04/16/29 | 1441000 | &nbsp;&nbsp; 1450076 |
| Carvana Auto Receivables Trust |  |  |
| 5.920%, 07/10/29 (144A) | 1805000 | &nbsp;&nbsp; 1819870 |
| 6.160%, 09/10/29 (144A) | 1430000 | &nbsp;&nbsp; 1485520 |
| Credit Acceptance Auto Loan Trust |  |  |
| 5.390%, 01/16/35 (144A) | 2720000 | &nbsp;&nbsp; 2749941 |
| 6.130%, 12/15/33 (144A) | 2370000 | &nbsp;&nbsp; 2399717 |
| 6.390%, 08/15/33 (144A) | 1600000 | &nbsp;&nbsp; 1614065 |
| 6.710%, 07/17/34 (144A) | 2370000 | &nbsp;&nbsp; 2443728 |
| 8.450%, 02/15/33 (144A) | 2600000 | &nbsp;&nbsp; 2641267 |
| DT Auto Owner Trust |  |  |
| 5.790%, 02/15/29 (144A) | 2391000 | &nbsp;&nbsp; 2402240 |
| Exeter Automobile Receivables Trust |  |  |
| 5.920%, 02/15/30 | 2540000 | &nbsp;&nbsp; 2588226 |
| 5.980%, 12/15/28 | 2800000 | &nbsp;&nbsp; 2816447 |
| 6.210%, 06/15/28 | 1600000 | &nbsp;&nbsp; 1610922 |
| FHF Issuer Trust |  |  |
| 5.690%, 02/15/30 (144A) | 1909378 | &nbsp;&nbsp; 1928758 |
| Flagship Credit Auto Trust |  |  |
| 1.960%, 12/15/27 (144A) | 3165938 | &nbsp;&nbsp; 3137027 |
| 2.180%, 02/16/27 (144A) | 340670 | &nbsp;&nbsp; 338195 |
| GLS Auto Receivables Issuer Trust |  |  |
| 1.420%, 04/15/27 (144A) | 757056 | &nbsp;&nbsp; 750325 |
| 1.480%, 07/15/27 (144A) | 2629051 | &nbsp;&nbsp; 2593742 |
| 1.680%, 01/15/27 (144A) | 44193 | &nbsp;&nbsp; 44138 |
| 6.010%, 05/15/29 (144A) | 1251000 | &nbsp;&nbsp; 1262863 |
| OneMain Direct Auto Receivables Trust |  |  |
| 7.070%, 02/14/33 (144A) | 1838000 | &nbsp;&nbsp; 1928354 |
| Santander Drive Auto Receivables Trust |  |  |
| 5.690%, 02/18/31 | 3400000 | &nbsp;&nbsp; 3434365 |
| 5.970%, 10/15/31 | 3040000 | &nbsp;&nbsp; 3124123 |
| SBNA Auto Lease Trust |  |  |
| 5.550%, 12/20/28 (144A) | 1469000 | &nbsp;&nbsp; 1490849 |
| Westlake Automobile Receivables Trust |  |  |
| 5.740%, 08/15/28 (144A) | 2105000 | &nbsp;&nbsp; 2117960 |
| 6.640%, 11/15/28 (144A) | 1620000 | &nbsp;&nbsp; 1656676 |
|  |  | &nbsp;&nbsp; 51479266 |
| **Asset-Backed - Credit Card — 0.2%** | **Asset-Backed - Credit Card — 0.2%** | **Asset-Backed - Credit Card — 0.2%** |
| Mercury Financial Credit Card Master Trust |  |  |
| 6.560%, 07/20/29 (144A) | 2455000 | &nbsp;&nbsp; 2476620 |
| **Asset-Backed - Other — 7.4%** | **Asset-Backed - Other — 7.4%** | **Asset-Backed - Other — 7.4%** |
| Accelerated Assets LLC |  |  |
| 1.900%, 10/20/40 (144A) | 576505 | &nbsp;&nbsp; 537597 |

---

*See accompanying notes to financial statements.*

**BHFTI-262**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| American Homes 4 Rent Trust |  |  |
| 5.036%, 10/17/52 (144A) | 1900000 | &nbsp;&nbsp; $1894354 |
| AMSR Trust |  |  |
| 2.327%, 10/17/38 (144A) | 1694000 | &nbsp;&nbsp; 1626472 |
| 4.387%, 03/17/39 (144A) | 3000000 | &nbsp;&nbsp; 2934786 |
| Bastion Funding I LLC |  |  |
| 7.119%, 04/25/38 (144A) | 1160301 | &nbsp;&nbsp; 1166453 |
| BG Beta I Ltd. |  |  |
| 6.280%, 07/16/54 | 1576000 | &nbsp;&nbsp; 1609656 |
| Bridge Trust |  |  |
| 4.450%, 11/17/37 (144A) | 2257000 | &nbsp;&nbsp; 2241888 |
| 6.300%, 11/17/37 (144A) | 1500000 | &nbsp;&nbsp; 1496471 |
| BXG Receivables Note Trust |  |  |
| 6.310%, 11/15/38 (144A) | 1241683 | &nbsp;&nbsp; 1266675 |
| Cars Net Lease Mortgage Notes |  |  |
| 3.100%, 12/15/50 (144A) | 586500 | &nbsp;&nbsp; 552496 |
| CFIN Issuer LLC |  |  |
| 4.750%, 02/16/26 (144A) (g) | 535291 | &nbsp;&nbsp; 531864 |
| COOF Securitization Trust Ltd. |  |  |
| 3.291%, 06/25/40 (144A) (a) (b) | 168972 | &nbsp;&nbsp; 11156 |
| CoreVest American Finance Ltd. |  |  |
| 2.705%, 10/15/52 (144A) | 178241 | &nbsp;&nbsp; 177077 |
| DataBank Issuer LLC |  |  |
| 2.060%, 02/27/51 (144A) | 1950000 | &nbsp;&nbsp; 1907467 |
| Diversified ABS Phase VI LLC |  |  |
| 7.500%, 11/28/39 | 1038137 | &nbsp;&nbsp; 1029168 |
| Diversified ABS Phase VIII LLC |  |  |
| 7.076%, 05/30/44 (144A) | 2504745 | &nbsp;&nbsp; 2530949 |
| DP Lion Holdco LLC |  |  |
| 8.243%, 11/30/43 | 900194 | &nbsp;&nbsp; 924996 |
| FirstKey Homes Trust |  |  |
| 2.668%, 10/19/37 (144A) | 3700000 | &nbsp;&nbsp; 3657920 |
| 5.197%, 05/19/39 (144A) | 1320000 | &nbsp;&nbsp; 1320805 |
| FMC GMSR Issuer Trust |  |  |
| 3.620%, 07/25/26 (144A) (b) | 3300000 | &nbsp;&nbsp; 3125674 |
| 3.850%, 10/25/26 (144A) (b) | 2680000 | &nbsp;&nbsp; 2548550 |
| 4.450%, 01/25/26 (144A) (b) | 3100000 | &nbsp;&nbsp; 3028774 |
| 6.500%, 03/26/27 (144A) (b) | 3375000 | &nbsp;&nbsp; 3407741 |
| Foundation Finance Trust |  |  |
| 9.100%, 06/15/49 (144A) | 1919259 | &nbsp;&nbsp; 2050773 |
| FW Energy Asset Issuer LLC |  |  |
| 7.151%, 08/25/44 | 1898602 | &nbsp;&nbsp; 1929647 |
| 8.106%, 08/25/44 | 594105 | &nbsp;&nbsp; 604802 |
| Goodgreen Trust |  |  |
| 2.760%, 04/15/55 (144A) | 801370 | &nbsp;&nbsp; 689144 |
| 3.260%, 10/15/53 (144A) | 863093 | &nbsp;&nbsp; 770932 |
| 3.740%, 10/15/52 (144A) | 180482 | &nbsp;&nbsp; 166182 |
| 5.000%, 10/20/51 | 72668 | &nbsp;&nbsp; 70741 |
| 5.900%, 01/17/61 (144A) | 1598966 | &nbsp;&nbsp; 1516819 |
| Grene Energy Senior |  |  |
| 11.000%, 01/17/61 | 111328 | &nbsp;&nbsp; 91590 |
| HERO Funding Trust |  |  |
| 3.080%, 09/20/42 (144A) | 145521 | &nbsp;&nbsp; 132493 |
| 3.950%, 09/20/48 (144A) | 572782 | &nbsp;&nbsp; 517786 |
| 4.460%, 09/20/47 (144A) | 477886 | &nbsp;&nbsp; 441217 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Invitation Homes Trust |  |  |
| 4.250%, 09/17/41 (144A) | 1845000 | &nbsp;&nbsp; $1755953 |
| Jonah Energy ABS I LLC |  |  |
| 7.200%, 12/10/37 (144A) | 878652 | &nbsp;&nbsp; 883601 |
| KGS-Alpha SBA COOF Trust |  |  |
| 0.483%, 05/25/39 (144A) (a) (b) | 784090 | &nbsp;&nbsp; 8507 |
| 0.932%, 08/25/38 (144A) (a) (b) | 551666 | &nbsp;&nbsp; 9895 |
| 1.437%, 03/25/39 (144A) (a) (b) | 526263 | &nbsp;&nbsp; 15011 |
| 3.018%, 04/25/40 (144A) (a) (b) | 98209 | &nbsp;&nbsp; 5637 |
| LFT CRE Ltd. |  |  |
| 6.376%, 1M TSFR + 2.064%, 06/15/39 (144A) (b) | 3280000 | &nbsp;&nbsp; 3260956 |
| MNR ABS Issuer I LLC |  |  |
| 8.946%, 12/15/38 | 1109764 | &nbsp;&nbsp; 1136063 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| 3.104%, 07/25/26 (144A) | 1595985 | &nbsp;&nbsp; 1557853 |
| 3.474%, 11/25/26 (144A) | 753223 | &nbsp;&nbsp; 729791 |
| 3.844%, 12/25/25 (144A) | 717401 | &nbsp;&nbsp; 710191 |
| OneMain Financial Issuance Trust |  |  |
| 2.210%, 09/14/35 (144A) | 2145000 | &nbsp;&nbsp; 2041989 |
| Oportun Issuance Trust |  |  |
| 5.050%, 06/09/31 (144A) | 605280 | &nbsp;&nbsp; 605032 |
| PRET LLC |  |  |
| 5.487%, 10/25/51 (144A) (b) | 3077019 | &nbsp;&nbsp; 3074549 |
| Progress Residential Trust |  |  |
| 2.409%, 05/17/38 (144A) | 1960000 | &nbsp;&nbsp; 1923170 |
| 2.425%, 07/17/38 (144A) | 2535000 | &nbsp;&nbsp; 2467000 |
| 3.325%, 07/17/41 (144A) | 1229000 | &nbsp;&nbsp; 1143979 |
| 3.930%, 02/17/41 (144A) | 3150000 | &nbsp;&nbsp; 2963124 |
| 5.200%, 04/17/39 (144A) | 2435000 | &nbsp;&nbsp; 2412674 |
| Regional Management Issuance Trust |  |  |
| 3.040%, 03/17/31 (144A) | 3409000 | &nbsp;&nbsp; 3365803 |
| Renew Financial |  |  |
| 3.670%, 09/20/52 (144A) | 240561 | &nbsp;&nbsp; 223116 |
| RT Financial LLC |  |  |
| 7.851%, 10/15/43 | 1322772 | &nbsp;&nbsp; 1346585 |
| SCF Equipment Leasing LLC |  |  |
| 5.560%, 04/20/32 (144A) | 1290000 | &nbsp;&nbsp; 1329192 |
| 6.770%, 08/22/33 (144A) | 2385000 | &nbsp;&nbsp; 2477829 |
| VM Debt Trust |  |  |
| 7.460%, 07/18/27 | 3998352 | &nbsp;&nbsp; 3803409 |
| VOLT C LLC |  |  |
| 5.992%, 05/25/51 (144A) (g) | 485087 | &nbsp;&nbsp; 484394 |
| VOLT CI LLC |  |  |
| 5.992%, 05/25/51 (144A) (g) | 286129 | &nbsp;&nbsp; 285654 |
| VOLT XCIV LLC |  |  |
| 6.240%, 02/27/51 (144A) (g) | 184907 | &nbsp;&nbsp; 184830 |
| VOLT XCV LLC |  |  |
| 6.240%, 03/27/51 (144A) (g) | 178045 | &nbsp;&nbsp; 177917 |
| VOLT XCVII LLC |  |  |
| 6.240%, 04/25/51 (144A) (g) | 293923 | &nbsp;&nbsp; 293632 |
|  |  | &nbsp;&nbsp; 89188451 |

---

*See accompanying notes to financial statements.*

**BHFTI-263**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Student Loan — 0.0%** | **Asset-Backed - Student Loan — 0.0%** | **Asset-Backed - Student Loan — 0.0%** |
| Academic Loan Funding Trust |  |  |
| 5.220%, SOFR30A + 0.914%, 12/26/44 (144A) (b) | 301767 | &nbsp;&nbsp; $291463 |
| Total Asset-Backed Securities <br>(Cost $143,349,682) <br>|  | &nbsp;&nbsp; 143435800 |
| **Non-Agency Mortgage-Backed Securities—2.2%** | **Non-Agency Mortgage-Backed Securities—2.2%** | **Non-Agency Mortgage-Backed Securities—2.2%** |
| **Collateralized Mortgage Obligations — 1.4%** | **Collateralized Mortgage Obligations — 1.4%** | **Collateralized Mortgage Obligations — 1.4%** |
| Anchor Mortgage Trust |  |  |
| 5.718%, 05/25/40 (144A) (g) | 1300000 | &nbsp;&nbsp; 1299974 |
| 8.230%, 03/25/31 (b) | 2000000 | &nbsp;&nbsp; 2032718 |
| Global Mortgage Securitization Ltd. |  |  |
| 4.754%, 1M TSFR + 0.434%, 11/25/32 (144A) (b) | 36585 | &nbsp;&nbsp; 36063 |
| HarborView Mortgage Loan Trust |  |  |
| 5.841%, 05/19/34 (b) | 216071 | &nbsp;&nbsp; 206788 |
| Impac CMB Trust |  |  |
| 5.174%, 1M TSFR + 0.854%, 11/25/34 (b) | 318115 | &nbsp;&nbsp; 314386 |
| JP Morgan Mortgage Trust |  |  |
| 6.743%, 08/25/34 (b) | 26012 | &nbsp;&nbsp; 26506 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 4.894%, 1M TSFR + 0.574%, 04/25/29 (b) | 67012 | &nbsp;&nbsp; 61900 |
| 4.934%, 1M TSFR + 0.614%, 05/25/29 (b) | 111155 | &nbsp;&nbsp; 107745 |
| 5.054%, 1M TSFR + 0.734%, 10/25/28 (b) | 73274 | &nbsp;&nbsp; 69720 |
| 5.074%, 1M TSFR + 0.754%, 10/25/28 (b) | 74536 | &nbsp;&nbsp; 70526 |
| 5.382%, 6M TSFR + 1.108%, 01/25/29 (b) | 74212 | &nbsp;&nbsp; 72832 |
| New Residential Mortgage Loan Trust |  |  |
| 5.443%, 09/25/39 (144A) (g) | 1900000 | &nbsp;&nbsp; 1902066 |
| 6.664%, 03/25/39 (144A) (g) | 2450000 | &nbsp;&nbsp; 2468799 |
| PRET Trust |  |  |
| 4.075%, 06/25/64 (144A) (b) | 1985275 | &nbsp;&nbsp; 1892492 |
| PRPM LLC |  |  |
| 4.000%, 11/25/53 (144A) (g) | 662702 | &nbsp;&nbsp; 650119 |
| Sequoia Mortgage Trust |  |  |
| 5.032%, 1M TSFR + 0.714%, 12/20/34 (b) | 130875 | &nbsp;&nbsp; 118476 |
| 5.072%, 1M TSFR + 0.754%, 01/20/34 (b) | 91533 | &nbsp;&nbsp; 88448 |
| 5.092%, 1M TSFR + 0.774%, 07/20/33 (b) | 193616 | &nbsp;&nbsp; 180138 |
| 5.112%, 1M TSFR + 0.794%, 10/20/34 (b) | 263231 | &nbsp;&nbsp; 241349 |
| 5.192%, 1M TSFR + 0.874%, 04/20/33 (b) | 117013 | &nbsp;&nbsp; 110057 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 5.132%, 1M TSFR + 0.814%, 01/19/34 (b) | 320183 | &nbsp;&nbsp; 304509 |
| 5.132%, 1M TSFR + 0.814%, 03/19/34 (b) | 274333 | &nbsp;&nbsp; 258503 |
| Structured Asset Mortgage Investments Trust |  |  |
| 5.332%, 1M TSFR + 1.014%, 05/19/33 (b) | 166840 | &nbsp;&nbsp; 160771 |
| Structured Asset Securities Corp. Mortgage Pass-Through <br> Certificates<br>|  |  |
| 5.717%, 11/25/33 (b) | 70840 | &nbsp;&nbsp; 70412 |
| Thornburg Mortgage Securities Trust |  |  |
| 5.074%, 1M TSFR + 0.754%, 09/25/43 (b) | 131292 | &nbsp;&nbsp; 129961 |
| 5.538%, 12/25/44 (b) | 160202 | &nbsp;&nbsp; 154543 |
| 5.643%, 04/25/45 (b) | 301593 | &nbsp;&nbsp; 295231 |
| Towd Point Mortgage Trust |  |  |
| 2.918%, 11/30/60 (144A) (b) | 4021768 | &nbsp;&nbsp; 3501689 |
|  |  | &nbsp;&nbsp; 16826721 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** |
| BAMLL Commercial Mortgage Securities Trust |  |  |
| 4.354%, 08/15/46 (144A) (b) | 1200000 | &nbsp;&nbsp; $823741 |
| COMM Mortgage Trust |  |  |
| 1.101%, 07/10/45 (144A) (a) (b) | 26468669 | &nbsp;&nbsp; 39518 |
| 3.942%, 04/10/33 (144A) (b) | 1450000 | &nbsp;&nbsp; 1407231 |
| CSMC Trust |  |  |
| 4.373%, 09/15/37 (144A) | 1000000 | &nbsp;&nbsp; 756450 |
| Ladder Capital Commercial Mortgage Trust |  |  |
| 3.985%, 02/15/36 (144A) | 768000 | &nbsp;&nbsp; 726923 |
| MRCD Mortgage Trust |  |  |
| 2.718%, 12/15/36 (144A) | 1997000 | &nbsp;&nbsp; 1453017 |
| ROCK Trust |  |  |
| 5.388%, 11/13/41 (144A) | 1000000 | &nbsp;&nbsp; 1022985 |
| SLG Office Trust |  |  |
| 2.585%, 07/15/41 (144A) | 3090000 | &nbsp;&nbsp; 2710222 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| 5.677%, 1M TSFR + 1.364%, 02/15/40 (144A) (b) | 444899 | &nbsp;&nbsp; 444649 |
| WFRBS Commercial Mortgage Trust |  |  |
| 4.201%, 03/15/45 (144A) (b) | 300000 | &nbsp;&nbsp; 253813 |
|  |  | &nbsp;&nbsp; 9638549 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $28,892,653) <br>|  | &nbsp;&nbsp; 26465270 |
| **Foreign Government—0.5%** | **Foreign Government—0.5%** | **Foreign Government—0.5%** |
| **Sovereign — 0.5%** | **Sovereign — 0.5%** | **Sovereign — 0.5%** |
| Chile Government International Bonds |  |  |
| 2.550%, 01/27/32 | 394000 | &nbsp;&nbsp; 346208 |
| Mexico Government International Bonds |  |  |
| 2.659%, 05/24/31 | 848000 | &nbsp;&nbsp; 733520 |
| 3.500%, 02/12/34 | 577000 | &nbsp;&nbsp; 483526 |
| 3.771%, 05/24/61 | 625000 | &nbsp;&nbsp; 367969 |
| 4.350%, 01/15/47 | 228000 | &nbsp;&nbsp; 163989 |
| 4.600%, 01/23/46 | 959000 | &nbsp;&nbsp; 722693 |
| 4.600%, 02/10/48 | 200000 | &nbsp;&nbsp; 148330 |
| 5.750%, 10/12/2110 | 500000 | &nbsp;&nbsp; 393250 |
| 5.850%, 07/02/32 | 1051000 | &nbsp;&nbsp; 1063612 |
| 6.000%, 05/13/30 | 498000 | &nbsp;&nbsp; 514932 |
| 6.875%, 05/13/37 | 740000 | &nbsp;&nbsp; 771302 |
| Saudi Government International Bonds |  |  |
| 2.250%, 02/02/33 (144A) | 490000 | &nbsp;&nbsp; 410943 |
| Total Foreign Government <br>(Cost $7,231,348) <br>|  | &nbsp;&nbsp; 6120274 |
| **Municipals—0.1%** | **Municipals—0.1%** | **Municipals—0.1%** |
| Texas Natural Gas Securitization Finance Corp. |  |  |
| 5.169%, 04/01/41 <br>(Cost $720,000)<br>| 720000 | &nbsp;&nbsp; 727276 |

---

*See accompanying notes to financial statements.*

**BHFTI-264**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Short-Term Investments—2.5%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Repurchase Agreement—2.5%** | **Repurchase Agreement—2.5%** | **Repurchase Agreement—2.5%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $29,970,738; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $30,567,582<br>| 29968033 | &nbsp;&nbsp; $29968033 |
| Total Short-Term Investments <br>(Cost $29,968,033) <br>|  | &nbsp;&nbsp; 29968033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (h)—0.4%** | **Securities Lending Reinvestments (h)—0.4%** | **Securities Lending Reinvestments (h)—0.4%** |
| **Short-Term Investment Funds—0.0%** | **Short-Term Investment Funds—0.0%** | **Short-Term Investment Funds—0.0%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (i)<br>| 200000 | &nbsp;&nbsp; 200000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** | **Repurchase Agreements—0.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $600,074; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $612,000<br>| 600000 | &nbsp;&nbsp; 600000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $500,062; collateralized <br> by various Common Stock with an aggregate market value of <br> $556,537<br>| 500000 | &nbsp;&nbsp; 500000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $700,085; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $714,000<br>| 700000 | &nbsp;&nbsp; 700000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $700,085; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $714,087<br>| 700000 | &nbsp;&nbsp; 700000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $759,865; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $774,968<br>| 759773 | &nbsp;&nbsp; 759773 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $600,073; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $612,000<br>| 600000 | &nbsp;&nbsp; 600000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $1,000,123; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,619<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $300,037; collateralized <br> by various Common Stock with an aggregate market value of <br> $330,041<br>| 300000 | &nbsp;&nbsp; $300000 |
|  |  | &nbsp;&nbsp; 5159773 |
| Total Securities Lending Reinvestments <br>(Cost $5,359,773) <br>|  | &nbsp;&nbsp; 5359773 |
| Total Investments—100.3% <br>(Cost $1,313,237,253) <br>|  | &nbsp;&nbsp; 1219443742 |
| Other assets and liabilities (net)—(0.3)%  |  | &nbsp;&nbsp; (3915033)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1215528709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Interest only security.

(b) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

(c) Principal only security.

(d) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $14,486,254 and the collateral received consisted of cash in the amount of $5,359,773 and non-cash collateral with a value of $9,550,727. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(e) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2025, these securities represent 0.2% of net assets. 

(f) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. 

(g) Security is a "step up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate. 

(h) Represents investment of cash collateral received from securities on loan as of June 30, 2025. 

(i) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the market value of 144A securities was $226,283,292, which is 18.6% of net assets. 

*See accompanying notes to financial statements.*

**BHFTI-265**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $150092846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58598369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $147 <br>,702375<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $122840701 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(3397540)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3397540)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (1962233)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1962233)<br>|
| Total Borrowings | &nbsp;&nbsp; $(5359773)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5359773)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(5359773)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $358242780 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $358242780 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 329938156 | &nbsp;&nbsp; — | &nbsp;&nbsp; 329938156 |
| Corporate Bonds & Notes |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 7366609 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7366609 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 2454878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2454878 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 6735820 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6735820 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 2259008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2259008 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 104666159 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104666159 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 1861710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1861710 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 3649090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3649090 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 1202722 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1202722 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 3613998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3613998 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 7120667 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7120667 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 5380716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5380716 |
| Cosmetics/Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 754261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 754261 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 168125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 168125 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 19550269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19550269 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 38738478 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38738478 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 654588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 654588 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 7173570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7173570 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 5828179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5828179 |
| Healthcare-Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 844929 | &nbsp;&nbsp; — | &nbsp;&nbsp; 844929 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 11720855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11720855 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 3890269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3890269 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 2556574 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 5056574 |
| Iron/Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 593780 | &nbsp;&nbsp; — | &nbsp;&nbsp; 593780 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 5677154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5677154 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 2730563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2730563 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 286839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 286839 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 8879881 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8879881 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 446297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 446297 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 870636 | &nbsp;&nbsp; — | &nbsp;&nbsp; 870636 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 11183625 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11183625 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 13698703 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13698703 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 12182818 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12182818 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 1367475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1367475 |
| Savings & Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1415813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1415813 |

---

*See accompanying notes to financial statements.*

**BHFTI-266**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Semiconductors | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7598163 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7598163 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 4933344 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4933344 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 4235362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4235362 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 1697643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1697643 |
| Water | &nbsp;&nbsp; — | &nbsp;&nbsp; 696810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 696810 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 316686380 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 319186380 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 143435800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 143435800 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 26465270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26465270 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6120274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6120274 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 727276 | &nbsp;&nbsp; — | &nbsp;&nbsp; 727276 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 29968033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29968033 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 5159773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5159773 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 5159773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5359773 |
| Total Investments | &nbsp;&nbsp; $200000 | &nbsp;&nbsp; $1216743742 | &nbsp;&nbsp; $2500000 | &nbsp;&nbsp; $1219443742 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5359773)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5359773)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-267**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1219443742 |
| Cash | &nbsp;&nbsp; 129479 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 233301 |
| Principal paydowns | &nbsp;&nbsp; 18069 |
| Interest | &nbsp;&nbsp; 8681260 |
| Prepaid expenses | &nbsp;&nbsp; 9605 |
| Total Assets | &nbsp;&nbsp; 1228515456 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 5359773 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 6544430 |
| Fund shares redeemed | &nbsp;&nbsp; 40135 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 404788 |
| Distribution and service fees | &nbsp;&nbsp; 93423 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 320097 |
| Total Liabilities | &nbsp;&nbsp; 12986747 |
| **Net Assets**  | &nbsp;&nbsp; $1215528709 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1416967092 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (201438383)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1215528709 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $755751671 |
| Class B | &nbsp;&nbsp; 459777038 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 84654269 |
| Class B | &nbsp;&nbsp; 51520560 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $8.93 |
| Class B | 8.92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,313,237,253.

(b) Includes securities loaned at value of $14,486,254.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $25900228 |
| Securities lending income | &nbsp;&nbsp; 21536 |
| Total investment income | &nbsp;&nbsp; 25921764 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3305861 |
| Administration fees | &nbsp;&nbsp; 34578 |
| Custodian and accounting fees | &nbsp;&nbsp; 63471 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 577150 |
| Audit and tax services | &nbsp;&nbsp; 49513 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 20944 |
| Insurance | &nbsp;&nbsp; 5590 |
| Miscellaneous | &nbsp;&nbsp; 11614 |
| Total expenses | &nbsp;&nbsp; 4111478 |
| Less management fee waiver | &nbsp;&nbsp; (841492)<br>|
| Net expenses | &nbsp;&nbsp; 3269986 |
| **Net Investment Income** | &nbsp;&nbsp; 22651778 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (4284574) <br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 29905272 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 25620698 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $48272476 |

---

*See accompanying notes to financial statements.*

**BHFTI-268**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $22651778 | &nbsp;&nbsp; $47304816 |
| Net realized gain (loss) | &nbsp;&nbsp; (4284574)<br>| &nbsp;&nbsp; (15831115)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 29905272 | &nbsp;&nbsp; (589896)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 48272476 | &nbsp;&nbsp; 30883805 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (31677827)<br>| &nbsp;&nbsp; (30122610)<br>|
| Class B | &nbsp;&nbsp; (18169045)<br>| &nbsp;&nbsp; (15009594)<br>|
| **Total distributions** | &nbsp;&nbsp; (49846872)<br>| &nbsp;&nbsp; (45132204)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (15713368)<br>| &nbsp;&nbsp; (83137580)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (17287764)<br>| &nbsp;&nbsp; (97385979)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1232816473 | &nbsp;&nbsp; 1330202452 |
| End of period | &nbsp;&nbsp; $1215528709 | &nbsp;&nbsp; $1232816473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2301333 | &nbsp;&nbsp; $21036437 | &nbsp;&nbsp; 2338787 | &nbsp;&nbsp; $21006255 |
| Reinvestments | &nbsp;&nbsp; 3595667 | &nbsp;&nbsp; 31677827 | &nbsp;&nbsp; 3426918 | &nbsp;&nbsp; 30122610 |
| Redemptions | &nbsp;&nbsp; (6093448)<br>| &nbsp;&nbsp; (55566432)<br>| &nbsp;&nbsp; (17227574)<br>| &nbsp;&nbsp; (155126189)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (196448)<br>| &nbsp;&nbsp; $(2852168)<br>| &nbsp;&nbsp; (11461869)<br>| &nbsp;&nbsp; $(103997324)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1766328 | &nbsp;&nbsp; $16002399 | &nbsp;&nbsp; 5671277 | &nbsp;&nbsp; $51086864 |
| Reinvestments | &nbsp;&nbsp; 2062321 | &nbsp;&nbsp; 18169045 | &nbsp;&nbsp; 1709521 | &nbsp;&nbsp; 15009594 |
| Redemptions | &nbsp;&nbsp; (5171243)<br>| &nbsp;&nbsp; (47032644)<br>| &nbsp;&nbsp; (5013226)<br>| &nbsp;&nbsp; (45236714)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1342594)<br>| &nbsp;&nbsp; $(12861200)<br>| &nbsp;&nbsp; 2367572 | &nbsp;&nbsp; $20859744 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(15713368)<br>|  | &nbsp;&nbsp; $(83137580)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-269**

------

**Brighthouse Funds Trust I**

**JPMorgan Core Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $9.07 | &nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $10.36 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Total income (loss) from investment operations | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total distributions | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.40)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $9.07 | &nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $10.78 |
| **Total Return (%)** (b) | 4.08 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.99 | &nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.16 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.59 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net ratio of expenses to average net assets (%) (e) | 0.45 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Ratio of net investment income (loss) to average net assets (%) | 3.86 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 17 <br>(c)<br>| &nbsp;&nbsp; 24 <br>(f)<br>| &nbsp;&nbsp; 18 <br>(f)<br>| &nbsp;&nbsp; 55 <br>(f)<br>| &nbsp;&nbsp; 53 <br>(f)<br>| &nbsp;&nbsp; 46 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $755.8 | &nbsp;&nbsp; $760.1 | &nbsp;&nbsp; $873.1 | &nbsp;&nbsp; $900.4 | &nbsp;&nbsp; $1081.7 | &nbsp;&nbsp; $1057.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $10.34 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Total income (loss) from investment operations | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.38)<br>|
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.38)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $10.76 |
| **Total Return (%)** (b) | 3.92 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp; (12.87)<br>| &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.89 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net ratio of expenses to average net assets (%) (e) | 0.70 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | 3.61 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 17 <br>(c)<br>| &nbsp;&nbsp; 24 <br>(f)<br>| &nbsp;&nbsp; 18 <br>(f)<br>| &nbsp;&nbsp; 55 <br>(f)<br>| &nbsp;&nbsp; 53 <br>(f)<br>| &nbsp;&nbsp; 46 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $459.8 | &nbsp;&nbsp; $472.7 | &nbsp;&nbsp; $457.1 | &nbsp;&nbsp; $417.4 | &nbsp;&nbsp; $530.7 | &nbsp;&nbsp; $510.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 22%, 17%, 33%, 27% and 25% for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTI-270**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—41.4% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| Airbus SE | 6989 | &nbsp;&nbsp; $1462405 |
| General Dynamics Corp.  | 2340 | &nbsp;&nbsp; 682484 |
| Howmet Aerospace, Inc.  | 17053 | &nbsp;&nbsp; 3174075 |
| RTX Corp.  | 6790 | &nbsp;&nbsp; 991476 |
| Safran SA | 18707 | &nbsp;&nbsp; 6092570 |
|  |  | &nbsp;&nbsp; 12403010 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| FedEx Corp. (a) | 3336 | &nbsp;&nbsp; 758306 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Bridgestone Corp.  | 800 | &nbsp;&nbsp; 32669 |
| Cie Generale des Etablissements Michelin SCA | 87113 | &nbsp;&nbsp; 3241419 |
| Gentex Corp. (a) | 16211 | &nbsp;&nbsp; 356480 |
|  |  | &nbsp;&nbsp; 3630568 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** | **Automobiles — 0.5%** |
| Kia Corp.  | 11351 | &nbsp;&nbsp; 812720 |
| Suzuki Motor Corp.  | 122100 | &nbsp;&nbsp; 1470957 |
| Tesla, Inc. (b) | 15868 | &nbsp;&nbsp; 5040629 |
|  |  | &nbsp;&nbsp; 7324306 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| Banco Bilbao Vizcaya Argentaria SA | 94749 | &nbsp;&nbsp; 1457249 |
| Banco Santander SA | 227004 | &nbsp;&nbsp; 1879270 |
| Bank Central Asia Tbk. PT | 1914900 | &nbsp;&nbsp; 1026004 |
| Bank of America Corp.  | 116398 | &nbsp;&nbsp; 5507953 |
| Bank Rakyat Indonesia Persero Tbk. PT | 4408514 | &nbsp;&nbsp; 1019507 |
| BNP Paribas SA | 17299 | &nbsp;&nbsp; 1558109 |
| Capitec Bank Holdings Ltd.  | 7741 | &nbsp;&nbsp; 1556874 |
| Columbia Banking System, Inc.  | 13999 | &nbsp;&nbsp; 327297 |
| Credicorp Ltd.  | 4322 | &nbsp;&nbsp; 966053 |
| DBS Group Holdings Ltd.  | 119670 | &nbsp;&nbsp; 4231448 |
| Erste Group Bank AG | 11549 | &nbsp;&nbsp; 981611 |
| Fifth Third Bancorp | 8340 | &nbsp;&nbsp; 343024 |
| First Citizens BancShares, Inc. - Class A | 598 | &nbsp;&nbsp; 1169969 |
| Grupo Financiero Banorte SAB de CV - Class O | 117044 | &nbsp;&nbsp; 1074039 |
| HDFC Bank Ltd.  | 108840 | &nbsp;&nbsp; 2537190 |
| HDFC Bank Ltd. (ADR) | 11726 | &nbsp;&nbsp; 899032 |
| Itau Unibanco Holding SA (ADR) | 180100 | &nbsp;&nbsp; 1222879 |
| KBC Group NV | 15518 | &nbsp;&nbsp; 1596147 |
| Kotak Mahindra Bank Ltd.  | 76768 | &nbsp;&nbsp; 1934043 |
| M&T Bank Corp.  | 8193 | &nbsp;&nbsp; 1589360 |
| Mitsubishi UFJ Financial Group, Inc.  | 265900 | &nbsp;&nbsp; 3640605 |
| NatWest Group PLC | 300380 | &nbsp;&nbsp; 2109114 |
| Nordea Bank Abp | 144023 | &nbsp;&nbsp; 2141588 |
| NU Holdings Ltd. - Class A (b) | 131402 | &nbsp;&nbsp; 1802836 |
| PNC Financial Services Group, Inc.  | 3723 | &nbsp;&nbsp; 694042 |
| Regions Financial Corp.  | 37741 | &nbsp;&nbsp; 887668 |
| Sberbank of Russia PJSC † (b) (c) (d) | 2160 | &nbsp;&nbsp; 0 |
| U.S. Bancorp | 28765 | &nbsp;&nbsp; 1301616 |
| UniCredit SpA | 32502 | &nbsp;&nbsp; 2179912 |
| Wells Fargo & Co.  | 71520 | &nbsp;&nbsp; 5730182 |
|  |  | &nbsp;&nbsp; 53364621 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Carlsberg AS - Class B (a) | 6133 | &nbsp;&nbsp; $869960 |
| Constellation Brands, Inc. - Class A | 2267 | &nbsp;&nbsp; 368796 |
| Diageo PLC | 56306 | &nbsp;&nbsp; 1416295 |
| Fomento Economico Mexicano SAB de CV (ADR) | 8574 | &nbsp;&nbsp; 882950 |
| Heineken NV | 33888 | &nbsp;&nbsp; 2967137 |
| Keurig Dr. Pepper, Inc.  | 75371 | &nbsp;&nbsp; 2491765 |
| Kweichow Moutai Co. Ltd. - Class A | 5756 | &nbsp;&nbsp; 1134884 |
| PepsiCo, Inc.  | 3516 | &nbsp;&nbsp; 464253 |
| Pernod Ricard SA | 14382 | &nbsp;&nbsp; 1436634 |
| Wuliangye Yibin Co. Ltd. - Class A | 19000 | &nbsp;&nbsp; 316011 |
|  |  | &nbsp;&nbsp; 12348685 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| AbbVie, Inc.  | 21987 | &nbsp;&nbsp; 4081227 |
| Alnylam Pharmaceuticals, Inc. (b) | 2016 | &nbsp;&nbsp; 657398 |
| Gilead Sciences, Inc.  | 5060 | &nbsp;&nbsp; 561002 |
| Insmed, Inc. (b) | 6910 | &nbsp;&nbsp; 695422 |
| Natera, Inc. (b) | 5379 | &nbsp;&nbsp; 908728 |
| Neurocrine Biosciences, Inc. (b) | 2779 | &nbsp;&nbsp; 349293 |
| Regeneron Pharmaceuticals, Inc.  | 618 | &nbsp;&nbsp; 324450 |
| Vertex Pharmaceuticals, Inc. (b) | 709 | &nbsp;&nbsp; 315647 |
|  |  | &nbsp;&nbsp; 7893167 |
| **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** |
| Alibaba Group Holding Ltd.  | 80400 | &nbsp;&nbsp; 1140998 |
| Amazon.com, Inc. (b) | 74487 | &nbsp;&nbsp; 16341703 |
| MercadoLibre, Inc. (b) | 1124 | &nbsp;&nbsp; 2937720 |
| Next PLC | 10395 | &nbsp;&nbsp; 1775892 |
|  |  | &nbsp;&nbsp; 22196313 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Carlisle Cos., Inc. (a) | 1898 | &nbsp;&nbsp; 708713 |
| Fortune Brands Innovations, Inc.  | 9337 | &nbsp;&nbsp; 480669 |
| Hayward Holdings, Inc. (a) (b) | 5026 | &nbsp;&nbsp; 69359 |
| Kingspan Group PLC | 10508 | &nbsp;&nbsp; 893593 |
| Trane Technologies PLC (a) | 8319 | &nbsp;&nbsp; 3638814 |
|  |  | &nbsp;&nbsp; 5791148 |
| **Capital Markets — 2.4%** | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** |
| 3i Group PLC | 56875 | &nbsp;&nbsp; 3217227 |
| Ameriprise Financial, Inc.  | 750 | &nbsp;&nbsp; 400298 |
| B3 SA - Brasil Bolsa Balcao | 207812 | &nbsp;&nbsp; 557674 |
| Blackstone, Inc.  | 6688 | &nbsp;&nbsp; 1000391 |
| Charles Schwab Corp.  | 44405 | &nbsp;&nbsp; 4051512 |
| CME Group, Inc.  | 15120 | &nbsp;&nbsp; 4167374 |
| Deutsche Boerse AG | 5416 | &nbsp;&nbsp; 1767254 |
| Goldman Sachs Group, Inc.  | 1454 | &nbsp;&nbsp; 1029069 |
| Hong Kong Exchanges & Clearing Ltd.  | 75800 | &nbsp;&nbsp; 4055711 |
| Interactive Brokers Group, Inc. - Class A | 12268 | &nbsp;&nbsp; 679770 |
| Intercontinental Exchange, Inc.  | 1834 | &nbsp;&nbsp; 336484 |
| Japan Exchange Group, Inc.  | 104400 | &nbsp;&nbsp; 1058613 |
| London Stock Exchange Group PLC | 14418 | &nbsp;&nbsp; 2106739 |
| Moody's Corp.  | 1664 | &nbsp;&nbsp; 834646 |
| Morgan Stanley | 18150 | &nbsp;&nbsp; 2556609 |
| Northern Trust Corp.  | 9350 | &nbsp;&nbsp; 1185486 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-271**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
| Raymond James Financial, Inc.  | 1577 | &nbsp;&nbsp; $241864 |
| Robinhood Markets, Inc. - Class A (b) | 6875 | &nbsp;&nbsp; 643706 |
| State Street Corp.  | 10534 | &nbsp;&nbsp; 1120186 |
| Tradeweb Markets, Inc. - Class A | 2956 | &nbsp;&nbsp; 432758 |
| UBS Group AG | 36675 | &nbsp;&nbsp; 1246148 |
|  |  | &nbsp;&nbsp; 32689519 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Air Liquide SA | 12727 | &nbsp;&nbsp; 2628708 |
| Arkema SA | 8861 | &nbsp;&nbsp; 654136 |
| Axalta Coating Systems Ltd. (b) | 19847 | &nbsp;&nbsp; 589257 |
| LG Chem Ltd.  | 1660 | &nbsp;&nbsp; 261171 |
| Linde PLC | 2551 | &nbsp;&nbsp; 1196878 |
| Novonesis (Novozymes) - B Shares (a) | 13282 | &nbsp;&nbsp; 953725 |
| Shin-Etsu Chemical Co. Ltd.  | 13200 | &nbsp;&nbsp; 434978 |
|  |  | &nbsp;&nbsp; 6718853 |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |
| Copart, Inc. (b) | 10629 | &nbsp;&nbsp; 521565 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| Cisco Systems, Inc.  | 3966 | &nbsp;&nbsp; 275161 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| Quanta Services, Inc.  | 3022 | &nbsp;&nbsp; 1142558 |
| Vinci SA | 11991 | &nbsp;&nbsp; 1770017 |
| WillScot Holdings Corp. (a) | 26526 | &nbsp;&nbsp; 726812 |
|  |  | &nbsp;&nbsp; 3639387 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Eagle Materials, Inc.  | 1659 | &nbsp;&nbsp; 335301 |
| Martin Marietta Materials, Inc. (a) | 1223 | &nbsp;&nbsp; 671378 |
|  |  | &nbsp;&nbsp; 1006679 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| American Express Co.  | 1929 | &nbsp;&nbsp; 615313 |
| Capital One Financial Corp.  | 7782 | &nbsp;&nbsp; 1655698 |
|  |  | &nbsp;&nbsp; 2271011 |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| Bid Corp. Ltd.  | 37533 | &nbsp;&nbsp; 992515 |
| Casey's General Stores, Inc.  | 850 | &nbsp;&nbsp; 433730 |
| Koninklijke Ahold Delhaize NV | 34356 | &nbsp;&nbsp; 1436343 |
| President Chain Store Corp.  | 82000 | &nbsp;&nbsp; 720246 |
| Raia Drogasil SA | 83905 | &nbsp;&nbsp; 233503 |
| Seven & i Holdings Co. Ltd.  | 57600 | &nbsp;&nbsp; 928994 |
| Wal-Mart de Mexico SAB de CV | 281916 | &nbsp;&nbsp; 932684 |
|  |  | &nbsp;&nbsp; 5678015 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Graphic Packaging Holding Co. (a) | 24627 | &nbsp;&nbsp; 518891 |
| International Paper Co.  | 7234 | &nbsp;&nbsp; 338768 |
| Packaging Corp. of America | 2218 | &nbsp;&nbsp; 417982 |
| Silgan Holdings, Inc.  | 8257 | &nbsp;&nbsp; 447364 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** | **Containers & Packaging—(Continued)** |
| Smurfit WestRock PLC | 14852 | &nbsp;&nbsp; $640864 |
|  |  | &nbsp;&nbsp; 2363869 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Bright Horizons Family Solutions, Inc. (b) | 2671 | &nbsp;&nbsp; 330109 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| Deutsche Telekom AG | 45962 | &nbsp;&nbsp; 1682770 |
| Koninklijke KPN NV | 330635 | &nbsp;&nbsp; 1613803 |
| Telstra Group Ltd.  | 425430 | &nbsp;&nbsp; 1355214 |
| Verizon Communications, Inc.  | 15746 | &nbsp;&nbsp; 681330 |
|  |  | &nbsp;&nbsp; 5333117 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Entergy Corp.  | 3563 | &nbsp;&nbsp; 296157 |
| Iberdrola SA | 118123 | &nbsp;&nbsp; 2270734 |
| NextEra Energy, Inc.  | 30975 | &nbsp;&nbsp; 2150284 |
| PG&E Corp.  | 35082 | &nbsp;&nbsp; 489043 |
| Southern Co. (a) | 48242 | &nbsp;&nbsp; 4430063 |
| SSE PLC | 46245 | &nbsp;&nbsp; 1162470 |
| Xcel Energy, Inc. (a) | 6856 | &nbsp;&nbsp; 466894 |
|  |  | &nbsp;&nbsp; 11265645 |
| **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |
| AMETEK, Inc.  | 3488 | &nbsp;&nbsp; 631188 |
| Eaton Corp. PLC | 7934 | &nbsp;&nbsp; 2832359 |
| Legrand SA | 17468 | &nbsp;&nbsp; 2333266 |
| WEG SA | 140409 | &nbsp;&nbsp; 1105575 |
|  |  | &nbsp;&nbsp; 6902388 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| Delta Electronics, Inc.  | 125867 | &nbsp;&nbsp; 1772014 |
| Jabil, Inc.  | 2988 | &nbsp;&nbsp; 651683 |
| Keyence Corp.  | 9800 | &nbsp;&nbsp; 3935079 |
| TD SYNNEX Corp. (a) | 7928 | &nbsp;&nbsp; 1075829 |
|  |  | &nbsp;&nbsp; 7434605 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Baker Hughes Co. (a) | 73396 | &nbsp;&nbsp; 2814003 |
| TechnipFMC PLC | 22742 | &nbsp;&nbsp; 783234 |
|  |  | &nbsp;&nbsp; 3597237 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| NetEase, Inc.  | 64775 | &nbsp;&nbsp; 1747187 |
| Netflix, Inc. (b) | 1765 | &nbsp;&nbsp; 2363565 |
| Sea Ltd. (ADR) (b) | 4878 | &nbsp;&nbsp; 780187 |
| Spotify Technology SA (b) | 1152 | &nbsp;&nbsp; 883976 |
| Take-Two Interactive Software, Inc. (b) | 3715 | &nbsp;&nbsp; 902188 |
| Tencent Music Entertainment Group (ADR) | 29931 | &nbsp;&nbsp; 583355 |
| Walt Disney Co.  | 52512 | &nbsp;&nbsp; 6512013 |
|  |  | &nbsp;&nbsp; 13772471 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| Berkshire Hathaway, Inc. - Class B (b) | 4331 | &nbsp;&nbsp; 2103870 |
| Corpay, Inc. (b) | 1927 | &nbsp;&nbsp; 639417 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-272**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Financial Services—(Continued)** | **Financial Services—(Continued)** | **Financial Services—(Continued)** |
| Fidelity National Information Services, Inc.  | 49755 | &nbsp;&nbsp; $4050555 |
| Mastercard, Inc. - Class A | 4987 | &nbsp;&nbsp; 2802395 |
| MGIC Investment Corp.  | 26703 | &nbsp;&nbsp; 743411 |
|  |  | &nbsp;&nbsp; 10339648 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Ajinomoto Co., Inc.  | 50600 | &nbsp;&nbsp; 1350464 |
| Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | 120600 | &nbsp;&nbsp; 470025 |
| Nestle SA | 27940 | &nbsp;&nbsp; 2775052 |
| Post Holdings, Inc. (b) | 5196 | &nbsp;&nbsp; 566520 |
|  |  | &nbsp;&nbsp; 5162061 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| JB Hunt Transport Services, Inc.  | 3806 | &nbsp;&nbsp; 546542 |
| Uber Technologies, Inc. (b) | 9712 | &nbsp;&nbsp; 906130 |
| Union Pacific Corp.  | 2819 | &nbsp;&nbsp; 648595 |
|  |  | &nbsp;&nbsp; 2101267 |
| **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** |
| Abbott Laboratories | 15815 | &nbsp;&nbsp; 2150998 |
| Align Technology, Inc. (b) | 2926 | &nbsp;&nbsp; 553979 |
| Hoya Corp.  | 29100 | &nbsp;&nbsp; 3454604 |
| Intuitive Surgical, Inc. (b) | 2456 | &nbsp;&nbsp; 1334615 |
| Medtronic PLC | 7257 | &nbsp;&nbsp; 632593 |
| Terumo Corp. (a) | 68700 | &nbsp;&nbsp; 1261006 |
|  |  | &nbsp;&nbsp; 9387795 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Cencora, Inc.  | 3728 | &nbsp;&nbsp; 1117841 |
| Cigna Group | 2686 | &nbsp;&nbsp; 887938 |
| CVS Health Corp.  | 8652 | &nbsp;&nbsp; 596815 |
| HCA Healthcare, Inc.  | 1757 | &nbsp;&nbsp; 673107 |
| Henry Schein, Inc. (b) | 15198 | &nbsp;&nbsp; 1110214 |
| Humana, Inc.  | 1045 | &nbsp;&nbsp; 255481 |
| Labcorp Holdings, Inc.  | 3477 | &nbsp;&nbsp; 912747 |
| McKesson Corp.  | 1256 | &nbsp;&nbsp; 920372 |
| UnitedHealth Group, Inc.  | 7334 | &nbsp;&nbsp; 2287988 |
|  |  | &nbsp;&nbsp; 8762503 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| Apple Hospitality REIT, Inc. (a) | 11889 | &nbsp;&nbsp; 138745 |
| Host Hotels & Resorts, Inc.  | 31361 | &nbsp;&nbsp; 481705 |
|  |  | &nbsp;&nbsp; 620450 |
| **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |
| Booking Holdings, Inc.  | 338 | &nbsp;&nbsp; 1956763 |
| Chipotle Mexican Grill, Inc. (b) | 37306 | &nbsp;&nbsp; 2094732 |
| Compass Group PLC | 45695 | &nbsp;&nbsp; 1547698 |
| DoorDash, Inc. - Class A (b) | 4529 | &nbsp;&nbsp; 1116444 |
| Expedia Group, Inc. (a) | 2639 | &nbsp;&nbsp; 445147 |
| Flutter Entertainment PLC (b) | 1933 | &nbsp;&nbsp; 552374 |
| H World Group Ltd. (ADR) (a) | 15274 | &nbsp;&nbsp; 518094 |
| Hilton Worldwide Holdings, Inc.  | 1207 | &nbsp;&nbsp; 321472 |
| InterContinental Hotels Group PLC | 7779 | &nbsp;&nbsp; 888209 |
| Marriott International, Inc. - Class A | 11983 | &nbsp;&nbsp; 3273875 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| McDonald's Corp.  | 12391 | &nbsp;&nbsp; $3620278 |
| Trip.com Group Ltd.  | 18250 | &nbsp;&nbsp; 1063007 |
| Yum China Holdings, Inc.  | 19202 | &nbsp;&nbsp; 858521 |
| Yum! Brands, Inc.  | 18299 | &nbsp;&nbsp; 2711546 |
|  |  | &nbsp;&nbsp; 20968160 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Garmin Ltd.  | 2472 | &nbsp;&nbsp; 515956 |
| Midea Group Co. Ltd. - Class A | 120800 | &nbsp;&nbsp; 1215545 |
| Mohawk Industries, Inc. (b) | 5311 | &nbsp;&nbsp; 556805 |
| Sony Group Corp.  | 213600 | &nbsp;&nbsp; 5568448 |
|  |  | &nbsp;&nbsp; 7856754 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Procter & Gamble Co.  | 4321 | &nbsp;&nbsp; 688422 |
| Unilever Indonesia Tbk. PT | 399500 | &nbsp;&nbsp; 35807 |
|  |  | &nbsp;&nbsp; 724229 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| Vistra Corp.  | 2445 | &nbsp;&nbsp; 473865 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| 3M Co. (a) | 15185 | &nbsp;&nbsp; 2311765 |
| Bidvest Group Ltd.  | 22588 | &nbsp;&nbsp; 298683 |
| Hitachi Ltd.  | 52000 | &nbsp;&nbsp; 1506380 |
| Siemens AG | 20985 | &nbsp;&nbsp; 5382134 |
|  |  | &nbsp;&nbsp; 9498962 |
| **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |
| EastGroup Properties, Inc.  | 1518 | &nbsp;&nbsp; 253688 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| AIA Group Ltd.  | 600000 | &nbsp;&nbsp; 5395664 |
| Allianz SE | 4460 | &nbsp;&nbsp; 1807060 |
| Aon PLC - Class A | 1992 | &nbsp;&nbsp; 710666 |
| Arch Capital Group Ltd.  | 4808 | &nbsp;&nbsp; 437768 |
| Arthur J Gallagher & Co.  | 1701 | &nbsp;&nbsp; 544524 |
| Chubb Ltd.  | 1992 | &nbsp;&nbsp; 577122 |
| HDFC Life Insurance Co. Ltd.  | 91675 | &nbsp;&nbsp; 869063 |
| Kinsale Capital Group, Inc. (a) | 706 | &nbsp;&nbsp; 341633 |
| Loews Corp.  | 11606 | &nbsp;&nbsp; 1063806 |
| Medibank Pvt Ltd.  | 304760 | &nbsp;&nbsp; 1014484 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 8651 | &nbsp;&nbsp; 5610487 |
| Oscar Health, Inc. - Class A (b) | 17709 | &nbsp;&nbsp; 379681 |
| Ping An Insurance Group Co. of China Ltd. - Class H | 173500 | &nbsp;&nbsp; 1104585 |
| Progressive Corp.  | 2332 | &nbsp;&nbsp; 622318 |
| QBE Insurance Group Ltd.  | 119707 | &nbsp;&nbsp; 1843051 |
| Tokio Marine Holdings, Inc.  | 36000 | &nbsp;&nbsp; 1518645 |
| Travelers Cos., Inc.  | 4573 | &nbsp;&nbsp; 1223460 |
| W.R. Berkley Corp.  | 7042 | &nbsp;&nbsp; 517376 |
|  |  | &nbsp;&nbsp; 25581393 |
| **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** |
| Alphabet, Inc. - Class C | 12760 | &nbsp;&nbsp; 2263496 |
| Angi, Inc. (b) | 4862 | &nbsp;&nbsp; 74194 |
| IAC, Inc. (b) | 9381 | &nbsp;&nbsp; 350287 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-273**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Interactive Media & Services—(Continued)** | **Interactive Media & Services—(Continued)** | **Interactive Media & Services—(Continued)** |
| Meta Platforms, Inc. - Class A | 19910 | &nbsp;&nbsp; $14695372 |
| NAVER Corp.  | 3440 | &nbsp;&nbsp; 667877 |
| Tencent Holdings Ltd.  | 67800 | &nbsp;&nbsp; 4354597 |
|  |  | &nbsp;&nbsp; 22405823 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Capgemini SE | 5801 | &nbsp;&nbsp; 992896 |
| Cognizant Technology Solutions Corp. - Class A | 7066 | &nbsp;&nbsp; 551360 |
| EPAM Systems, Inc. (b) | 2898 | &nbsp;&nbsp; 512424 |
| Infosys Ltd. (ADR) (a) | 136995 | &nbsp;&nbsp; 2538517 |
| Shopify, Inc. - Class A (b) | 3903 | &nbsp;&nbsp; 450211 |
| Snowflake, Inc. - Class A (b) | 4517 | &nbsp;&nbsp; 1010769 |
| Tata Consultancy Services Ltd.  | 59960 | &nbsp;&nbsp; 2419969 |
| Twilio, Inc. - Class A (b) | 3254 | &nbsp;&nbsp; 404667 |
|  |  | &nbsp;&nbsp; 8880813 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| IQVIA Holdings, Inc. (b) | 1294 | &nbsp;&nbsp; 203922 |
| Lonza Group AG | 2691 | &nbsp;&nbsp; 1922736 |
| Mettler-Toledo International, Inc. (b) | 227 | &nbsp;&nbsp; 266661 |
| Thermo Fisher Scientific, Inc.  | 3881 | &nbsp;&nbsp; 1573590 |
|  |  | &nbsp;&nbsp; 3966909 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Atlas Copco AB - A Shares | 173167 | &nbsp;&nbsp; 2805215 |
| Deere & Co.  | 1182 | &nbsp;&nbsp; 601035 |
| Dover Corp.  | 4533 | &nbsp;&nbsp; 830582 |
| IHI Corp.  | 14900 | &nbsp;&nbsp; 1617754 |
| Ingersoll Rand, Inc.  | 6136 | &nbsp;&nbsp; 510392 |
| ITT, Inc.  | 5083 | &nbsp;&nbsp; 797167 |
| Middleby Corp. (a) (b) | 3895 | &nbsp;&nbsp; 560880 |
| Otis Worldwide Corp.  | 11143 | &nbsp;&nbsp; 1103380 |
| Techtronic Industries Co. Ltd.  | 88000 | &nbsp;&nbsp; 969367 |
| Volvo AB - B Shares | 174399 | &nbsp;&nbsp; 4896534 |
|  |  | &nbsp;&nbsp; 14692306 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Omnicom Group, Inc. (a) | 4473 | &nbsp;&nbsp; 321788 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Rio Tinto Ltd.  | 10868 | &nbsp;&nbsp; 766356 |
| Rio Tinto PLC | 17065 | &nbsp;&nbsp; 994421 |
|  |  | &nbsp;&nbsp; 1760777 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Dominion Energy, Inc.  | 25640 | &nbsp;&nbsp; 1449173 |
| Engie SA | 72718 | &nbsp;&nbsp; 1712399 |
| Public Service Enterprise Group, Inc.  | 3436 | &nbsp;&nbsp; 289243 |
|  |  | &nbsp;&nbsp; 3450815 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| Cheniere Energy, Inc.  | 1995 | &nbsp;&nbsp; 485822 |
| Chevron Corp.  | 9088 | &nbsp;&nbsp; 1301311 |
| ConocoPhillips | 14072 | &nbsp;&nbsp; 1262821 |
| Coterra Energy, Inc.  | 15484 | &nbsp;&nbsp; 392984 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| EOG Resources, Inc.  | 12588 | &nbsp;&nbsp; $1505651 |
| Exxon Mobil Corp.  | 43926 | &nbsp;&nbsp; 4735223 |
| Kinder Morgan, Inc.  | 20987 | &nbsp;&nbsp; 617018 |
| Shell PLC | 83384 | &nbsp;&nbsp; 2922008 |
| TotalEnergies SE | 24744 | &nbsp;&nbsp; 1521938 |
| Williams Cos., Inc.  | 18597 | &nbsp;&nbsp; 1168077 |
|  |  | &nbsp;&nbsp; 15912853 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Southwest Airlines Co.  | 14304 | &nbsp;&nbsp; 464022 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Kao Corp. (a) | 37900 | &nbsp;&nbsp; 1696366 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| AstraZeneca PLC | 30515 | &nbsp;&nbsp; 4255555 |
| Bristol-Myers Squibb Co.  | 69046 | &nbsp;&nbsp; 3196139 |
| Eli Lilly & Co.  | 1477 | &nbsp;&nbsp; 1151366 |
| Johnson & Johnson | 38889 | &nbsp;&nbsp; 5940295 |
| Merck & Co., Inc.  | 6499 | &nbsp;&nbsp; 514461 |
| Novartis AG | 16594 | &nbsp;&nbsp; 2007460 |
| Novo Nordisk AS - Class B (a) | 52136 | &nbsp;&nbsp; 3637944 |
| Sanofi SA | 25939 | &nbsp;&nbsp; 2509795 |
|  |  | &nbsp;&nbsp; 23213015 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Recruit Holdings Co. Ltd.  | 19000 | &nbsp;&nbsp; 1118706 |
| RELX PLC | 46774 | &nbsp;&nbsp; 2530313 |
| TransUnion | 4487 | &nbsp;&nbsp; 394856 |
|  |  | &nbsp;&nbsp; 4043875 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Group, Inc. - Class A (b) | 1685 | &nbsp;&nbsp; 236102 |
| Mitsui Fudosan Co. Ltd.  | 158600 | &nbsp;&nbsp; 1532149 |
|  |  | &nbsp;&nbsp; 1768251 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| American Homes 4 Rent - Class A | 20624 | &nbsp;&nbsp; 743908 |
| Mid-America Apartment Communities, Inc.  | 4861 | &nbsp;&nbsp; 719476 |
|  |  | &nbsp;&nbsp; 1463384 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Federal Realty Investment Trust | 1964 | &nbsp;&nbsp; 186560 |
| Regency Centers Corp. (a) | 10390 | &nbsp;&nbsp; 740080 |
|  |  | &nbsp;&nbsp; 926640 |
| **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** |
| Analog Devices, Inc.  | 18744 | &nbsp;&nbsp; 4461447 |
| ASE Technology Holding Co. Ltd.  | 176000 | &nbsp;&nbsp; 881787 |
| ASML Holding NV | 6828 | &nbsp;&nbsp; 5466820 |
| Broadcom, Inc.  | 15048 | &nbsp;&nbsp; 4147981 |
| Disco Corp.  | 5700 | &nbsp;&nbsp; 1686566 |
| Infineon Technologies AG | 42399 | &nbsp;&nbsp; 1804109 |
| NVIDIA Corp.  | 133752 | &nbsp;&nbsp; 21131479 |
| ON Semiconductor Corp. (b) | 7389 | &nbsp;&nbsp; 387258 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-274**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
| Realtek Semiconductor Corp.  | 46000 | &nbsp;&nbsp; $893221 |
| SK Hynix, Inc.  | 11329 | &nbsp;&nbsp; 2453958 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 266000 | &nbsp;&nbsp; 9604197 |
| Teradyne, Inc.  | 3582 | &nbsp;&nbsp; 322093 |
| Texas Instruments, Inc.  | 5200 | &nbsp;&nbsp; 1079624 |
|  |  | &nbsp;&nbsp; 54320540 |
| **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** |
| AppLovin Corp. - Class A (b) | 699 | &nbsp;&nbsp; 244706 |
| Atlassian Corp. - Class A (b) | 2728 | &nbsp;&nbsp; 554030 |
| Crowdstrike Holdings, Inc. - Class A (b) | 1798 | &nbsp;&nbsp; 915739 |
| HubSpot, Inc. (b) | 1172 | &nbsp;&nbsp; 652370 |
| Intuit, Inc.  | 2212 | &nbsp;&nbsp; 1742238 |
| Microsoft Corp.  | 48604 | &nbsp;&nbsp; 24176116 |
| Oracle Corp.  | 13824 | &nbsp;&nbsp; 3022341 |
| Palo Alto Networks, Inc. (a) (b) | 5338 | &nbsp;&nbsp; 1092368 |
| Sage Group PLC | 76134 | &nbsp;&nbsp; 1308470 |
| Salesforce, Inc.  | 10370 | &nbsp;&nbsp; 2827795 |
| SAP SE | 3838 | &nbsp;&nbsp; 1167472 |
| ServiceNow, Inc. (b) | 525 | &nbsp;&nbsp; 539742 |
| Synopsys, Inc. (b) | 1157 | &nbsp;&nbsp; 593171 |
|  |  | &nbsp;&nbsp; 38836558 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| American Tower Corp. (a) | 9341 | &nbsp;&nbsp; 2064548 |
| Equinix, Inc.  | 455 | &nbsp;&nbsp; 361939 |
| Lamar Advertising Co. - Class A | 4178 | &nbsp;&nbsp; 507042 |
| Public Storage | 2026 | &nbsp;&nbsp; 594469 |
| Rayonier, Inc.  | 14798 | &nbsp;&nbsp; 328220 |
| SBA Communications Corp.  | 2176 | &nbsp;&nbsp; 511012 |
| Weyerhaeuser Co.  | 15089 | &nbsp;&nbsp; 387636 |
|  |  | &nbsp;&nbsp; 4754866 |
| **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** |
| AutoZone, Inc. (b) | 361 | &nbsp;&nbsp; 1340115 |
| Bath & Body Works, Inc.  | 12340 | &nbsp;&nbsp; 369706 |
| Best Buy Co., Inc.  | 5634 | &nbsp;&nbsp; 378210 |
| Home Depot, Inc.  | 1776 | &nbsp;&nbsp; 651153 |
| Industria de Diseno Textil SA (a) | 19571 | &nbsp;&nbsp; 1019834 |
| Lowe's Cos., Inc.  | 12696 | &nbsp;&nbsp; 2816862 |
| Murphy USA, Inc.  | 875 | &nbsp;&nbsp; 355950 |
| Ross Stores, Inc.  | 12181 | &nbsp;&nbsp; 1554052 |
| TJX Cos., Inc.  | 7146 | &nbsp;&nbsp; 882460 |
| Ulta Beauty, Inc. (b) | 889 | &nbsp;&nbsp; 415892 |
|  |  | &nbsp;&nbsp; 9784234 |
| **Technology Hardware, Storage & Peripherals — 1.3%** | **Technology Hardware, Storage & Peripherals — 1.3%** | **Technology Hardware, Storage & Peripherals — 1.3%** |
| Apple, Inc.  | 65164 | &nbsp;&nbsp; 13369698 |
| Hewlett Packard Enterprise Co.  | 41804 | &nbsp;&nbsp; 854892 |
| Quanta Computer, Inc.  | 72000 | &nbsp;&nbsp; 673324 |
| Samsung Electronics Co. Ltd. (GDR) | 2471 | &nbsp;&nbsp; 2720571 |
| Western Digital Corp.  | 10333 | &nbsp;&nbsp; 661209 |
|  |  | &nbsp;&nbsp; 18279694 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Cie Financiere Richemont SA - Class A | 8465 | &nbsp;&nbsp; $1600911 |
| Columbia Sportswear Co.  | 1582 | &nbsp;&nbsp; 96629 |
| Kontoor Brands, Inc.  | 5093 | &nbsp;&nbsp; 335985 |
| LVMH Moet Hennessy Louis Vuitton SE | 5034 | &nbsp;&nbsp; 2640090 |
|  |  | &nbsp;&nbsp; 4673615 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| ITC Ltd.  | 265060 | &nbsp;&nbsp; 1288039 |
| Philip Morris International, Inc.  | 7597 | &nbsp;&nbsp; 1383642 |
|  |  | &nbsp;&nbsp; 2671681 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Air Lease Corp.  | 5290 | &nbsp;&nbsp; 309412 |
| ITOCHU Corp.  | 37300 | &nbsp;&nbsp; 1960295 |
|  |  | &nbsp;&nbsp; 2269707 |
| Total Common Stocks <br>(Cost $468,986,206) <br>|  | &nbsp;&nbsp; 571799062 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—18.1%** | **Convertible Bonds—18.1%** | **Convertible Bonds—18.1%** |
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| MTU Aero Engines AG |  |  |
| 0.050%, 03/18/27 (EUR) | 1800000 | &nbsp;&nbsp; 2407707 |
| Rheinmetall AG |  |  |
| 2.250%, 02/07/30 (EUR) | 700000 | &nbsp;&nbsp; 4792625 |
|  |  | &nbsp;&nbsp; 7200332 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| International Consolidated Airlines Group SA |  |  |
| 1.125%, 05/18/28 (EUR) | 2200000 | &nbsp;&nbsp; 3405027 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| Pirelli & C SpA |  |  |
| Zero Coupon, 12/22/25 (EUR) | 3200000 | &nbsp;&nbsp; 4037093 |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| Barclays Bank PLC |  |  |
| 1.000%, 02/16/29 | 2431000 | &nbsp;&nbsp; 2650033 |
| Morgan Stanley Finance LLC |  |  |
| Zero Coupon, 03/21/28 | 2100000 | &nbsp;&nbsp; 2270189 |
|  |  | &nbsp;&nbsp; 4920222 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Fomento Economico Mexicano SAB de CV |  |  |
| 2.625%, 02/24/26 (EUR) | 1600000 | &nbsp;&nbsp; 1881939 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| Elis SA |  |  |
| 2.250%, 09/22/29 (EUR) | 1100000 | &nbsp;&nbsp; 2035741 |
| Global Payments, Inc. |  |  |
| 1.500%, 03/01/31 (a) | 7613000 | &nbsp;&nbsp; 6798409 |
|  |  | &nbsp;&nbsp; 8834150 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-275**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Convertible Bonds—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Lenovo Group Ltd. |  |  |
| 2.500%, 08/26/29 | 1751000 | &nbsp;&nbsp; $2177368 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| Citigroup Global Markets Funding Luxembourg SCA |  |  |
| Zero Coupon, 03/15/28 (EUR) | 3000000 | &nbsp;&nbsp; 3668838 |
| Citigroup Global Markets Holdings, Inc. |  |  |
| 0.800%, 02/05/30 (144A) (EUR) | 2600000 | &nbsp;&nbsp; 3157611 |
| 1.000%, 04/09/29 (144A) (EUR) | 2000000 | &nbsp;&nbsp; 2222884 |
| Goldman Sachs Finance Corp. International Ltd. |  |  |
| Zero Coupon, 03/15/27 | 1500000 | &nbsp;&nbsp; 2100000 |
| Zero Coupon, 03/13/28 | 1400000 | &nbsp;&nbsp; 1470638 |
|  |  | &nbsp;&nbsp; 12619971 |
| **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** |
| CenterPoint Energy, Inc. |  |  |
| 4.250%, 08/15/26 (a) | 3283000 | &nbsp;&nbsp; 3552206 |
| CMS Energy Corp. |  |  |
| 3.375%, 05/01/28 | 3712000 | &nbsp;&nbsp; 3945856 |
| Duke Energy Corp. |  |  |
| 4.125%, 04/15/26 | 3953000 | &nbsp;&nbsp; 4182274 |
| Evergy, Inc. |  |  |
| 4.500%, 12/15/27 (a) | 3831000 | &nbsp;&nbsp; 4480354 |
| FirstEnergy Corp. |  |  |
| 4.000%, 05/01/26 | 3989000 | &nbsp;&nbsp; 4010940 |
| Iberdrola Finanzas SA |  |  |
| 0.800%, 12/07/27 (EUR) | 2000000 | &nbsp;&nbsp; 2932662 |
| PPL Capital Funding, Inc. |  |  |
| 2.875%, 03/15/28 | 2503000 | &nbsp;&nbsp; 2703372 |
| Southern Co. |  |  |
| 3.875%, 12/15/25 | 5742000 | &nbsp;&nbsp; 6355246 |
| 4.500%, 06/15/27 | 5276000 | &nbsp;&nbsp; 5803658 |
| WEC Energy Group, Inc. |  |  |
| 4.375%, 06/01/29 | 5147000 | &nbsp;&nbsp; 5926770 |
|  |  | &nbsp;&nbsp; 43893338 |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
| Schneider Electric SE |  |  |
| 1.970%, 11/27/30 (EUR) | 3400000 | &nbsp;&nbsp; 5057531 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| Hon Hai Precision Industry Co. Ltd. |  |  |
| Zero Coupon, 08/05/26 | 2100000 | &nbsp;&nbsp; 2399250 |
| **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
| Cellnex Telecom SA |  |  |
| 0.500%, 07/05/28 (EUR) | 6700000 | &nbsp;&nbsp; 8372857 |
| 2.125%, 08/11/30 (EUR) | 2600000 | &nbsp;&nbsp; 3258790 |
| Vinci SA |  |  |
| 0.700%, 02/18/30 (EUR) | 1900000 | &nbsp;&nbsp; 2380136 |
|  |  | &nbsp;&nbsp; 14011783 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| Envista Holdings Corp. |  |  |
| 1.750%, 08/15/28 (a) | 2521000 | &nbsp;&nbsp; 2336652 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** |
| Fresenius SE & Co. KGaA |  |  |
| Zero Coupon, 03/11/28 (EUR) | 2000000 | &nbsp;&nbsp; $2495771 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Meritage Homes Corp. |  |  |
| 1.750%, 05/15/28 | 1706000 | &nbsp;&nbsp; 1651792 |
| **Internet — 2.6%** | **Internet — 2.6%** | **Internet — 2.6%** |
| Alibaba Group Holding Ltd. |  |  |
| 0.500%, 06/01/31 | 7850000 | &nbsp;&nbsp; 9999520 |
| Baidu, Inc. |  |  |
| Zero Coupon, 03/12/32 | 6200000 | &nbsp;&nbsp; 5890000 |
| JD.com, Inc. |  |  |
| 0.250%, 06/01/29 | 6638000 | &nbsp;&nbsp; 6906839 |
| Meituan |  |  |
| Zero Coupon, 04/27/28 | 2900000 | &nbsp;&nbsp; 2815900 |
| Uber Technologies, Inc. |  |  |
| 0.875%, 12/01/28 | 7637000 | &nbsp;&nbsp; 10894181 |
|  |  | &nbsp;&nbsp; 36506440 |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.750%, 08/15/28 (144A) | 1181000 | &nbsp;&nbsp; 1362874 |
| Simon Global Development BV |  |  |
| 3.500%, 11/14/26 (EUR) | 2100000 | &nbsp;&nbsp; 3046577 |
| Wendel SE |  |  |
| 2.625%, 03/27/26 (EUR) | 2000000 | &nbsp;&nbsp; 2405275 |
|  |  | &nbsp;&nbsp; 6814726 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| JFE Holdings, Inc. |  |  |
| Zero Coupon, 09/28/28 (JPY) | 300000000 | &nbsp;&nbsp; 2040525 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Accor SA |  |  |
| 0.700%, 12/07/27 (EUR) | 3101600 | &nbsp;&nbsp; 2020652 |
| **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
| Gold Pole Capital Co. Ltd. |  |  |
| 1.000%, 06/25/29 | 5300000 | &nbsp;&nbsp; 6251350 |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
| Eni SpA |  |  |
| 2.950%, 09/14/30 (EUR) | 2900000 | &nbsp;&nbsp; 3514029 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| Fastighets AB Balder |  |  |
| 3.500%, 02/23/28 (EUR) | 1400000 | &nbsp;&nbsp; 1979089 |
| LEG Properties BV |  |  |
| 1.000%, 09/04/30 (EUR) | 4800000 | &nbsp;&nbsp; 5766379 |
| TAG Immobilien AG |  |  |
| 0.625%, 03/11/31 (EUR) | 1700000 | &nbsp;&nbsp; 2130513 |
|  |  | &nbsp;&nbsp; 9875981 |
| **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** | **Real Estate Investment Trusts — 1.7%** |
| COPT Defense Properties LP |  |  |
| 5.250%, 09/15/28 (144A) | 1207000 | &nbsp;&nbsp; 1362218 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-276**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Convertible Bonds—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| DEXUS Finance Pty. Ltd. |  |  |
| 3.500%, 11/24/27 (AUD) | 1700000 | &nbsp;&nbsp; $1209483 |
| Digital Realty Trust LP |  |  |
| 1.875%, 11/15/29 (144A) | 3184000 | &nbsp;&nbsp; 3347658 |
| Federal Realty OP LP |  |  |
| 3.250%, 01/15/29 (144A) (a) | 1359000 | &nbsp;&nbsp; 1350167 |
| Rexford Industrial Realty LP |  |  |
| 4.125%, 03/15/29 (144A) | 4375000 | &nbsp;&nbsp; 4274375 |
| Ventas Realty LP |  |  |
| 3.750%, 06/01/26 | 2383000 | &nbsp;&nbsp; 2848876 |
| Welltower OP LLC |  |  |
| 2.750%, 05/15/28 (144A) | 3243000 | &nbsp;&nbsp; 5279604 |
| 3.125%, 07/15/29 (144A) (a) | 2521000 | &nbsp;&nbsp; 3341585 |
|  |  | &nbsp;&nbsp; 23013966 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
| Anllian Capital 2 Ltd. |  |  |
| Zero Coupon, 12/05/29 (EUR) | 4900000 | &nbsp;&nbsp; 6135591 |
| **Semiconductors — 1.4%** | **Semiconductors — 1.4%** | **Semiconductors — 1.4%** |
| Microchip Technology, Inc. |  |  |
| 0.750%, 06/01/30 (a) | 1382000 | &nbsp;&nbsp; 1357124 |
| SK Hynix, Inc. |  |  |
| 1.750%, 04/11/30 | 4800000 | &nbsp;&nbsp; 12712800 |
| STMicroelectronics NV |  |  |
| Zero Coupon, 08/04/27 | 5200000 | &nbsp;&nbsp; 5159751 |
|  |  | &nbsp;&nbsp; 19229675 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Akamai Technologies, Inc. |  |  |
| 0.250%, 05/15/33 (144A) | 1324000 | &nbsp;&nbsp; 1367030 |
| 0.375%, 09/01/27 | 6129000 | &nbsp;&nbsp; 5935936 |
| 1.125%, 02/15/29 | 3007000 | &nbsp;&nbsp; 2846126 |
|  |  | &nbsp;&nbsp; 10149092 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| Xiaomi Best Time International Ltd. |  |  |
| Zero Coupon, 12/17/27 | 2200000 | &nbsp;&nbsp; 3580500 |
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
| American Water Capital Corp. |  |  |
| 3.625%, 06/15/26 | 4456000 | &nbsp;&nbsp; 4473378 |
| Total Convertible Bonds <br>(Cost $236,845,503) <br>|  | &nbsp;&nbsp; 250528124 |
| **Corporate Bonds & Notes—11.8%** | **Corporate Bonds & Notes—11.8%** | **Corporate Bonds & Notes—11.8%** |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| BAE Systems PLC |  |  |
| 1.900%, 02/15/31 (144A) | 200000 | &nbsp;&nbsp; 173786 |
| Boeing Co. |  |  |
| 3.100%, 05/01/26 | 80000 | &nbsp;&nbsp; 78937 |
| 3.250%, 03/01/28 | 100000 | &nbsp;&nbsp; 96581 |
| 3.825%, 03/01/59 | 79000 | &nbsp;&nbsp; 53280 |
| 3.950%, 08/01/59 | 325000 | &nbsp;&nbsp; 222168 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** | **Aerospace/Defense—(Continued)** |
| Boeing Co. |  |  |
| 5.150%, 05/01/30 | 150000 | &nbsp;&nbsp; $152715 |
| 5.805%, 05/01/50 (a) | 80000 | &nbsp;&nbsp; 76720 |
| 6.528%, 05/01/34 | 65000 | &nbsp;&nbsp; 70624 |
| 7.008%, 05/01/64 | 76000 | &nbsp;&nbsp; 83474 |
| GE Capital Funding LLC |  |  |
| 4.550%, 05/15/32 | 200000 | &nbsp;&nbsp; 198735 |
| L3Harris Technologies, Inc. |  |  |
| 5.250%, 06/01/31 | 80000 | &nbsp;&nbsp; 82517 |
| 5.400%, 07/31/33 | 100000 | &nbsp;&nbsp; 102718 |
| Lockheed Martin Corp. |  |  |
| 5.700%, 11/15/54 | 150000 | &nbsp;&nbsp; 151311 |
| RTX Corp. |  |  |
| 1.900%, 09/01/31 | 347000 | &nbsp;&nbsp; 296695 |
| 4.150%, 05/15/45 | 253000 | &nbsp;&nbsp; 207193 |
| 4.875%, 10/15/40 | 240000 | &nbsp;&nbsp; 225686 |
|  |  | &nbsp;&nbsp; 2273140 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| Altria Group, Inc. |  |  |
| 2.450%, 02/04/32 | 360000 | &nbsp;&nbsp; 310492 |
| 3.400%, 02/04/41 | 274000 | &nbsp;&nbsp; 203259 |
| 5.625%, 02/06/35 | 210000 | &nbsp;&nbsp; 214070 |
| BAT Capital Corp. |  |  |
| 3.734%, 09/25/40 | 229000 | &nbsp;&nbsp; 180765 |
| 4.390%, 08/15/37 | 151000 | &nbsp;&nbsp; 135027 |
| 4.540%, 08/15/47 | 141000 | &nbsp;&nbsp; 113903 |
| 5.625%, 08/15/35 | 170000 | &nbsp;&nbsp; 172987 |
| 5.834%, 02/20/31 | 89000 | &nbsp;&nbsp; 93655 |
| 6.343%, 08/02/30 (a) | 176000 | &nbsp;&nbsp; 189654 |
| 7.079%, 08/02/43 | 234000 | &nbsp;&nbsp; 257722 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.650%, 09/17/34 | 76000 | &nbsp;&nbsp; 73740 |
| Imperial Brands Finance PLC |  |  |
| 5.500%, 02/01/30 (144A) | 560000 | &nbsp;&nbsp; 577343 |
| 5.875%, 07/01/34 (144A) | 440000 | &nbsp;&nbsp; 451368 |
| 6.375%, 07/01/55 (144A) | 270000 | &nbsp;&nbsp; 273785 |
| Japan Tobacco, Inc. |  |  |
| 5.850%, 06/15/35 (144A) | 205000 | &nbsp;&nbsp; 214366 |
| Philip Morris International, Inc. |  |  |
| 3.875%, 08/21/42 | 59000 | &nbsp;&nbsp; 47982 |
| 4.750%, 11/01/31 | 545000 | &nbsp;&nbsp; 549013 |
| 5.125%, 02/13/31 | 214000 | &nbsp;&nbsp; 220408 |
| 5.375%, 02/15/33 (a) | 347000 | &nbsp;&nbsp; 358353 |
| Viterra Finance BV |  |  |
| 3.200%, 04/21/31 (144A) | 200000 | &nbsp;&nbsp; 183669 |
|  |  | &nbsp;&nbsp; 4821561 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Air Canada Pass-Through Trust |  |  |
| 3.550%, 07/15/31 (144A) | 467040 | &nbsp;&nbsp; 436459 |
| 3.600%, 09/15/28 (144A) | 68766 | &nbsp;&nbsp; 67138 |
| 3.750%, 06/15/29 (144A) | 339605 | &nbsp;&nbsp; 330143 |
| American Airlines Pass-Through Trust |  |  |
| 3.200%, 12/15/29 | 242800 | &nbsp;&nbsp; 232717 |
| 3.600%, 03/22/29 | 114723 | &nbsp;&nbsp; 111613 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-277**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Airlines—(Continued)** | **Airlines—(Continued)** | **Airlines—(Continued)** |
| American Airlines Pass-Through Trust |  |  |
| 4.100%, 07/15/29 | 80403 | &nbsp;&nbsp; $77728 |
| British Airways Pass-Through Trust |  |  |
| 3.300%, 06/15/34 (144A) | 97352 | &nbsp;&nbsp; 90451 |
| 4.125%, 03/20/33 (144A) | 313260 | &nbsp;&nbsp; 299554 |
| Delta Air Lines Pass-Through Trust |  |  |
| 3.625%, 01/30/29 | 76143 | &nbsp;&nbsp; 74702 |
| United Airlines Pass-Through Trust |  |  |
| 3.450%, 06/01/29 | 282412 | &nbsp;&nbsp; 273878 |
| 3.700%, 09/01/31 | 47620 | &nbsp;&nbsp; 44398 |
| 4.150%, 02/25/33 | 147956 | &nbsp;&nbsp; 141700 |
| 5.450%, 08/15/38 | 192312 | &nbsp;&nbsp; 194085 |
| 5.875%, 08/15/38 | 214120 | &nbsp;&nbsp; 213124 |
|  |  | &nbsp;&nbsp; 2587690 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Ford Motor Co. |  |  |
| 3.250%, 02/12/32 | 298000 | &nbsp;&nbsp; 251243 |
| Ford Motor Credit Co. LLC |  |  |
| 7.200%, 06/10/30 | 214000 | &nbsp;&nbsp; 225213 |
| General Motors Co. |  |  |
| 5.950%, 04/01/49 | 76000 | &nbsp;&nbsp; 71042 |
| 6.600%, 04/01/36 | 85000 | &nbsp;&nbsp; 90024 |
| General Motors Financial Co., Inc. |  |  |
| 2.350%, 01/08/31 | 146000 | &nbsp;&nbsp; 126464 |
| 5.450%, 07/15/30 | 130000 | &nbsp;&nbsp; 131826 |
| 5.625%, 04/04/32 | 195000 | &nbsp;&nbsp; 197302 |
| 5.900%, 01/07/35 | 205000 | &nbsp;&nbsp; 206088 |
| 5.950%, 04/04/34 (a) | 169000 | &nbsp;&nbsp; 171403 |
| 6.100%, 01/07/34 | 169000 | &nbsp;&nbsp; 173940 |
| 6.150%, 07/15/35 | 80000 | &nbsp;&nbsp; 81798 |
| Hyundai Capital America |  |  |
| 4.550%, 09/26/29 (144A) | 100000 | &nbsp;&nbsp; 99108 |
| 5.400%, 03/29/32 (144A) | 56000 | &nbsp;&nbsp; 56672 |
| Stellantis Finance U.S., Inc. |  |  |
| 6.450%, 03/18/35 (144A) | 600000 | &nbsp;&nbsp; 602929 |
| Volkswagen Group of America Finance LLC |  |  |
| 5.300%, 03/22/27 (144A) (a) | 448000 | &nbsp;&nbsp; 452031 |
| 5.800%, 03/27/35 (144A) (a) | 200000 | &nbsp;&nbsp; 201459 |
|  |  | &nbsp;&nbsp; 3138542 |
| **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
| ABN AMRO Bank NV |  |  |
| 2.470%, 1Y H15 + 1.100%, 12/13/29 (144A) (e) | 300000 | &nbsp;&nbsp; 279757 |
| 4.988%, 1Y H15 + 0.780%, 12/03/28 (144A) (e) | 300000 | &nbsp;&nbsp; 304040 |
| AIB Group PLC |  |  |
| 5.320%, SOFR + 1.650%, 05/15/31 (144A) (e) | 200000 | &nbsp;&nbsp; 203508 |
| 6.608%, SOFR + 2.330%, 09/13/29 (144A) (e) | 200000 | &nbsp;&nbsp; 211591 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.381%, 03/13/29 | 400000 | &nbsp;&nbsp; 411931 |
| Banco Santander SA |  |  |
| 5.588%, 08/08/28 | 600000 | &nbsp;&nbsp; 619821 |
| Bank of America Corp. |  |  |
| 2.676%, SOFR + 1.930%, 06/19/41 (e) | 202000 | &nbsp;&nbsp; 144078 |
| 2.687%, SOFR + 1.320%, 04/22/32 (e) | 1040000 | &nbsp;&nbsp; 933322 |
| 3.846%, 5Y H15 + 2.000%, 03/08/37 (e) | 107000 | &nbsp;&nbsp; 97915 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Bank of America Corp. |  |  |
| 3.974%, 3M TSFR + 1.472%, 02/07/30 (e) | 1067000 | &nbsp;&nbsp; $1050257 |
| 4.571%, SOFR + 1.830%, 04/27/33 (e) | 85000 | &nbsp;&nbsp; 83646 |
| 5.162%, SOFR + 1.000%, 01/24/31 (e) | 380000 | &nbsp;&nbsp; 389481 |
| 5.202%, SOFR + 1.630%, 04/25/29 (e) | 898000 | &nbsp;&nbsp; 917722 |
| 5.464%, SOFR + 1.640%, 05/09/36 (e) | 680000 | &nbsp;&nbsp; 697281 |
| 5.468%, SOFR + 1.650%, 01/23/35 (e) | 85000 | &nbsp;&nbsp; 87324 |
| 5.518%, SOFR + 1.738%, 10/25/35 (e) | 115000 | &nbsp;&nbsp; 115001 |
| 5.819%, SOFR + 1.570%, 09/15/29 (e) | 240000 | &nbsp;&nbsp; 250012 |
| 6.625%, 5Y H15 + 2.684%, 05/01/30 (e) | 119000 | &nbsp;&nbsp; 123243 |
| Bank of Ireland Group PLC |  |  |
| 2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (e) | 200000 | &nbsp;&nbsp; 193720 |
| 5.601%, SOFR + 1.620%, 03/20/30 (144A) (e) | 460000 | &nbsp;&nbsp; 474014 |
| Bank of Montreal |  |  |
| 4.640%, SOFR + 1.250%, 09/10/30 (e) | 43000 | &nbsp;&nbsp; 43356 |
| Bank of New York Mellon Corp. |  |  |
| 6.474%, SOFR + 1.845%, 10/25/34 (e) | 150000 | &nbsp;&nbsp; 165176 |
| Banque Federative du Credit Mutuel SA |  |  |
| 5.538%, 01/22/30 (144A) | 200000 | &nbsp;&nbsp; 207363 |
| Barclays PLC |  |  |
| 5.785%, SOFR + 1.590%, 02/25/36 (e) | 200000 | &nbsp;&nbsp; 204418 |
| 6.224%, SOFR + 2.980%, 05/09/34 (a) (e) | 230000 | &nbsp;&nbsp; 244112 |
| BNP Paribas SA |  |  |
| 3.132%, SOFR + 1.561%, 01/20/33 (144A) (e) | 270000 | &nbsp;&nbsp; 240336 |
| 4.792%, SOFR + 1.450%, 05/09/29 (144A) (e) | 200000 | &nbsp;&nbsp; 201021 |
| 5.085%, SOFR + 1.678%, 05/09/31 (144A) (e) | 250000 | &nbsp;&nbsp; 252437 |
| 5.176%, SOFR + 1.520%, 01/09/30 (144A) (e) | 270000 | &nbsp;&nbsp; 275630 |
| 5.335%, 1Y H15 + 1.500%, 06/12/29 (144A) (e) | 205000 | &nbsp;&nbsp; 209733 |
| 5.497%, SOFR + 1.590%, 05/20/30 (144A) (e) | 260000 | &nbsp;&nbsp; 266972 |
| 5.786%, SOFR + 1.620%, 01/13/33 (144A) (e) | 400000 | &nbsp;&nbsp; 416122 |
| 7.750%, 5Y H15 + 4.899%, 08/16/29 (144A) (e) | 300000 | &nbsp;&nbsp; 315532 |
| BPCE SA |  |  |
| 3.116%, SOFR + 1.730%, 10/19/32 (144A) (e) | 379000 | &nbsp;&nbsp; 328519 |
| 6.027%, SOFR + 1.956%, 05/28/36 (144A) (e) | 250000 | &nbsp;&nbsp; 257537 |
| 6.293%, SOFR + 2.040%, 01/14/36 (144A) (e) | 500000 | &nbsp;&nbsp; 525087 |
| 6.714%, SOFR + 2.270%, 10/19/29 (144A) (e) | 250000 | &nbsp;&nbsp; 264775 |
| CaixaBank SA |  |  |
| 6.684%, SOFR + 2.080%, 09/13/27 (144A) (e) | 698000 | &nbsp;&nbsp; 714834 |
| 6.840%, SOFR + 2.770%, 09/13/34 (144A) (e) | 398000 | &nbsp;&nbsp; 437179 |
| Citigroup, Inc. |  |  |
| 2.520%, SOFR + 1.177%, 11/03/32 (e) | 578000 | &nbsp;&nbsp; 505370 |
| 2.561%, SOFR + 1.167%, 05/01/32 (e) | 240000 | &nbsp;&nbsp; 212620 |
| 3.980%, 3M TSFR + 1.600%, 03/20/30 (e) | 667000 | &nbsp;&nbsp; 653777 |
| 4.075%, 3M TSFR + 1.454%, 04/23/29 (e) | 90000 | &nbsp;&nbsp; 89108 |
| 4.542%, SOFR + 1.338%, 09/19/30 (e) | 102000 | &nbsp;&nbsp; 101538 |
| 4.952%, SOFR + 1.463%, 05/07/31 (e) | 600000 | &nbsp;&nbsp; 606838 |
| 5.333%, SOFR + 1.465%, 03/27/36 (e) | 289000 | &nbsp;&nbsp; 291268 |
| 5.827%, SOFR + 2.056%, 02/13/35 (e) | 203000 | &nbsp;&nbsp; 207134 |
| 6.020%, SOFR + 1.830%, 01/24/36 (e) | 170000 | &nbsp;&nbsp; 174576 |
| 6.750%, 5Y H15 + 2.572%, 02/15/30 (e) | 290000 | &nbsp;&nbsp; 292136 |
| 6.950%, 5Y H15 + 2.726%, 02/15/30 (e) | 187000 | &nbsp;&nbsp; 190987 |
| 7.125%, 5Y H15 + 2.693%, 08/15/29 (e) | 329000 | &nbsp;&nbsp; 339104 |
| Credit Agricole SA |  |  |
| 5.230%, SOFR + 1.130%, 01/09/29 (144A) (e) | 295000 | &nbsp;&nbsp; 299797 |
| 5.862%, SOFR + 1.740%, 01/09/36 (144A) (e) | 250000 | &nbsp;&nbsp; 259154 |
| 6.316%, SOFR + 1.860%, 10/03/29 (144A) (e) | 280000 | &nbsp;&nbsp; 294283 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-278**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Credit Agricole SA |  |  |
| 6.700%, 5Y USD SOFR ICE Swap + 3.596%, 09/23/34 <br> (144A) (e)<br>| 210000 | &nbsp;&nbsp; $205469 |
| Danske Bank AS |  |  |
| 4.613%, 1Y H15 + 1.100%, 10/02/30 (144A) (e) | 660000 | &nbsp;&nbsp; 657303 |
| 5.019%, 1Y H15 + 0.930%, 03/04/31 (144A) (e) | 200000 | &nbsp;&nbsp; 202267 |
| 5.705%, 1Y H15 + 1.400%, 03/01/30 (144A) (e) | 200000 | &nbsp;&nbsp; 207506 |
| Deutsche Bank AG |  |  |
| 5.297%, SOFR + 1.720%, 05/09/31 (e) | 525000 | &nbsp;&nbsp; 533201 |
| 5.373%, SOFR + 1.210%, 01/10/29 (e) | 155000 | &nbsp;&nbsp; 157721 |
| 6.720%, SOFR + 3.180%, 01/18/29 (e) | 150000 | &nbsp;&nbsp; 157571 |
| 6.819%, SOFR + 2.510%, 11/20/29 (e) | 150000 | &nbsp;&nbsp; 159993 |
| Fifth Third Bancorp |  |  |
| 4.337%, SOFR + 1.660%, 04/25/33 (a) (e) | 120000 | &nbsp;&nbsp; 114552 |
| Goldman Sachs Group, Inc. |  |  |
| 2.383%, SOFR + 1.248%, 07/21/32 (e) | 400000 | &nbsp;&nbsp; 349338 |
| 4.017%, 3M TSFR + 1.635%, 10/31/38 (e) | 322000 | &nbsp;&nbsp; 280838 |
| 4.411%, 3M TSFR + 1.692%, 04/23/39 (e) | 140000 | &nbsp;&nbsp; 126210 |
| 4.692%, SOFR + 1.135%, 10/23/30 (a) (e) | 232000 | &nbsp;&nbsp; 232697 |
| 5.207%, SOFR + 1.078%, 01/28/31 (e) | 305000 | &nbsp;&nbsp; 312139 |
| 5.218%, SOFR + 1.580%, 04/23/31 (e) | 829000 | &nbsp;&nbsp; 849867 |
| 5.330%, SOFR + 1.550%, 07/23/35 (e) | 693000 | &nbsp;&nbsp; 699025 |
| 5.536%, SOFR + 1.380%, 01/28/36 (e) | 91000 | &nbsp;&nbsp; 93319 |
| 6.484%, SOFR + 1.770%, 10/24/29 (e) | 1448000 | &nbsp;&nbsp; 1535989 |
| HSBC Holdings PLC |  |  |
| 5.130%, SOFR + 1.040%, 11/19/28 (e) | 230000 | &nbsp;&nbsp; 232925 |
| 5.210%, SOFR + 2.610%, 08/11/28 (e) | 310000 | &nbsp;&nbsp; 314383 |
| 5.240%, SOFR + 1.570%, 05/13/31 (e) | 1250000 | &nbsp;&nbsp; 1272734 |
| 5.286%, SOFR + 1.290%, 11/19/30 (a) (e) | 630000 | &nbsp;&nbsp; 643590 |
| Huntington Bancshares, Inc. |  |  |
| 5.272%, SOFR + 1.276%, 01/15/31 (e) | 50000 | &nbsp;&nbsp; 51230 |
| 5.709%, SOFR + 1.870%, 02/02/35 (e) | 200000 | &nbsp;&nbsp; 204387 |
| 6.208%, SOFR + 2.020%, 08/21/29 (e) | 154000 | &nbsp;&nbsp; 161595 |
| ING Groep NV |  |  |
| 5.422%, SOFR + 1.010%, 03/25/29 (e) | 355000 | &nbsp;&nbsp; 355232 |
| Intesa Sanpaolo SpA |  |  |
| 4.950%, 1Y H15 + 2.750%, 06/01/42 (144A) (e) | 435000 | &nbsp;&nbsp; 351784 |
| 7.200%, 11/28/33 (144A) | 250000 | &nbsp;&nbsp; 280744 |
| KeyBank NA |  |  |
| 3.900%, 04/13/29 | 339000 | &nbsp;&nbsp; 327436 |
| KeyCorp |  |  |
| 4.789%, SOFR + 2.060%, 06/01/33 (e) | 256000 | &nbsp;&nbsp; 249565 |
| 5.121%, SOFR + 1.227%, 04/04/31 (a) (e) | 85000 | &nbsp;&nbsp; 86015 |
| M&T Bank Corp. |  |  |
| 4.833%, SOFR + 0.930%, 01/16/29 (e) | 33000 | &nbsp;&nbsp; 33271 |
| 5.179%, SOFR + 1.400%, 07/08/31 (e) | 119000 | &nbsp;&nbsp; 120971 |
| Mellon Capital IV |  |  |
| 5.146%, 3M TSFR + 0.827%, 07/30/25 (e) | 72000 | &nbsp;&nbsp; 61115 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.159%, 1Y H15 + 1.170%, 04/24/31 (e) | 200000 | &nbsp;&nbsp; 204749 |
| Mizuho Financial Group, Inc. |  |  |
| 2.869%, 3M TSFR + 1.572%, 09/13/30 (e) | 200000 | &nbsp;&nbsp; 186950 |
| 5.323%, 1Y H15 + 1.070%, 07/08/36 (e) | 200000 | &nbsp;&nbsp; 200348 |
| Morgan Stanley |  |  |
| 1.794%, SOFR + 1.034%, 02/13/32 (e) | 440000 | &nbsp;&nbsp; 376440 |
| 2.484%, SOFR + 1.360%, 09/16/36 (e) | 778000 | &nbsp;&nbsp; 661094 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Morgan Stanley |  |  |
| 2.511%, SOFR + 1.200%, 10/20/32 (e) | 338000 | &nbsp;&nbsp; $295990 |
| 4.654%, SOFR + 1.100%, 10/18/30 (e) | 364000 | &nbsp;&nbsp; 364694 |
| 4.889%, SOFR + 2.076%, 07/20/33 (e) | 230000 | &nbsp;&nbsp; 230232 |
| 5.042%, SOFR + 1.215%, 07/19/30 (e) | 219000 | &nbsp;&nbsp; 222721 |
| 5.192%, SOFR + 1.510%, 04/17/31 (e) | 198000 | &nbsp;&nbsp; 202976 |
| 5.230%, SOFR + 1.108%, 01/15/31 (e) | 280000 | &nbsp;&nbsp; 286634 |
| 5.320%, SOFR + 1.555%, 07/19/35 (e) | 65000 | &nbsp;&nbsp; 65793 |
| 5.466%, SOFR + 1.730%, 01/18/35 (e) | 222000 | &nbsp;&nbsp; 227117 |
| 5.516%, SOFR + 1.710%, 11/19/55 (e) | 205000 | &nbsp;&nbsp; 200332 |
| 5.656%, SOFR + 1.260%, 04/18/30 (e) | 280000 | &nbsp;&nbsp; 290839 |
| 5.664%, SOFR + 1.757%, 04/17/36 (e) | 578000 | &nbsp;&nbsp; 598951 |
| Morgan Stanley Bank NA |  |  |
| 5.504%, SOFR + 0.865%, 05/26/28 (e) | 500000 | &nbsp;&nbsp; 510558 |
| NatWest Group PLC |  |  |
| 5.076%, 01/27/30 (a) | 200000 | &nbsp;&nbsp; 202929 |
| 6.000%, 5Y H15 + 5.625%, 12/29/25 (e) | 295000 | &nbsp;&nbsp; 294515 |
| 8.125%, 5Y H15 + 3.752%, 11/10/33 (a) (e) | 200000 | &nbsp;&nbsp; 215731 |
| NatWest Markets PLC |  |  |
| 5.022%, 03/21/30 (144A) | 260000 | &nbsp;&nbsp; 264102 |
| 5.410%, 05/17/29 (144A) | 200000 | &nbsp;&nbsp; 206616 |
| PNC Financial Services Group, Inc. |  |  |
| 3.400%, 5Y H15 + 2.595%, 09/15/26 (e) | 151000 | &nbsp;&nbsp; 145827 |
| 4.812%, SOFR + 1.259%, 10/21/32 (e) | 178000 | &nbsp;&nbsp; 178409 |
| 4.899%, SOFR + 1.333%, 05/13/31 (e) | 95000 | &nbsp;&nbsp; 96207 |
| 5.068%, SOFR + 1.933%, 01/24/34 (e) | 209000 | &nbsp;&nbsp; 210040 |
| 6.875%, SOFR + 2.284%, 10/20/34 (e) | 279000 | &nbsp;&nbsp; 311895 |
| Royal Bank of Canada |  |  |
| 4.650%, SOFR + 1.080%, 10/18/30 (e) | 100000 | &nbsp;&nbsp; 100176 |
| Santander Holdings USA, Inc. |  |  |
| 6.174%, SOFR + 2.500%, 01/09/30 (e) | 215000 | &nbsp;&nbsp; 223768 |
| Santander U.K. Group Holdings PLC |  |  |
| 4.858%, SOFR + 1.554%, 09/11/30 (e) | 635000 | &nbsp;&nbsp; 634166 |
| 5.694%, SOFR + 1.524%, 04/15/31 (e) | 300000 | &nbsp;&nbsp; 309427 |
| Societe Generale SA |  |  |
| 2.889%, 1Y H15 + 1.300%, 06/09/32 (144A) (e) | 340000 | &nbsp;&nbsp; 299888 |
| 5.250%, 02/19/27 (144A) | 200000 | &nbsp;&nbsp; 202012 |
| 5.512%, SOFR + 1.650%, 05/22/31 (144A) (e) | 515000 | &nbsp;&nbsp; 525199 |
| 6.446%, 1Y H15 + 2.550%, 01/10/29 (144A) (e) | 200000 | &nbsp;&nbsp; 207975 |
| Standard Chartered PLC |  |  |
| 5.688%, 1Y H15 + 1.050%, 05/14/28 (144A) (a) (e) | 200000 | &nbsp;&nbsp; 204009 |
| 7.018%, 1Y H15 + 2.200%, 02/08/30 (144A) (e) | 585000 | &nbsp;&nbsp; 628753 |
| State Street Corp. |  |  |
| 4.834%, 04/24/30 | 105000 | &nbsp;&nbsp; 106948 |
| 6.700%, 5Y H15 + 2.613%, 03/15/29 (e) | 107000 | &nbsp;&nbsp; 111739 |
| 6.700%, 5Y H15 + 2.628%, 09/15/29 (e) | 249000 | &nbsp;&nbsp; 260396 |
| Svenska Handelsbanken AB |  |  |
| 5.500%, 06/15/28 (144A) | 404000 | &nbsp;&nbsp; 417496 |
| Toronto-Dominion Bank |  |  |
| 5.298%, 01/30/32 | 235000 | &nbsp;&nbsp; 241182 |
| Truist Financial Corp. |  |  |
| 5.122%, SOFR + 1.852%, 01/26/34 (e) | 520000 | &nbsp;&nbsp; 520325 |
| 7.161%, SOFR + 2.446%, 10/30/29 (e) | 155000 | &nbsp;&nbsp; 167661 |
| U.S. Bancorp |  |  |
| 5.083%, SOFR + 1.296%, 05/15/31 (e) | 215000 | &nbsp;&nbsp; 219309 |
| 5.836%, SOFR + 2.260%, 06/12/34 (e) | 258000 | &nbsp;&nbsp; 271007 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-279**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| UBS Group AG |  |  |
| 5.617%, 1Y USD SOFR ICE Swap + 1.340%, 09/13/30 <br> (144A) (e)<br>| 200000 | &nbsp;&nbsp; $207676 |
| 9.250%, 5Y H15 + 4.745%, 11/13/28 (144A) (e) | 200000 | &nbsp;&nbsp; 218295 |
| 9.250%, 5Y H15 + 4.758%, 11/13/33 (144A) (e) | 200000 | &nbsp;&nbsp; 231282 |
| UniCredit SpA |  |  |
| 1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (e) | 521000 | &nbsp;&nbsp; 508142 |
| 3.127%, 1Y H15 + 1.550%, 06/03/32 (144A) (e) | 291000 | &nbsp;&nbsp; 263529 |
| Wells Fargo & Co. |  |  |
| 3.900%, 5Y H15 + 3.453%, 03/15/26 (e) | 204000 | &nbsp;&nbsp; 201909 |
| 4.970%, SOFR + 1.370%, 04/23/29 (e) | 80000 | &nbsp;&nbsp; 81119 |
| 5.150%, SOFR + 1.500%, 04/23/31 (e) | 324000 | &nbsp;&nbsp; 331829 |
| 5.198%, SOFR + 1.500%, 01/23/30 (e) | 150000 | &nbsp;&nbsp; 153645 |
| 5.211%, SOFR + 1.380%, 12/03/35 (e) | 95000 | &nbsp;&nbsp; 95365 |
| 5.244%, SOFR + 1.110%, 01/24/31 (e) | 335000 | &nbsp;&nbsp; 343656 |
| 5.557%, SOFR + 1.990%, 07/25/34 (e) | 1116000 | &nbsp;&nbsp; 1151743 |
| 5.574%, SOFR + 1.740%, 07/25/29 (e) | 1111000 | &nbsp;&nbsp; 1147171 |
| 5.605%, SOFR + 1.740%, 04/23/36 (e) | 619000 | &nbsp;&nbsp; 638944 |
| 5.707%, SOFR + 1.070%, 04/22/28 (e) | 311000 | &nbsp;&nbsp; 317754 |
|  |  | &nbsp;&nbsp; 48093659 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.700%, 02/01/36 | 389000 | &nbsp;&nbsp; 379567 |
| Anheuser-Busch InBev Finance, Inc. |  |  |
| 4.700%, 02/01/36 | 440000 | &nbsp;&nbsp; 429330 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 5.800%, 01/23/59 | 13000 | &nbsp;&nbsp; 13314 |
| Coca-Cola Co. |  |  |
| 2.500%, 06/01/40 | 61000 | &nbsp;&nbsp; 44475 |
| 5.300%, 05/13/54 | 13000 | &nbsp;&nbsp; 12649 |
| Constellation Brands, Inc. |  |  |
| 2.875%, 05/01/30 | 220000 | &nbsp;&nbsp; 203444 |
| 4.900%, 05/01/33 | 92000 | &nbsp;&nbsp; 91157 |
| Keurig Dr. Pepper, Inc. |  |  |
| 3.350%, 03/15/51 | 82000 | &nbsp;&nbsp; 55085 |
| Molson Coors Beverage Co. |  |  |
| 4.200%, 07/15/46 | 56000 | &nbsp;&nbsp; 44677 |
| Pepsico Singapore Financing I Pte. Ltd. |  |  |
| 4.700%, 02/16/34 | 280000 | &nbsp;&nbsp; 278623 |
| Pernod Ricard International Finance LLC |  |  |
| 1.625%, 04/01/31 (144A) | 224000 | &nbsp;&nbsp; 188918 |
|  |  | &nbsp;&nbsp; 1741239 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen, Inc. |  |  |
| 2.450%, 02/21/30 | 221000 | &nbsp;&nbsp; 202394 |
| 3.150%, 02/21/40 | 47000 | &nbsp;&nbsp; 36203 |
| 4.200%, 02/22/52 | 320000 | &nbsp;&nbsp; 250549 |
| 4.663%, 06/15/51 | 45000 | &nbsp;&nbsp; 38526 |
| 4.875%, 03/01/53 | 100000 | &nbsp;&nbsp; 87328 |
| 5.650%, 03/02/53 | 249000 | &nbsp;&nbsp; 243123 |
| 5.750%, 03/02/63 | 156000 | &nbsp;&nbsp; 151662 |
| Biogen, Inc. |  |  |
| 2.250%, 05/01/30 | 771000 | &nbsp;&nbsp; 694721 |
| 5.750%, 05/15/35 | 245000 | &nbsp;&nbsp; 252305 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Biotechnology—(Continued)** | **Biotechnology—(Continued)** | **Biotechnology—(Continued)** |
| Gilead Sciences, Inc. |  |  |
| 2.600%, 10/01/40 | 344000 | &nbsp;&nbsp; $246808 |
| 2.800%, 10/01/50 | 165000 | &nbsp;&nbsp; 103725 |
| 5.250%, 10/15/33 | 296000 | &nbsp;&nbsp; 306220 |
| 5.500%, 11/15/54 (a) | 159000 | &nbsp;&nbsp; 155756 |
|  |  | &nbsp;&nbsp; 2769320 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| CF Industries, Inc. |  |  |
| 4.950%, 06/01/43 | 37000 | &nbsp;&nbsp; 32894 |
| Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical <br> Co. LP<br>|  |  |
| 4.750%, 05/15/30 (144A) | 265000 | &nbsp;&nbsp; 268509 |
| Dow Chemical Co. |  |  |
| 4.375%, 11/15/42 | 79000 | &nbsp;&nbsp; 64283 |
| DuPont de Nemours, Inc. |  |  |
| 5.319%, 11/15/38 | 331000 | &nbsp;&nbsp; 342631 |
| 5.419%, 11/15/48 | 75000 | &nbsp;&nbsp; 75528 |
| EIDP, Inc. |  |  |
| 5.125%, 05/15/32 | 245000 | &nbsp;&nbsp; 249837 |
| Nutrien Ltd. |  |  |
| 5.000%, 04/01/49 | 75000 | &nbsp;&nbsp; 66815 |
|  |  | &nbsp;&nbsp; 1100497 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Element Fleet Management Corp. |  |  |
| 5.037%, 03/25/30 (144A) | 50000 | &nbsp;&nbsp; 50439 |
| 6.319%, 12/04/28 (144A) | 150000 | &nbsp;&nbsp; 158150 |
| Ford Foundation |  |  |
| 2.815%, 06/01/70 | 55000 | &nbsp;&nbsp; 30673 |
| Global Payments, Inc. |  |  |
| 2.900%, 11/15/31 (a) | 83000 | &nbsp;&nbsp; 73411 |
| 3.200%, 08/15/29 (a) | 718000 | &nbsp;&nbsp; 678952 |
| Pepperdine University |  |  |
| 3.301%, 12/01/59 | 100000 | &nbsp;&nbsp; 61756 |
| Quanta Services, Inc. |  |  |
| 2.350%, 01/15/32 | 115000 | &nbsp;&nbsp; 99009 |
| 2.900%, 10/01/30 | 70000 | &nbsp;&nbsp; 64530 |
| 5.250%, 08/09/34 | 306000 | &nbsp;&nbsp; 309747 |
| University of Southern California |  |  |
| 3.226%, 10/01/2120 | 100000 | &nbsp;&nbsp; 57118 |
|  |  | &nbsp;&nbsp; 1583785 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Accenture Capital, Inc. |  |  |
| 4.250%, 10/04/31 (a) | 133000 | &nbsp;&nbsp; 131757 |
| 4.500%, 10/04/34 | 182000 | &nbsp;&nbsp; 177125 |
| Apple, Inc. |  |  |
| 2.650%, 02/08/51 | 185000 | &nbsp;&nbsp; 114865 |
| 2.700%, 08/05/51 | 352000 | &nbsp;&nbsp; 220175 |
| 2.800%, 02/08/61 | 77000 | &nbsp;&nbsp; 45533 |
| 2.950%, 09/11/49 | 120000 | &nbsp;&nbsp; 80549 |
| Dell International LLC/EMC Corp. |  |  |
| 5.300%, 04/01/32 | 185000 | &nbsp;&nbsp; 189090 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.550%, 10/15/29 | 61000 | &nbsp;&nbsp; 60695 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-280**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| Hewlett Packard Enterprise Co. |  |  |
| 5.000%, 10/15/34 | 120000 | &nbsp;&nbsp; $116402 |
| IBM International Capital Pte. Ltd. |  |  |
| 4.750%, 02/05/31 | 185000 | &nbsp;&nbsp; 187432 |
| Leidos, Inc. |  |  |
| 4.375%, 05/15/30 | 497000 | &nbsp;&nbsp; 489679 |
| 5.400%, 03/15/32 | 144000 | &nbsp;&nbsp; 146974 |
| 5.750%, 03/15/33 | 90000 | &nbsp;&nbsp; 93762 |
|  |  | &nbsp;&nbsp; 2054038 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Kenvue, Inc. |  |  |
| 5.200%, 03/22/63 | 76000 | &nbsp;&nbsp; 70311 |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.000%, 10/29/28 | 705000 | &nbsp;&nbsp; 671636 |
| 4.625%, 09/10/29 | 150000 | &nbsp;&nbsp; 150033 |
| Aircastle Ltd./Aircastle Ireland DAC |  |  |
| 5.250%, 03/15/30 (144A) | 150000 | &nbsp;&nbsp; 151236 |
| American Express Co. |  |  |
| 4.731%, SOFR + 1.260%, 04/25/29 (e) | 98000 | &nbsp;&nbsp; 99114 |
| 5.442%, SOFR + 1.320%, 01/30/36 (a) (e) | 80000 | &nbsp;&nbsp; 81665 |
| 5.667%, SOFR + 1.790%, 04/25/36 (e) | 80000 | &nbsp;&nbsp; 82842 |
| Aviation Capital Group LLC |  |  |
| 4.125%, 08/01/25 (144A) | 80000 | &nbsp;&nbsp; 79927 |
| 5.125%, 04/10/30 (144A) | 65000 | &nbsp;&nbsp; 65614 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.528%, 11/18/27 (144A) | 382000 | &nbsp;&nbsp; 363123 |
| 4.250%, 04/15/26 (144A) | 105000 | &nbsp;&nbsp; 104390 |
| 4.375%, 05/01/26 (144A) | 305000 | &nbsp;&nbsp; 303162 |
| 5.150%, 01/15/30 (144A) (a) | 577000 | &nbsp;&nbsp; 581197 |
| 5.375%, 05/30/30 (144A) (a) | 330000 | &nbsp;&nbsp; 336158 |
| 5.500%, 01/15/26 (144A) | 185000 | &nbsp;&nbsp; 185284 |
| 5.750%, 03/01/29 (144A) | 154000 | &nbsp;&nbsp; 158200 |
| 5.750%, 11/15/29 (144A) | 90000 | &nbsp;&nbsp; 92644 |
| 6.375%, 05/04/28 (144A) (a) | 320000 | &nbsp;&nbsp; 333681 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 5.150%, 03/17/30 (144A) | 45000 | &nbsp;&nbsp; 44970 |
| 5.200%, 03/27/28 (144A) | 110000 | &nbsp;&nbsp; 111226 |
|  |  | &nbsp;&nbsp; 3996102 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| AES Corp. |  |  |
| 5.450%, 06/01/28 (a) | 180000 | &nbsp;&nbsp; 183940 |
| 5.800%, 03/15/32 | 195000 | &nbsp;&nbsp; 197979 |
| Alliant Energy Finance LLC |  |  |
| 5.950%, 03/30/29 (144A) | 296000 | &nbsp;&nbsp; 310567 |
| Ameren Corp. |  |  |
| 5.375%, 03/15/35 | 320000 | &nbsp;&nbsp; 321998 |
| Arizona Public Service Co. |  |  |
| 4.700%, 01/15/44 | 50000 | &nbsp;&nbsp; 41812 |
| Baltimore Gas & Electric Co. |  |  |
| 2.900%, 06/15/50 | 106000 | &nbsp;&nbsp; 66279 |
| 3.200%, 09/15/49 | 66000 | &nbsp;&nbsp; 44751 |
| 5.400%, 06/01/53 | 85000 | &nbsp;&nbsp; 81060 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Cleveland Electric Illuminating Co. |  |  |
| 4.550%, 11/15/30 (144A) | 60000 | &nbsp;&nbsp; $58974 |
| CMS Energy Corp. |  |  |
| 6.500%, 5Y H15 + 1.961%, 06/01/55 (e) | 125000 | &nbsp;&nbsp; 125299 |
| Commonwealth Edison Co. |  |  |
| 3.700%, 03/01/45 | 71000 | &nbsp;&nbsp; 54769 |
| 4.700%, 01/15/44 | 133000 | &nbsp;&nbsp; 118470 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 4.650%, 12/01/48 (a) | 30000 | &nbsp;&nbsp; 25467 |
| Constellation Energy Generation LLC |  |  |
| 5.600%, 06/15/42 | 42000 | &nbsp;&nbsp; 40865 |
| 5.750%, 10/01/41 | 120000 | &nbsp;&nbsp; 119993 |
| 6.500%, 10/01/53 (a) | 180000 | &nbsp;&nbsp; 193164 |
| Consumers Energy Co. |  |  |
| 3.950%, 05/15/43 | 147000 | &nbsp;&nbsp; 120104 |
| 4.500%, 01/15/31 | 117000 | &nbsp;&nbsp; 117458 |
| Dominion Energy, Inc. |  |  |
| 4.700%, 12/01/44 | 71000 | &nbsp;&nbsp; 60858 |
| 4.900%, 08/01/41 | 147000 | &nbsp;&nbsp; 132556 |
| 5.450%, 03/15/35 | 50000 | &nbsp;&nbsp; 50425 |
| 6.875%, 5Y H15 + 2.386%, 02/01/55 (e) | 80000 | &nbsp;&nbsp; 84159 |
| 7.000%, 5Y H15 + 2.511%, 06/01/54 (e) | 120000 | &nbsp;&nbsp; 128752 |
| DTE Electric Securitization Funding II LLC |  |  |
| 6.090%, 09/01/38 | 250000 | &nbsp;&nbsp; 269915 |
| DTE Energy Co. |  |  |
| 5.200%, 04/01/30 | 385000 | &nbsp;&nbsp; 393965 |
| Duke Energy Carolinas LLC |  |  |
| 4.000%, 09/30/42 | 303000 | &nbsp;&nbsp; 250439 |
| 5.400%, 01/15/54 (a) | 27000 | &nbsp;&nbsp; 25967 |
| Duke Energy Corp. |  |  |
| 6.100%, 09/15/53 | 210000 | &nbsp;&nbsp; 213588 |
| Duke Energy Indiana LLC |  |  |
| 3.750%, 05/15/46 | 77000 | &nbsp;&nbsp; 58321 |
| 5.250%, 03/01/34 | 154000 | &nbsp;&nbsp; 157441 |
| 5.400%, 04/01/53 | 115000 | &nbsp;&nbsp; 109552 |
| Duke Energy Ohio, Inc. |  |  |
| 5.250%, 04/01/33 | 178000 | &nbsp;&nbsp; 183320 |
| 5.300%, 06/15/35 | 310000 | &nbsp;&nbsp; 314765 |
| 5.550%, 03/15/54 | 103000 | &nbsp;&nbsp; 100624 |
| Duke Energy Progress LLC |  |  |
| 5.050%, 03/15/35 | 215000 | &nbsp;&nbsp; 215911 |
| 5.250%, 03/15/33 | 75000 | &nbsp;&nbsp; 77427 |
| 5.550%, 03/15/55 (a) | 8000 | &nbsp;&nbsp; 7819 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.616%, 08/01/27 (144A) | 319000 | &nbsp;&nbsp; 309125 |
| Edison International |  |  |
| 5.250%, 03/15/32 | 142000 | &nbsp;&nbsp; 134702 |
| Emera U.S. Finance LP |  |  |
| 2.639%, 06/15/31 | 118000 | &nbsp;&nbsp; 103607 |
| 4.750%, 06/15/46 | 291000 | &nbsp;&nbsp; 241938 |
| Enel Finance International NV |  |  |
| 2.500%, 07/12/31 (144A) | 455000 | &nbsp;&nbsp; 399120 |
| 5.125%, 06/26/29 (144A) | 225000 | &nbsp;&nbsp; 229188 |
| Entergy Arkansas LLC |  |  |
| 5.750%, 06/01/54 | 62000 | &nbsp;&nbsp; 61410 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-281**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Entergy Corp. |  |  |
| 7.125%, 5Y H15 + 2.670%, 12/01/54 (e) | 298000 | &nbsp;&nbsp; $308328 |
| Entergy Louisiana LLC |  |  |
| 4.950%, 01/15/45 | 152000 | &nbsp;&nbsp; 134443 |
| 5.700%, 03/15/54 | 150000 | &nbsp;&nbsp; 148020 |
| 5.800%, 03/15/55 | 140000 | &nbsp;&nbsp; 140016 |
| Entergy Mississippi LLC |  |  |
| 5.000%, 09/01/33 | 280000 | &nbsp;&nbsp; 280393 |
| 5.800%, 04/15/55 (a) | 222000 | &nbsp;&nbsp; 222126 |
| Entergy Texas, Inc. |  |  |
| 5.550%, 09/15/54 | 36000 | &nbsp;&nbsp; 34339 |
| Exelon Corp. |  |  |
| 6.500%, 5Y H15 + 1.975%, 03/15/55 (e) | 175000 | &nbsp;&nbsp; 178004 |
| FirstEnergy Transmission LLC |  |  |
| 4.550%, 04/01/49 (144A) | 166000 | &nbsp;&nbsp; 140702 |
| 5.450%, 07/15/44 (144A) | 49000 | &nbsp;&nbsp; 46696 |
| Florida Power & Light Co. |  |  |
| 5.700%, 03/15/55 | 130000 | &nbsp;&nbsp; 131486 |
| 5.800%, 03/15/65 | 38000 | &nbsp;&nbsp; 38530 |
| ITC Holdings Corp. |  |  |
| 2.950%, 05/14/30 (144A) | 790000 | &nbsp;&nbsp; 734692 |
| 5.400%, 06/01/33 (144A) | 288000 | &nbsp;&nbsp; 291288 |
| 5.650%, 05/09/34 (144A) | 173000 | &nbsp;&nbsp; 177417 |
| Jersey Central Power & Light Co. |  |  |
| 5.100%, 01/15/35 | 70000 | &nbsp;&nbsp; 69793 |
| 6.150%, 06/01/37 | 100000 | &nbsp;&nbsp; 106308 |
| Monongahela Power Co. |  |  |
| 5.850%, 02/15/34 (144A) | 248000 | &nbsp;&nbsp; 257843 |
| Nevada Power Co. |  |  |
| 6.250%, 5Y H15 + 1.936%, 05/15/55 (a) (e) | 275000 | &nbsp;&nbsp; 273667 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.450%, 03/15/35 | 80000 | &nbsp;&nbsp; 81537 |
| 5.900%, 03/15/55 | 410000 | &nbsp;&nbsp; 411293 |
| 6.375%, 5Y H15 + 2.053%, 08/15/55 (e) | 97000 | &nbsp;&nbsp; 99052 |
| 6.750%, 5Y H15 + 2.457%, 06/15/54 (e) | 125000 | &nbsp;&nbsp; 129684 |
| Niagara Mohawk Power Corp. |  |  |
| 4.278%, 12/15/28 (144A) | 93000 | &nbsp;&nbsp; 92276 |
| 5.996%, 07/03/55 (144A) | 45000 | &nbsp;&nbsp; 45000 |
| NRG Energy, Inc. |  |  |
| 4.450%, 06/15/29 (144A) | 348000 | &nbsp;&nbsp; 342371 |
| 7.000%, 03/15/33 (144A) | 128000 | &nbsp;&nbsp; 140505 |
| Ohio Power Co. |  |  |
| 2.900%, 10/01/51 | 115000 | &nbsp;&nbsp; 70219 |
| Pacific Gas & Electric Co. |  |  |
| 3.250%, 06/01/31 | 222000 | &nbsp;&nbsp; 199223 |
| 3.750%, 08/15/42 | 37000 | &nbsp;&nbsp; 26377 |
| 3.950%, 12/01/47 | 159000 | &nbsp;&nbsp; 112174 |
| 4.250%, 03/15/46 | 82000 | &nbsp;&nbsp; 61002 |
| 4.300%, 03/15/45 | 60000 | &nbsp;&nbsp; 45287 |
| 4.550%, 07/01/30 | 71744 | &nbsp;&nbsp; 70024 |
| 4.600%, 06/15/43 | 178000 | &nbsp;&nbsp; 140993 |
| 5.550%, 05/15/29 | 91000 | &nbsp;&nbsp; 92467 |
| 5.700%, 03/01/35 | 323000 | &nbsp;&nbsp; 320067 |
| 5.800%, 05/15/34 | 12000 | &nbsp;&nbsp; 11998 |
| 6.000%, 08/15/35 | 290000 | &nbsp;&nbsp; 293253 |
| 6.100%, 01/15/29 | 253000 | &nbsp;&nbsp; 262122 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Pacific Gas & Electric Co. |  |  |
| 6.400%, 06/15/33 | 526000 | &nbsp;&nbsp; $549834 |
| 6.750%, 01/15/53 | 10000 | &nbsp;&nbsp; 10061 |
| PacifiCorp |  |  |
| 2.900%, 06/15/52 | 122000 | &nbsp;&nbsp; 72228 |
| PG&E Recovery Funding LLC |  |  |
| 5.231%, 06/01/42 | 575000 | &nbsp;&nbsp; 570150 |
| 5.536%, 07/15/49 | 135000 | &nbsp;&nbsp; 130959 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.263%, 06/01/38 | 65000 | &nbsp;&nbsp; 61256 |
| 5.099%, 06/01/54 | 165000 | &nbsp;&nbsp; 152183 |
| 5.212%, 12/01/49 | 85000 | &nbsp;&nbsp; 80553 |
| Public Service Co. of Colorado |  |  |
| 4.500%, 06/01/52 | 57000 | &nbsp;&nbsp; 46485 |
| Public Service Co. of Oklahoma |  |  |
| 5.200%, 01/15/35 | 145000 | &nbsp;&nbsp; 144739 |
| 5.450%, 01/15/36 | 445000 | &nbsp;&nbsp; 448181 |
| 6.625%, 11/15/37 | 100000 | &nbsp;&nbsp; 108696 |
| Puget Energy, Inc. |  |  |
| 4.224%, 03/15/32 | 422000 | &nbsp;&nbsp; 397150 |
| 5.725%, 03/15/35 (144A) | 113000 | &nbsp;&nbsp; 113677 |
| Puget Sound Energy, Inc. |  |  |
| 5.638%, 04/15/41 | 71000 | &nbsp;&nbsp; 70297 |
| San Diego Gas & Electric Co. |  |  |
| 2.950%, 08/15/51 | 230000 | &nbsp;&nbsp; 144718 |
| 5.350%, 04/01/53 | 420000 | &nbsp;&nbsp; 392239 |
| 5.400%, 04/15/35 | 250000 | &nbsp;&nbsp; 255277 |
| SCE Recovery Funding LLC |  |  |
| 4.697%, 06/15/42 | 144194 | &nbsp;&nbsp; 140172 |
| 5.112%, 12/14/49 | 65000 | &nbsp;&nbsp; 60570 |
| Sempra |  |  |
| 6.875%, 5Y H15 + 2.789%, 10/01/54 (a) (e) | 115000 | &nbsp;&nbsp; 115971 |
| Sigeco Securitization I LLC |  |  |
| 5.026%, 11/15/38 | 133736 | &nbsp;&nbsp; 134775 |
| Southern California Edison Co. |  |  |
| 3.650%, 03/01/28 | 78000 | &nbsp;&nbsp; 75834 |
| 3.900%, 03/15/43 | 122000 | &nbsp;&nbsp; 89925 |
| 4.050%, 03/15/42 | 150000 | &nbsp;&nbsp; 112528 |
| 5.200%, 06/01/34 | 449000 | &nbsp;&nbsp; 435460 |
| 5.250%, 03/15/30 | 116000 | &nbsp;&nbsp; 117199 |
| 5.450%, 03/01/35 | 52000 | &nbsp;&nbsp; 51044 |
| 5.700%, 03/01/53 | 65000 | &nbsp;&nbsp; 58310 |
| 5.875%, 12/01/53 | 336000 | &nbsp;&nbsp; 306696 |
| 5.900%, 03/01/55 | 60000 | &nbsp;&nbsp; 54862 |
| 5.950%, 02/01/38 | 91000 | &nbsp;&nbsp; 90917 |
| Southern Co. |  |  |
| 5.200%, 06/15/33 | 120000 | &nbsp;&nbsp; 122094 |
| Southern Power Co. |  |  |
| 4.950%, 12/15/46 | 214000 | &nbsp;&nbsp; 184856 |
| 5.150%, 09/15/41 | 100000 | &nbsp;&nbsp; 94575 |
| Tucson Electric Power Co. |  |  |
| 1.500%, 08/01/30 | 78000 | &nbsp;&nbsp; 67171 |
| 4.850%, 12/01/48 | 150000 | &nbsp;&nbsp; 130453 |
| 5.500%, 04/15/53 (a) | 235000 | &nbsp;&nbsp; 222564 |
| Union Electric Co. |  |  |
| 5.200%, 04/01/34 | 137000 | &nbsp;&nbsp; 139259 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-282**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| Union Electric Co. |  |  |
| 5.250%, 04/15/35 | 170000 | &nbsp;&nbsp; $173601 |
| 5.250%, 01/15/54 | 89000 | &nbsp;&nbsp; 82149 |
| 5.450%, 03/15/53 | 140000 | &nbsp;&nbsp; 135065 |
| Virginia Electric & Power Co. |  |  |
| 2.450%, 12/15/50 | 250000 | &nbsp;&nbsp; 140257 |
| 5.650%, 03/15/55 (a) | 160000 | &nbsp;&nbsp; 157587 |
| 5.700%, 08/15/53 (a) | 91000 | &nbsp;&nbsp; 89605 |
| Vistra Operations Co. LLC |  |  |
| 5.700%, 12/30/34 (144A) (a) | 265000 | &nbsp;&nbsp; 269849 |
| 6.000%, 04/15/34 (144A) | 172000 | &nbsp;&nbsp; 178615 |
| 6.950%, 10/15/33 (144A) | 114000 | &nbsp;&nbsp; 125182 |
|  |  | &nbsp;&nbsp; 21204686 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| Honeywell International, Inc. |  |  |
| 5.250%, 03/01/54 | 90000 | &nbsp;&nbsp; 85381 |
| Tyco Electronics Group SA |  |  |
| 5.000%, 05/09/35 | 90000 | &nbsp;&nbsp; 89630 |
|  |  | &nbsp;&nbsp; 175011 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Warnermedia Holdings, Inc. |  |  |
| 4.279%, 03/15/32 | 339000 | &nbsp;&nbsp; 285184 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| GFL Environmental, Inc. |  |  |
| 3.500%, 09/01/28 (144A) | 445000 | &nbsp;&nbsp; 429251 |
| Veralto Corp. |  |  |
| 5.350%, 09/18/28 | 140000 | &nbsp;&nbsp; 144294 |
|  |  | &nbsp;&nbsp; 573545 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| Bimbo Bakeries USA, Inc. |  |  |
| 5.375%, 01/09/36 (144A) (a) | 366000 | &nbsp;&nbsp; 361615 |
| J.M. Smucker Co. |  |  |
| 6.200%, 11/15/33 | 80000 | &nbsp;&nbsp; 85863 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 3.000%, 05/15/32 | 289000 | &nbsp;&nbsp; 253008 |
| 3.750%, 12/01/31 | 85000 | &nbsp;&nbsp; 79092 |
| 4.375%, 02/02/52 | 85000 | &nbsp;&nbsp; 65516 |
| 6.750%, 03/15/34 | 75000 | &nbsp;&nbsp; 81875 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co.<br>|  |  |
| 5.500%, 01/15/36 (144A) | 380000 | &nbsp;&nbsp; 380559 |
| 6.375%, 04/15/66 (144A) | 170000 | &nbsp;&nbsp; 171253 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| 5.950%, 04/20/35 (144A) | 128000 | &nbsp;&nbsp; 132605 |
| 6.375%, 02/25/55 (144A) (a) | 75000 | &nbsp;&nbsp; 76994 |
| Kraft Heinz Foods Co. |  |  |
| 4.625%, 10/01/39 | 60000 | &nbsp;&nbsp; 53820 |
| Kroger Co. |  |  |
| 5.000%, 09/15/34 | 30000 | &nbsp;&nbsp; 29785 |
| 5.400%, 07/15/40 | 141000 | &nbsp;&nbsp; 137708 |
| 5.500%, 09/15/54 | 30000 | &nbsp;&nbsp; 28478 |
| 5.650%, 09/15/64 | 196000 | &nbsp;&nbsp; 185541 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food—(Continued)** | **Food—(Continued)** | **Food—(Continued)** |
| Mars, Inc. |  |  |
| 3.875%, 04/01/39 (144A) | 80000 | &nbsp;&nbsp; $68851 |
| 5.000%, 03/01/32 (144A) (a) | 140000 | &nbsp;&nbsp; 141861 |
| 5.200%, 03/01/35 (144A) | 200000 | &nbsp;&nbsp; 202396 |
| 5.650%, 05/01/45 (144A) | 248000 | &nbsp;&nbsp; 248600 |
| 5.700%, 05/01/55 (144A) | 295000 | &nbsp;&nbsp; 294280 |
| Smithfield Foods, Inc. |  |  |
| 3.000%, 10/15/30 (144A) | 251000 | &nbsp;&nbsp; 228003 |
| Tyson Foods, Inc. |  |  |
| 5.700%, 03/15/34 | 70000 | &nbsp;&nbsp; 72467 |
|  |  | &nbsp;&nbsp; 3380170 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| APA Infrastructure Ltd. |  |  |
| 5.125%, 09/16/34 (144A) | 107000 | &nbsp;&nbsp; 104932 |
| NiSource, Inc. |  |  |
| 6.950%, 5Y H15 + 2.451%, 11/30/54 (a) (e) | 120000 | &nbsp;&nbsp; 124916 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 3.350%, 06/01/50 | 143000 | &nbsp;&nbsp; 95335 |
| Southern California Gas Co. |  |  |
| 6.350%, 11/15/52 | 225000 | &nbsp;&nbsp; 241082 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.150%, 09/30/51 | 161000 | &nbsp;&nbsp; 102874 |
| 3.950%, 10/01/46 | 261000 | &nbsp;&nbsp; 200595 |
| 4.400%, 06/01/43 | 345000 | &nbsp;&nbsp; 289471 |
| 5.750%, 09/15/33 | 86000 | &nbsp;&nbsp; 90180 |
|  |  | &nbsp;&nbsp; 1249385 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| Baxter International, Inc. |  |  |
| 2.272%, 12/01/28 | 130000 | &nbsp;&nbsp; 121024 |
| 2.539%, 02/01/32 (a) | 780000 | &nbsp;&nbsp; 679836 |
| Boston Scientific Corp. |  |  |
| 4.550%, 03/01/39 | 60000 | &nbsp;&nbsp; 56761 |
| DH Europe Finance II SARL |  |  |
| 3.250%, 11/15/39 | 85000 | &nbsp;&nbsp; 68376 |
| Solventum Corp. |  |  |
| 5.400%, 03/01/29 | 509000 | &nbsp;&nbsp; 524151 |
| 5.450%, 03/13/31 | 288000 | &nbsp;&nbsp; 299045 |
| 5.600%, 03/23/34 | 86000 | &nbsp;&nbsp; 88507 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.200%, 09/15/34 (a) | 338000 | &nbsp;&nbsp; 339087 |
| 5.500%, 02/19/35 | 213000 | &nbsp;&nbsp; 218496 |
|  |  | &nbsp;&nbsp; 2395283 |
| **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
| Aetna, Inc. |  |  |
| 4.750%, 03/15/44 | 133000 | &nbsp;&nbsp; 112601 |
| 6.750%, 12/15/37 | 50000 | &nbsp;&nbsp; 54014 |
| AHS Hospital Corp. |  |  |
| 5.024%, 07/01/45 | 110000 | &nbsp;&nbsp; 102134 |
| Children's Hospital |  |  |
| 2.928%, 07/15/50 | 100000 | &nbsp;&nbsp; 62554 |
| CommonSpirit Health |  |  |
| 2.782%, 10/01/30 | 70000 | &nbsp;&nbsp; 64081 |
| 3.910%, 10/01/50 | 65000 | &nbsp;&nbsp; 48125 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-283**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** | **Healthcare-Services—(Continued)** |
| Cottage Health Obligated Group |  |  |
| 3.304%, 11/01/49 | 110000 | &nbsp;&nbsp; $76191 |
| Elevance Health, Inc. |  |  |
| 4.625%, 05/15/42 | 178000 | &nbsp;&nbsp; 156138 |
| 4.650%, 01/15/43 | 111000 | &nbsp;&nbsp; 97317 |
| Hartford HealthCare Corp. |  |  |
| 3.447%, 07/01/54 | 240000 | &nbsp;&nbsp; 166108 |
| HCA, Inc. |  |  |
| 3.625%, 03/15/32 | 31000 | &nbsp;&nbsp; 28594 |
| 4.625%, 03/15/52 | 198000 | &nbsp;&nbsp; 159116 |
| 5.450%, 09/15/34 | 92000 | &nbsp;&nbsp; 92796 |
| 5.500%, 03/01/32 | 370000 | &nbsp;&nbsp; 381852 |
| 5.600%, 04/01/34 | 330000 | &nbsp;&nbsp; 337639 |
| 5.625%, 09/01/28 (a) | 480000 | &nbsp;&nbsp; 494188 |
| 5.750%, 03/01/35 | 244000 | &nbsp;&nbsp; 250923 |
| 5.875%, 02/01/29 (a) | 614000 | &nbsp;&nbsp; 637247 |
| 5.950%, 09/15/54 | 111000 | &nbsp;&nbsp; 107876 |
| 6.100%, 04/01/64 (a) | 90000 | &nbsp;&nbsp; 87768 |
| 6.200%, 03/01/55 | 39000 | &nbsp;&nbsp; 39278 |
| MyMichigan Health |  |  |
| 3.409%, 06/01/50 | 40000 | &nbsp;&nbsp; 28206 |
| NYU Langone Hospitals |  |  |
| 3.380%, 07/01/55 | 90000 | &nbsp;&nbsp; 60545 |
| Piedmont Healthcare, Inc. |  |  |
| 2.864%, 01/01/52 | 95000 | &nbsp;&nbsp; 57918 |
| Quest Diagnostics, Inc. |  |  |
| 5.000%, 12/15/34 | 244000 | &nbsp;&nbsp; 242805 |
| UnitedHealth Group, Inc. |  |  |
| 2.750%, 05/15/40 | 142000 | &nbsp;&nbsp; 103022 |
| 5.050%, 04/15/53 | 126000 | &nbsp;&nbsp; 112465 |
| 5.350%, 02/15/33 (a) | 290000 | &nbsp;&nbsp; 298796 |
| 5.375%, 04/15/54 | 126000 | &nbsp;&nbsp; 117787 |
| 5.875%, 02/15/53 | 90000 | &nbsp;&nbsp; 90173 |
| 6.050%, 02/15/63 | 115000 | &nbsp;&nbsp; 116693 |
| Yale-New Haven Health Services Corp. |  |  |
| 2.496%, 07/01/50 | 110000 | &nbsp;&nbsp; 63349 |
|  |  | &nbsp;&nbsp; 4848299 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Lennar Corp. |  |  |
| 5.200%, 07/30/30 | 140000 | &nbsp;&nbsp; 142633 |
| MDC Holdings, Inc. |  |  |
| 6.000%, 01/15/43 | 173000 | &nbsp;&nbsp; 156500 |
|  |  | &nbsp;&nbsp; 299133 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Athene Global Funding |  |  |
| 2.950%, 11/12/26 (144A) | 370000 | &nbsp;&nbsp; 362776 |
| Berkshire Hathaway Finance Corp. |  |  |
| 3.850%, 03/15/52 | 185000 | &nbsp;&nbsp; 143155 |
| F&G Annuities & Life, Inc. |  |  |
| 6.500%, 06/04/29 | 35000 | &nbsp;&nbsp; 36088 |
| F&G Global Funding |  |  |
| 1.750%, 06/30/26 (144A) | 80000 | &nbsp;&nbsp; 77772 |
| 5.875%, 06/10/27 (144A) | 100000 | &nbsp;&nbsp; 102207 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Hanover Insurance Group, Inc. |  |  |
| 2.500%, 09/01/30 | 70000 | &nbsp;&nbsp; $62303 |
| Hartford Insurance Group, Inc. |  |  |
| 4.300%, 04/15/43 | 25000 | &nbsp;&nbsp; 21071 |
| 6.100%, 10/01/41 | 25000 | &nbsp;&nbsp; 25887 |
| Nationwide Mutual Insurance Co. |  |  |
| 4.350%, 04/30/50 (144A) | 220000 | &nbsp;&nbsp; 169456 |
| New York Life Global Funding |  |  |
| 1.200%, 08/07/30 (144A) | 111000 | &nbsp;&nbsp; 94861 |
| New York Life Insurance Co. |  |  |
| 3.750%, 05/15/50 (144A) (a) | 107000 | &nbsp;&nbsp; 79046 |
| 4.450%, 05/15/69 (144A) | 137000 | &nbsp;&nbsp; 106636 |
| Northwestern Mutual Life Insurance Co. |  |  |
| 6.063%, 03/30/40 (144A) | 230000 | &nbsp;&nbsp; 241808 |
| Pacific Life Insurance Co. |  |  |
| 4.300%, 10/24/67 (144A) | 97000 | &nbsp;&nbsp; 76029 |
| Principal Financial Group, Inc. |  |  |
| 4.111%, 02/15/28 (144A) | 121000 | &nbsp;&nbsp; 119829 |
| Prudential Financial, Inc. |  |  |
| 6.500%, 5Y H15 + 2.404%, 03/15/54 (a) (e) | 115000 | &nbsp;&nbsp; 118134 |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.270%, 05/15/47 (144A) | 100000 | &nbsp;&nbsp; 81181 |
| 6.850%, 12/16/39 (144A) | 316000 | &nbsp;&nbsp; 355770 |
|  |  | &nbsp;&nbsp; 2274009 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| Alphabet, Inc. |  |  |
| 1.900%, 08/15/40 | 100000 | &nbsp;&nbsp; 67161 |
| 5.250%, 05/15/55 | 70000 | &nbsp;&nbsp; 68941 |
| 5.300%, 05/15/65 | 60000 | &nbsp;&nbsp; 58749 |
| Amazon.com, Inc. |  |  |
| 2.700%, 06/03/60 | 93000 | &nbsp;&nbsp; 53411 |
| 3.875%, 08/22/37 | 177000 | &nbsp;&nbsp; 160105 |
| 3.950%, 04/13/52 (a) | 142000 | &nbsp;&nbsp; 112056 |
| Meta Platforms, Inc. |  |  |
| 4.450%, 08/15/52 | 304000 | &nbsp;&nbsp; 256305 |
| 5.400%, 08/15/54 | 493000 | &nbsp;&nbsp; 480794 |
| 5.550%, 08/15/64 | 80000 | &nbsp;&nbsp; 78179 |
| 5.600%, 05/15/53 | 40000 | &nbsp;&nbsp; 39999 |
| 5.750%, 05/15/63 | 57000 | &nbsp;&nbsp; 57619 |
| Netflix, Inc. |  |  |
| 6.375%, 05/15/29 | 387000 | &nbsp;&nbsp; 416510 |
| Uber Technologies, Inc. |  |  |
| 4.500%, 08/15/29 (144A) (a) | 236000 | &nbsp;&nbsp; 234334 |
| 4.800%, 09/15/34 | 240000 | &nbsp;&nbsp; 235737 |
| 5.350%, 09/15/54 (a) | 181000 | &nbsp;&nbsp; 168829 |
|  |  | &nbsp;&nbsp; 2488729 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| Marriott International, Inc. |  |  |
| 5.100%, 04/15/32 | 80000 | &nbsp;&nbsp; 80901 |
| 5.500%, 04/15/37 (a) | 160000 | &nbsp;&nbsp; 160027 |
|  |  | &nbsp;&nbsp; 240928 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-284**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| Caterpillar, Inc. |  |  |
| 5.200%, 05/15/35 | 210000 | &nbsp;&nbsp; $214064 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| Otis Worldwide Corp. |  |  |
| 2.565%, 02/15/30 | 195000 | &nbsp;&nbsp; 179880 |
| Regal Rexnord Corp. |  |  |
| 6.050%, 04/15/28 | 191000 | &nbsp;&nbsp; 196822 |
| 6.400%, 04/15/33 | 77000 | &nbsp;&nbsp; 81297 |
|  |  | &nbsp;&nbsp; 457999 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.500%, 06/01/41 | 145000 | &nbsp;&nbsp; 105197 |
| 3.500%, 03/01/42 | 105000 | &nbsp;&nbsp; 74870 |
| 3.700%, 04/01/51 | 132000 | &nbsp;&nbsp; 87926 |
| 4.800%, 03/01/50 | 135000 | &nbsp;&nbsp; 108009 |
| 6.384%, 10/23/35 | 359000 | &nbsp;&nbsp; 377061 |
| Comcast Corp. |  |  |
| 2.887%, 11/01/51 | 1077000 | &nbsp;&nbsp; 655438 |
| 2.937%, 11/01/56 | 769000 | &nbsp;&nbsp; 451519 |
| 3.200%, 07/15/36 | 422000 | &nbsp;&nbsp; 353261 |
| 3.250%, 11/01/39 | 115000 | &nbsp;&nbsp; 90095 |
| 5.300%, 05/15/35 | 305000 | &nbsp;&nbsp; 310771 |
| Time Warner Cable LLC |  |  |
| 5.500%, 09/01/41 | 200000 | &nbsp;&nbsp; 181854 |
| 5.875%, 11/15/40 | 275000 | &nbsp;&nbsp; 264017 |
| 6.550%, 05/01/37 (a) | 252000 | &nbsp;&nbsp; 260270 |
|  |  | &nbsp;&nbsp; 3320288 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| Anglo American Capital PLC |  |  |
| 2.625%, 09/10/30 (144A) | 260000 | &nbsp;&nbsp; 235061 |
| BHP Billiton Finance USA Ltd. |  |  |
| 5.125%, 02/21/32 | 65000 | &nbsp;&nbsp; 66552 |
| Freeport-McMoRan, Inc. |  |  |
| 5.450%, 03/15/43 | 170000 | &nbsp;&nbsp; 160653 |
| Glencore Funding LLC |  |  |
| 2.500%, 09/01/30 (144A) | 200000 | &nbsp;&nbsp; 180207 |
| 5.186%, 04/01/30 (144A) | 80000 | &nbsp;&nbsp; 81563 |
| 5.634%, 04/04/34 (144A) | 80000 | &nbsp;&nbsp; 81538 |
| 5.673%, 04/01/35 (144A) | 515000 | &nbsp;&nbsp; 525382 |
| 6.375%, 10/06/30 (144A) | 201000 | &nbsp;&nbsp; 215724 |
|  |  | &nbsp;&nbsp; 1546680 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Eaton Corp. |  |  |
| 4.150%, 11/02/42 | 200000 | &nbsp;&nbsp; 172124 |
| 5.800%, 03/15/37 | 100000 | &nbsp;&nbsp; 104908 |
|  |  | &nbsp;&nbsp; 277032 |
| **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |
| Antero Resources Corp. |  |  |
| 5.375%, 03/01/30 (144A) | 227000 | &nbsp;&nbsp; 228452 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| BG Energy Capital PLC |  |  |
| 5.125%, 10/15/41 (144A) | 200000 | &nbsp;&nbsp; $188890 |
| ConocoPhillips Co. |  |  |
| 5.500%, 01/15/55 | 85000 | &nbsp;&nbsp; 80650 |
| 5.700%, 09/15/63 | 231000 | &nbsp;&nbsp; 220923 |
| Coterra Energy, Inc. |  |  |
| 5.400%, 02/15/35 | 70000 | &nbsp;&nbsp; 69291 |
| 5.900%, 02/15/55 | 255000 | &nbsp;&nbsp; 237366 |
| Devon Energy Corp. |  |  |
| 5.750%, 09/15/54 | 85000 | &nbsp;&nbsp; 76524 |
| Diamondback Energy, Inc. |  |  |
| 5.750%, 04/18/54 | 87000 | &nbsp;&nbsp; 80755 |
| Eni SpA |  |  |
| 5.700%, 10/01/40 (144A) | 150000 | &nbsp;&nbsp; 144204 |
| 5.950%, 05/15/54 (144A) | 200000 | &nbsp;&nbsp; 193488 |
| EQT Corp. |  |  |
| 4.750%, 01/15/31 (144A) | 322000 | &nbsp;&nbsp; 316936 |
| 6.375%, 04/01/29 (144A) | 120000 | &nbsp;&nbsp; 123779 |
| 7.500%, 06/01/30 (144A) | 90000 | &nbsp;&nbsp; 98911 |
| Expand Energy Corp. |  |  |
| 4.750%, 02/01/32 | 144000 | &nbsp;&nbsp; 140024 |
| 5.375%, 03/15/30 | 750000 | &nbsp;&nbsp; 752103 |
| Exxon Mobil Corp. |  |  |
| 2.995%, 08/16/39 | 170000 | &nbsp;&nbsp; 132389 |
| Hess Corp. |  |  |
| 5.600%, 02/15/41 (a) | 329000 | &nbsp;&nbsp; 326683 |
| 6.000%, 01/15/40 | 89000 | &nbsp;&nbsp; 93667 |
| Marathon Petroleum Corp. |  |  |
| 4.750%, 09/15/44 | 53000 | &nbsp;&nbsp; 44082 |
| Occidental Petroleum Corp. |  |  |
| 4.625%, 06/15/45 | 123000 | &nbsp;&nbsp; 92329 |
| 5.200%, 08/01/29 | 30000 | &nbsp;&nbsp; 30097 |
| Ovintiv, Inc. |  |  |
| 6.250%, 07/15/33 | 111000 | &nbsp;&nbsp; 114601 |
| Petroleos Mexicanos |  |  |
| 6.500%, 03/13/27 | 252000 | &nbsp;&nbsp; 250249 |
| Pioneer Natural Resources Co. |  |  |
| 2.150%, 01/15/31 | 1156000 | &nbsp;&nbsp; 1026784 |
| Santos Finance Ltd. |  |  |
| 3.649%, 04/29/31 (144A) | 254000 | &nbsp;&nbsp; 236454 |
| 6.875%, 09/19/33 (144A) | 75000 | &nbsp;&nbsp; 81891 |
| TotalEnergies Capital International SA |  |  |
| 2.986%, 06/29/41 | 519000 | &nbsp;&nbsp; 382583 |
| TotalEnergies Capital SA |  |  |
| 5.275%, 09/10/54 | 80000 | &nbsp;&nbsp; 74882 |
| 5.488%, 04/05/54 | 104000 | &nbsp;&nbsp; 100081 |
| 5.638%, 04/05/64 | 89000 | &nbsp;&nbsp; 86276 |
| Woodside Finance Ltd. |  |  |
| 5.400%, 05/19/30 | 230000 | &nbsp;&nbsp; 233274 |
|  |  | &nbsp;&nbsp; 6258618 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor Flexibles North America, Inc. |  |  |
| 5.100%, 03/17/30 (144A) | 110000 | &nbsp;&nbsp; 111874 |
| 5.500%, 03/17/35 (144A) (a) | 175000 | &nbsp;&nbsp; 177549 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-285**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** | **Packaging & Containers—(Continued)** |
| Berry Global, Inc. |  |  |
| 5.650%, 01/15/34 | 117000 | &nbsp;&nbsp; $120742 |
| 5.800%, 06/15/31 | 253000 | &nbsp;&nbsp; 265855 |
| Packaging Corp. of America |  |  |
| 4.050%, 12/15/49 | 35000 | &nbsp;&nbsp; 26745 |
| Sonoco Products Co. |  |  |
| 4.600%, 09/01/29 (a) | 138000 | &nbsp;&nbsp; 137682 |
| 5.000%, 09/01/34 (a) | 222000 | &nbsp;&nbsp; 215931 |
|  |  | &nbsp;&nbsp; 1056378 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| AbbVie, Inc. |  |  |
| 4.050%, 11/21/39 | 456000 | &nbsp;&nbsp; 399687 |
| 4.250%, 11/21/49 | 320000 | &nbsp;&nbsp; 263620 |
| 4.400%, 11/06/42 | 340000 | &nbsp;&nbsp; 298949 |
| 4.625%, 10/01/42 | 188000 | &nbsp;&nbsp; 168149 |
| 4.800%, 03/15/29 (a) | 191000 | &nbsp;&nbsp; 194745 |
| 5.050%, 03/15/34 | 94000 | &nbsp;&nbsp; 95707 |
| 5.500%, 03/15/64 | 36000 | &nbsp;&nbsp; 34909 |
| 5.600%, 03/15/55 (a) | 40000 | &nbsp;&nbsp; 40014 |
| Bristol-Myers Squibb Co. |  |  |
| 3.700%, 03/15/52 | 38000 | &nbsp;&nbsp; 27683 |
| 3.900%, 03/15/62 | 97000 | &nbsp;&nbsp; 69447 |
| 4.550%, 02/20/48 | 150000 | &nbsp;&nbsp; 128971 |
| 5.200%, 02/22/34 | 43000 | &nbsp;&nbsp; 44038 |
| 5.550%, 02/22/54 (a) | 282000 | &nbsp;&nbsp; 275116 |
| 5.650%, 02/22/64 (a) | 228000 | &nbsp;&nbsp; 221367 |
| 6.250%, 11/15/53 | 322000 | &nbsp;&nbsp; 345054 |
| Cardinal Health, Inc. |  |  |
| 5.750%, 11/15/54 | 60000 | &nbsp;&nbsp; 59139 |
| Cencora, Inc. |  |  |
| 2.700%, 03/15/31 | 457000 | &nbsp;&nbsp; 412598 |
| 4.250%, 03/01/45 | 94000 | &nbsp;&nbsp; 76978 |
| 4.850%, 12/15/29 | 25000 | &nbsp;&nbsp; 25396 |
| 5.150%, 02/15/35 | 125000 | &nbsp;&nbsp; 126061 |
| CVS Health Corp. |  |  |
| 4.125%, 04/01/40 | 238000 | &nbsp;&nbsp; 198700 |
| 5.875%, 06/01/53 (a) | 157000 | &nbsp;&nbsp; 150010 |
| CVS Pass-Through Trust |  |  |
| 4.704%, 01/10/36 (144A) | 212804 | &nbsp;&nbsp; 203861 |
| 5.880%, 01/10/28 | 136269 | &nbsp;&nbsp; 138060 |
| 8.353%, 07/10/31 (144A) | 92790 | &nbsp;&nbsp; 100684 |
| Merck & Co., Inc. |  |  |
| 5.150%, 05/17/63 | 45000 | &nbsp;&nbsp; 41469 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.750%, 05/19/33 (a) | 258000 | &nbsp;&nbsp; 257225 |
| 5.300%, 05/19/53 | 377000 | &nbsp;&nbsp; 355892 |
| 5.340%, 05/19/63 | 173000 | &nbsp;&nbsp; 160452 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.175%, 07/09/50 | 200000 | &nbsp;&nbsp; 130977 |
| Zoetis, Inc. |  |  |
| 2.000%, 05/15/30 | 393000 | &nbsp;&nbsp; 353193 |
|  |  | &nbsp;&nbsp; 5398151 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
| Cameron LNG LLC |  |  |
| 3.701%, 01/15/39 (144A) | 163000 | &nbsp;&nbsp; $139021 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 3.700%, 11/15/29 | 138000 | &nbsp;&nbsp; 133129 |
| 5.125%, 06/30/27 | 121000 | &nbsp;&nbsp; 122134 |
| Cheniere Energy Partners LP |  |  |
| 3.250%, 01/31/32 | 163000 | &nbsp;&nbsp; 146119 |
| 4.500%, 10/01/29 | 488000 | &nbsp;&nbsp; 482776 |
| 5.550%, 10/30/35 (144A) | 199000 | &nbsp;&nbsp; 200565 |
| 5.750%, 08/15/34 (a) | 90000 | &nbsp;&nbsp; 92427 |
| Cheniere Energy, Inc. |  |  |
| 4.625%, 10/15/28 (a) | 391000 | &nbsp;&nbsp; 390460 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 5.097%, 10/01/31 (144A) | 58000 | &nbsp;&nbsp; 58252 |
| 6.042%, 08/15/28 (144A) | 134000 | &nbsp;&nbsp; 139522 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.439%, 02/15/35 (144A) | 335000 | &nbsp;&nbsp; 336946 |
| 5.927%, 08/15/30 (144A) | 63000 | &nbsp;&nbsp; 66505 |
| 5.962%, 02/15/55 (144A) | 140000 | &nbsp;&nbsp; 134247 |
| 6.036%, 11/15/33 (144A) | 244000 | &nbsp;&nbsp; 256025 |
| DT Midstream, Inc. |  |  |
| 4.125%, 06/15/29 (144A) | 370000 | &nbsp;&nbsp; 357355 |
| 4.300%, 04/15/32 (144A) (a) | 160000 | &nbsp;&nbsp; 149704 |
| Eastern Energy Gas Holdings LLC |  |  |
| 6.200%, 01/15/55 | 40000 | &nbsp;&nbsp; 41335 |
| Enbridge, Inc. |  |  |
| 5.625%, 04/05/34 | 150000 | &nbsp;&nbsp; 154112 |
| 8.250%, 5Y H15 + 3.785%, 01/15/84 (e) | 238000 | &nbsp;&nbsp; 251601 |
| Energy Transfer LP |  |  |
| 4.150%, 09/15/29 (a) | 62000 | &nbsp;&nbsp; 61078 |
| 4.950%, 01/15/43 | 150000 | &nbsp;&nbsp; 127933 |
| 5.600%, 09/01/34 | 115000 | &nbsp;&nbsp; 116796 |
| 5.700%, 04/01/35 | 358000 | &nbsp;&nbsp; 364657 |
| 6.000%, 02/01/29 (144A) | 633000 | &nbsp;&nbsp; 643164 |
| 6.400%, 12/01/30 | 151000 | &nbsp;&nbsp; 162724 |
| 7.375%, 02/01/31 (144A) | 106000 | &nbsp;&nbsp; 111071 |
| Flex Intermediate Holdco LLC |  |  |
| 4.317%, 12/30/39 (144A) | 60000 | &nbsp;&nbsp; 47176 |
| Gray Oak Pipeline LLC |  |  |
| 3.450%, 10/15/27 (144A) | 170000 | &nbsp;&nbsp; 166295 |
| Kinder Morgan Energy Partners LP |  |  |
| 4.700%, 11/01/42 | 249000 | &nbsp;&nbsp; 216335 |
| 5.000%, 08/15/42 | 170000 | &nbsp;&nbsp; 151840 |
| 6.375%, 03/01/41 | 110000 | &nbsp;&nbsp; 113640 |
| Kinder Morgan, Inc. |  |  |
| 5.150%, 06/01/30 | 90000 | &nbsp;&nbsp; 91892 |
| MPLX LP |  |  |
| 5.400%, 04/01/35 | 70000 | &nbsp;&nbsp; 69497 |
| 5.500%, 06/01/34 | 282000 | &nbsp;&nbsp; 283146 |
| 5.950%, 04/01/55 | 40000 | &nbsp;&nbsp; 38099 |
| NGPL PipeCo LLC |  |  |
| 4.875%, 08/15/27 (144A) | 228000 | &nbsp;&nbsp; 226841 |
| Northern Natural Gas Co. |  |  |
| 3.400%, 10/16/51 (144A) | 81000 | &nbsp;&nbsp; 53352 |
| 4.300%, 01/15/49 (144A) | 44000 | &nbsp;&nbsp; 34894 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-286**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| ONEOK Partners LP |  |  |
| 6.650%, 10/01/36 | 140000 | &nbsp;&nbsp; $150410 |
| ONEOK, Inc. |  |  |
| 4.750%, 10/15/31 | 50000 | &nbsp;&nbsp; 49504 |
| 5.050%, 04/01/45 | 51000 | &nbsp;&nbsp; 42898 |
| 5.375%, 06/01/29 (a) | 125000 | &nbsp;&nbsp; 127666 |
| 5.600%, 04/01/44 | 188000 | &nbsp;&nbsp; 171489 |
| Plains All American Pipeline LP |  |  |
| 5.950%, 06/15/35 | 80000 | &nbsp;&nbsp; 82243 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.500%, 05/15/30 (a) | 190000 | &nbsp;&nbsp; 189682 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.911%, 09/01/27 (144A) | 114000 | &nbsp;&nbsp; 114732 |
| 5.026%, 10/01/29 (144A) | 265000 | &nbsp;&nbsp; 265855 |
| TransCanada PipeLines Ltd. |  |  |
| 5.600%, 03/31/34 | 90000 | &nbsp;&nbsp; 91373 |
| 6.100%, 06/01/40 | 62000 | &nbsp;&nbsp; 64240 |
| 6.200%, 10/15/37 | 130000 | &nbsp;&nbsp; 136105 |
| Transcanada Trust |  |  |
| 5.875%, 08/15/76 | 347000 | &nbsp;&nbsp; 347547 |
| Williams Cos., Inc. |  |  |
| 4.800%, 11/15/29 | 361000 | &nbsp;&nbsp; 365111 |
| 5.300%, 08/15/28 | 359000 | &nbsp;&nbsp; 368757 |
| 5.300%, 09/30/35 | 200000 | &nbsp;&nbsp; 200210 |
| 5.600%, 03/15/35 | 60000 | &nbsp;&nbsp; 61677 |
| 6.000%, 03/15/55 | 156000 | &nbsp;&nbsp; 155778 |
|  |  | &nbsp;&nbsp; 9717942 |
| **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 2.000%, 05/18/32 | 405000 | &nbsp;&nbsp; 336251 |
| 3.550%, 03/15/52 | 115000 | &nbsp;&nbsp; 77343 |
| 4.000%, 02/01/50 | 111000 | &nbsp;&nbsp; 81694 |
| American Homes 4 Rent LP |  |  |
| 4.950%, 06/15/30 | 60000 | &nbsp;&nbsp; 60612 |
| American Tower Corp. |  |  |
| 1.875%, 10/15/30 | 130000 | &nbsp;&nbsp; 113000 |
| 5.200%, 02/15/29 | 382000 | &nbsp;&nbsp; 390871 |
| American Tower Trust #1 |  |  |
| 3.652%, 03/15/48 (144A) | 160000 | &nbsp;&nbsp; 156307 |
| Brixmor Operating Partnership LP |  |  |
| 2.250%, 04/01/28 | 80000 | &nbsp;&nbsp; 75674 |
| COPT Defense Properties LP |  |  |
| 2.750%, 04/15/31 | 132000 | &nbsp;&nbsp; 116753 |
| Crown Castle, Inc. |  |  |
| 5.600%, 06/01/29 | 560000 | &nbsp;&nbsp; 577996 |
| DOC Dr. LLC |  |  |
| 2.625%, 11/01/31 | 55000 | &nbsp;&nbsp; 48524 |
| Equinix Europe 2 Financing Corp. LLC |  |  |
| 5.500%, 06/15/34 (a) | 249000 | &nbsp;&nbsp; 255005 |
| ERP Operating LP |  |  |
| 4.950%, 06/15/32 | 100000 | &nbsp;&nbsp; 101141 |
| Essex Portfolio LP |  |  |
| 1.700%, 03/01/28 | 170000 | &nbsp;&nbsp; 158520 |
| 2.650%, 03/15/32 | 120000 | &nbsp;&nbsp; 104727 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Extra Space Storage LP |  |  |
| 4.000%, 06/15/29 | 311000 | &nbsp;&nbsp; $304991 |
| 5.500%, 07/01/30 | 200000 | &nbsp;&nbsp; 207452 |
| 5.900%, 01/15/31 | 201000 | &nbsp;&nbsp; 212349 |
| Goodman U.S. Finance Three LLC |  |  |
| 3.700%, 03/15/28 (144A) | 110000 | &nbsp;&nbsp; 107822 |
| Healthpeak OP LLC |  |  |
| 3.500%, 07/15/29 | 118000 | &nbsp;&nbsp; 113916 |
| 5.375%, 02/15/35 | 80000 | &nbsp;&nbsp; 80730 |
| NNN REIT, Inc. |  |  |
| 3.000%, 04/15/52 | 50000 | &nbsp;&nbsp; 30738 |
| 3.100%, 04/15/50 | 155000 | &nbsp;&nbsp; 98255 |
| 3.500%, 04/15/51 | 105000 | &nbsp;&nbsp; 72007 |
| 5.600%, 10/15/33 | 100000 | &nbsp;&nbsp; 103372 |
| Realty Income Corp. |  |  |
| 3.250%, 01/15/31 | 185000 | &nbsp;&nbsp; 173406 |
| 5.125%, 04/15/35 | 60000 | &nbsp;&nbsp; 60072 |
| Regency Centers LP |  |  |
| 2.950%, 09/15/29 | 285000 | &nbsp;&nbsp; 269665 |
| Safehold GL Holdings LLC |  |  |
| 2.850%, 01/15/32 | 167000 | &nbsp;&nbsp; 145420 |
| UDR, Inc. |  |  |
| 3.500%, 01/15/28 | 100000 | &nbsp;&nbsp; 98078 |
| 4.400%, 01/26/29 | 86000 | &nbsp;&nbsp; 85978 |
| 5.125%, 09/01/34 | 241000 | &nbsp;&nbsp; 238659 |
| Ventas Realty LP |  |  |
| 3.000%, 01/15/30 | 360000 | &nbsp;&nbsp; 337842 |
| 4.875%, 04/15/49 | 88000 | &nbsp;&nbsp; 75350 |
| WP Carey, Inc. |  |  |
| 2.250%, 04/01/33 | 135000 | &nbsp;&nbsp; 110069 |
|  |  | &nbsp;&nbsp; 5580589 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| Home Depot, Inc. |  |  |
| 3.300%, 04/15/40 | 329000 | &nbsp;&nbsp; 262663 |
| Lowe's Cos., Inc. |  |  |
| 2.800%, 09/15/41 | 420000 | &nbsp;&nbsp; 293419 |
| McDonald's Corp. |  |  |
| 3.625%, 09/01/49 (a) | 140000 | &nbsp;&nbsp; 101547 |
| 6.300%, 10/15/37 | 30000 | &nbsp;&nbsp; 32852 |
|  |  | &nbsp;&nbsp; 690481 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Nationwide Building Society |  |  |
| 3.960%, 07/18/30 (144A) (e) | 200000 | &nbsp;&nbsp; 195131 |
| 5.127%, 07/29/29 (144A) (a) | 275000 | &nbsp;&nbsp; 281611 |
|  |  | &nbsp;&nbsp; 476742 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| Advanced Micro Devices, Inc. |  |  |
| 4.393%, 06/01/52 | 85000 | &nbsp;&nbsp; 71261 |
| Broadcom, Inc. |  |  |
| 3.187%, 11/15/36 (144A) | 120000 | &nbsp;&nbsp; 99479 |
| 3.419%, 04/15/33 (144A) | 906000 | &nbsp;&nbsp; 821677 |
| 3.469%, 04/15/34 (144A) | 320000 | &nbsp;&nbsp; 285854 |
| 3.750%, 02/15/51 (144A) | 10000 | &nbsp;&nbsp; 7480 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-287**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors—(Continued)** | **Semiconductors—(Continued)** | **Semiconductors—(Continued)** |
| Broadcom, Inc. |  |  |
| 4.550%, 02/15/32 | 152000 | &nbsp;&nbsp; $150594 |
| Intel Corp. |  |  |
| 3.050%, 08/12/51 | 55000 | &nbsp;&nbsp; 32675 |
| 3.250%, 11/15/49 | 55000 | &nbsp;&nbsp; 34834 |
| 3.734%, 12/08/47 | 35000 | &nbsp;&nbsp; 24692 |
| 4.250%, 12/15/42 | 205000 | &nbsp;&nbsp; 165307 |
| KLA Corp. |  |  |
| 3.300%, 03/01/50 | 100000 | &nbsp;&nbsp; 69282 |
| Marvell Technology, Inc. |  |  |
| 2.950%, 04/15/31 | 430000 | &nbsp;&nbsp; 391600 |
| 4.750%, 07/15/30 | 25000 | &nbsp;&nbsp; 25111 |
| 5.450%, 07/15/35 | 186000 | &nbsp;&nbsp; 187294 |
| 5.750%, 02/15/29 | 366000 | &nbsp;&nbsp; 381057 |
| 5.950%, 09/15/33 (a) | 165000 | &nbsp;&nbsp; 174245 |
| Microchip Technology, Inc. |  |  |
| 5.050%, 02/15/30 | 125000 | &nbsp;&nbsp; 126803 |
| Micron Technology, Inc. |  |  |
| 5.875%, 02/09/33 | 190000 | &nbsp;&nbsp; 198140 |
| 6.050%, 11/01/35 | 285000 | &nbsp;&nbsp; 298271 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 5.000%, 01/15/33 (a) | 200000 | &nbsp;&nbsp; 199437 |
| Texas Instruments, Inc. |  |  |
| 5.000%, 03/14/53 | 109000 | &nbsp;&nbsp; 100539 |
| 5.050%, 05/18/63 | 262000 | &nbsp;&nbsp; 240246 |
| 5.150%, 02/08/54 (a) | 18000 | &nbsp;&nbsp; 16963 |
|  |  | &nbsp;&nbsp; 4102841 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Cadence Design Systems, Inc. |  |  |
| 4.700%, 09/10/34 | 287000 | &nbsp;&nbsp; 283537 |
| Electronic Arts, Inc. |  |  |
| 1.850%, 02/15/31 (a) | 149000 | &nbsp;&nbsp; 129444 |
| 2.950%, 02/15/51 | 79000 | &nbsp;&nbsp; 49332 |
| Fiserv, Inc. |  |  |
| 4.400%, 07/01/49 | 60000 | &nbsp;&nbsp; 49121 |
| Microsoft Corp. |  |  |
| 2.500%, 09/15/50 | 299000 | &nbsp;&nbsp; 183473 |
| 2.525%, 06/01/50 | 80000 | &nbsp;&nbsp; 49437 |
| Oracle Corp. |  |  |
| 3.600%, 04/01/40 | 320000 | &nbsp;&nbsp; 256121 |
| 3.600%, 04/01/50 | 401000 | &nbsp;&nbsp; 280436 |
| 3.800%, 11/15/37 | 130000 | &nbsp;&nbsp; 111285 |
| 4.000%, 11/15/47 | 71000 | &nbsp;&nbsp; 54343 |
| 4.375%, 05/15/55 | 140000 | &nbsp;&nbsp; 109581 |
| 4.900%, 02/06/33 | 100000 | &nbsp;&nbsp; 100268 |
| 5.375%, 09/27/54 | 70000 | &nbsp;&nbsp; 63990 |
| 5.550%, 02/06/53 | 6000 | &nbsp;&nbsp; 5642 |
| 6.000%, 08/03/55 | 375000 | &nbsp;&nbsp; 374368 |
| Roper Technologies, Inc. |  |  |
| 2.950%, 09/15/29 | 198000 | &nbsp;&nbsp; 187063 |
| 4.500%, 10/15/29 | 97000 | &nbsp;&nbsp; 97193 |
| 4.750%, 02/15/32 | 53000 | &nbsp;&nbsp; 53093 |
| Salesforce, Inc. |  |  |
| 2.700%, 07/15/41 | 150000 | &nbsp;&nbsp; 107901 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Synopsys, Inc. |  |  |
| 4.850%, 04/01/30 | 150000 | &nbsp;&nbsp; $152080 |
| 5.000%, 04/01/32 | 112000 | &nbsp;&nbsp; 113449 |
| 5.150%, 04/01/35 | 3000 | &nbsp;&nbsp; 3024 |
| 5.700%, 04/01/55 (a) | 175000 | &nbsp;&nbsp; 173995 |
| Take-Two Interactive Software, Inc. |  |  |
| 4.950%, 03/28/28 | 43000 | &nbsp;&nbsp; 43663 |
| 5.400%, 06/12/29 | 232000 | &nbsp;&nbsp; 238896 |
| 5.600%, 06/12/34 | 338000 | &nbsp;&nbsp; 350759 |
|  |  | &nbsp;&nbsp; 3621494 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| AT&T, Inc. |  |  |
| 2.250%, 02/01/32 | 300000 | &nbsp;&nbsp; 258195 |
| 3.500%, 06/01/41 (a) | 428000 | &nbsp;&nbsp; 335751 |
| 3.500%, 09/15/53 | 115000 | &nbsp;&nbsp; 77839 |
| 3.550%, 09/15/55 | 1030000 | &nbsp;&nbsp; 694990 |
| 3.800%, 12/01/57 | 111000 | &nbsp;&nbsp; 77667 |
| 6.050%, 08/15/56 | 90000 | &nbsp;&nbsp; 91847 |
| Rogers Communications, Inc. |  |  |
| 3.800%, 03/15/32 (a) | 389000 | &nbsp;&nbsp; 361481 |
| Sprint Capital Corp. |  |  |
| 6.875%, 11/15/28 | 90000 | &nbsp;&nbsp; 96618 |
| T-Mobile USA, Inc. |  |  |
| 2.625%, 02/15/29 | 742000 | &nbsp;&nbsp; 696111 |
| 3.300%, 02/15/51 | 230000 | &nbsp;&nbsp; 152659 |
| 3.875%, 04/15/30 | 236000 | &nbsp;&nbsp; 229207 |
| 5.125%, 05/15/32 | 175000 | &nbsp;&nbsp; 178464 |
| Verizon Communications, Inc. |  |  |
| 1.750%, 01/20/31 | 690000 | &nbsp;&nbsp; 594557 |
| 5.050%, 05/09/33 (a) | 200000 | &nbsp;&nbsp; 202801 |
| 5.401%, 07/02/37 (144A) | 1155676 | &nbsp;&nbsp; 1162644 |
| Vodafone Group PLC |  |  |
| 5.750%, 06/28/54 (a) | 184000 | &nbsp;&nbsp; 176287 |
|  |  | &nbsp;&nbsp; 5387118 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Burlington Northern Santa Fe LLC |  |  |
| 4.150%, 04/01/45 | 108000 | &nbsp;&nbsp; 90537 |
| 5.200%, 04/15/54 (a) | 275000 | &nbsp;&nbsp; 260280 |
| 5.500%, 03/15/55 | 183000 | &nbsp;&nbsp; 181200 |
| Canadian Pacific Railway Co. |  |  |
| 3.100%, 12/02/51 | 140000 | &nbsp;&nbsp; 91993 |
| 4.300%, 05/15/43 | 236000 | &nbsp;&nbsp; 202281 |
| 4.700%, 05/01/48 | 258000 | &nbsp;&nbsp; 227562 |
| CSX Corp. |  |  |
| 6.150%, 05/01/37 | 60000 | &nbsp;&nbsp; 65123 |
| FedEx Corp. |  |  |
| 3.250%, 05/15/41 (144A) | 89000 | &nbsp;&nbsp; 63831 |
| Norfolk Southern Corp. |  |  |
| 2.900%, 08/25/51 | 285000 | &nbsp;&nbsp; 178279 |
| 3.050%, 05/15/50 | 116000 | &nbsp;&nbsp; 76087 |
| 4.450%, 06/15/45 | 100000 | &nbsp;&nbsp; 85365 |
| Union Pacific Corp. |  |  |
| 3.550%, 08/15/39 (a) | 78000 | &nbsp;&nbsp; 65231 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-288**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Transportation—(Continued)** | **Transportation—(Continued)** | **Transportation—(Continued)** |
| Union Pacific Corp. |  |  |
| 4.100%, 09/15/67 | 70000 | &nbsp;&nbsp; $51755 |
|  |  | &nbsp;&nbsp; 1639524 |
| Total Corporate Bonds & Notes <br>(Cost $163,379,997) <br>|  | &nbsp;&nbsp; 163390187 |
| **Agency Sponsored Mortgage-Backed Securities—3.2%** | **Agency Sponsored Mortgage-Backed Securities—3.2%** | **Agency Sponsored Mortgage-Backed Securities—3.2%** |
| **Agency Collateralized Mortgage Obligations — 0.5%** | **Agency Collateralized Mortgage Obligations — 0.5%** | **Agency Collateralized Mortgage Obligations — 0.5%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 2.500%, 01/15/42 | 20166 | &nbsp;&nbsp; 18008 |
| 3.000%, 07/25/49 | 206865 | &nbsp;&nbsp; 185583 |
| 4.500%, 10/15/41 | 739875 | &nbsp;&nbsp; 715540 |
| 5.000%, 02/15/40 | 117000 | &nbsp;&nbsp; 114745 |
| 5.500%, 03/15/37 | 119385 | &nbsp;&nbsp; 125322 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk <br> Transfer Trust<br>|  |  |
| 3.000%, 10/25/62 | 711493 | &nbsp;&nbsp; 597847 |
| 3.250%, 06/25/57 (f) | 706725 | &nbsp;&nbsp; 636996 |
| 3.250%, 11/25/61 | 313912 | &nbsp;&nbsp; 270016 |
| 3.500%, 05/25/57 | 319777 | &nbsp;&nbsp; 293456 |
| 3.500%, 06/25/57 | 325149 | &nbsp;&nbsp; 297706 |
| 3.500%, 03/25/58 | 437276 | &nbsp;&nbsp; 421260 |
| 3.500%, 07/25/58 | 343845 | &nbsp;&nbsp; 307152 |
| Federal National Mortgage Association REMICS |  |  |
| 2.000%, 08/25/42 | 156643 | &nbsp;&nbsp; 146072 |
| 3.500%, 06/25/46 | 85308 | &nbsp;&nbsp; 83289 |
| 3.500%, 05/25/49 | 370041 | &nbsp;&nbsp; 339110 |
| 4.000%, 04/25/42 | 125623 | &nbsp;&nbsp; 122316 |
| 4.000%, 05/25/43 | 51826 | &nbsp;&nbsp; 51507 |
| 5.000%, 04/25/37 | 22508 | &nbsp;&nbsp; 22520 |
| 5.000%, 07/25/39 | 250000 | &nbsp;&nbsp; 251553 |
| 5.000%, 05/25/40 | 65000 | &nbsp;&nbsp; 64447 |
| 6.000%, 01/25/34 | 67033 | &nbsp;&nbsp; 70290 |
| Federal National Mortgage Association Trust |  |  |
| 5.620%, 11/25/33 | 158906 | &nbsp;&nbsp; 159219 |
| Government National Mortgage Association REMICS |  |  |
| 2.500%, 05/20/43 | 14543 | &nbsp;&nbsp; 12231 |
| 3.500%, 10/20/48 | 310885 | &nbsp;&nbsp; 291113 |
| 3.500%, 04/20/49 | 272172 | &nbsp;&nbsp; 254023 |
| 4.500%, 04/20/53 | 708839 | &nbsp;&nbsp; 697173 |
| 5.500%, 02/20/37 | 59415 | &nbsp;&nbsp; 59655 |
| 5.500%, 04/16/37 | 58948 | &nbsp;&nbsp; 59439 |
| 5.500%, 11/16/39 | 200000 | &nbsp;&nbsp; 201556 |
| 6.000%, 04/17/34 | 32259 | &nbsp;&nbsp; 32542 |
|  |  | &nbsp;&nbsp; 6901686 |
| **Agency Mortgage-Backed Securities — 2.7%** | **Agency Mortgage-Backed Securities — 2.7%** | **Agency Mortgage-Backed Securities — 2.7%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.500%, 11/01/49 | 615155 | &nbsp;&nbsp; 515906 |
| 3.000%, 02/01/52 | 336744 | &nbsp;&nbsp; 291548 |
| 3.700%, 06/01/34 | 738265 | &nbsp;&nbsp; 693397 |
| 4.000%, 12/01/47 | 127600 | &nbsp;&nbsp; 120680 |
| 4.500%, 06/01/48 | 152641 | &nbsp;&nbsp; 148477 |
| 5.000%, 12/01/48 | 77275 | &nbsp;&nbsp; 76633 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Credit <br> Risk<br>|  |  |
| 8.555%, SOFR30A + 4.250%, 05/25/52 (144A) (e) | 560273 | &nbsp;&nbsp; $569785 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 4.660%, 01/25/31 | 485000 | &nbsp;&nbsp; 490897 |
| Federal National Mortgage Association |  |  |
| 1.500%, 01/01/31 | 500000 | &nbsp;&nbsp; 432006 |
| 1.800%, 10/01/33 | 500000 | &nbsp;&nbsp; 413048 |
| 1.930%, 11/01/31 | 900000 | &nbsp;&nbsp; 778806 |
| 1.960%, 09/01/33 | 750000 | &nbsp;&nbsp; 614402 |
| 2.140%, 12/01/33 | 437056 | &nbsp;&nbsp; 370266 |
| 2.500%, 09/01/51 | 440215 | &nbsp;&nbsp; 365209 |
| 2.500%, 07/01/61 | 336346 | &nbsp;&nbsp; 266995 |
| 2.500%, 09/01/61 | 1750741 | &nbsp;&nbsp; 1389745 |
| 2.500%, 03/01/62 | 506910 | &nbsp;&nbsp; 402387 |
| 2.580%, 03/01/32 | 498686 | &nbsp;&nbsp; 448494 |
| 2.600%, 10/01/31 | 345953 | &nbsp;&nbsp; 314583 |
| 2.770%, 08/01/33 | 921000 | &nbsp;&nbsp; 812283 |
| 3.000%, 01/01/52 | 540349 | &nbsp;&nbsp; 468158 |
| 3.000%, 03/01/61 | 615132 | &nbsp;&nbsp; 529449 |
| 3.230%, 01/01/30 | 435856 | &nbsp;&nbsp; 419785 |
| 3.330%, 04/01/35 | 453413 | &nbsp;&nbsp; 415412 |
| 3.500%, 03/01/61 | 300694 | &nbsp;&nbsp; 265963 |
| 3.500%, 09/01/61 | 734228 | &nbsp;&nbsp; 649446 |
| 3.500%, 03/01/62 | 557584 | &nbsp;&nbsp; 497516 |
| 3.500%, 06/01/62 | 519414 | &nbsp;&nbsp; 459437 |
| 3.510%, 09/01/32 | 300000 | &nbsp;&nbsp; 281711 |
| 3.540%, 11/01/32 | 600000 | &nbsp;&nbsp; 563959 |
| 3.620%, 05/01/32 | 948959 | &nbsp;&nbsp; 906667 |
| 3.680%, 09/01/32 | 613000 | &nbsp;&nbsp; 583886 |
| 3.800%, 09/01/32 | 720672 | &nbsp;&nbsp; 690525 |
| 3.810%, 10/01/32 | 790000 | &nbsp;&nbsp; 758217 |
| 3.870%, 06/01/37 | 364000 | &nbsp;&nbsp; 334680 |
| 4.000%, 06/01/46 | 335051 | &nbsp;&nbsp; 317935 |
| 4.000%, 11/01/47 | 178661 | &nbsp;&nbsp; 169142 |
| 4.000%, 12/01/47 | 250738 | &nbsp;&nbsp; 237316 |
| 4.000%, 01/01/48 | 257551 | &nbsp;&nbsp; 243846 |
| 4.000%, 09/01/48 | 82204 | &nbsp;&nbsp; 77740 |
| 4.000%, 06/01/52 | 406329 | &nbsp;&nbsp; 378919 |
| 4.000%, 08/01/59 | 489358 | &nbsp;&nbsp; 454045 |
| 4.000%, 12/01/61 | 760405 | &nbsp;&nbsp; 702132 |
| 4.500%, 04/01/39 | 61865 | &nbsp;&nbsp; 61221 |
| 4.500%, 12/01/40 | 85293 | &nbsp;&nbsp; 84836 |
| 4.500%, 05/01/48 | 41356 | &nbsp;&nbsp; 40203 |
| 4.500%, 06/01/48 | 69539 | &nbsp;&nbsp; 67598 |
| 4.500%, 07/01/48 | 8432 | &nbsp;&nbsp; 8191 |
| 4.500%, 01/01/49 | 159391 | &nbsp;&nbsp; 156322 |
| 4.500%, 06/01/49 | 92911 | &nbsp;&nbsp; 89947 |
| 4.500%, 08/01/58 | 491459 | &nbsp;&nbsp; 470301 |
| 4.500%, 06/01/62 | 458451 | &nbsp;&nbsp; 438516 |
| 4.680%, 10/01/29 | 800000 | &nbsp;&nbsp; 815874 |
| 4.970%, 12/01/30 | 538314 | &nbsp;&nbsp; 552612 |
| 5.000%, 07/01/44 | 228410 | &nbsp;&nbsp; 232355 |
| 5.000%, 06/01/48 | 40345 | &nbsp;&nbsp; 40306 |
| 5.000%, 07/01/48 | 112957 | &nbsp;&nbsp; 114205 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-289**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.000%, 08/01/48 | 173011 | &nbsp;&nbsp; $172809 |
| 5.000%, 10/01/48 | 108854 | &nbsp;&nbsp; 107675 |
| 5.000%, 01/01/49 | 210566 | &nbsp;&nbsp; 210591 |
| 5.000%, 03/01/53 | 422845 | &nbsp;&nbsp; 416095 |
| 5.000%, 01/01/55 | 296566 | &nbsp;&nbsp; 292657 |
| Federal National Mortgage Association-ACES |  |  |
| 0.750%, 09/25/28 | 137682 | &nbsp;&nbsp; 130664 |
| 1.000%, 11/25/33 | 12283 | &nbsp;&nbsp; 12245 |
| 1.200%, 10/25/30 | 67690 | &nbsp;&nbsp; 64105 |
| 1.764%, 11/25/31 (e) | 1000000 | &nbsp;&nbsp; 851984 |
| 1.924%, 10/25/30 (e) (g) | 1104539 | &nbsp;&nbsp; 46123 |
| 2.018%, 11/25/33 (e) (g) | 7744655 | &nbsp;&nbsp; 514795 |
| 2.051%, 07/25/30 (e) (g) | 1861115 | &nbsp;&nbsp; 103981 |
| 2.680%, 06/25/32 (e) | 966000 | &nbsp;&nbsp; 867366 |
| 3.876%, 08/25/32 (e) | 800000 | &nbsp;&nbsp; 768520 |
| FREMF Mortgage Trust |  |  |
| 3.650%, 12/25/51 (144A) (e) | 500000 | &nbsp;&nbsp; 470864 |
| Government National Mortgage Association |  |  |
| 2.500%, 08/20/51 | 368748 | &nbsp;&nbsp; 313444 |
| 2.500%, 10/20/51 | 101841 | &nbsp;&nbsp; 86567 |
| 3.000%, 12/20/51 | 435933 | &nbsp;&nbsp; 396262 |
| 3.000%, 03/20/52 | 704574 | &nbsp;&nbsp; 622118 |
| 3.500%, 02/20/52 | 445473 | &nbsp;&nbsp; 404219 |
| 4.000%, 10/20/49 | 202199 | &nbsp;&nbsp; 189848 |
| 4.000%, 01/20/52 | 322887 | &nbsp;&nbsp; 296417 |
| 4.250%, 07/20/47 | 564890 | &nbsp;&nbsp; 535330 |
| 4.250%, 12/20/48 | 491772 | &nbsp;&nbsp; 461470 |
| 4.500%, 07/15/39 | 171633 | &nbsp;&nbsp; 167514 |
| 4.500%, 05/20/48 | 48258 | &nbsp;&nbsp; 46100 |
| 4.500%, 06/20/48 | 662391 | &nbsp;&nbsp; 639469 |
| 4.500%, 12/20/48 | 206845 | &nbsp;&nbsp; 198873 |
| 4.500%, 07/20/49 | 184418 | &nbsp;&nbsp; 177136 |
| 4.500%, 09/20/49 | 352940 | &nbsp;&nbsp; 343318 |
| 5.000%, 07/20/48 | 72462 | &nbsp;&nbsp; 71302 |
| 5.000%, 12/20/48 | 206998 | &nbsp;&nbsp; 206042 |
| 5.000%, 03/20/49 | 504399 | &nbsp;&nbsp; 503428 |
| 5.000%, 05/20/49 | 525272 | &nbsp;&nbsp; 529811 |
| 5.000%, 06/20/52 | 1159075 | &nbsp;&nbsp; 1141090 |
| 5.500%, 07/20/53 | 617785 | &nbsp;&nbsp; 621633 |
| 6.000%, 04/20/53 | 426551 | &nbsp;&nbsp; 439215 |
|  |  | &nbsp;&nbsp; 36515000 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $46,514,887) <br>|  | &nbsp;&nbsp; 43416686 |
| **U.S. Treasury & Government Agencies—3.0%** | **U.S. Treasury & Government Agencies—3.0%** | **U.S. Treasury & Government Agencies—3.0%** |
| **U.S. Treasury — 3.0%** | **U.S. Treasury — 3.0%** | **U.S. Treasury — 3.0%** |
| U.S. Treasury Bonds |  |  |
| 1.250%, 05/15/50 | 831000 | &nbsp;&nbsp; 399140 |
| 1.375%, 08/15/50 | 135000 | &nbsp;&nbsp; 66561 |
| 1.875%, 02/15/51 | 2298000 | &nbsp;&nbsp; 1290830 |
| 1.875%, 11/15/51 | 845000 | &nbsp;&nbsp; 470097 |
| 2.000%, 02/15/50 | 367000 | &nbsp;&nbsp; 215498 |
| 2.000%, 08/15/51 | 500000 | &nbsp;&nbsp; 288262 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bonds |  |  |
| 2.250%, 08/15/46 | 236000 | &nbsp;&nbsp; $154608 |
| 2.250%, 08/15/49 | 115000 | &nbsp;&nbsp; 72140 |
| 2.375%, 02/15/42 | 625000 | &nbsp;&nbsp; 454688 |
| 2.375%, 11/15/49 | 570000 | &nbsp;&nbsp; 366604 |
| 2.375%, 05/15/51 | 175000 | &nbsp;&nbsp; 110968 |
| 2.750%, 08/15/42 | 1600000 | &nbsp;&nbsp; 1224312 |
| 2.875%, 05/15/43 | 1000000 | &nbsp;&nbsp; 770742 |
| 2.875%, 05/15/52 | 3155000 | &nbsp;&nbsp; 2220331 |
| 3.000%, 11/15/44 | 2634000 | &nbsp;&nbsp; 2028283 |
| 3.000%, 02/15/47 | 65000 | &nbsp;&nbsp; 48798 |
| 3.000%, 08/15/48 | 5000 | &nbsp;&nbsp; 3698 |
| 3.125%, 02/15/43 | 235000 | &nbsp;&nbsp; 188982 |
| 3.250%, 05/15/42 | 1400000 | &nbsp;&nbsp; 1158008 |
| 3.625%, 08/15/43 | 960000 | &nbsp;&nbsp; 825900 |
| 3.750%, 11/15/43 | 452000 | &nbsp;&nbsp; 394935 |
| 3.875%, 08/15/40 | 410000 | &nbsp;&nbsp; 377184 |
| 3.875%, 05/15/43 | 265000 | &nbsp;&nbsp; 236699 |
| 4.250%, 02/15/54 | 228000 | &nbsp;&nbsp; 207979 |
| 4.250%, 08/15/54 | 103000 | &nbsp;&nbsp; 94060 |
| 4.500%, 11/15/54 | 692000 | &nbsp;&nbsp; 659454 |
| 4.625%, 02/15/55 | 47400 | &nbsp;&nbsp; 46141 |
| U.S. Treasury Notes |  |  |
| 1.625%, 05/15/31 | 610000 | &nbsp;&nbsp; 537991 |
| 3.875%, 08/15/34 | 1705000 | &nbsp;&nbsp; 1664706 |
| 4.000%, 02/15/34 | 1585000 | &nbsp;&nbsp; 1568469 |
| 4.250%, 11/15/34 | 4335000 | &nbsp;&nbsp; 4349224 |
| 4.375%, 11/30/30 | 10260000 | &nbsp;&nbsp; 10525317 |
| 4.500%, 12/31/31 | 310000 | &nbsp;&nbsp; 319639 |
| 4.625%, 02/15/35 | 6340000 | &nbsp;&nbsp; 6541097 |
| U.S. Treasury STRIPS Coupon |  |  |
| Zero Coupon, 02/15/31 | 665000 | &nbsp;&nbsp; 531846 |
| Zero Coupon, 11/15/40 (a) | 720000 | &nbsp;&nbsp; 341232 |
| Zero Coupon, 02/15/41 | 462776 | &nbsp;&nbsp; 216354 |
| Total U.S. Treasury & Government Agencies <br>(Cost $44,979,839) <br>|  | &nbsp;&nbsp; 40970777 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Investment Companies—2.0%** | **Investment Companies—2.0%** | **Investment Companies—2.0%** |
| **Exchange-Traded Funds — 2.0%** | **Exchange-Traded Funds — 2.0%** | **Exchange-Traded Funds — 2.0%** |
| SPDR Bloomberg High Yield Bond ETF (a) | 288648 | &nbsp;&nbsp; 28076791 |
| Total Investment Companies <br>(Cost $26,026,669) <br>|  | &nbsp;&nbsp; 28076791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—1.3%** | **Asset-Backed Securities—1.3%** | **Asset-Backed Securities—1.3%** |
| **Asset-Backed - Automobile — 0.5%** | **Asset-Backed - Automobile — 0.5%** | **Asset-Backed - Automobile — 0.5%** |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| 5.620%, 03/17/31 | 330000 | &nbsp;&nbsp; 333838 |
| 5.700%, 07/16/29 | 438000 | &nbsp;&nbsp; 443085 |
| Carvana Auto Receivables Trust |  |  |
| 5.920%, 07/10/29 (144A) | 440000 | &nbsp;&nbsp; 443625 |
| Credit Acceptance Auto Loan Trust |  |  |
| 6.700%, 10/16/34 (144A) | 500000 | &nbsp;&nbsp; 519196 |
| 8.450%, 02/15/33 (144A) | 600000 | &nbsp;&nbsp; 609523 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-290**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** | **Asset-Backed - Automobile—(Continued)** |
| DT Auto Owner Trust |  |  |
| 5.790%, 02/15/29 (144A) | 685000 | &nbsp;&nbsp; $688220 |
| Enterprise Fleet Financing LLC |  |  |
| 4.410%, 06/20/29 (144A) | 178000 | &nbsp;&nbsp; 178884 |
| Exeter Automobile Receivables Trust |  |  |
| 5.980%, 12/15/28 | 600000 | &nbsp;&nbsp; 603524 |
| 6.760%, 09/15/28 | 700000 | &nbsp;&nbsp; 710739 |
| Flagship Credit Auto Trust |  |  |
| 7.710%, 10/16/28 (144A) | 600000 | &nbsp;&nbsp; 609376 |
| GLS Auto Receivables Issuer Trust |  |  |
| 3.970%, 01/18/28 (144A) | 473570 | &nbsp;&nbsp; 470761 |
| Santander Drive Auto Receivables Trust |  |  |
| 5.670%, 12/16/30 | 800000 | &nbsp;&nbsp; 807315 |
| 5.690%, 02/18/31 | 800000 | &nbsp;&nbsp; 808086 |
| 6.280%, 08/15/31 | 500000 | &nbsp;&nbsp; 516200 |
|  |  | &nbsp;&nbsp; 7742372 |
| **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** | **Asset-Backed - Credit Card — 0.1%** |
| Continental Finance Credit Card ABS Master Trust |  |  |
| 6.190%, 10/15/30 (144A) | 575000 | &nbsp;&nbsp; 576794 |
| Perimeter Master Note Business Trust |  |  |
| 5.580%, 12/16/30 (144A) | 350000 | &nbsp;&nbsp; 349853 |
|  |  | &nbsp;&nbsp; 926647 |
| **Asset-Backed - Other — 0.7%** | **Asset-Backed - Other — 0.7%** | **Asset-Backed - Other — 0.7%** |
| American Homes 4 Rent Trust |  |  |
| 4.691%, 10/17/52 (144A) | 100000 | &nbsp;&nbsp; 99662 |
| Bridge Trust |  |  |
| 4.450%, 11/17/37 (144A) | 700000 | &nbsp;&nbsp; 695313 |
| BXG Receivables Note Trust |  |  |
| 4.440%, 02/02/34 (144A) | 91535 | &nbsp;&nbsp; 91208 |
| Cars Net Lease Mortgage Notes |  |  |
| 3.100%, 12/15/50 (144A) | 127075 | &nbsp;&nbsp; 119707 |
| CoreVest American Finance Ltd. |  |  |
| 3.163%, 10/15/52 (144A) | 650000 | &nbsp;&nbsp; 617076 |
| FirstKey Homes Trust |  |  |
| 2.668%, 10/19/37 (144A) | 1250000 | &nbsp;&nbsp; 1235784 |
| 4.500%, 07/17/38 (144A) | 496000 | &nbsp;&nbsp; 491365 |
| 4.500%, 07/17/39 (144A) | 750000 | &nbsp;&nbsp; 730207 |
| FMC GMSR Issuer Trust |  |  |
| 3.620%, 07/25/26 (144A) (e) | 400000 | &nbsp;&nbsp; 378870 |
| 3.850%, 10/25/26 (144A) (e) | 360000 | &nbsp;&nbsp; 342343 |
| 4.450%, 01/25/26 (144A) (e) | 500000 | &nbsp;&nbsp; 488512 |
| 6.190%, 04/25/27 (144A) | 400000 | &nbsp;&nbsp; 403031 |
| MVW LLC |  |  |
| 5.210%, 09/22/42 (144A) | 231596 | &nbsp;&nbsp; 233370 |
| 6.540%, 10/20/40 (144A) | 374764 | &nbsp;&nbsp; 384233 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| 3.474%, 11/25/26 (144A) | 104292 | &nbsp;&nbsp; 101048 |
| 3.844%, 12/25/25 (144A) | 115710 | &nbsp;&nbsp; 114547 |
| Oportun Issuance Trust |  |  |
| 5.050%, 06/09/31 (144A) | 84067 | &nbsp;&nbsp; 84032 |
| Progress Residential Trust |  |  |
| 4.550%, 04/17/27 (144A) | 750000 | &nbsp;&nbsp; 735024 |
| 5.200%, 04/17/39 (144A) | 330000 | &nbsp;&nbsp; 326974 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| SCF Equipment Leasing LLC |  |  |
| 3.790%, 11/20/31 (144A) | 220000 | &nbsp;&nbsp; $214723 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| 3.940%, 10/20/38 (144A) | 41872 | &nbsp;&nbsp; 41069 |
| 6.280%, 04/20/40 (144A) | 92617 | &nbsp;&nbsp; 95124 |
| Tricon American Homes Trust |  |  |
| 3.198%, 03/17/38 (144A) | 525000 | &nbsp;&nbsp; 516337 |
| VM Debt Trust |  |  |
| 7.460%, 07/18/27 | 499794 | &nbsp;&nbsp; 475426 |
| VOLT CI LLC |  |  |
| 5.992%, 05/25/51 (144A) (f) | 40876 | &nbsp;&nbsp; 40808 |
| VOLT XCIV LLC |  |  |
| 6.240%, 02/27/51 (144A) (f) | 61966 | &nbsp;&nbsp; 61940 |
| VOLT XCVI LLC |  |  |
| 6.116%, 03/27/51 (144A) (f) | 56652 | &nbsp;&nbsp; 56634 |
| VOLT XCVII LLC |  |  |
| 6.240%, 04/25/51 (144A) (f) | 36740 | &nbsp;&nbsp; 36704 |
|  |  | &nbsp;&nbsp; 9211071 |
| Total Asset-Backed Securities <br>(Cost $17,610,085) <br>|  | &nbsp;&nbsp; 17880090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—0.9%** | **Convertible Preferred Stocks—0.9%** | **Convertible Preferred Stocks—0.9%** |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| Bank of America Corp.- Series L, 7.250% | 8366 | &nbsp;&nbsp; 10147958 |
| **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |
| NextEra Energy, Inc., 7.234%, 11/01/27 | 59251 | &nbsp;&nbsp; 2621857 |
| Total Convertible Preferred Stocks <br>(Cost $12,466,869) <br>|  | &nbsp;&nbsp; 12769815 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Non-Agency Mortgage-Backed Securities—0.4%** | **Non-Agency Mortgage-Backed Securities—0.4%** | **Non-Agency Mortgage-Backed Securities—0.4%** |
| **Collateralized Mortgage Obligations — 0.2%** | **Collateralized Mortgage Obligations — 0.2%** | **Collateralized Mortgage Obligations — 0.2%** |
| Anchor Mortgage Trust |  |  |
| 5.718%, 05/25/40 (144A) (f) | 165000 | &nbsp;&nbsp; 164997 |
| Brean Asset-Backed Securities Trust |  |  |
| 4.750%, 05/25/65 (144A) (e) | 199528 | &nbsp;&nbsp; 194122 |
| BVRT LLC |  |  |
| 4.302%, 05/10/33 (144A) (e) | 314976 | &nbsp;&nbsp; 303229 |
| CAFL Issuer LP |  |  |
| 5.684%, 05/28/40 (144A) (f) | 350000 | &nbsp;&nbsp; 351403 |
| GS Mortgage-Backed Securities Corp. Trust |  |  |
| 1.750%, 12/25/60 (144A) (e) | 434469 | &nbsp;&nbsp; 407437 |
| LHOME Mortgage Trust |  |  |
| 5.612%, 04/25/40 (144A) (e) | 165000 | &nbsp;&nbsp; 165686 |
| PRPM LLC |  |  |
| 4.000%, 11/25/53 (144A) (f) | 184084 | &nbsp;&nbsp; 180589 |
| Towd Point Mortgage Trust |  |  |
| 2.918%, 11/30/60 (144A) (e) | 502721 | &nbsp;&nbsp; 437711 |
|  |  | &nbsp;&nbsp; 2205174 |
| **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** |
| CSMC Trust |  |  |
| 3.953%, 09/15/37 (144A) | 655000 | &nbsp;&nbsp; 604237 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-291**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| GS Mortgage Securities Trust |  |  |
| 3.932%, 10/10/35 (144A) (e) | 440000 | &nbsp;&nbsp; $438067 |
| MRCD Mortgage Trust |  |  |
| 2.718%, 12/15/36 (144A) | 1420000 | &nbsp;&nbsp; 1190592 |
| SBALR Commercial Mortgage Trust |  |  |
| 2.825%, 02/13/53 (144A) | 717047 | &nbsp;&nbsp; 624300 |
| SLG Office Trust |  |  |
| 2.585%, 07/15/41 (144A) | 390000 | &nbsp;&nbsp; 342067 |
|  |  | &nbsp;&nbsp; 3199263 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $5,834,893) <br>|  | &nbsp;&nbsp; 5404437 |
| **Municipals—0.0%** | **Municipals—0.0%** | **Municipals—0.0%** |
| Texas Natural Gas Securitization Finance Corp. |  |  |
| 5.169%, 04/01/41 <br>(Cost $155,000)<br>| 155000 | &nbsp;&nbsp; 156566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—16.1%** | **Short-Term Investments—16.1%** | **Short-Term Investments—16.1%** |
| **Repurchase Agreement—14.1%** | **Repurchase Agreement—14.1%** | **Repurchase Agreement—14.1%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $194,873,146; <br> collateralized by U.S. Treasury Notes at 3.750%, maturing <br> 06/30/27, with a market value of $198,752,985<br>| 194855554 | &nbsp;&nbsp; 194855554 |
| **U.S. Treasury—2.0%** | **U.S. Treasury—2.0%** | **U.S. Treasury—2.0%** |
| U.S. Treasury Bills |  |  |
| 3.900%, 11/28/25 (h) (i) | 27000000 | &nbsp;&nbsp; 26535825 |
| 4.130%, 08/07/25 (i) (j) | 400000 | &nbsp;&nbsp; 398253 |
|  |  | &nbsp;&nbsp; 26934078 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investment Funds—0.0%** |  |  |
| State Street Global Advisors Liquidity PLC - U.S. Treasury <br> Liquidity Fund<br>|  |  |
| 4.161% (k) | 28752 | &nbsp;&nbsp; 28752 |
| Total Short-Term Investments <br>(Cost $221,844,633) <br>|  | &nbsp;&nbsp; 221818384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (l)—2.6%** | **Securities Lending Reinvestments (l)—2.6%** | **Securities Lending Reinvestments (l)—2.6%** |
| **Certificates of Deposit—0.1%** | **Certificates of Deposit—0.1%** | **Certificates of Deposit—0.1%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 05/14/26 (e) | 1000000 | &nbsp;&nbsp; 999998 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (e) | 1000000 | &nbsp;&nbsp; 1000436 |
|  |  | &nbsp;&nbsp; 2000434 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—2.4%** | **Repurchase Agreements—2.4%** | **Repurchase Agreements—2.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.625%, maturity dates ranging from <br> 09/15/25 - 05/15/34, and an aggregate market value of <br> $2,040,000<br>| 2000000 | &nbsp;&nbsp; $2000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $2,000,248; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,226,148<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $5,000,608; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market <br> value of $5,100,621<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $2,049,807; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 5.000%, maturity dates ranging from <br> 07/15/25 - 07/15/26, and various Common Stock with an <br> aggregate market value of $2,091,135<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,800,749; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 2.000% - 4.750%, maturity dates ranging from <br> 02/15/45 - 11/15/53, and an aggregate market value of <br> $1,836,541<br>| 1800530 | &nbsp;&nbsp; 1800531 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; <br> collateralized by various Common Stock with an aggregate <br> market value of $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $1,000,887; <br> collateralized by various Common Stock with an aggregate <br> market value of $1,115,123<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,000,243; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.250% - 4.750%, maturity dates ranging from <br> 08/31/25 - 02/15/48, and an aggregate market value of <br> $2,040,001<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $2,008,944; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,222,506<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $6,000,740; <br> collateralized by various Common Stock with an aggregate <br> market value of $6,675,713<br>| 6000000 | &nbsp;&nbsp; 6000000 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-292**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (l)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $6,500,800; <br> collateralized by various Common Stock with an aggregate <br> market value of $7,150,880<br>| 6500000 | &nbsp;&nbsp; $6500000 |
|  |  | &nbsp;&nbsp; 33300531 |
| **Time Deposit—0.1%** | **Time Deposit—0.1%** | **Time Deposit—0.1%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
| Total Securities Lending Reinvestments <br>(Cost $36,300,530) <br>|  | &nbsp;&nbsp; 36300965 |
| Total Investments—100.8% <br>(Cost $1,280,945,111) <br>|  | &nbsp;&nbsp; 1392511884 |
| Other assets and liabilities (net)—(0.8)%  |  | &nbsp;&nbsp; (11159948)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1381351936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of June 30, 2025, the market value of restricted securities was $0, <br> which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $42,764,347 and the collateral received consisted of cash in the <br> amount of $36,300,530 and non-cash collateral with a value of $7,508,927. The cash <br> collateral investments are disclosed in the Consolidated Schedule of Investments and <br> categorized as Securities Lending Reinvestments. The non-cash collateral received consists of <br> U.S. government securities that are held in safe-keeping by the lending agent, or a third-<br> party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Consolidated Statement of Assets and Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (e) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (f) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (g) | Interest only security. |
| (h) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of June 30, 2025, the market value of securities pledged was $20,050,273.<br>|
| (i) | The rate shown represents current yield to maturity. |
| (j) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> June 30, 2025, the market value of securities pledged was $374,357.<br>|
| (k) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (l) | Represents investment of cash collateral received from securities on loan as of June 30,  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the market value of 144A securities was $87,918,844, which is 6.4% of net assets.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-293**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| United States | 53.0 |
| China | 4.2 |
| France | 3.2 |
| United Kingdom | 2.8 |
| Japan | 2.8 |
| Germany | 2.8 |
| Spain | 1.7 |
| South Korea | 1.4 |
| Taiwan | 1.2 |
| Netherlands | 0.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Sberbank of Russia PJSC | 06/15/17 | &nbsp;&nbsp; 2160 | &nbsp;&nbsp; $5440 | &nbsp;&nbsp; $0 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15940932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $386725330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22 <br>,495366<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $482349651 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(14446468)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(14446468)<br>|
| Convertible Bonds | &nbsp;&nbsp; (8982995)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8982995)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (6929346)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6929346)<br>|
| Investment Companies | &nbsp;&nbsp; (5602641)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5602641)<br>|
| U.S. Treasury & Government Agencies | &nbsp;&nbsp; (339080)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (339080)<br>|
| Total Borrowings | &nbsp;&nbsp; $(36300530)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(36300530)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(36300530)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 6870772 | CBNA | 07/29/25 | USD | 4447808 | &nbsp;&nbsp; $76398 |
| EUR | &nbsp;&nbsp; 1458640 | CBNA | 07/29/25 | USD | 1664617 | &nbsp;&nbsp; 56654 |
| HKD | &nbsp;&nbsp; 27253183 | SSBT | 07/29/25 | USD | 3518519 | &nbsp;&nbsp; (37067)<br>|
| JPY | &nbsp;&nbsp; 506690146 | CBNA | 07/29/25 | USD | 3568735 | &nbsp;&nbsp; (39544)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 6870772 | SSBT | 07/29/25 | USD | 4387882 | &nbsp;&nbsp; (136324)<br>|
| EUR | &nbsp;&nbsp; 1458640 | CBNA | 07/29/25 | USD | 1669698 | &nbsp;&nbsp; (51572)<br>|
| HKD | &nbsp;&nbsp; 13697199 | RBC | 07/29/25 | USD | 1768068 | &nbsp;&nbsp; 18322 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-294**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| HKD | &nbsp;&nbsp; 13555985 | SSBT | 07/29/25 | USD | 1752777 | &nbsp;&nbsp; $21070 |
| JPY | &nbsp;&nbsp; 506690146 | SSBT | 07/29/25 | USD | 3588980 | &nbsp;&nbsp; 59789 |
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(32274)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 705 | AUD | 80806578 | &nbsp;&nbsp; $705050 |
| Euro STOXX 50 Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 4 | EUR | 213080 | &nbsp;&nbsp; 537 |
| Euro-BTP Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 427 | EUR | 51667000 | &nbsp;&nbsp; 199632 |
| FTSE 100 Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 18 | GBP | 1582110 | &nbsp;&nbsp; (20581)<br>|
| Hang Seng Index Futures | &nbsp;&nbsp; 07/30/25 | &nbsp;&nbsp; 94 | HKD | 113194800 | &nbsp;&nbsp; 131349 |
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 321 | USD | 100372687 | &nbsp;&nbsp; 3148841 |
| TOPIX Index Futures | &nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp; 39 | JPY | 1113645000 | &nbsp;&nbsp; 171242 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 327 | GBP | 30420810 | &nbsp;&nbsp; 1245675 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 46 | USD | 5311563 | &nbsp;&nbsp; 197213 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 54 | USD | 11233266 | &nbsp;&nbsp; 38892 |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 718 | USD | 80505750 | &nbsp;&nbsp; 1367091 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 24 | USD | 2859000 | &nbsp;&nbsp; 118302 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Japanese Government Bond 10 Year Futures | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; (81)<br>| JPY | (11260620000)<br>| &nbsp;&nbsp; (214052)<br>|
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (80)<br>| USD | (4934000)<br>| &nbsp;&nbsp; (147881)<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (66)<br>| USD | (7232610)<br>| &nbsp;&nbsp; (241537)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; (164)<br>| USD | (34115844)<br>| &nbsp;&nbsp; (50169)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; (90)<br>| USD | (9810000)<br>| &nbsp;&nbsp; (112400)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (5)<br>| USD | (560625)<br>| &nbsp;&nbsp; (6538)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (62)<br>| USD | (7084469)<br>| &nbsp;&nbsp; (124101)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $6406565 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SOFR | Annually | 3.704<br> %<br>| Annually | 04/05/35 | USD | 124710000 | $251543 | $(116173)<br>| $367716 |
| Pay | 12M SOFR | Annually | 3.776<br> %<br>| Annually | 01/25/35 | USD | 85330000 | 733516 | (6202)<br>| 739718 |
| Pay | 12M SOFR | Annually | 3.891<br> %<br>| Annually | 09/10/35 | USD | 65000000 | 1059928 | (41726)<br>| 1101654 |
| Pay | 12M SOFR | Annually | 4.068<br> %<br>| Annually | 06/29/35 | USD | 78100000 | 2469688 | (92755)<br>| 2562443 |
| Pay | 12M SOFR | Annually | 4.165<br> %<br>| Annually | 06/29/35 | USD | 45900000 | 1828457 | (45854)<br>| 1874311 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $6343132 | $(302710)<br>| $6645842 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-295**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $3451969 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $409999 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 232233 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 264507 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 6645842 |  |  |
|  | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 3871855 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 507260 |
| Total |  | &nbsp;&nbsp; $14201899 |  | &nbsp;&nbsp; $1181766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Citibank NA | &nbsp;&nbsp; $133052 | &nbsp;&nbsp;&nbsp;&nbsp; $(91116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $41936 |
| Royal Bank of Canada | &nbsp;&nbsp; 18322 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18322 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 80859 | &nbsp;&nbsp;&nbsp;&nbsp; (80859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $232233 | &nbsp;&nbsp;&nbsp;&nbsp; $(171975)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $60258 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Citibank NA | &nbsp;&nbsp; $91116 | &nbsp;&nbsp;&nbsp;&nbsp; $(91116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 173391 | &nbsp;&nbsp;&nbsp;&nbsp; (80859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92532 |
|  | &nbsp;&nbsp; $264507 | &nbsp;&nbsp;&nbsp;&nbsp; $(171975)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $92532 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(140188)<br>| &nbsp;&nbsp;&nbsp; $(140188)<br>|
| Futures contracts | &nbsp;&nbsp; (4199006)<br>| &nbsp;&nbsp;&nbsp; (36003672)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40202678)<br>|
| Swap contracts | &nbsp;&nbsp; (12536898)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12536898)<br>|
|  | &nbsp;&nbsp; $(16735904)<br>| &nbsp;&nbsp;&nbsp; $(36003672)<br>| &nbsp;&nbsp;&nbsp; $(140188)<br>| &nbsp;&nbsp;&nbsp; $(52879764)<br>|

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-296**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(549354)<br>| &nbsp;&nbsp;&nbsp; $(549354)<br>|
| Futures contracts | &nbsp;&nbsp; 5940312 | &nbsp;&nbsp;&nbsp; 9206998 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15147310 |
| Swap contracts | &nbsp;&nbsp; 24255403 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24255403 |
|  | &nbsp;&nbsp; $30195715 | &nbsp;&nbsp;&nbsp; $9206998 | &nbsp;&nbsp;&nbsp; $(549354)<br>| &nbsp;&nbsp;&nbsp; $38853359 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $39199051 |
| Futures contracts long | &nbsp;&nbsp; 344567451 |
| Futures contracts short | &nbsp;&nbsp; (177864335)<br>|
| Swap contracts | &nbsp;&nbsp; 401890000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $4848035 | &nbsp;&nbsp; $7554975 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12403010 |
| Air Freight & Logistics | &nbsp;&nbsp; 758306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 758306 |
| Automobile Components | &nbsp;&nbsp; 356480 | &nbsp;&nbsp; 3274088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3630568 |
| Automobiles | &nbsp;&nbsp; 5040629 | &nbsp;&nbsp; 2283677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7324306 |
| Banks | &nbsp;&nbsp; 23515950 | &nbsp;&nbsp; 29848671 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 53364621 |
| Beverages | &nbsp;&nbsp; 4207764 | &nbsp;&nbsp; 8140921 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12348685 |
| Biotechnology | &nbsp;&nbsp; 7893167 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7893167 |
| Broadline Retail | &nbsp;&nbsp; 19279423 | &nbsp;&nbsp; 2916890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22196313 |
| Building Products | &nbsp;&nbsp; 4897555 | &nbsp;&nbsp; 893593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5791148 |
| Capital Markets | &nbsp;&nbsp; 19237827 | &nbsp;&nbsp; 13451692 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32689519 |
| Chemicals | &nbsp;&nbsp; 1786135 | &nbsp;&nbsp; 4932718 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6718853 |
| Commercial Services & Supplies | &nbsp;&nbsp; 521565 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 521565 |
| Communications Equipment | &nbsp;&nbsp; 275161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 275161 |
| Construction & Engineering | &nbsp;&nbsp; 1869370 | &nbsp;&nbsp; 1770017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3639387 |
| Construction Materials | &nbsp;&nbsp; 1006679 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1006679 |
| Consumer Finance | &nbsp;&nbsp; 2271011 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2271011 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1599917 | &nbsp;&nbsp; 4078098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5678015 |
| Containers & Packaging | &nbsp;&nbsp; 2363869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2363869 |
| Diversified Consumer Services | &nbsp;&nbsp; 330109 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 330109 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 681330 | &nbsp;&nbsp; 4651787 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5333117 |
| Electric Utilities | &nbsp;&nbsp; 7832441 | &nbsp;&nbsp; 3433204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11265645 |
| Electrical Equipment | &nbsp;&nbsp; 4569122 | &nbsp;&nbsp; 2333266 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6902388 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1727512 | &nbsp;&nbsp; 5707093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7434605 |
| Energy Equipment & Services | &nbsp;&nbsp; 3597237 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3597237 |
| Entertainment | &nbsp;&nbsp; 12025284 | &nbsp;&nbsp; 1747187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13772471 |
| Financial Services | &nbsp;&nbsp; 10339648 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10339648 |
| Food Products | &nbsp;&nbsp; 566520 | &nbsp;&nbsp; 4595541 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5162061 |
| Ground Transportation | &nbsp;&nbsp; 2101267 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2101267 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 4672185 | &nbsp;&nbsp; 4715610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9387795 |
| Health Care Providers & Services | &nbsp;&nbsp; 8762503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8762503 |
| Hotel & Resort REITs | &nbsp;&nbsp; 620450 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 620450 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 17469246 | &nbsp;&nbsp; 3498914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20968160 |
| Household Durables | &nbsp;&nbsp; 1072761 | &nbsp;&nbsp; 6783993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7856754 |
| Household Products | &nbsp;&nbsp; 688422 | &nbsp;&nbsp; 35807 | &nbsp;&nbsp; — | &nbsp;&nbsp; 724229 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 473865 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 473865 |
| Industrial Conglomerates | &nbsp;&nbsp; 2311765 | &nbsp;&nbsp; 7187197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9498962 |
| Industrial REITs | &nbsp;&nbsp; 253688 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 253688 |
| Insurance | &nbsp;&nbsp; 6418354 | &nbsp;&nbsp; 19163039 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25581393 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-297**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Interactive Media & Services | &nbsp;&nbsp; $17383349 | &nbsp;&nbsp; $5022474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22405823 |
| IT Services | &nbsp;&nbsp; 5467948 | &nbsp;&nbsp; 3412865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8880813 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 2044173 | &nbsp;&nbsp; 1922736 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3966909 |
| Machinery | &nbsp;&nbsp; 4403436 | &nbsp;&nbsp; 10288870 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14692306 |
| Media | &nbsp;&nbsp; 321788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 321788 |
| Metals & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 1760777 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1760777 |
| Multi-Utilities | &nbsp;&nbsp; 1738416 | &nbsp;&nbsp; 1712399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3450815 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 11468907 | &nbsp;&nbsp; 4443946 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15912853 |
| Passenger Airlines | &nbsp;&nbsp; 464022 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 464022 |
| Personal Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 1696366 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1696366 |
| Pharmaceuticals | &nbsp;&nbsp; 10802261 | &nbsp;&nbsp; 12410754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23213015 |
| Professional Services | &nbsp;&nbsp; 394856 | &nbsp;&nbsp; 3649019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4043875 |
| Real Estate Management & Development | &nbsp;&nbsp; 236102 | &nbsp;&nbsp; 1532149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1768251 |
| Residential REITs | &nbsp;&nbsp; 1463384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1463384 |
| Retail REITs | &nbsp;&nbsp; 926640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 926640 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 31529882 | &nbsp;&nbsp; 22790658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54320540 |
| Software | &nbsp;&nbsp; 36360616 | &nbsp;&nbsp; 2475942 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38836558 |
| Specialized REITs | &nbsp;&nbsp; 4754866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4754866 |
| Specialty Retail | &nbsp;&nbsp; 8764400 | &nbsp;&nbsp; 1019834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9784234 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 17606370 | &nbsp;&nbsp; 673324 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18279694 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 432614 | &nbsp;&nbsp; 4241001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4673615 |
| Tobacco | &nbsp;&nbsp; 1383642 | &nbsp;&nbsp; 1288039 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2671681 |
| Trading Companies & Distributors | &nbsp;&nbsp; 309412 | &nbsp;&nbsp; 1960295 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2269707 |
| Total Common Stocks | &nbsp;&nbsp; 346499636 | &nbsp;&nbsp; 225299426 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 571799062 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 250528124 | &nbsp;&nbsp; — | &nbsp;&nbsp; 250528124 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 163390187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163390187 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 43416686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43416686 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 40970777 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40970777 |
| Total Investment Companies\* | &nbsp;&nbsp; 28076791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28076791 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 17880090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17880090 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; 12769815 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12769815 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5404437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5404437 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 156566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156566 |
| Short-Term Investments |  |  |  |  |
| Repurchase Agreement | &nbsp;&nbsp; — | &nbsp;&nbsp; 194855554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 194855554 |
| Short-Term Investment Funds | &nbsp;&nbsp; 28752 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28752 |
| U.S. Treasury | &nbsp;&nbsp; — | &nbsp;&nbsp; 26934078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26934078 |
| Total Short-Term Investments | &nbsp;&nbsp; 28752 | &nbsp;&nbsp; 221789632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 221818384 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 36300965 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36300965 |
| Total Investments | &nbsp;&nbsp; $387374994 | &nbsp;&nbsp; $1005136890 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1392511884 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36300530)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36300530)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $232233 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $232233 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (264507)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (264507)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32274)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32274)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $7323824 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7323824 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (917259)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (917259)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $6406565 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6406565 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6645842 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6645842 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Consolidated Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-298**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1197656330 |
| Repurchase Agreements at value which equals cost | &nbsp;&nbsp; 194855554 |
| Cash | &nbsp;&nbsp; 128080 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 6875780 |
| Cash collateral (d) | &nbsp;&nbsp; 15109011 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 232233 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1945799 |
| Fund shares sold | &nbsp;&nbsp; 1832658 |
| Dividends and interest | &nbsp;&nbsp; 4638779 |
| Variation margin on futures contracts | &nbsp;&nbsp; 654343 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 1455748 |
| Prepaid expenses | &nbsp;&nbsp; 10769 |
| Total Assets | &nbsp;&nbsp; 1425395084 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 264507 |
| Collateral for securities loaned | &nbsp;&nbsp; 36300530 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 4304134 |
| Fund shares redeemed | &nbsp;&nbsp; 612286 |
| Foreign taxes | &nbsp;&nbsp; 687002 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 740765 |
| Distribution and service fees | &nbsp;&nbsp; 277006 |
| Deferred trustees' fees | &nbsp;&nbsp; 268640 |
| Other expenses | &nbsp;&nbsp; 588278 |
| Total Liabilities | &nbsp;&nbsp; 44043148 |
| **Net Assets**  | &nbsp;&nbsp; $1381351936 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1279826502 |
| Distributable earnings (Accumulated losses) (e) | &nbsp;&nbsp; 101525434 |
| **Net Assets**  | &nbsp;&nbsp; $1381351936 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $1381351936 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 123838431 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $11.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $1,086,089,557.

(b) Includes securities loaned at value of $42,764,347.

(c) Identified cost of cash denominated in foreign currencies was $6,790,934.

(d) Includes collateral of $15,031,011 for futures contracts and $78,000 for centrally cleared swap contracts. 

(e) Includes foreign capital gains tax of $687,002.

**Consolidated§ Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $7556477 |
| Interest | &nbsp;&nbsp; 12745138 |
| Securities lending income | &nbsp;&nbsp; 214611 |
| Total investment income | &nbsp;&nbsp; 20516226 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4874137 |
| Administration fees | &nbsp;&nbsp; 47098 |
| Custodian and accounting fees | &nbsp;&nbsp; 152940 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1665494 |
| Audit and tax services | &nbsp;&nbsp; 64050 |
| Legal | &nbsp;&nbsp; 26714 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 26766 |
| Insurance | &nbsp;&nbsp; 5889 |
| Miscellaneous | &nbsp;&nbsp; 26624 |
| Total expenses | &nbsp;&nbsp; 6909747 |
| Less management fee waiver | &nbsp;&nbsp; (419880)<br>|
| Net expenses | &nbsp;&nbsp; 6489867 |
| **Net Investment Income** | &nbsp;&nbsp; 14026359 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; 64667803 |
| Futures contracts | &nbsp;&nbsp; (40202678)<br>|
| Swap contracts | &nbsp;&nbsp; (12536898)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 424408 |
| Forward foreign currency transactions | &nbsp;&nbsp; (140188)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 12212447 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; 31362153 |
| Futures contracts | &nbsp;&nbsp; 15147310 |
| Swap contracts | &nbsp;&nbsp; 24255403 |
| Foreign currency transactions | &nbsp;&nbsp; 227067 |
| Forward foreign currency transactions | &nbsp;&nbsp; (549354)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 70442579 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 82655026 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $96681385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $519,824.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $43,772.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $(16,143).

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-299**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14026359 | &nbsp;&nbsp; $30163007 |
| Net realized gain (loss) | &nbsp;&nbsp; 12212447 | &nbsp;&nbsp; 101410342 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 70442579 | &nbsp;&nbsp; (54822287)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 96681385 | &nbsp;&nbsp; 76751062 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (32455521)<br>| &nbsp;&nbsp; (13275875)<br>|
| **Total distributions** | &nbsp;&nbsp; (32455521)<br>| &nbsp;&nbsp; (13275875)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (26218076)<br>| &nbsp;&nbsp; (184485717)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 38007788 | &nbsp;&nbsp; (121010530)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1343344148 | &nbsp;&nbsp; 1464354678 |
| End of period | &nbsp;&nbsp; $1381351936 | &nbsp;&nbsp; $1343344148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2494710 | &nbsp;&nbsp; $27257804 | &nbsp;&nbsp; 1677131 | &nbsp;&nbsp; $17893544 |
| Reinvestments | &nbsp;&nbsp; 2980305 | &nbsp;&nbsp; 32455521 | &nbsp;&nbsp; 1261965 | &nbsp;&nbsp; 13275875 |
| Redemptions | &nbsp;&nbsp; (7900802)<br>| &nbsp;&nbsp; (85931401)<br>| &nbsp;&nbsp; (20352696)<br>| &nbsp;&nbsp; (215655136)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2425787)<br>| &nbsp;&nbsp; $(26218076)<br>| &nbsp;&nbsp; (17413600)<br>| &nbsp;&nbsp; $(184485717)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(26218076)<br>|  | &nbsp;&nbsp; $(184485717)<br>|

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-300**

------

**Brighthouse Funds Trust I**

**JPMorgan Global Active Allocation Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp; $13.07 | &nbsp;&nbsp; $12.27 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Total income (loss) from investment operations | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.32)<br>|
| Total distributions | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.60)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $13.51 | &nbsp;&nbsp; $13.07 |
| **Total Return (%)** (b) | 7.37 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp; 10.28 <br>(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;12.23 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.04 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net ratio of expenses to average net assets (%) (g) | 0.97 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Ratio of net investment income (loss) to average net assets (%) | 2.11 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 36 <br>(c)<br>| &nbsp;&nbsp; 69 <br>(h)<br>| &nbsp;&nbsp; 48 <br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58 <br>(h)<br>| &nbsp;&nbsp; 61 <br>(h)<br>| &nbsp;&nbsp; 51 <br>(h)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1381.4 | &nbsp;&nbsp; $1343.3 | &nbsp;&nbsp; $1464.4 | &nbsp;&nbsp;&nbsp;&nbsp; $1501.5 | &nbsp;&nbsp; $2046.3 | &nbsp;&nbsp; $2070.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During 2023, 0.54% of the Portfolio's total return for Class B consists of a voluntary reimbursement by the subadviser. Excluding this item, total return would have been 9.74%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 69%, 48%, 53%, 60% and 49% for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-301**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—96.9% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| StandardAero, Inc. (a) | 13015 | &nbsp;&nbsp; $411925 |
| V2X, Inc. (a) | 12783 | &nbsp;&nbsp; 620614 |
|  |  | &nbsp;&nbsp; 1032539 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Radiant Logistics, Inc. (a) | 49326 | &nbsp;&nbsp; 299902 |
| **Automobile Components — 2.4%** | **Automobile Components — 2.4%** | **Automobile Components — 2.4%** |
| Adient PLC (a) | 79213 | &nbsp;&nbsp; 1541485 |
| Dana, Inc.  | 83836 | &nbsp;&nbsp; 1437787 |
| Garrett Motion, Inc.  | 61909 | &nbsp;&nbsp; 650664 |
| Goodyear Tire & Rubber Co. (a) | 143531 | &nbsp;&nbsp; 1488416 |
| Modine Manufacturing Co. (a) | 14235 | &nbsp;&nbsp; 1402148 |
| Phinia, Inc.  | 22452 | &nbsp;&nbsp; 998889 |
|  |  | &nbsp;&nbsp; 7519389 |
| **Banks — 19.0%** | **Banks — 19.0%** | **Banks — 19.0%** |
| 1st Source Corp.  | 3910 | &nbsp;&nbsp; 242694 |
| Amalgamated Financial Corp.  | 13922 | &nbsp;&nbsp; 434366 |
| Amerant Bancorp, Inc.  | 7677 | &nbsp;&nbsp; 139952 |
| Ameris Bancorp | 30828 | &nbsp;&nbsp; 1994572 |
| Associated Banc-Corp.  | 6856 | &nbsp;&nbsp; 167218 |
| Atlantic Union Bankshares Corp.  | 8689 | &nbsp;&nbsp; 271792 |
| Axos Financial, Inc. (a) | 15154 | &nbsp;&nbsp; 1152310 |
| Banc of California, Inc.  | 89830 | &nbsp;&nbsp; 1262112 |
| Bank of NT Butterfield & Son Ltd.  | 50683 | &nbsp;&nbsp; 2244243 |
| BankUnited, Inc.  | 27187 | &nbsp;&nbsp; 967585 |
| Banner Corp.  | 4242 | &nbsp;&nbsp; 272124 |
| BayCom Corp.  | 2577 | &nbsp;&nbsp; 71409 |
| Bridgewater Bancshares, Inc. (a) | 4399 | &nbsp;&nbsp; 69988 |
| Brookline Bancorp, Inc.  | 36659 | &nbsp;&nbsp; 386752 |
| Burke & Herbert Financial Services Corp.  | 3236 | &nbsp;&nbsp; 193286 |
| Business First Bancshares, Inc.  | 27719 | &nbsp;&nbsp; 683273 |
| Byline Bancorp, Inc.  | 38969 | &nbsp;&nbsp; 1041641 |
| Cadence Bank | 10737 | &nbsp;&nbsp; 343369 |
| Capital City Bank Group, Inc.  | 5349 | &nbsp;&nbsp; 210483 |
| Capitol Federal Financial, Inc.  | 51684 | &nbsp;&nbsp; 315272 |
| Central Pacific Financial Corp.  | 15959 | &nbsp;&nbsp; 447331 |
| ChoiceOne Financial Services, Inc. (b) | 4241 | &nbsp;&nbsp; 121717 |
| CNB Financial Corp.  | 12019 | &nbsp;&nbsp; 274754 |
| Community Trust Bancorp, Inc.  | 5008 | &nbsp;&nbsp; 265023 |
| ConnectOne Bancorp, Inc.  | 63425 | &nbsp;&nbsp; 1468923 |
| Customers Bancorp, Inc. (a) | 34106 | &nbsp;&nbsp; 2003386 |
| CVB Financial Corp.  | 14885 | &nbsp;&nbsp; 294574 |
| Dime Community Bancshares, Inc.  | 8726 | &nbsp;&nbsp; 235078 |
| Eastern Bankshares, Inc. (b) | 112728 | &nbsp;&nbsp; 1721357 |
| Enterprise Financial Services Corp.  | 38811 | &nbsp;&nbsp; 2138486 |
| Equity Bancshares, Inc. - Class A | 35274 | &nbsp;&nbsp; 1439179 |
| FB Financial Corp.  | 5393 | &nbsp;&nbsp; 244303 |
| Financial Institutions, Inc.  | 24354 | &nbsp;&nbsp; 625411 |
| First BanCorp | 59044 | &nbsp;&nbsp; 1229887 |
| First Busey Corp.  | 6549 | &nbsp;&nbsp; 149874 |
| First Commonwealth Financial Corp.  | 6397 | &nbsp;&nbsp; 103823 |
| First Financial Corp. (b) | 12026 | &nbsp;&nbsp; 651689 |
| First Interstate BancSystem, Inc. - Class A | 7072 | &nbsp;&nbsp; 203815 |
| First Merchants Corp.  | 33951 | &nbsp;&nbsp; 1300323 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| First Mid Bancshares, Inc.  | 23434 | &nbsp;&nbsp; $878541 |
| Hancock Whitney Corp.  | 21187 | &nbsp;&nbsp; 1216134 |
| Hanmi Financial Corp.  | 26339 | &nbsp;&nbsp; 650047 |
| HBT Financial, Inc.  | 3019 | &nbsp;&nbsp; 76109 |
| Heritage Commerce Corp.  | 126395 | &nbsp;&nbsp; 1255102 |
| Hilltop Holdings, Inc.  | 38529 | &nbsp;&nbsp; 1169355 |
| Home BancShares, Inc.  | 21704 | &nbsp;&nbsp; 617696 |
| HomeTrust Bancshares, Inc.  | 8715 | &nbsp;&nbsp; 326028 |
| Independent Bank Corp.  | 12871 | &nbsp;&nbsp; 809393 |
| Mercantile Bank Corp.  | 9059 | &nbsp;&nbsp; 420428 |
| Metropolitan Bank Holding Corp. (a) (b) | 10774 | &nbsp;&nbsp; 754180 |
| Mid Penn Bancorp, Inc. (b) | 3510 | &nbsp;&nbsp; 98982 |
| Midland States Bancorp, Inc.  | 5828 | &nbsp;&nbsp; 100941 |
| MidWestOne Financial Group, Inc.  | 10596 | &nbsp;&nbsp; 304847 |
| National Bank Holdings Corp. - Class A | 5301 | &nbsp;&nbsp; 199371 |
| Nicolet Bankshares, Inc.  | 186 | &nbsp;&nbsp; 22967 |
| Northrim BanCorp, Inc.  | 3023 | &nbsp;&nbsp; 281925 |
| OceanFirst Financial Corp.  | 72192 | &nbsp;&nbsp; 1271301 |
| OFG Bancorp | 32305 | &nbsp;&nbsp; 1382654 |
| Old National Bancorp | 136612 | &nbsp;&nbsp; 2915300 |
| Old Second Bancorp, Inc.  | 78145 | &nbsp;&nbsp; 1386292 |
| Origin Bancorp, Inc.  | 11916 | &nbsp;&nbsp; 425878 |
| Orrstown Financial Services, Inc.  | 4352 | &nbsp;&nbsp; 138524 |
| Pathward Financial, Inc.  | 19632 | &nbsp;&nbsp; 1553284 |
| Peapack-Gladstone Financial Corp.  | 11783 | &nbsp;&nbsp; 332870 |
| Pinnacle Financial Partners, Inc.  | 1427 | &nbsp;&nbsp; 157555 |
| QCR Holdings, Inc.  | 27161 | &nbsp;&nbsp; 1844232 |
| Renasant Corp. (b) | 32989 | &nbsp;&nbsp; 1185295 |
| Seacoast Banking Corp. of Florida | 32290 | &nbsp;&nbsp; 891850 |
| Sierra Bancorp | 5191 | &nbsp;&nbsp; 154121 |
| SmartFinancial, Inc.  | 4315 | &nbsp;&nbsp; 145761 |
| South Plains Financial, Inc.  | 24612 | &nbsp;&nbsp; 887017 |
| Southern Missouri Bancorp, Inc.  | 4084 | &nbsp;&nbsp; 223722 |
| Southside Bancshares, Inc.  | 16393 | &nbsp;&nbsp; 482446 |
| SouthState Corp.  | 8774 | &nbsp;&nbsp; 807471 |
| Texas Capital Bancshares, Inc. (a) | 12012 | &nbsp;&nbsp; 953753 |
| Towne Bank | 18044 | &nbsp;&nbsp; 616744 |
| TriCo Bancshares | 11703 | &nbsp;&nbsp; 473854 |
| Trustmark Corp.  | 5681 | &nbsp;&nbsp; 207129 |
| UMB Financial Corp.  | 14014 | &nbsp;&nbsp; 1473712 |
| United Bankshares, Inc.  | 16953 | &nbsp;&nbsp; 617598 |
| United Community Banks, Inc.  | 4492 | &nbsp;&nbsp; 133817 |
| Unity Bancorp, Inc.  | 1160 | &nbsp;&nbsp; 54613 |
| Univest Financial Corp.  | 8137 | &nbsp;&nbsp; 244435 |
| Veritex Holdings, Inc.  | 44505 | &nbsp;&nbsp; 1161581 |
| WesBanco, Inc.  | 28251 | &nbsp;&nbsp; 893579 |
| Wintrust Financial Corp.  | 5982 | &nbsp;&nbsp; 741648 |
| WSFS Financial Corp.  | 10740 | &nbsp;&nbsp; 590700 |
|  |  | &nbsp;&nbsp; 60914156 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| MGP Ingredients, Inc. (b) | 17365 | &nbsp;&nbsp; 520429 |
| Primo Brands Corp.  | 11271 | &nbsp;&nbsp; 333847 |
|  |  | &nbsp;&nbsp; 854276 |

---

*See accompanying notes to financial statements.*

**BHFTI-302**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| Akebia Therapeutics, Inc. (a) | 163586 | &nbsp;&nbsp; $595453 |
| Akero Therapeutics, Inc. (a) | 8356 | &nbsp;&nbsp; 445876 |
| Aurinia Pharmaceuticals, Inc. (a) | 42926 | &nbsp;&nbsp; 363583 |
| Avidity Biosciences, Inc. (a) (b) | 6637 | &nbsp;&nbsp; 188491 |
| Beam Therapeutics, Inc. (a) (b) | 41376 | &nbsp;&nbsp; 703806 |
| Biohaven Ltd. (a) | 1048 | &nbsp;&nbsp; 14787 |
| Celldex Therapeutics, Inc. (a) | 15632 | &nbsp;&nbsp; 318111 |
| Compass Therapeutics, Inc. (a) (b) | 353617 | &nbsp;&nbsp; 919404 |
| Cytokinetics, Inc. (a) | 13412 | &nbsp;&nbsp; 443133 |
| Denali Therapeutics, Inc. (a) | 10572 | &nbsp;&nbsp; 147902 |
| Dynavax Technologies Corp. (a) | 76632 | &nbsp;&nbsp; 760189 |
| Enanta Pharmaceuticals, Inc. (a) | 20505 | &nbsp;&nbsp; 155018 |
| Erasca, Inc. (a) (b) | 218082 | &nbsp;&nbsp; 276964 |
| Intellia Therapeutics, Inc. (a) (b) | 20990 | &nbsp;&nbsp; 196886 |
| iTeos Therapeutics, Inc. (a) | 100031 | &nbsp;&nbsp; 997309 |
| ORIC Pharmaceuticals, Inc. (a) (b) | 100877 | &nbsp;&nbsp; 1023902 |
| PTC Therapeutics, Inc. (a) | 13819 | &nbsp;&nbsp; 674920 |
| Relay Therapeutics, Inc. (a) | 72232 | &nbsp;&nbsp; 249923 |
| Syndax Pharmaceuticals, Inc. (a) | 33454 | &nbsp;&nbsp; 313297 |
| Travere Therapeutics, Inc. (a) | 44964 | &nbsp;&nbsp; 665467 |
| Viridian Therapeutics, Inc. (a) (b) | 39686 | &nbsp;&nbsp; 554810 |
| Zymeworks, Inc. (a) | 69676 | &nbsp;&nbsp; 874434 |
|  |  | &nbsp;&nbsp; 10883665 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Apogee Enterprises, Inc.  | 17620 | &nbsp;&nbsp; 715372 |
| Gibraltar Industries, Inc. (a) | 1459 | &nbsp;&nbsp; 86081 |
| Griffon Corp.  | 22529 | &nbsp;&nbsp; 1630424 |
| Resideo Technologies, Inc. (a) | 74072 | &nbsp;&nbsp; 1634028 |
| UFP Industries, Inc. (b) | 10911 | &nbsp;&nbsp; 1084117 |
|  |  | &nbsp;&nbsp; 5150022 |
| **Capital Markets — 0.9%** | **Capital Markets — 0.9%** | **Capital Markets — 0.9%** |
| BGC Group, Inc. - Class A | 123647 | &nbsp;&nbsp; 1264909 |
| DigitalBridge Group, Inc.  | 32007 | &nbsp;&nbsp; 331272 |
| StoneX Group, Inc. (a) | 6939 | &nbsp;&nbsp; 632421 |
| Virtus Investment Partners, Inc.  | 2892 | &nbsp;&nbsp; 524609 |
|  |  | &nbsp;&nbsp; 2753211 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| AdvanSix, Inc.  | 2157 | &nbsp;&nbsp; 51229 |
| Avient Corp.  | 17856 | &nbsp;&nbsp; 576927 |
| Ecovyst, Inc. (a) | 11888 | &nbsp;&nbsp; 97838 |
| HB Fuller Co.  | 26987 | &nbsp;&nbsp; 1623268 |
| Innospec, Inc.  | 9375 | &nbsp;&nbsp; 788344 |
| Minerals Technologies, Inc.  | 5870 | &nbsp;&nbsp; 323261 |
| Perimeter Solutions, Inc. (a) | 121587 | &nbsp;&nbsp; 1692491 |
| Tronox Holdings PLC (b) | 22318 | &nbsp;&nbsp; 113152 |
|  |  | &nbsp;&nbsp; 5266510 |
| **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** |
| ABM Industries, Inc.  | 46672 | &nbsp;&nbsp; 2203385 |
| ACCO Brands Corp.  | 23511 | &nbsp;&nbsp; 84170 |
| Healthcare Services Group, Inc. (a) | 50767 | &nbsp;&nbsp; 763028 |
| MillerKnoll, Inc.  | 37241 | &nbsp;&nbsp; 723220 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** |
| Steelcase, Inc. - Class A | 56668 | &nbsp;&nbsp; $591047 |
|  |  | &nbsp;&nbsp; 4364850 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| Extreme Networks, Inc. (a) | 58938 | &nbsp;&nbsp; 1057937 |
| NETGEAR, Inc. (a) | 34762 | &nbsp;&nbsp; 1010531 |
|  |  | &nbsp;&nbsp; 2068468 |
| **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** |
| API Group Corp. (a) | 11183 | &nbsp;&nbsp; 570892 |
| Arcosa, Inc.  | 12583 | &nbsp;&nbsp; 1091072 |
| Fluor Corp. (a) | 22005 | &nbsp;&nbsp; 1128196 |
| MYR Group, Inc. (a) | 9295 | &nbsp;&nbsp; 1686578 |
| Tutor Perini Corp. (a) | 25016 | &nbsp;&nbsp; 1170249 |
|  |  | &nbsp;&nbsp; 5646987 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Atlanticus Holdings Corp. (a) | 1607 | &nbsp;&nbsp; 87983 |
| Enova International, Inc. (a) | 14069 | &nbsp;&nbsp; 1568975 |
| LendingClub Corp. (a) | 26331 | &nbsp;&nbsp; 316762 |
| Navient Corp. (b) | 42196 | &nbsp;&nbsp; 594964 |
| Nelnet, Inc. - Class A | 4750 | &nbsp;&nbsp; 575320 |
|  |  | &nbsp;&nbsp; 3144004 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Andersons, Inc.  | 7128 | &nbsp;&nbsp; 261954 |
| SpartanNash Co.  | 8091 | &nbsp;&nbsp; 214331 |
|  |  | &nbsp;&nbsp; 476285 |
| **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** |
| Greif, Inc. - Class A | 18733 | &nbsp;&nbsp; 1217458 |
| O-I Glass, Inc. (a) | 75171 | &nbsp;&nbsp; 1108020 |
|  |  | &nbsp;&nbsp; 2325478 |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
| GigaCloud Technology, Inc. - Class A (a) (b) | 34428 | &nbsp;&nbsp; 680986 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| Adtalem Global Education, Inc. (a) | 4082 | &nbsp;&nbsp; 519353 |
| KinderCare Learning Cos., Inc. (a) (b) | 76995 | &nbsp;&nbsp; 777649 |
| Laureate Education, Inc. (a) | 39026 | &nbsp;&nbsp; 912428 |
| Mister Car Wash, Inc. (a) | 61273 | &nbsp;&nbsp; 368251 |
| Perdoceo Education Corp.  | 5765 | &nbsp;&nbsp; 188458 |
| Strategic Education, Inc.  | 8995 | &nbsp;&nbsp; 765744 |
|  |  | &nbsp;&nbsp; 3531883 |
| **Diversified REITs — 1.7%** | **Diversified REITs — 1.7%** | **Diversified REITs — 1.7%** |
| Alexander & Baldwin, Inc.  | 78234 | &nbsp;&nbsp; 1394912 |
| American Assets Trust, Inc.  | 19833 | &nbsp;&nbsp; 391702 |
| Armada Hoffler Properties, Inc.  | 16670 | &nbsp;&nbsp; 114523 |
| Broadstone Net Lease, Inc.  | 121929 | &nbsp;&nbsp; 1956961 |
| Essential Properties Realty Trust, Inc.  | 49173 | &nbsp;&nbsp; 1569110 |
|  |  | &nbsp;&nbsp; 5427208 |

---

*See accompanying notes to financial statements.*

**BHFTI-303**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| Lumen Technologies, Inc. (a) | 352842 | &nbsp;&nbsp; $1545448 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| Genie Energy Ltd. - Class B | 13457 | &nbsp;&nbsp; 361724 |
| IDACORP, Inc.  | 13105 | &nbsp;&nbsp; 1512972 |
| Otter Tail Corp.  | 3769 | &nbsp;&nbsp; 290552 |
| Portland General Electric Co.  | 47698 | &nbsp;&nbsp; 1937970 |
|  |  | &nbsp;&nbsp; 4103218 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| Atkore, Inc.  | 19209 | &nbsp;&nbsp; 1355195 |
| EnerSys | 17177 | &nbsp;&nbsp; 1473271 |
| Sunrun, Inc. (a) (b) | 22064 | &nbsp;&nbsp; 180484 |
| Thermon Group Holdings, Inc. (a) | 13805 | &nbsp;&nbsp; 387644 |
|  |  | &nbsp;&nbsp; 3396594 |
| **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** |
| Benchmark Electronics, Inc.  | 18483 | &nbsp;&nbsp; 717695 |
| CTS Corp.  | 3575 | &nbsp;&nbsp; 152331 |
| Daktronics, Inc. (a) (b) | 38726 | &nbsp;&nbsp; 585537 |
| Knowles Corp. (a) | 100334 | &nbsp;&nbsp; 1767885 |
| Mirion Technologies, Inc. (a) (b) | 58576 | &nbsp;&nbsp; 1261141 |
| nLight, Inc. (a) | 48115 | &nbsp;&nbsp; 946903 |
| Plexus Corp. (a) | 4994 | &nbsp;&nbsp; 675738 |
| Sanmina Corp. (a) | 27910 | &nbsp;&nbsp; 2730435 |
| TTM Technologies, Inc. (a) | 43631 | &nbsp;&nbsp; 1781018 |
| Vishay Intertechnology, Inc.  | 30512 | &nbsp;&nbsp; 484531 |
| Vishay Precision Group, Inc. (a) (b) | 20978 | &nbsp;&nbsp; 589482 |
|  |  | &nbsp;&nbsp; 11692696 |
| **Energy Equipment & Services — 1.9%** | **Energy Equipment & Services — 1.9%** | **Energy Equipment & Services — 1.9%** |
| Bristow Group, Inc. (a) | 20173 | &nbsp;&nbsp; 665104 |
| DMC Global, Inc. (a) | 15089 | &nbsp;&nbsp; 121617 |
| Expro Group Holdings NV (a) | 22679 | &nbsp;&nbsp; 194813 |
| Forum Energy Technologies, Inc. (a) | 15337 | &nbsp;&nbsp; 298611 |
| Helix Energy Solutions Group, Inc. (a) | 16297 | &nbsp;&nbsp; 101693 |
| Helmerich & Payne, Inc.  | 17907 | &nbsp;&nbsp; 271470 |
| Liberty Energy, Inc.  | 104679 | &nbsp;&nbsp; 1201715 |
| Mammoth Energy Services, Inc. (a) | 29398 | &nbsp;&nbsp; 82314 |
| Noble Corp. PLC (b) | 11411 | &nbsp;&nbsp; 302962 |
| Oil States International, Inc. (a) | 90779 | &nbsp;&nbsp; 486576 |
| Patterson-UTI Energy, Inc.  | 116347 | &nbsp;&nbsp; 689938 |
| ProPetro Holding Corp. (a) | 85086 | &nbsp;&nbsp; 507964 |
| Ranger Energy Services, Inc. - Class A | 38482 | &nbsp;&nbsp; 459475 |
| Select Water Solutions, Inc.  | 69977 | &nbsp;&nbsp; 604601 |
|  |  | &nbsp;&nbsp; 5988853 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| AMC Entertainment Holdings, Inc. - Class A (a) | 137483 | &nbsp;&nbsp; 426198 |
| Cinemark Holdings, Inc.  | 5685 | &nbsp;&nbsp; 171573 |
|  |  | &nbsp;&nbsp; 597771 |
| **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** |
| Banco Latinoamericano de Comercio Exterior SA | 14861 | &nbsp;&nbsp; 598898 |
| Burford Capital Ltd.  | 61266 | &nbsp;&nbsp; 873653 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Financial Services—(Continued)** | **Financial Services—(Continued)** | **Financial Services—(Continued)** |
| Compass Diversified Holdings | 16254 | &nbsp;&nbsp; $102075 |
| Enact Holdings, Inc.  | 24153 | &nbsp;&nbsp; 897284 |
| Essent Group Ltd.  | 35293 | &nbsp;&nbsp; 2143344 |
| HA Sustainable Infrastructure Capital, Inc. (b) | 34070 | &nbsp;&nbsp; 915120 |
| Jackson Financial, Inc. - Class A | 24490 | &nbsp;&nbsp; 2174467 |
| Merchants Bancorp | 18897 | &nbsp;&nbsp; 624924 |
| Mr. Cooper Group, Inc. (a) | 5729 | &nbsp;&nbsp; 854824 |
| NMI Holdings, Inc. (a) | 31865 | &nbsp;&nbsp; 1344385 |
| PennyMac Financial Services, Inc.  | 9648 | &nbsp;&nbsp; 961327 |
| Radian Group, Inc.  | 25717 | &nbsp;&nbsp; 926326 |
|  |  | &nbsp;&nbsp; 12416627 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Cal-Maine Foods, Inc.  | 3326 | &nbsp;&nbsp; 331369 |
| Dole PLC | 69369 | &nbsp;&nbsp; 970472 |
| Fresh Del Monte Produce, Inc.  | 14678 | &nbsp;&nbsp; 475861 |
| TreeHouse Foods, Inc. (a) | 13214 | &nbsp;&nbsp; 256616 |
| Utz Brands, Inc.  | 22833 | &nbsp;&nbsp; 286554 |
|  |  | &nbsp;&nbsp; 2320872 |
| **Gas Utilities — 1.9%** | **Gas Utilities — 1.9%** | **Gas Utilities — 1.9%** |
| Chesapeake Utilities Corp.  | 7475 | &nbsp;&nbsp; 898644 |
| New Jersey Resources Corp.  | 21363 | &nbsp;&nbsp; 957490 |
| Southwest Gas Holdings, Inc.  | 46096 | &nbsp;&nbsp; 3429081 |
| Spire, Inc.  | 9250 | &nbsp;&nbsp; 675158 |
|  |  | &nbsp;&nbsp; 5960373 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| ArcBest Corp.  | 8729 | &nbsp;&nbsp; 672220 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| Alphatec Holdings, Inc. (a) | 65140 | &nbsp;&nbsp; 723054 |
| Embecta Corp.  | 11735 | &nbsp;&nbsp; 113712 |
| ICU Medical, Inc. (a) | 10082 | &nbsp;&nbsp; 1332336 |
| Integer Holdings Corp. (a) | 3601 | &nbsp;&nbsp; 442815 |
| Omnicell, Inc. (a) | 22419 | &nbsp;&nbsp; 659119 |
| OraSure Technologies, Inc. (a) | 59043 | &nbsp;&nbsp; 177129 |
|  |  | &nbsp;&nbsp; 3448165 |
| **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |
| Addus HomeCare Corp. (a) | 5588 | &nbsp;&nbsp; 643682 |
| Option Care Health, Inc. (a) | 61565 | &nbsp;&nbsp; 1999631 |
| Pediatrix Medical Group, Inc. (a) | 92950 | &nbsp;&nbsp; 1333832 |
|  |  | &nbsp;&nbsp; 3977145 |
| **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** |
| American Healthcare REIT, Inc.  | 6880 | &nbsp;&nbsp; 252771 |
| CareTrust REIT, Inc.  | 55475 | &nbsp;&nbsp; 1697535 |
| Community Healthcare Trust, Inc.  | 8077 | &nbsp;&nbsp; 134321 |
| Sabra Health Care REIT, Inc. (b) | 50973 | &nbsp;&nbsp; 939942 |
|  |  | &nbsp;&nbsp; 3024569 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Health Catalyst, Inc. (a) (b) | 44378 | &nbsp;&nbsp; 167305 |

---

*See accompanying notes to financial statements.*

**BHFTI-304**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotel & Resort REITs — 1.5%** | **Hotel & Resort REITs — 1.5%** | **Hotel & Resort REITs — 1.5%** |
| Chatham Lodging Trust | 110253 | &nbsp;&nbsp; $768463 |
| DiamondRock Hospitality Co.  | 147259 | &nbsp;&nbsp; 1128004 |
| RLJ Lodging Trust | 36954 | &nbsp;&nbsp; 269025 |
| Ryman Hospitality Properties, Inc.  | 11378 | &nbsp;&nbsp; 1122667 |
| Xenia Hotels & Resorts, Inc.  | 117406 | &nbsp;&nbsp; 1475794 |
|  |  | &nbsp;&nbsp; 4763953 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Biglari Holdings, Inc. - Class B (a) (b) | 2273 | &nbsp;&nbsp; 664193 |
| BJ's Restaurants, Inc. (a) | 8739 | &nbsp;&nbsp; 389759 |
| International Game Technology PLC | 69703 | &nbsp;&nbsp; 1102005 |
| Life Time Group Holdings, Inc. (a) | 24150 | &nbsp;&nbsp; 732470 |
| Marriott Vacations Worldwide Corp.  | 8659 | &nbsp;&nbsp; 626132 |
| Papa John's International, Inc.  | 8247 | &nbsp;&nbsp; 403608 |
| Portillo's, Inc. - Class A (a) (b) | 43377 | &nbsp;&nbsp; 506210 |
| Six Flags Entertainment Corp. (a) (b) | 5842 | &nbsp;&nbsp; 177772 |
| United Parks & Resorts, Inc. (a) (b) | 15968 | &nbsp;&nbsp; 752891 |
|  |  | &nbsp;&nbsp; 5355040 |
| **Household Durables — 2.1%** | **Household Durables — 2.1%** | **Household Durables — 2.1%** |
| Century Communities, Inc.  | 8015 | &nbsp;&nbsp; 451405 |
| Champion Homes, Inc. (a) | 3947 | &nbsp;&nbsp; 247122 |
| Green Brick Partners, Inc. (a) | 9569 | &nbsp;&nbsp; 601699 |
| KB Home | 14112 | &nbsp;&nbsp; 747512 |
| M/I Homes, Inc. (a) (b) | 9698 | &nbsp;&nbsp; 1087340 |
| Meritage Homes Corp.  | 15111 | &nbsp;&nbsp; 1011984 |
| Taylor Morrison Home Corp. (a) | 19502 | &nbsp;&nbsp; 1197813 |
| Tri Pointe Homes, Inc. (a) | 44389 | &nbsp;&nbsp; 1418228 |
|  |  | &nbsp;&nbsp; 6763103 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Central Garden & Pet Co. (Non-Voting Shares) - Class A (a) | 25546 | &nbsp;&nbsp; 799334 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Clearway Energy, Inc. - Class A | 21507 | &nbsp;&nbsp; 650802 |
| Clearway Energy, Inc. - Class C | 4630 | &nbsp;&nbsp; 148160 |
|  |  | &nbsp;&nbsp; 798962 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| LXP Industrial Trust | 153374 | &nbsp;&nbsp; 1266869 |
| Plymouth Industrial REIT, Inc.  | 38047 | &nbsp;&nbsp; 611035 |
|  |  | &nbsp;&nbsp; 1877904 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| CNO Financial Group, Inc.  | 46328 | &nbsp;&nbsp; 1787334 |
| Fidelis Insurance Holdings Ltd.  | 39816 | &nbsp;&nbsp; 660149 |
| Hamilton Insurance Group Ltd. - Class B (a) | 31668 | &nbsp;&nbsp; 684662 |
| Heritage Insurance Holdings, Inc. (a) | 5461 | &nbsp;&nbsp; 136198 |
| Oscar Health, Inc. - Class A (a) | 13797 | &nbsp;&nbsp; 295808 |
| RLI Corp.  | 5546 | &nbsp;&nbsp; 400532 |
| Safety Insurance Group, Inc.  | 7203 | &nbsp;&nbsp; 571846 |
| Selective Insurance Group, Inc.  | 2288 | &nbsp;&nbsp; 198255 |
|  |  | &nbsp;&nbsp; 4734784 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Cars.com, Inc. (a) | 19926 | &nbsp;&nbsp; $236123 |
| QuinStreet, Inc. (a) | 5573 | &nbsp;&nbsp; 89725 |
| Shutterstock, Inc.  | 4316 | &nbsp;&nbsp; 81832 |
|  |  | &nbsp;&nbsp; 407680 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| ASGN, Inc. (a) | 21953 | &nbsp;&nbsp; 1096113 |
| BigBear.ai Holdings, Inc. (a) (b) | 173130 | &nbsp;&nbsp; 1175553 |
| Unisys Corp. (a) | 99230 | &nbsp;&nbsp; 449512 |
|  |  | &nbsp;&nbsp; 2721178 |
| **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| Funko, Inc. - Class A (a) | 68451 | &nbsp;&nbsp; 325827 |
| Peloton Interactive, Inc. - Class A (a) | 148757 | &nbsp;&nbsp; 1032373 |
|  |  | &nbsp;&nbsp; 1358200 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Adaptive Biotechnologies Corp. (a) | 42143 | &nbsp;&nbsp; 490966 |
| Cytek Biosciences, Inc. (a) (b) | 57340 | &nbsp;&nbsp; 194956 |
|  |  | &nbsp;&nbsp; 685922 |
| **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
| Blue Bird Corp. (a) | 10991 | &nbsp;&nbsp; 474372 |
| Hillenbrand, Inc.  | 19652 | &nbsp;&nbsp; 394416 |
| Hillman Solutions Corp. (a) | 81910 | &nbsp;&nbsp; 584837 |
| Kennametal, Inc.  | 28137 | &nbsp;&nbsp; 646026 |
| Mueller Industries, Inc.  | 14737 | &nbsp;&nbsp; 1171149 |
| Terex Corp.  | 15771 | &nbsp;&nbsp; 736348 |
| Titan International, Inc. (a) | 41871 | &nbsp;&nbsp; 430015 |
|  |  | &nbsp;&nbsp; 4437163 |
| **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** |
| Costamare Bulkers Holdings Ltd. (a) | 4817 | &nbsp;&nbsp; 41763 |
| Costamare, Inc.  | 89805 | &nbsp;&nbsp; 818124 |
| Matson, Inc.  | 14818 | &nbsp;&nbsp; 1649984 |
| Safe Bulkers, Inc.  | 42192 | &nbsp;&nbsp; 152313 |
|  |  | &nbsp;&nbsp; 2662184 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| AMC Networks, Inc. - Class A (a) | 18116 | &nbsp;&nbsp; 113587 |
| Gray Media, Inc.  | 34357 | &nbsp;&nbsp; 155637 |
| John Wiley & Sons, Inc. - Class A | 21104 | &nbsp;&nbsp; 941872 |
| Magnite, Inc. (a) (b) | 54305 | &nbsp;&nbsp; 1309837 |
| Scholastic Corp.  | 23550 | &nbsp;&nbsp; 494079 |
| Stagwell, Inc. (a) | 91208 | &nbsp;&nbsp; 410436 |
|  |  | &nbsp;&nbsp; 3425448 |
| **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** |
| Coeur Mining, Inc. (a) | 163080 | &nbsp;&nbsp; 1444889 |
| Commercial Metals Co.  | 41441 | &nbsp;&nbsp; 2026879 |
| Constellium SE (a) | 107274 | &nbsp;&nbsp; 1426744 |
| Hecla Mining Co.  | 165557 | &nbsp;&nbsp; 991687 |
| SSR Mining, Inc. (a) | 39107 | &nbsp;&nbsp; 498223 |
| SunCoke Energy, Inc.  | 22213 | &nbsp;&nbsp; 190810 |

---

*See accompanying notes to financial statements.*

**BHFTI-305**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** | **Metals & Mining—(Continued)** |
| Warrior Met Coal, Inc.  | 17298 | &nbsp;&nbsp; $792767 |
|  |  | &nbsp;&nbsp; 7371999 |
| **Mortgage Real Estate Investment Trusts — 1.5%** | **Mortgage Real Estate Investment Trusts — 1.5%** | **Mortgage Real Estate Investment Trusts — 1.5%** |
| BrightSpire Capital, Inc.  | 164743 | &nbsp;&nbsp; 831952 |
| KKR Real Estate Finance Trust, Inc.  | 57571 | &nbsp;&nbsp; 504898 |
| Ladder Capital Corp.  | 210568 | &nbsp;&nbsp; 2263606 |
| MFA Financial, Inc.  | 25790 | &nbsp;&nbsp; 243973 |
| New York Mortgage Trust, Inc. (b) | 44480 | &nbsp;&nbsp; 298016 |
| Redwood Trust, Inc. (b) | 33814 | &nbsp;&nbsp; 199841 |
| TPG RE Finance Trust, Inc.  | 55043 | &nbsp;&nbsp; 424932 |
|  |  | &nbsp;&nbsp; 4767218 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| Avista Corp.  | 4635 | &nbsp;&nbsp; 175898 |
| Black Hills Corp.  | 15395 | &nbsp;&nbsp; 863660 |
| Northwestern Energy Group, Inc.  | 8499 | &nbsp;&nbsp; 435999 |
| Unitil Corp.  | 33256 | &nbsp;&nbsp; 1734300 |
|  |  | &nbsp;&nbsp; 3209857 |
| **Office REITs — 1.6%** | **Office REITs — 1.6%** | **Office REITs — 1.6%** |
| City Office REIT, Inc.  | 18756 | &nbsp;&nbsp; 100157 |
| COPT Defense Properties | 76697 | &nbsp;&nbsp; 2115303 |
| Empire State Realty Trust, Inc. - Class A | 100687 | &nbsp;&nbsp; 814558 |
| Paramount Group, Inc. (a) | 45201 | &nbsp;&nbsp; 275726 |
| Piedmont Realty Trust, Inc. - Class A | 114428 | &nbsp;&nbsp; 834180 |
| SL Green Realty Corp. (b) | 17653 | &nbsp;&nbsp; 1092721 |
|  |  | &nbsp;&nbsp; 5232645 |
| **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** |
| Chord Energy Corp.  | 4595 | &nbsp;&nbsp; 445026 |
| CNX Resources Corp. (a) (b) | 8968 | &nbsp;&nbsp; 302042 |
| Core Natural Resources, Inc.  | 7406 | &nbsp;&nbsp; 516494 |
| CVR Energy, Inc.  | 18767 | &nbsp;&nbsp; 503894 |
| Excelerate Energy, Inc. - Class A | 21408 | &nbsp;&nbsp; 627683 |
| Gulfport Energy Corp. (a) | 6489 | &nbsp;&nbsp; 1305392 |
| International Seaways, Inc. (b) | 12745 | &nbsp;&nbsp; 464938 |
| Matador Resources Co.  | 23224 | &nbsp;&nbsp; 1108249 |
| Murphy Oil Corp.  | 41933 | &nbsp;&nbsp; 943493 |
| Ovintiv, Inc.  | 19763 | &nbsp;&nbsp; 751982 |
| Par Pacific Holdings, Inc. (a) | 15319 | &nbsp;&nbsp; 406413 |
| PBF Energy, Inc. - Class A | 7783 | &nbsp;&nbsp; 168658 |
| Peabody Energy Corp.  | 85175 | &nbsp;&nbsp; 1143048 |
| Permian Resources Corp.  | 71344 | &nbsp;&nbsp; 971705 |
| Scorpio Tankers, Inc. (b) | 5151 | &nbsp;&nbsp; 201559 |
| SM Energy Co.  | 27758 | &nbsp;&nbsp; 685900 |
| Teekay Corp. Ltd.  | 78608 | &nbsp;&nbsp; 648516 |
| Teekay Tankers Ltd. - Class A | 41685 | &nbsp;&nbsp; 1739098 |
| Uranium Energy Corp. (a) (b) | 56320 | &nbsp;&nbsp; 382976 |
| World Kinect Corp. (b) | 24879 | &nbsp;&nbsp; 705320 |
|  |  | &nbsp;&nbsp; 14022386 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| SkyWest, Inc. (a) | 13815 | &nbsp;&nbsp; 1422531 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| BellRing Brands, Inc. (a) | 3812 | &nbsp;&nbsp; $220829 |
| Nature's Sunshine Products, Inc. (a) | 20686 | &nbsp;&nbsp; 305946 |
|  |  | &nbsp;&nbsp; 526775 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| Alumis, Inc. (a) | 44098 | &nbsp;&nbsp; 132294 |
| Amneal Pharmaceuticals, Inc. (a) | 155554 | &nbsp;&nbsp; 1258432 |
| ANI Pharmaceuticals, Inc. (a) | 13589 | &nbsp;&nbsp; 886682 |
| Atea Pharmaceuticals, Inc. (a) | 48522 | &nbsp;&nbsp; 174679 |
| Indivior PLC (a) | 53743 | &nbsp;&nbsp; 792172 |
| Prestige Consumer Healthcare, Inc. (a) | 11603 | &nbsp;&nbsp; 926500 |
| WaVe Life Sciences Ltd. (a) | 61203 | &nbsp;&nbsp; 397819 |
|  |  | &nbsp;&nbsp; 4568578 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| Alight, Inc. - Class A | 24464 | &nbsp;&nbsp; 138466 |
| Barrett Business Services, Inc.  | 18044 | &nbsp;&nbsp; 752254 |
| Heidrick & Struggles International, Inc.  | 11600 | &nbsp;&nbsp; 530816 |
| IBEX Holdings Ltd. (a) | 10874 | &nbsp;&nbsp; 316434 |
| Korn Ferry | 4021 | &nbsp;&nbsp; 294860 |
|  |  | &nbsp;&nbsp; 2032830 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Cushman & Wakefield PLC (a) | 44016 | &nbsp;&nbsp; 487257 |
| Newmark Group, Inc. - Class A | 47578 | &nbsp;&nbsp; 578073 |
|  |  | &nbsp;&nbsp; 1065330 |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| Independence Realty Trust, Inc. (b) | 62816 | &nbsp;&nbsp; 1111215 |
| UMH Properties, Inc.  | 11306 | &nbsp;&nbsp; 189828 |
| Veris Residential, Inc.  | 19152 | &nbsp;&nbsp; 285173 |
|  |  | &nbsp;&nbsp; 1586216 |
| **Retail REITs — 1.7%** | **Retail REITs — 1.7%** | **Retail REITs — 1.7%** |
| Agree Realty Corp. (b) | 1807 | &nbsp;&nbsp; 132020 |
| Curbline Properties Corp.  | 37139 | &nbsp;&nbsp; 847883 |
| InvenTrust Properties Corp.  | 31562 | &nbsp;&nbsp; 864799 |
| Kite Realty Group Trust (b) | 69197 | &nbsp;&nbsp; 1567312 |
| Macerich Co.  | 28406 | &nbsp;&nbsp; 459609 |
| Phillips Edison & Co., Inc.  | 46867 | &nbsp;&nbsp; 1641751 |
|  |  | &nbsp;&nbsp; 5513374 |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| Ambarella, Inc. (a) | 5572 | &nbsp;&nbsp; 368114 |
| Ichor Holdings Ltd. (a) | 54561 | &nbsp;&nbsp; 1071578 |
| Navitas Semiconductor Corp. (a) | 87761 | &nbsp;&nbsp; 574835 |
| Rigetti Computing, Inc. (a) (b) | 57615 | &nbsp;&nbsp; 683314 |
| Synaptics, Inc. (a) | 3504 | &nbsp;&nbsp; 227129 |
|  |  | &nbsp;&nbsp; 2924970 |
| **Software — 2.9%** | **Software — 2.9%** | **Software — 2.9%** |
| Adeia, Inc.  | 70263 | &nbsp;&nbsp; 993519 |
| Aurora Innovation, Inc. (a) | 27516 | &nbsp;&nbsp; 144184 |
| Cerence, Inc. (a) | 17032 | &nbsp;&nbsp; 173897 |
| Consensus Cloud Solutions, Inc. (a) | 14941 | &nbsp;&nbsp; 344539 |

---

*See accompanying notes to financial statements.*

**BHFTI-306**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Digital Turbine, Inc. (a) | 49303 | &nbsp;&nbsp; $290888 |
| D-Wave Quantum, Inc. (a) (b) | 35059 | &nbsp;&nbsp; 513264 |
| Hut 8 Corp. (a) (b) | 59022 | &nbsp;&nbsp; 1097809 |
| LiveRamp Holdings, Inc. (a) | 43237 | &nbsp;&nbsp; 1428550 |
| MARA Holdings, Inc. (a) (b) | 51435 | &nbsp;&nbsp; 806501 |
| ON24, Inc. (a) | 68317 | &nbsp;&nbsp; 370961 |
| OneSpan, Inc.  | 40917 | &nbsp;&nbsp; 682905 |
| Riot Platforms, Inc. (a) (b) | 96308 | &nbsp;&nbsp; 1088280 |
| Verint Systems, Inc. (a) | 24346 | &nbsp;&nbsp; 478886 |
| Xperi, Inc. (a) | 101504 | &nbsp;&nbsp; 802897 |
|  |  | &nbsp;&nbsp; 9217080 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| Outfront Media, Inc.  | 19262 | &nbsp;&nbsp; 314356 |
| PotlatchDeltic Corp.  | 64330 | &nbsp;&nbsp; 2468342 |
|  |  | &nbsp;&nbsp; 2782698 |
| **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** |
| Academy Sports & Outdoors, Inc.  | 7177 | &nbsp;&nbsp; 321601 |
| Advance Auto Parts, Inc.  | 12918 | &nbsp;&nbsp; 600558 |
| American Eagle Outfitters, Inc.  | 55357 | &nbsp;&nbsp; 532534 |
| Arko Corp.  | 73888 | &nbsp;&nbsp; 312546 |
| Asbury Automotive Group, Inc. (a) | 6093 | &nbsp;&nbsp; 1453424 |
| EVgo, Inc. (a) (b) | 84558 | &nbsp;&nbsp; 308637 |
| Group 1 Automotive, Inc.  | 2359 | &nbsp;&nbsp; 1030199 |
| National Vision Holdings, Inc. (a) | 34498 | &nbsp;&nbsp; 793799 |
| RealReal, Inc. (a) | 94607 | &nbsp;&nbsp; 453168 |
| Signet Jewelers Ltd.  | 10588 | &nbsp;&nbsp; 842275 |
| Sonic Automotive, Inc. - Class A | 8779 | &nbsp;&nbsp; 701705 |
| Urban Outfitters, Inc. (a) | 16881 | &nbsp;&nbsp; 1224548 |
| Victoria's Secret & Co. (a) | 34084 | &nbsp;&nbsp; 631236 |
|  |  | &nbsp;&nbsp; 9206230 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| Immersion Corp. (b) | 9587 | &nbsp;&nbsp; 75546 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| Capri Holdings Ltd. (a) | 90053 | &nbsp;&nbsp; 1593938 |
| G-III Apparel Group Ltd. (a) | 31116 | &nbsp;&nbsp; 696999 |
|  |  | &nbsp;&nbsp; 2290937 |
| **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** |
| BlueLinx Holdings, Inc. (a) | 3528 | &nbsp;&nbsp; 262413 |
| Boise Cascade Co.  | 9915 | &nbsp;&nbsp; 860820 |
| DNOW, Inc. (a) | 84652 | &nbsp;&nbsp; 1255389 |
| GATX Corp.  | 3944 | &nbsp;&nbsp; 605641 |
| Hudson Technologies, Inc. (a) | 18967 | &nbsp;&nbsp; 154012 |
| MRC Global, Inc. (a) | 61541 | &nbsp;&nbsp; 843727 |
| Rush Enterprises, Inc. - Class A | 23415 | &nbsp;&nbsp; 1206107 |
| WESCO International, Inc.  | 7043 | &nbsp;&nbsp; 1304363 |
|  |  | &nbsp;&nbsp; 6492472 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| American States Water Co.  | 6225 | &nbsp;&nbsp; 477209 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Water Utilities—(Continued)** | **Water Utilities—(Continued)** | **Water Utilities—(Continued)** |
| Consolidated Water Co. Ltd.  | 63764 | &nbsp;&nbsp; $1914195 |
|  |  | &nbsp;&nbsp; 2391404 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Spok Holdings, Inc.  | 14169 | &nbsp;&nbsp; 250508 |
| Telephone & Data Systems, Inc.  | 11254 | &nbsp;&nbsp; 400417 |
|  |  | &nbsp;&nbsp; 650925 |
| Total Common Stocks <br>(Cost $298,477,644) <br>|  | &nbsp;&nbsp; 309794531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—5.6%** | **Short-Term Investments—5.6%** | **Short-Term Investments—5.6%** |
| **Repurchase Agreement—5.6%** | **Repurchase Agreement—5.6%** | **Repurchase Agreement—5.6%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $17,885,404; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with a <br> market value of $18,241,585<br>| 17883789 | &nbsp;&nbsp; 17883789 |
| Total Short-Term Investments <br>(Cost $17,883,789) <br>|  | &nbsp;&nbsp; 17883789 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—2.3%** | **Securities Lending Reinvestments (c)—2.3%** | **Securities Lending Reinvestments (c)—2.3%** |
| **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** | **Short-Term Investment Funds—0.3%** |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class, 4.270% (d)<br>| 800000 | &nbsp;&nbsp; 800000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—2.0%** | **Repurchase Agreements—2.0%** | **Repurchase Agreements—2.0%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,074<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $1,000,121; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,400,170; collateralized <br> by U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $1,428,174<br>| 1400000 | &nbsp;&nbsp; 1400000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $132,626; collateralized by <br> U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $135,262<br>| 132610 | &nbsp;&nbsp; 132610 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-307**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $1,000,123; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,112,619<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $1,000,123; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,135<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 6532610 |
| Total Securities Lending Reinvestments <br>(Cost $7,332,610) <br>|  | &nbsp;&nbsp; 7332610 |
| Total Investments—104.8% <br>(Cost $323,694,043) <br>|  | &nbsp;&nbsp; 335010930 |
| Other assets and liabilities (net)—(4.8)%  |  | &nbsp;&nbsp; (15221715)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $319789215 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $11,581,430 and the collateral received consisted of cash in the amount of <br> $7,332,610 and non-cash collateral with a value of $4,277,403. The cash collateral investments <br> are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (d) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $142529344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $133593266 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(7332610)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7332610)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(7332610)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 91 | USD | 9972235 | &nbsp;&nbsp; $33384 |

---

*See accompanying notes to financial statements.*

**BHFTI-308**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $33384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $(1146039)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $592563 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $8653750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $309794531 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $309794531 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 17883789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17883789 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 800000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 6532610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6532610 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 6532610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7332610 |
| Total Investments | &nbsp;&nbsp; $310594531 | &nbsp;&nbsp; $24416399 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $335010930 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7332610)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7332610)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $33384 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-309**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $335010930 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 1575000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 3572237 |
| Fund shares sold | &nbsp;&nbsp; 85874 |
| Dividends and interest | &nbsp;&nbsp; 523578 |
| Variation margin on futures contracts | &nbsp;&nbsp; 26023 |
| Prepaid expenses | &nbsp;&nbsp; 2429 |
| Total Assets | &nbsp;&nbsp; 340796071 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 7332610 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 13017580 |
| Fund shares redeemed | &nbsp;&nbsp; 99866 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 174236 |
| Distribution and service fees | &nbsp;&nbsp; 4122 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 154341 |
| Total Liabilities | &nbsp;&nbsp; 21006856 |
| **Net Assets**  | &nbsp;&nbsp; $319789215 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $295865679 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 23923536 |
| **Net Assets**  | &nbsp;&nbsp; $319789215 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $299247942 |
| Class B | &nbsp;&nbsp; 20541273 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 28994294 |
| Class B | &nbsp;&nbsp; 2031497 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.32 |
| Class B | 10.11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $323,694,043.

(b) Includes securities loaned at value of $11,581,430.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $3216588 |
| Interest | &nbsp;&nbsp; 150545 |
| Securities lending income | &nbsp;&nbsp; 57967 |
| Total investment income | &nbsp;&nbsp; 3425100 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1195208 |
| Administration fees | &nbsp;&nbsp; 16601 |
| Custodian and accounting fees | &nbsp;&nbsp; 27706 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 25072 |
| Audit and tax services | &nbsp;&nbsp; 33834 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 13379 |
| Insurance | &nbsp;&nbsp; 1511 |
| Miscellaneous | &nbsp;&nbsp; 6335 |
| Total expenses | &nbsp;&nbsp; 1362403 |
| Less management fee waiver | &nbsp;&nbsp; (152621)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (28050)<br>|
| Net expenses | &nbsp;&nbsp; 1181732 |
| **Net Investment Income** | &nbsp;&nbsp; 2243368 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 13094945 |
| Futures contracts | &nbsp;&nbsp; (1146039)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (592)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 11948314 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (24263728)<br>|
| Futures contracts | &nbsp;&nbsp; 592563 |
| Foreign currency transactions | &nbsp;&nbsp; 609 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (23670556)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (11722242)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(9478874)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $4,632.

*See accompanying notes to financial statements.*

**BHFTI-310**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2243368 | &nbsp;&nbsp; $3859279 |
| Net realized gain (loss) | &nbsp;&nbsp; 11948314 | &nbsp;&nbsp; 49494787 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (23670556)<br>| &nbsp;&nbsp; (16856632)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (9478874)<br>| &nbsp;&nbsp; 36497434 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (35513490)<br>| &nbsp;&nbsp; (5950724)<br>|
| Class B | &nbsp;&nbsp; (2451254)<br>| &nbsp;&nbsp; (351628)<br>|
| **Total distributions** | &nbsp;&nbsp; (37964744)<br>| &nbsp;&nbsp; (6302352)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 45188579 | &nbsp;&nbsp; (100336375)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (2255039)<br>| &nbsp;&nbsp; (70141293)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 322044254 | &nbsp;&nbsp; 392185547 |
| End of period | &nbsp;&nbsp; $319789215 | &nbsp;&nbsp; $322044254 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 985137 | &nbsp;&nbsp; $10945098 | &nbsp;&nbsp; 234536 | &nbsp;&nbsp; $2716856 |
| Reinvestments | &nbsp;&nbsp; 3498866 | &nbsp;&nbsp; 35513490 | &nbsp;&nbsp; 523371 | &nbsp;&nbsp; 5950724 |
| Redemptions | &nbsp;&nbsp; (307144)<br>| &nbsp;&nbsp; (3530021)<br>| &nbsp;&nbsp; (8537182)<br>| &nbsp;&nbsp; (104409796)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 4176859 | &nbsp;&nbsp; $42928567 | &nbsp;&nbsp; (7779275)<br>| &nbsp;&nbsp; $(95742216)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 133278 | &nbsp;&nbsp; $1462938 | &nbsp;&nbsp; 94614 | &nbsp;&nbsp; $1105619 |
| Reinvestments | &nbsp;&nbsp; 246605 | &nbsp;&nbsp; 2451254 | &nbsp;&nbsp; 31508 | &nbsp;&nbsp; 351628 |
| Redemptions | &nbsp;&nbsp; (148847)<br>| &nbsp;&nbsp; (1654180)<br>| &nbsp;&nbsp; (519950)<br>| &nbsp;&nbsp; (6051406)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 231036 | &nbsp;&nbsp; $2260012 | &nbsp;&nbsp; (393828)<br>| &nbsp;&nbsp; $(4594159)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $45188579 |  | &nbsp;&nbsp; $(100336375)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-311**

------

**Brighthouse Funds Trust I**

**JPMorgan Small Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.11 | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $20.02 | &nbsp;&nbsp; $15.60 | &nbsp;&nbsp; $14.89 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (5.99)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (6.20)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $12.11 | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $20.02 | &nbsp;&nbsp; $15.60 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (3.10 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;13.21 | &nbsp;&nbsp; (13.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;33.01 | &nbsp;&nbsp;&nbsp;&nbsp;6.34 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.88 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (e) | 0.78 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Ratio of net investment income (loss) to average net assets (%) | 1.49 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 44 <br>(c)<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 76 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $299.2 | &nbsp;&nbsp; $300.7 | &nbsp;&nbsp; $367.9 | &nbsp;&nbsp; $356.6 | &nbsp;&nbsp; $491.6 | &nbsp;&nbsp; $514.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $11.07 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $19.78 | &nbsp;&nbsp; $15.42 | &nbsp;&nbsp; $14.71 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (5.99)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (6.15)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.11 | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $11.07 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $19.78 | &nbsp;&nbsp; $15.42 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (3.26 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;12.94 | &nbsp;&nbsp; (13.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.13 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net ratio of expenses to average net assets (%) (e) | 1.03 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Ratio of net investment income (loss) to average net assets (%) | 1.23 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 44 <br>(c)<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 76 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $20.5 | &nbsp;&nbsp; $21.4 | &nbsp;&nbsp; $24.3 | &nbsp;&nbsp; $23.3 | &nbsp;&nbsp; $31.4 | &nbsp;&nbsp; $30.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-312**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—67.3% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks — 2.1%** | **Banks — 2.1%** | **Banks — 2.1%** |
| JPMorgan Chase & Co.  | 26700 | &nbsp;&nbsp; $7740597 |
| **Broadline Retail — 3.5%** | **Broadline Retail — 3.5%** | **Broadline Retail — 3.5%** |
| Amazon.com, Inc. (a) | 58681 | &nbsp;&nbsp; 12874025 |
| **Building Products — 1.9%** | **Building Products — 1.9%** | **Building Products — 1.9%** |
| Builders FirstSource, Inc. (a) | 20283 | &nbsp;&nbsp; 2366823 |
| Trane Technologies PLC | 10470 | &nbsp;&nbsp; 4579683 |
|  |  | &nbsp;&nbsp; 6946506 |
| **Capital Markets — 8.8%** | **Capital Markets — 8.8%** | **Capital Markets — 8.8%** |
| Blackrock, Inc.  | 8705 | &nbsp;&nbsp; 9133721 |
| Goldman Sachs Group, Inc.  | 9545 | &nbsp;&nbsp; 6755474 |
| London Stock Exchange Group PLC | 31384 | &nbsp;&nbsp; 4585788 |
| S&P Global, Inc.  | 23488 | &nbsp;&nbsp; 12384988 |
|  |  | &nbsp;&nbsp; 32859971 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| Linde PLC | 16580 | &nbsp;&nbsp; 7779004 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
| Costco Wholesale Corp.  | 7429 | &nbsp;&nbsp; 7354264 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| Schneider Electric SE | 17316 | &nbsp;&nbsp; 4617453 |
| **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** |
| Halma PLC | 155380 | &nbsp;&nbsp; 6826781 |
| **Financial Services — 3.1%** | **Financial Services — 3.1%** | **Financial Services — 3.1%** |
| Mastercard, Inc. - Class A | 20374 | &nbsp;&nbsp; 11448966 |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |
| UnitedHealth Group, Inc.  | 18461 | &nbsp;&nbsp; 5759278 |
| **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** |
| Airbnb, Inc. - Class A (a) | 54710 | &nbsp;&nbsp; 7240321 |
| Hilton Worldwide Holdings, Inc.  | 20956 | &nbsp;&nbsp; 5581421 |
|  |  | &nbsp;&nbsp; 12821742 |
| **Interactive Media & Services — 2.0%** | **Interactive Media & Services — 2.0%** | **Interactive Media & Services — 2.0%** |
| Alphabet, Inc. - Class A | 41808 | &nbsp;&nbsp; 7367824 |
| **IT Services — 3.7%** | **IT Services — 3.7%** | **IT Services — 3.7%** |
| CGI, Inc.  | 59100 | &nbsp;&nbsp; 6206639 |
| Nomura Research Institute Ltd.  | 183400 | &nbsp;&nbsp; 7369722 |
|  |  | &nbsp;&nbsp; 13576361 |
| **Life Sciences Tools & Services — 3.3%** | **Life Sciences Tools & Services — 3.3%** | **Life Sciences Tools & Services — 3.3%** |
| Danaher Corp.  | 25849 | &nbsp;&nbsp; 5106211 |
| Mettler-Toledo International, Inc. (a) | 6169 | &nbsp;&nbsp; 7246848 |
|  |  | &nbsp;&nbsp; 12353059 |
| **Machinery — 8.0%** | **Machinery — 8.0%** | **Machinery — 8.0%** |
| Allison Transmission Holdings, Inc.  | 70505 | &nbsp;&nbsp; 6697270 |
| Atlas Copco AB - A Shares | 468150 | &nbsp;&nbsp; 7583785 |
| Cummins, Inc.  | 19039 | &nbsp;&nbsp; 6235273 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Parker-Hannifin Corp.  | 13101 | &nbsp;&nbsp; $9150655 |
|  |  | &nbsp;&nbsp; 29666983 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| Diamondback Energy, Inc.  | 11146 | &nbsp;&nbsp; 1531460 |
| **Semiconductors & Semiconductor Equipment — 9.9%** | **Semiconductors & Semiconductor Equipment — 9.9%** | **Semiconductors & Semiconductor Equipment — 9.9%** |
| ASML Holding NV | 9675 | &nbsp;&nbsp; 7746263 |
| KLA Corp.  | 3191 | &nbsp;&nbsp; 2858306 |
| NVIDIA Corp.  | 102183 | &nbsp;&nbsp; 16143892 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 281000 | &nbsp;&nbsp; 10145788 |
|  |  | &nbsp;&nbsp; 36894249 |
| **Software — 3.9%** | **Software — 3.9%** | **Software — 3.9%** |
| Adobe, Inc. (a) | 8064 | &nbsp;&nbsp; 3119800 |
| Roper Technologies, Inc.  | 14721 | &nbsp;&nbsp; 8344452 |
| Salesforce, Inc.  | 10734 | &nbsp;&nbsp; 2927054 |
|  |  | &nbsp;&nbsp; 14391306 |
| **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** |
| Home Depot, Inc.  | 19668 | &nbsp;&nbsp; 7211076 |
| O'Reilly Automotive, Inc. (a) | 87657 | &nbsp;&nbsp; 7900525 |
|  |  | &nbsp;&nbsp; 15111601 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| LVMH Moet Hennessy Louis Vuitton SE | 4131 | &nbsp;&nbsp; 2166510 |
| Total Common Stocks <br>(Cost $175,819,362) <br>|  | &nbsp;&nbsp; 250087940 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—18.1%** | **Corporate Bonds & Notes—18.1%** | **Corporate Bonds & Notes—18.1%** |
| **Aerospace/Defense — 0.9%** | **Aerospace/Defense — 0.9%** | **Aerospace/Defense — 0.9%** |
| Boeing Co. |  |  |
| 3.625%, 02/01/31 (b) | 160000 | &nbsp;&nbsp; 150740 |
| 5.150%, 05/01/30 | 120000 | &nbsp;&nbsp; 122172 |
| 5.705%, 05/01/40 | 125000 | &nbsp;&nbsp; 123492 |
| 5.805%, 05/01/50 | 495000 | &nbsp;&nbsp; 474705 |
| 5.930%, 05/01/60 | 10000 | &nbsp;&nbsp; 9506 |
| 6.528%, 05/01/34 | 855000 | &nbsp;&nbsp; 928982 |
| 6.858%, 05/01/54 | 1190000 | &nbsp;&nbsp; 1302712 |
| 7.008%, 05/01/64 | 145000 | &nbsp;&nbsp; 159260 |
| TransDigm, Inc. |  |  |
| 6.750%, 08/15/28 (144A) | 30000 | &nbsp;&nbsp; 30634 |
|  |  | &nbsp;&nbsp; 3302203 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Air Canada Pass-Through Trust |  |  |
| 3.300%, 07/15/31 (144A) | 153456 | &nbsp;&nbsp; 143514 |
| 4.125%, 06/15/29 (144A) | 99007 | &nbsp;&nbsp; 95155 |
| American Airlines Pass-Through Trust |  |  |
| 3.750%, 04/15/27 | 84281 | &nbsp;&nbsp; 83700 |
| United Airlines Pass-Through Trust |  |  |
| 3.650%, 04/07/27 | 35764 | &nbsp;&nbsp; 35502 |
|  |  | &nbsp;&nbsp; 357871 |

---

*See accompanying notes to financial statements.*

**BHFTI-313**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| Allison Transmission, Inc. |  |  |
| 4.750%, 10/01/27 (144A) | 105000 | &nbsp;&nbsp; $104030 |
| Hyundai Capital America |  |  |
| 5.400%, 06/24/31 (144A) | 40000 | &nbsp;&nbsp; 40922 |
| 6.375%, 04/08/30 (144A) | 175000 | &nbsp;&nbsp; 185895 |
|  |  | &nbsp;&nbsp; 330847 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 1.600%, 09/15/28 (EUR) | 100000 | &nbsp;&nbsp; 114106 |
| ZF North America Capital, Inc. |  |  |
| 6.875%, 04/14/28 (144A) | 150000 | &nbsp;&nbsp; 150454 |
| 6.875%, 04/23/32 (144A) | 150000 | &nbsp;&nbsp; 138636 |
|  |  | &nbsp;&nbsp; 403196 |
| **Banks — 1.8%** | **Banks — 1.8%** | **Banks — 1.8%** |
| AIB Group PLC |  |  |
| 6.608%, SOFR + 2.330%, 09/13/29 (144A) (c) | 305000 | &nbsp;&nbsp; 322676 |
| Banco de Chile |  |  |
| 2.990%, 12/09/31 (144A) | 200000 | &nbsp;&nbsp; 178205 |
| Banco Santander Chile |  |  |
| 3.177%, 10/26/31 (144A) | 250000 | &nbsp;&nbsp; 227467 |
| Banco Santander SA |  |  |
| 1.722%, 1Y H15 + 0.900%, 09/14/27 (c) | 200000 | &nbsp;&nbsp; 193195 |
| 6.938%, 11/07/33 | 200000 | &nbsp;&nbsp; 225986 |
| Bank of America Corp. |  |  |
| 2.482%, 5Y H15 + 1.200%, 09/21/36 (c) | 162000 | &nbsp;&nbsp; 137271 |
| 3.846%, 5Y H15 + 2.000%, 03/08/37 (c) | 275000 | &nbsp;&nbsp; 251651 |
| CaixaBank SA |  |  |
| 6.208%, SOFR + 2.700%, 01/18/29 (144A) (c) | 210000 | &nbsp;&nbsp; 218253 |
| 6.250%, 5Y EUR Swap + 3.550%, 02/23/33 (EUR) (c) | 100000 | &nbsp;&nbsp; 126269 |
| Credit Agricole SA |  |  |
| 5.862%, SOFR + 1.740%, 01/09/36 (144A) (c) | 250000 | &nbsp;&nbsp; 259154 |
| Danske Bank AS |  |  |
| 4.750%, 1Y EUR Swap + 1.700%, 06/21/30 (EUR) (c) | 280000 | &nbsp;&nbsp; 352113 |
| Deutsche Bank AG |  |  |
| 2.552%, SOFR + 1.318%, 01/07/28 (c) | 170000 | &nbsp;&nbsp; 165117 |
| DNB Bank ASA |  |  |
| 1.535%, 1Y H15 + 0.720%, 05/25/27 (144A) (c) | 410000 | &nbsp;&nbsp; 399572 |
| ING Groep NV |  |  |
| 1.400%, 1Y H15 + 1.100%, 07/01/26 (144A) (c) | 205000 | &nbsp;&nbsp; 205000 |
| Intesa Sanpaolo SpA |  |  |
| 6.625%, 06/20/33 (144A) | 315000 | &nbsp;&nbsp; 342013 |
| JPMorgan Chase & Co. |  |  |
| 6.500%, 5Y H15 + 2.152%, 04/01/30 (b) (c) | 800000 | &nbsp;&nbsp; 826219 |
| Kookmin Bank |  |  |
| 1.375%, 05/06/26 (144A) | 315000 | &nbsp;&nbsp; 307438 |
| Morgan Stanley |  |  |
| 2.484%, SOFR + 1.360%, 09/16/36 (c) | 185000 | &nbsp;&nbsp; 157201 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.766%, 01/13/33 (b) | 200000 | &nbsp;&nbsp; 210382 |
| Swedbank AB |  |  |
| 6.136%, 09/12/26 (144A) | 200000 | &nbsp;&nbsp; 204250 |
| UBS Group AG |  |  |
| 3.091%, SOFR + 1.730%, 05/14/32 (144A) (c) | 510000 | &nbsp;&nbsp; 462959 |
| 9.016%, SOFR + 5.020%, 11/15/33 (144A) (c) | 250000 | &nbsp;&nbsp; 309095 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| UniCredit SpA |  |  |
| 7.296%, 5Y USD ICE Swap + 4.914%, 04/02/34 (144A) (c) | 325000 | &nbsp;&nbsp; $343765 |
| Westpac Banking Corp. |  |  |
| 1.953%, 11/20/28 (b) | 400000 | &nbsp;&nbsp; 373221 |
|  |  | &nbsp;&nbsp; 6798472 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Anheuser-Busch InBev SA |  |  |
| 3.700%, 04/02/40 (EUR) | 300000 | &nbsp;&nbsp; 346423 |
| Diageo Capital PLC |  |  |
| 2.125%, 04/29/32 | 200000 | &nbsp;&nbsp; 170476 |
|  |  | &nbsp;&nbsp; 516899 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Cemex SAB de CV |  |  |
| 3.875%, 07/11/31 (144A) | 315000 | &nbsp;&nbsp; 290391 |
| JH North America Holdings, Inc. |  |  |
| 5.875%, 01/31/31 (144A) | 75000 | &nbsp;&nbsp; 75655 |
| 6.125%, 07/31/32 (144A) | 105000 | &nbsp;&nbsp; 106743 |
| Quikrete Holdings, Inc. |  |  |
| 6.375%, 03/01/32 (144A) | 330000 | &nbsp;&nbsp; 339346 |
|  |  | &nbsp;&nbsp; 812135 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Albemarle Corp. |  |  |
| 5.050%, 06/01/32 (b) | 200000 | &nbsp;&nbsp; 192406 |
| Ashland, Inc. |  |  |
| 3.375%, 09/01/31 (144A) (b) | 55000 | &nbsp;&nbsp; 49009 |
| OCP SA |  |  |
| 6.750%, 05/02/34 (144A) | 450000 | &nbsp;&nbsp; 466106 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| 5.500%, 09/10/34 (144A) | 200000 | &nbsp;&nbsp; 194596 |
| 6.500%, 11/07/33 (144A) | 200000 | &nbsp;&nbsp; 212332 |
|  |  | &nbsp;&nbsp; 1114449 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Block, Inc. |  |  |
| 3.500%, 06/01/31 | 270000 | &nbsp;&nbsp; 247663 |
| TriNet Group, Inc. |  |  |
| 3.500%, 03/01/29 (144A) | 65000 | &nbsp;&nbsp; 61084 |
| United Rentals North America, Inc. |  |  |
| 3.750%, 01/15/32 | 20000 | &nbsp;&nbsp; 18371 |
| 6.125%, 03/15/34 (144A) | 140000 | &nbsp;&nbsp; 144203 |
|  |  | &nbsp;&nbsp; 471321 |
| **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
| Seagate Data Storage Tech |  |  |
| 9.625%, 12/01/32 | 7650 | &nbsp;&nbsp; 8625 |
| Seagate HDD Cayman |  |  |
| 4.091%, 06/01/29 (b) | 10000 | &nbsp;&nbsp; 9563 |
|  |  | &nbsp;&nbsp; 18188 |
| **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.300%, 01/30/32 | 260000 | &nbsp;&nbsp; 235557 |

---

*See accompanying notes to financial statements.*

**BHFTI-314**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Blue Owl Finance LLC |  |  |
| 6.250%, 04/18/34 | 175000 | &nbsp;&nbsp; $180067 |
| Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. |  |  |
| 2.340%, 01/30/32 (b) | 175000 | &nbsp;&nbsp; 148814 |
| Brookfield Finance, Inc. |  |  |
| 3.900%, 01/25/28 | 185000 | &nbsp;&nbsp; 182830 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.375%, 04/01/32 (144A) (b) | 65000 | &nbsp;&nbsp; 65701 |
| 9.125%, 05/15/31 (144A) | 35000 | &nbsp;&nbsp; 36077 |
| Jefferies Financial Group, Inc. |  |  |
| 6.200%, 04/14/34 (b) | 235000 | &nbsp;&nbsp; 245814 |
| Macquarie Airfinance Holdings Ltd. |  |  |
| 6.400%, 03/26/29 (144A) (b) | 10000 | &nbsp;&nbsp; 10440 |
| 6.500%, 03/26/31 (144A) | 15000 | &nbsp;&nbsp; 15875 |
| Nomura Holdings, Inc. |  |  |
| 2.710%, 01/22/29 | 245000 | &nbsp;&nbsp; 229642 |
| Power Finance Corp. Ltd. |  |  |
| 3.950%, 04/23/30 (144A) | 200000 | &nbsp;&nbsp; 191666 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |
| 3.625%, 03/01/29 | 550000 | &nbsp;&nbsp; 522643 |
| 3.625%, 03/01/29 (144A) | 365000 | &nbsp;&nbsp; 346845 |
| 3.875%, 03/01/31 (144A) (b) | 1330000 | &nbsp;&nbsp; 1232935 |
| 4.000%, 10/15/33 (144A) (b) | 370000 | &nbsp;&nbsp; 331027 |
|  |  | &nbsp;&nbsp; 3975933 |
| **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
| Colbun SA |  |  |
| 3.150%, 03/06/30 | 295000 | &nbsp;&nbsp; 272345 |
| EDP Finance BV |  |  |
| 1.710%, 01/24/28 (144A) | 205000 | &nbsp;&nbsp; 191786 |
| Electricite de France SA |  |  |
| 4.875%, 09/21/38 (144A) | 200000 | &nbsp;&nbsp; 184305 |
| Empresas Publicas de Medellin ESP |  |  |
| 4.250%, 07/18/29 (144A) | 200000 | &nbsp;&nbsp; 184132 |
| Enel Chile SA |  |  |
| 4.875%, 06/12/28 | 110000 | &nbsp;&nbsp; 110433 |
| Engie Energia Chile SA |  |  |
| 3.400%, 01/28/30 | 305000 | &nbsp;&nbsp; 283369 |
| 6.375%, 04/17/34 (144A) | 200000 | &nbsp;&nbsp; 207510 |
| Engie SA |  |  |
| 1.250%, 10/24/41 (EUR) | 200000 | &nbsp;&nbsp; 153229 |
| Israel Electric Corp. Ltd. |  |  |
| 3.750%, 02/22/32 (144A) | 200000 | &nbsp;&nbsp; 178750 |
| Naturgy Finance Iberia SA |  |  |
| 1.500%, 01/29/28 (EUR) | 200000 | &nbsp;&nbsp; 229733 |
| Orsted AS |  |  |
| 2.125%, 05/17/27 (GBP) | 215000 | &nbsp;&nbsp; 281858 |
|  |  | &nbsp;&nbsp; 2277450 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Sensata Technologies, Inc. |  |  |
| 3.750%, 02/15/31 (144A) | 215000 | &nbsp;&nbsp; 195977 |
| 4.375%, 02/15/30 (144A) | 80000 | &nbsp;&nbsp; 76377 |
| TD SYNNEX Corp. |  |  |
| 6.100%, 04/12/34 | 95000 | &nbsp;&nbsp; 99982 |
|  |  | &nbsp;&nbsp; 372336 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Cellnex Telecom SA |  |  |
| 1.750%, 10/23/30 (EUR) | 400000 | &nbsp;&nbsp; $438417 |
| TopBuild Corp. |  |  |
| 4.125%, 02/15/32 (144A) (b) | 40000 | &nbsp;&nbsp; 37092 |
|  |  | &nbsp;&nbsp; 475509 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Light & Wonder International, Inc. |  |  |
| 7.000%, 05/15/28 (144A) | 165000 | &nbsp;&nbsp; 165481 |
| 7.250%, 11/15/29 (144A) | 60000 | &nbsp;&nbsp; 61815 |
| 7.500%, 09/01/31 (144A) | 55000 | &nbsp;&nbsp; 57553 |
| Warnermedia Holdings, Inc. |  |  |
| 4.279%, 03/15/32 | 236000 | &nbsp;&nbsp; 198535 |
| 5.050%, 03/15/42 | 60000 | &nbsp;&nbsp; 40319 |
|  |  | &nbsp;&nbsp; 523703 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| GFL Environmental, Inc. |  |  |
| 4.375%, 08/15/29 (144A) | 65000 | &nbsp;&nbsp; 63117 |
| 6.750%, 01/15/31 (144A) | 25000 | &nbsp;&nbsp; 26161 |
|  |  | &nbsp;&nbsp; 89278 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| Fonterra Co-Operative Group Ltd. |  |  |
| 3.750%, 06/16/26 (AUD) | 400000 | &nbsp;&nbsp; 262699 |
| 4.000%, 11/02/27 (AUD) | 100000 | &nbsp;&nbsp; 65609 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 3.750%, 12/01/31 | 85000 | &nbsp;&nbsp; 79092 |
| 6.750%, 03/15/34 | 245000 | &nbsp;&nbsp; 267458 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.875%, 05/15/28 (144A) | 30000 | &nbsp;&nbsp; 29815 |
| Pilgrim's Pride Corp. |  |  |
| 3.500%, 03/01/32 | 125000 | &nbsp;&nbsp; 112532 |
| 4.250%, 04/15/31 | 40000 | &nbsp;&nbsp; 38565 |
| Post Holdings, Inc. |  |  |
| 4.500%, 09/15/31 (144A) | 135000 | &nbsp;&nbsp; 125308 |
|  |  | &nbsp;&nbsp; 981078 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Suzano Austria GmbH |  |  |
| 2.500%, 09/15/28 | 255000 | &nbsp;&nbsp; 237016 |
| 3.125%, 01/15/32 (b) | 125000 | &nbsp;&nbsp; 110158 |
| 3.750%, 01/15/31 | 60000 | &nbsp;&nbsp; 56169 |
|  |  | &nbsp;&nbsp; 403343 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.500%, 01/15/34 | 145000 | &nbsp;&nbsp; 145000 |
| 6.750%, 01/15/36 | 145000 | &nbsp;&nbsp; 145000 |
| 7.500%, 05/01/33 (144A) | 65000 | &nbsp;&nbsp; 69604 |
| 7.750%, 05/01/35 (144A) | 65000 | &nbsp;&nbsp; 70357 |
|  |  | &nbsp;&nbsp; 429961 |

---

*See accompanying notes to financial statements.*

**BHFTI-315**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Avantor Funding, Inc. |  |  |
| 4.625%, 07/15/28 (144A) | 60000 | &nbsp;&nbsp; $58918 |
| DH Europe Finance II SARL |  |  |
| 0.750%, 09/18/31 (EUR) | 140000 | &nbsp;&nbsp; 143858 |
| Hologic, Inc. |  |  |
| 3.250%, 02/15/29 (144A) (b) | 160000 | &nbsp;&nbsp; 152472 |
|  |  | &nbsp;&nbsp; 355248 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| Centene Corp. |  |  |
| 2.500%, 03/01/31 | 275000 | &nbsp;&nbsp; 236771 |
| 2.625%, 08/01/31 | 5000 | &nbsp;&nbsp; 4284 |
| 3.000%, 10/15/30 | 185000 | &nbsp;&nbsp; 165302 |
| HCA, Inc. |  |  |
| 5.125%, 06/15/39 | 350000 | &nbsp;&nbsp; 329168 |
| Molina Healthcare, Inc. |  |  |
| 3.875%, 11/15/30 (144A) | 40000 | &nbsp;&nbsp; 37164 |
| 3.875%, 05/15/32 (144A) (b) | 105000 | &nbsp;&nbsp; 95572 |
| 4.375%, 06/15/28 (144A) | 60000 | &nbsp;&nbsp; 58645 |
|  |  | &nbsp;&nbsp; 926906 |
| **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
| CK Hutchison International 19 Ltd. |  |  |
| 3.625%, 04/11/29 (144A) | 225000 | &nbsp;&nbsp; 218332 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Whirlpool Corp. |  |  |
| 6.125%, 06/15/30 | 25000 | &nbsp;&nbsp; 25220 |
| 6.500%, 06/15/33 | 30000 | &nbsp;&nbsp; 30096 |
|  |  | &nbsp;&nbsp; 55316 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
| Kimberly-Clark de Mexico SAB de CV |  |  |
| 2.431%, 07/01/31 | 200000 | &nbsp;&nbsp; 178583 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| AIA Group Ltd. |  |  |
| 3.600%, 04/09/29 | 200000 | &nbsp;&nbsp; 195178 |
| 3.900%, 04/06/28 (144A) | 260000 | &nbsp;&nbsp; 257766 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| 7.000%, 01/15/31 (144A) | 255000 | &nbsp;&nbsp; 263774 |
| Ryan Specialty LLC |  |  |
| 5.875%, 08/01/32 (144A) | 75000 | &nbsp;&nbsp; 75590 |
|  |  | &nbsp;&nbsp; 792308 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Alibaba Group Holding Ltd. |  |  |
| 3.400%, 12/06/27 (b) | 240000 | &nbsp;&nbsp; 235799 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |
| 3.500%, 03/01/29 (144A) | 5000 | &nbsp;&nbsp; 4725 |
| 5.250%, 12/01/27 (144A) | 85000 | &nbsp;&nbsp; 84884 |
|  |  | &nbsp;&nbsp; 325408 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| ArcelorMittal SA |  |  |
| 6.750%, 03/01/41 | 95000 | &nbsp;&nbsp; 100097 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Iron/Steel—(Continued)** | **Iron/Steel—(Continued)** | **Iron/Steel—(Continued)** |
| Mineral Resources Ltd. |  |  |
| 8.000%, 11/01/27 (144A) | 10000 | &nbsp;&nbsp; $10047 |
| 8.500%, 05/01/30 (144A) | 40000 | &nbsp;&nbsp; 39802 |
| 9.250%, 10/01/28 (144A) | 15000 | &nbsp;&nbsp; 15351 |
|  |  | &nbsp;&nbsp; 165297 |
| **Leisure Time — 1.2%** | **Leisure Time — 1.2%** | **Leisure Time — 1.2%** |
| Carnival Corp. |  |  |
| 5.750%, 03/01/27 (144A) | 95000 | &nbsp;&nbsp; 95784 |
| 5.750%, 03/15/30 (144A) | 155000 | &nbsp;&nbsp; 157623 |
| 6.125%, 02/15/33 (144A) (b) | 860000 | &nbsp;&nbsp; 879911 |
| NCL Corp. Ltd. |  |  |
| 5.875%, 03/15/26 (144A) | 422000 | &nbsp;&nbsp; 422528 |
| 6.750%, 02/01/32 (144A) (b) | 460000 | &nbsp;&nbsp; 469949 |
| Royal Caribbean Cruises Ltd. |  |  |
| 4.250%, 07/01/26 (144A) | 365000 | &nbsp;&nbsp; 363164 |
| 5.500%, 04/01/28 (144A) | 450000 | &nbsp;&nbsp; 455599 |
| 5.625%, 09/30/31 (144A) | 440000 | &nbsp;&nbsp; 442688 |
| 6.000%, 02/01/33 (144A) | 900000 | &nbsp;&nbsp; 917349 |
| 6.250%, 03/15/32 (144A) | 50000 | &nbsp;&nbsp; 51394 |
|  |  | &nbsp;&nbsp; 4255989 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations <br> Borrower, Inc.<br>|  |  |
| 4.875%, 07/01/31 (144A) | 70000 | &nbsp;&nbsp; 64502 |
| 6.625%, 01/15/32 (144A) | 70000 | &nbsp;&nbsp; 71087 |
| Marriott Ownership Resorts, Inc. |  |  |
| 4.500%, 06/15/29 (144A) | 155000 | &nbsp;&nbsp; 148863 |
| Travel & Leisure Co. |  |  |
| 4.500%, 12/01/29 (144A) | 530000 | &nbsp;&nbsp; 512223 |
| 4.625%, 03/01/30 (144A) | 175000 | &nbsp;&nbsp; 167781 |
|  |  | &nbsp;&nbsp; 964456 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| Ingersoll Rand, Inc. |  |  |
| 5.700%, 08/14/33 | 140000 | &nbsp;&nbsp; 146608 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.250%, 01/15/34 (144A) | 115000 | &nbsp;&nbsp; 102372 |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.950%, 06/30/62 | 100000 | &nbsp;&nbsp; 64432 |
| 6.384%, 10/23/35 | 65000 | &nbsp;&nbsp; 68270 |
| 6.550%, 06/01/34 | 120000 | &nbsp;&nbsp; 128035 |
| 6.650%, 02/01/34 | 55000 | &nbsp;&nbsp; 58896 |
| CSC Holdings LLC |  |  |
| 3.375%, 02/15/31 (144A) (b) | 1575000 | &nbsp;&nbsp; 1091300 |
| 4.125%, 12/01/30 (144A) (b) | 400000 | &nbsp;&nbsp; 282205 |
| 4.500%, 11/15/31 (144A) | 405000 | &nbsp;&nbsp; 284992 |
| 4.625%, 12/01/30 (144A) | 1385000 | &nbsp;&nbsp; 644102 |
| 5.375%, 02/01/28 (144A) (b) | 200000 | &nbsp;&nbsp; 183111 |
| 7.500%, 04/01/28 (144A) | 575000 | &nbsp;&nbsp; 426817 |
| Directv Financing LLC |  |  |
| 8.875%, 02/01/30 (144A) | 150000 | &nbsp;&nbsp; 147088 |

---

*See accompanying notes to financial statements.*

**BHFTI-316**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Media—(Continued)** | **Media—(Continued)** | **Media—(Continued)** |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |
| 10.000%, 02/15/31 (144A) | 235000 | &nbsp;&nbsp; $228144 |
| Discovery Communications LLC |  |  |
| 3.625%, 05/15/30 | 5000 | &nbsp;&nbsp; 4414 |
| 6.350%, 06/01/40 | 45000 | &nbsp;&nbsp; 31259 |
| DISH DBS Corp. |  |  |
| 5.250%, 12/01/26 (144A) | 685000 | &nbsp;&nbsp; 621638 |
| 5.750%, 12/01/28 (144A) | 105000 | &nbsp;&nbsp; 90891 |
| Grupo Televisa SAB |  |  |
| 7.250%, 05/14/43 (MXN) | 6000000 | &nbsp;&nbsp; 188526 |
| iHeartCommunications, Inc. |  |  |
| 7.750%, 08/15/30 (144A) | 213600 | &nbsp;&nbsp; 164739 |
| Videotron Ltd. |  |  |
| 5.125%, 04/15/27 (144A) | 230000 | &nbsp;&nbsp; 230116 |
|  |  | &nbsp;&nbsp; 5041347 |
| **Mining — 1.9%** | **Mining — 1.9%** | **Mining — 1.9%** |
| Anglo American Capital PLC |  |  |
| 2.625%, 09/10/30 (144A) | 200000 | &nbsp;&nbsp; 180816 |
| 5.625%, 04/01/30 (144A) | 200000 | &nbsp;&nbsp; 207475 |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.375%, 11/01/28 | 300000 | &nbsp;&nbsp; 286387 |
| Antofagasta PLC |  |  |
| 5.625%, 05/13/32 | 200000 | &nbsp;&nbsp; 203454 |
| 6.250%, 05/02/34 (144A) | 200000 | &nbsp;&nbsp; 209697 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.000%, 09/30/29 (144A) | 285000 | &nbsp;&nbsp; 264165 |
| Freeport-McMoRan, Inc. |  |  |
| 4.375%, 08/01/28 | 325000 | &nbsp;&nbsp; 323247 |
| 5.400%, 11/14/34 | 540000 | &nbsp;&nbsp; 548444 |
| Glencore Funding LLC |  |  |
| 5.634%, 04/04/34 (144A) | 1230000 | &nbsp;&nbsp; 1253651 |
| 5.700%, 05/08/33 (144A) (b) | 285000 | &nbsp;&nbsp; 294657 |
| 6.500%, 10/06/33 (144A) | 3035000 | &nbsp;&nbsp; 3291186 |
|  |  | &nbsp;&nbsp; 7063179 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Axon Enterprise, Inc. |  |  |
| 6.125%, 03/15/30 (144A) | 50000 | &nbsp;&nbsp; 51418 |
| 6.250%, 03/15/33 (144A) | 25000 | &nbsp;&nbsp; 25742 |
|  |  | &nbsp;&nbsp; 77160 |
| **Multi-National — 0.3%** | **Multi-National — 0.3%** | **Multi-National — 0.3%** |
| International Bank for Reconstruction & Development |  |  |
| 1.200%, 07/22/26 (CAD) | 1315000 | &nbsp;&nbsp; 951348 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 5.550%, 08/22/34 | 390000 | &nbsp;&nbsp; 388922 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| Civitas Resources, Inc. |  |  |
| 8.375%, 07/01/28 (144A) | 35000 | &nbsp;&nbsp; 35837 |
| 8.625%, 11/01/30 (144A) | 175000 | &nbsp;&nbsp; 177667 |
| 8.750%, 07/01/31 (144A) | 30000 | &nbsp;&nbsp; 30333 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Continental Resources, Inc. |  |  |
| 2.875%, 04/01/32 (144A) | 728000 | &nbsp;&nbsp; $612017 |
| 5.750%, 01/15/31 (144A) | 517000 | &nbsp;&nbsp; 521955 |
| EQT Corp. |  |  |
| 3.625%, 05/15/31 (144A) | 155000 | &nbsp;&nbsp; 143668 |
| Equinor ASA |  |  |
| 3.625%, 04/06/40 | 355000 | &nbsp;&nbsp; 296773 |
| Matador Resources Co. |  |  |
| 6.250%, 04/15/33 (144A) | 5000 | &nbsp;&nbsp; 4963 |
| 6.500%, 04/15/32 (144A) | 45000 | &nbsp;&nbsp; 45023 |
| 6.875%, 04/15/28 (144A) | 20000 | &nbsp;&nbsp; 20395 |
| Northern Oil & Gas, Inc. |  |  |
| 8.125%, 03/01/28 (144A) | 120000 | &nbsp;&nbsp; 121066 |
| Ovintiv, Inc. |  |  |
| 6.500%, 08/15/34 | 25000 | &nbsp;&nbsp; 25946 |
| QatarEnergy |  |  |
| 2.250%, 07/12/31 (144A) | 305000 | &nbsp;&nbsp; 266991 |
| SM Energy Co. |  |  |
| 6.750%, 08/01/29 (144A) | 155000 | &nbsp;&nbsp; 154430 |
| 7.000%, 08/01/32 (144A) (b) | 35000 | &nbsp;&nbsp; 34489 |
| Viper Energy, Inc. |  |  |
| 7.375%, 11/01/31 (144A) | 40000 | &nbsp;&nbsp; 42443 |
|  |  | &nbsp;&nbsp; 2533996 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| Bausch Health Cos., Inc. |  |  |
| 4.875%, 06/01/28 (144A) | 380000 | &nbsp;&nbsp; 320547 |
| Teva Pharmaceutical Finance Co. LLC |  |  |
| 6.150%, 02/01/36 (b) | 250000 | &nbsp;&nbsp; 257026 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 3.150%, 10/01/26 | 85000 | &nbsp;&nbsp; 83349 |
| 4.100%, 10/01/46 | 1665000 | &nbsp;&nbsp; 1197387 |
| 4.750%, 05/09/27 (b) | 455000 | &nbsp;&nbsp; 454204 |
| 6.000%, 12/01/32 | 230000 | &nbsp;&nbsp; 234881 |
| 7.875%, 09/15/29 | 605000 | &nbsp;&nbsp; 659978 |
| 8.125%, 09/15/31 | 430000 | &nbsp;&nbsp; 486915 |
| Teva Pharmaceutical Finance Netherlands IV BV |  |  |
| 5.750%, 12/01/30 | 765000 | &nbsp;&nbsp; 778720 |
|  |  | &nbsp;&nbsp; 4473007 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| Hess Midstream Operations LP |  |  |
| 4.250%, 02/15/30 (144A) | 95000 | &nbsp;&nbsp; 91340 |
| ONEOK, Inc. |  |  |
| 5.450%, 06/01/47 | 60000 | &nbsp;&nbsp; 53245 |
| Targa Resources Corp. |  |  |
| 6.125%, 03/15/33 | 115000 | &nbsp;&nbsp; 121199 |
| Targa Resources Partners LP/Targa Resources Partners Finance <br> Corp.<br>|  |  |
| 4.000%, 01/15/32 | 35000 | &nbsp;&nbsp; 32620 |
| 4.875%, 02/01/31 | 15000 | &nbsp;&nbsp; 14880 |
| 5.500%, 03/01/30 | 20000 | &nbsp;&nbsp; 20298 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.875%, 11/01/33 (144A) | 115000 | &nbsp;&nbsp; 100565 |
| 4.125%, 08/15/31 (144A) | 195000 | &nbsp;&nbsp; 180490 |
| 6.250%, 01/15/30 (144A) | 20000 | &nbsp;&nbsp; 20627 |

---

*See accompanying notes to financial statements.*

**BHFTI-317**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Pipelines—(Continued)** | **Pipelines—(Continued)** | **Pipelines—(Continued)** |
| Venture Global LNG, Inc. |  |  |
| 8.375%, 06/01/31 (144A) | 45000 | &nbsp;&nbsp; $46739 |
| 9.000%, 5Y H15 + 5.440%, 09/30/29 (144A) (c) | 235000 | &nbsp;&nbsp; 228467 |
| Western Midstream Operating LP |  |  |
| 4.050%, 02/01/30 (b) | 60000 | &nbsp;&nbsp; 57703 |
| 5.250%, 02/01/50 | 50000 | &nbsp;&nbsp; 42051 |
| 5.300%, 03/01/48 | 80000 | &nbsp;&nbsp; 66760 |
| 5.450%, 04/01/44 | 15000 | &nbsp;&nbsp; 13076 |
| 5.500%, 08/15/48 | 10000 | &nbsp;&nbsp; 8563 |
| 6.150%, 04/01/33 | 110000 | &nbsp;&nbsp; 114478 |
|  |  | &nbsp;&nbsp; 1213101 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Blackstone Property Partners Europe Holdings SARL |  |  |
| 1.625%, 04/20/30 (EUR) | 215000 | &nbsp;&nbsp; 231487 |
| GAIF Bond Issuer Pty. Ltd. |  |  |
| 3.400%, 09/30/26 (144A) | 215000 | &nbsp;&nbsp; 211943 |
| Logicor Financing SARL |  |  |
| 1.625%, 01/17/30 (EUR) | 215000 | &nbsp;&nbsp; 232641 |
| 2.000%, 01/17/34 (EUR) | 140000 | &nbsp;&nbsp; 139617 |
|  |  | &nbsp;&nbsp; 815688 |
| **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** |
| Iron Mountain, Inc. |  |  |
| 4.875%, 09/15/29 (144A) | 225000 | &nbsp;&nbsp; 221044 |
| 5.250%, 07/15/30 (144A) | 125000 | &nbsp;&nbsp; 123290 |
| Prologis Euro Finance LLC |  |  |
| 0.250%, 09/10/27 (EUR) | 320000 | &nbsp;&nbsp; 358858 |
| Prologis LP |  |  |
| 2.250%, 06/30/29 (GBP) | 135000 | &nbsp;&nbsp; 170019 |
| Realty Income Corp. |  |  |
| 1.625%, 12/15/30 (GBP) | 125000 | &nbsp;&nbsp; 144837 |
| 5.125%, 07/06/34 (EUR) | 100000 | &nbsp;&nbsp; 128622 |
|  |  | &nbsp;&nbsp; 1146670 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| 3.500%, 02/15/29 (144A) | 10000 | &nbsp;&nbsp; 9522 |
| 3.875%, 01/15/28 (144A) | 5000 | &nbsp;&nbsp; 4870 |
| 4.000%, 10/15/30 (144A) | 480000 | &nbsp;&nbsp; 447297 |
| 5.625%, 09/15/29 (144A) | 80000 | &nbsp;&nbsp; 81130 |
| El Puerto de Liverpool SAB de CV |  |  |
| 6.658%, 01/22/37 (144A) | 200000 | &nbsp;&nbsp; 205880 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |
| 8.375%, 01/15/29 (144A) | 400000 | &nbsp;&nbsp; 369653 |
| Yum! Brands, Inc. |  |  |
| 3.625%, 03/15/31 | 35000 | &nbsp;&nbsp; 32305 |
| 4.625%, 01/31/32 | 220000 | &nbsp;&nbsp; 211810 |
|  |  | &nbsp;&nbsp; 1362467 |
| **Semiconductors — 1.0%** | **Semiconductors — 1.0%** | **Semiconductors — 1.0%** |
| Broadcom, Inc. |  |  |
| 2.450%, 02/15/31 (144A) | 415000 | &nbsp;&nbsp; 371091 |
| 2.600%, 02/15/33 (144A) | 690000 | &nbsp;&nbsp; 590181 |
| 3.419%, 04/15/33 (144A) | 680000 | &nbsp;&nbsp; 616711 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Semiconductors—(Continued)** | **Semiconductors—(Continued)** | **Semiconductors—(Continued)** |
| Broadcom, Inc. |  |  |
| 3.469%, 04/15/34 (144A) | 1080000 | &nbsp;&nbsp; $964757 |
| 4.150%, 04/15/32 (144A) | 330000 | &nbsp;&nbsp; 317903 |
| Entegris, Inc. |  |  |
| 4.750%, 04/15/29 (144A) | 110000 | &nbsp;&nbsp; 108780 |
| Micron Technology, Inc. |  |  |
| 5.875%, 02/09/33 | 780000 | &nbsp;&nbsp; 813417 |
|  |  | &nbsp;&nbsp; 3782840 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Fair Isaac Corp. |  |  |
| 6.000%, 05/15/33 (144A) | 150000 | &nbsp;&nbsp; 151375 |
| Open Text Corp. |  |  |
| 3.875%, 12/01/29 (144A) | 95000 | &nbsp;&nbsp; 89483 |
| Paychex, Inc. |  |  |
| 5.600%, 04/15/35 | 160000 | &nbsp;&nbsp; 165386 |
| Synopsys, Inc. |  |  |
| 5.700%, 04/01/55 | 405000 | &nbsp;&nbsp; 402674 |
|  |  | &nbsp;&nbsp; 808918 |
| **Telecommunications — 1.4%** | **Telecommunications — 1.4%** | **Telecommunications — 1.4%** |
| America Movil SAB de CV |  |  |
| 2.125%, 03/10/28 (EUR) | 235000 | &nbsp;&nbsp; 272755 |
| 2.875%, 05/07/30 | 200000 | &nbsp;&nbsp; 184879 |
| Bharti Airtel Ltd. |  |  |
| 3.250%, 06/03/31 | 305000 | &nbsp;&nbsp; 282592 |
| EchoStar Corp. |  |  |
| 6.750%, 6.750% PIK, 11/30/30 (b) (d) | 288597 | &nbsp;&nbsp; 263383 |
| 10.750%, 11/30/29 | 3081509 | &nbsp;&nbsp; 3173954 |
| KT Corp. |  |  |
| 2.500%, 07/18/26 (144A) | 210000 | &nbsp;&nbsp; 205879 |
| Ooredoo International Finance Ltd. |  |  |
| 2.625%, 04/08/31 (144A) | 250000 | &nbsp;&nbsp; 224870 |
| T-Mobile USA, Inc. |  |  |
| 3.875%, 04/15/30 | 355000 | &nbsp;&nbsp; 344782 |
| Turkcell Iletisim Hizmetleri AS |  |  |
| 5.800%, 04/11/28 | 215000 | &nbsp;&nbsp; 211436 |
|  |  | &nbsp;&nbsp; 5164530 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Canadian Pacific Railway Co. |  |  |
| 1.750%, 12/02/26 | 265000 | &nbsp;&nbsp; 255733 |
| Total Corporate Bonds & Notes <br>(Cost $67,830,613) <br>|  | &nbsp;&nbsp; 67117529 |
| **Foreign Government—8.2%** | **Foreign Government—8.2%** | **Foreign Government—8.2%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Corp. Financiera de Desarrollo SA |  |  |
| 2.400%, 09/28/27 (144A) | 365000 | &nbsp;&nbsp; 345137 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| Korea National Oil Corp. |  |  |
| 2.125%, 04/18/27 (144A) | 240000 | &nbsp;&nbsp; 230886 |

---

*See accompanying notes to financial statements.*

**BHFTI-318**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Regional Government — 0.3%** | **Regional Government — 0.3%** | **Regional Government — 0.3%** |
| New South Wales Treasury Corp. |  |  |
| 2.000%, 03/08/33 (AUD) | 1280000 | &nbsp;&nbsp; $706851 |
| Province of Quebec |  |  |
| 2.300%, 09/01/29 (CAD) | 390000 | &nbsp;&nbsp; 279337 |
| 4.500%, 09/08/33 | 310000 | &nbsp;&nbsp; 310339 |
|  |  | &nbsp;&nbsp; 1296527 |
| **Sovereign — 7.7%** | **Sovereign — 7.7%** | **Sovereign — 7.7%** |
| Argentina Republic Government International Bonds |  |  |
| 4.125%, 07/09/35 (e) | 1460000 | &nbsp;&nbsp; 982169 |
| Australia Government Bonds |  |  |
| 0.500%, 09/21/26 (AUD) | 1435000 | &nbsp;&nbsp; 913392 |
| 3.000%, 11/21/33 (AUD) | 470000 | &nbsp;&nbsp; 287118 |
| Brazil Government International Bonds |  |  |
| 6.000%, 10/20/33 | 325000 | &nbsp;&nbsp; 322204 |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.000%, 01/01/31 (BRL) | 4775000 | &nbsp;&nbsp; 771059 |
| 10.000%, 01/01/35 (BRL) | 3297000 | &nbsp;&nbsp; 500357 |
| Bundesobligation |  |  |
| 2.400%, 04/18/30 (EUR) | 395000 | &nbsp;&nbsp; 470287 |
| Canada Government Bonds |  |  |
| 4.000%, 08/01/26 (CAD) | 3245000 | &nbsp;&nbsp; 2418398 |
| Chile Government International Bonds |  |  |
| 2.550%, 01/27/32 | 350000 | &nbsp;&nbsp; 307545 |
| Colombia Government International Bonds |  |  |
| 7.500%, 02/02/34 | 200000 | &nbsp;&nbsp; 198763 |
| 7.750%, 11/07/36 | 200000 | &nbsp;&nbsp; 195290 |
| Colombia TES |  |  |
| 6.250%, 11/26/25 (COP) | 534400000 | &nbsp;&nbsp; 129494 |
| 7.500%, 08/26/26 (COP) | 4868600000 | &nbsp;&nbsp; 1168916 |
| Dominican Republic International Bonds |  |  |
| 4.500%, 01/30/30 (144A) | 235000 | &nbsp;&nbsp; 222827 |
| 4.875%, 09/23/32 (144A) | 150000 | &nbsp;&nbsp; 138352 |
| 6.000%, 07/19/28 (144A) | 200000 | &nbsp;&nbsp; 203000 |
| 8.625%, 04/20/27 (144A) | 133333 | &nbsp;&nbsp; 138027 |
| Export-Import Bank of India |  |  |
| 2.250%, 01/13/31 (144A) | 310000 | &nbsp;&nbsp; 272434 |
| Indonesia Government International Bonds |  |  |
| 2.850%, 02/14/30 | 200000 | &nbsp;&nbsp; 187324 |
| Indonesia Treasury Bonds |  |  |
| 7.000%, 09/15/30 (IDR) | 4793000000 | &nbsp;&nbsp; 303310 |
| 7.500%, 05/15/38 (IDR) | 5604000000 | &nbsp;&nbsp; 361745 |
| Ireland Government Bonds |  |  |
| Zero Coupon, 10/18/31 (EUR) | 345000 | &nbsp;&nbsp; 346771 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 2.950%, 07/01/30 (EUR) | 750000 | &nbsp;&nbsp; 894970 |
| 3.850%, 07/01/34 (EUR) | 235000 | &nbsp;&nbsp; 288813 |
| Japan Government CPI-Linked Bonds |  |  |
| 0.100%, 03/10/28 (JPY) (f) | 93793880 | &nbsp;&nbsp; 673687 |
| Japan Government Ten Year Bonds |  |  |
| 1.100%, 06/20/34 (JPY) | 159950000 | &nbsp;&nbsp; 1088044 |
| Japan Government Thirty Year Bonds |  |  |
| 1.600%, 12/20/53 (JPY) | 109000000 | &nbsp;&nbsp; 579852 |
| Korea Treasury Bonds |  |  |
| 1.125%, 09/10/25 (KRW) | 440200000 | &nbsp;&nbsp; 325404 |
| 3.000%, 12/10/34 (KRW) | 376710000 | &nbsp;&nbsp; 282954 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Korea Treasury Bonds |  |  |
| 3.500%, 09/10/28 (KRW) | 436120000 | &nbsp;&nbsp; $332872 |
| Malaysia Government Bonds |  |  |
| 3.828%, 07/05/34 (MYR) | 1165000 | &nbsp;&nbsp; 282898 |
| Mexico Bonos |  |  |
| 5.750%, 03/05/26 (MXN) | 20927400 | &nbsp;&nbsp; 1096730 |
| 7.500%, 06/03/27 (MXN) | 7046700 | &nbsp;&nbsp; 371046 |
| 8.500%, 05/31/29 (MXN) | 11467500 | &nbsp;&nbsp; 609062 |
| Mexico Government International Bonds |  |  |
| 3.500%, 02/12/34 | 200000 | &nbsp;&nbsp; 167600 |
| 4.000%, 03/15/2115 (EUR) | 100000 | &nbsp;&nbsp; 78018 |
| 5.850%, 07/02/32 | 200000 | &nbsp;&nbsp; 202400 |
| Netherlands Government Bonds |  |  |
| Zero Coupon, 01/15/29 (144A) (EUR) | 395000 | &nbsp;&nbsp; 432111 |
| New Zealand Government Bonds |  |  |
| 1.500%, 05/15/31 (NZD) | 600000 | &nbsp;&nbsp; 317121 |
| 3.000%, 04/20/29 (NZD) | 1490000 | &nbsp;&nbsp; 885905 |
| Norway Government Bonds |  |  |
| 1.375%, 08/19/30 (144A) (NOK) | 5850000 | &nbsp;&nbsp; 519300 |
| 1.750%, 02/17/27 (144A) (NOK) | 2950000 | &nbsp;&nbsp; 284554 |
| Paraguay Government International Bonds |  |  |
| 4.950%, 04/28/31 (144A) | 200000 | &nbsp;&nbsp; 198470 |
| Peru Government International Bonds |  |  |
| 2.392%, 01/23/26 | 125000 | &nbsp;&nbsp; 123255 |
| 3.000%, 01/15/34 | 245000 | &nbsp;&nbsp; 206192 |
| Republic of Poland Government Bonds |  |  |
| 1.250%, 10/25/30 (PLN) | 3960000 | &nbsp;&nbsp; 913360 |
| 3.250%, 07/25/25 (PLN) | 1270000 | &nbsp;&nbsp; 352098 |
| Republic of South Africa Government Bonds |  |  |
| 7.000%, 02/28/31 (ZAR) | 10255000 | &nbsp;&nbsp; 532968 |
| 8.875%, 02/28/35 (ZAR) | 5250000 | &nbsp;&nbsp; 277188 |
| Republic of South Africa Government International Bonds |  |  |
| 5.750%, 09/30/49 | 965000 | &nbsp;&nbsp; 724727 |
| 7.100%, 11/19/36 (144A) | 200000 | &nbsp;&nbsp; 198428 |
| Romania Government International Bonds |  |  |
| 2.000%, 04/14/33 (144A) (EUR) | 120000 | &nbsp;&nbsp; 108238 |
| Singapore Government Bonds |  |  |
| 2.125%, 06/01/26 (SGD) | 985000 | &nbsp;&nbsp; 776421 |
| Spain Government Bonds |  |  |
| 3.500%, 05/31/29 (EUR) | 300000 | &nbsp;&nbsp; 368575 |
| Sweden Government Bonds |  |  |
| 0.125%, 05/12/31 (SEK) | 4200000 | &nbsp;&nbsp; 399303 |
| U.K. Gilts |  |  |
| 4.125%, 01/29/27 (GBP) | 680000 | &nbsp;&nbsp; 937520 |
| 4.250%, 07/31/34 (GBP) | 1175000 | &nbsp;&nbsp; 1591170 |
| Uruguay Government International Bonds |  |  |
| 8.250%, 05/21/31 (UYU) | 8750000 | &nbsp;&nbsp; 213703 |
|  |  | &nbsp;&nbsp; 28473739 |
| Total Foreign Government <br>(Cost $31,316,121) <br>|  | &nbsp;&nbsp; 30346289 |

---

*See accompanying notes to financial statements.*

**BHFTI-319**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**U.S. Treasury & Government Agencies—2.7%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury — 2.7%** | **U.S. Treasury — 2.7%** | **U.S. Treasury — 2.7%** |
| U.S. Treasury Bonds |  |  |
| 2.250%, 02/15/52 | 480000 | &nbsp;&nbsp; $293194 |
| 3.000%, 05/15/45 | 800000 | &nbsp;&nbsp; 612781 |
| 3.625%, 05/15/53 | 630000 | &nbsp;&nbsp; 513844 |
| 4.125%, 08/15/53 | 115000 | &nbsp;&nbsp; 102723 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.375%, 07/15/27 (f) | 583515 | &nbsp;&nbsp; 575614 |
| U.S. Treasury Notes |  |  |
| 2.750%, 08/15/32 | 115000 | &nbsp;&nbsp; 106087 |
| 3.375%, 05/15/33 | 825000 | &nbsp;&nbsp; 786425 |
| 3.750%, 04/30/27 | 2925000 | &nbsp;&nbsp; 2924543 |
| 3.750%, 06/30/30 | 285000 | &nbsp;&nbsp; 284276 |
| 4.000%, 03/31/30 (g) | 3435000 | &nbsp;&nbsp; 3466935 |
| 4.000%, 02/15/34 | 240000 | &nbsp;&nbsp; 237497 |
| 4.625%, 02/15/35 | 100000 | &nbsp;&nbsp; 103172 |
| Total U.S. Treasury & Government Agencies <br>(Cost $10,018,050) <br>|  | &nbsp;&nbsp; 10007091 |
| **Floating Rate Loans (h)—1.0%** | **Floating Rate Loans (h)—1.0%** | **Floating Rate Loans (h)—1.0%** |
| **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.796%, 3M TSFR + 2.500%, 02/28/31 | 14813 | &nbsp;&nbsp; 14850 |
| 2024 Term Loan I, 7.046%, 3M TSFR + 2.750%, 08/24/28  | 20378 | &nbsp;&nbsp; 20467 |
|  |  | &nbsp;&nbsp; 35317 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Trans Union LLC |  |  |
| 2024 Term Loan B8, 6.077%, 1M TSFR + 1.750%, <br> 06/24/31<br>| 264640 | &nbsp;&nbsp; 265412 |
| **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
| Kaseya, Inc. |  |  |
| 2025 1st Lien Term Loan B, 7.577%, 1M TSFR + 3.250%, <br> 03/20/32<br>| 115391 | &nbsp;&nbsp; 116004 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| Resideo Funding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.062%, 1M TSFR + 1.750%, <br> 02/11/28<br>| 30132 | &nbsp;&nbsp; 30170 |
| 2024 M&A 1st lien Term Loan B, 6.068%, 3M TSFR + <br> 1.750%, 06/13/31<br>| 137187 | &nbsp;&nbsp; 137359 |
|  |  | &nbsp;&nbsp; 167529 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 10/31/31 (i) | 29925 | &nbsp;&nbsp; 30042 |
| **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 6.030%, 3M TSFR + 1.750%, 04/16/31 | 29774 | &nbsp;&nbsp; 29870 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| DK Crown Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.066%, 1M TSFR + 1.750%, 03/04/32 | 89775 | &nbsp;&nbsp; 89607 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Entertainment—(Continued)** | **Entertainment—(Continued)** | **Entertainment—(Continued)** |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, 6.046%, 3M TSFR + 1.750%, 11/30/30 | 200858 | &nbsp;&nbsp; $200261 |
| 2025 Term Loan B, 6.296%, 3M TSFR + 2.000%, 06/04/32 | 15000 | &nbsp;&nbsp; 15037 |
| Light & Wonder International, Inc. |  |  |
| 2024 Term Loan B2, 6.564%, 1M TSFR + 2.250%, <br> 04/14/29<br>| 9900 | &nbsp;&nbsp; 9925 |
| Six Flags Entertainment Corp. |  |  |
| 2024 Term Loan B, 6.327%, 1M TSFR + 2.000%, 05/01/31 | 29700 | &nbsp;&nbsp; 29770 |
|  |  | &nbsp;&nbsp; 344600 |
| **Food Service — 0.1%** | **Food Service — 0.1%** | **Food Service — 0.1%** |
| Aramark Services, Inc. |  |  |
| 2024 Term Loan B7, 6.327%, 1M TSFR + 2.000%, <br> 04/06/28<br>| 15000 | &nbsp;&nbsp; 15044 |
| 2024 Term Loan B8, 6.327%, 1M TSFR + 2.000%, <br> 06/22/30<br>| 131287 | &nbsp;&nbsp; 131889 |
|  |  | &nbsp;&nbsp; 146933 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Asplundh Tree Expert LLC |  |  |
| 2024 Incremental Term Loan B, 6.077%, 1M TSFR + <br> 1.750%, 05/23/31<br>| 143405 | &nbsp;&nbsp; 143764 |
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| Bausch & Lomb Corp. |  |  |
| 2025 Term Loan B, 12/18/30 (i) | 70737 | &nbsp;&nbsp; 70914 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 7.827%, 1M TSFR + <br> 3.500%, 10/23/31 (j)<br>| 8332 | &nbsp;&nbsp; 8351 |
| 2024 Term Loan B, 7.827%, 1M TSFR + 3.500%, 10/23/31 | 64569 | &nbsp;&nbsp; 64722 |
|  |  | &nbsp;&nbsp; 143987 |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
| DaVita, Inc. |  |  |
| 2024 Extended Term Loan B1, 05/09/31 (i) | 24937 | &nbsp;&nbsp; 25106 |
| IQVIA, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.046%, 3M TSFR + 1.750%, <br> 01/02/31<br>| 69663 | &nbsp;&nbsp; 70033 |
|  |  | &nbsp;&nbsp; 95139 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Alliant Holdings Intermediate LLC |  |  |
| 2024 Term Loan B6, 7.072%, 1M TSFR + 2.750%, <br> 09/19/31<br>| 245197 | &nbsp;&nbsp; 245462 |
| Ardonagh Midco 3 PLC |  |  |
| 2024 USD Term Loan B, 6.929% - 7.046%, 3M TSFR + <br> 2.750%, 6M TSFR + 2.750%, 02/15/31 (k)<br>| 359100 | &nbsp;&nbsp; 357080 |
| HUB International Ltd. |  |  |
| 2025 Term Loan B, 6.769%, 3M TSFR + 2.500%, 06/20/30 | 29503 | &nbsp;&nbsp; 29614 |
| Ryan Specialty Group LLC |  |  |
| 2024 USD Term Loan B, 6.577%, 1M TSFR + 2.250%, <br> 09/15/31<br>| 19900 | &nbsp;&nbsp; 19916 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 7.046%, 3M TSFR + 2.750%, 05/06/31 | 34097 | &nbsp;&nbsp; 34161 |
|  |  | &nbsp;&nbsp; 686233 |

---

*See accompanying notes to financial statements.*

**BHFTI-320**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Floating Rate Loans (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| Gryphon Debt Merger Sub, Inc. |  |  |
| Term Loan B, 06/18/32 (i) | 210000 | &nbsp;&nbsp; $210219 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp. |  |  |
| 2025 Term Loan (2027), 6.312%, 1M TSFR + 2.000%, <br> 08/08/27<br>| 44438 | &nbsp;&nbsp; 44521 |
| 2025 Term Loan (2028), 6.312%, 1M TSFR + 2.000%, <br> 10/18/28<br>| 281539 | &nbsp;&nbsp; 281715 |
|  |  | &nbsp;&nbsp; 326236 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Hilton Domestic Operating Co., Inc. |  |  |
| 2023 Term Loan B4, 6.069%, 1M TSFR + 1.750%, <br> 11/08/30<br>| 96740 | &nbsp;&nbsp; 97145 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2024 Incremental Term Loan B, 6.327%, 1M TSFR + <br> 2.000%, 01/17/31<br>| 276098 | &nbsp;&nbsp; 276155 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 6.077%, 1M TSFR + 1.750%, 05/24/30 | 267300 | &nbsp;&nbsp; 268737 |
|  |  | &nbsp;&nbsp; 642037 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| Terex Corp. |  |  |
| 2024 Term Loan B, 10/08/31 (i) | 24937 | &nbsp;&nbsp; 25109 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| CSC Holdings LLC |  |  |
| 2022 Term Loan B6, 8.812%, 1M TSFR + 4.500%, <br> 01/18/28<br>| 31977 | &nbsp;&nbsp; 31569 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
| Novelis Corp. |  |  |
| 2025 Term Loan B, 6.296%, 3M TSFR + 2.000%, 03/11/32 | 113173 | &nbsp;&nbsp; 113399 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Open Text Corp. |  |  |
| 2023 Term Loan B, 6.077%, 1M TSFR + 1.750%, 01/31/30 | 123273 | &nbsp;&nbsp; 123392 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
| Ciena Corp. |  |  |
| 2025 Repriced Term Loan B, 6.068%, 1M TSFR + 1.750%, <br> 10/24/30<br>| 28758 | &nbsp;&nbsp; 28938 |
| Total Floating Rate Loans <br>(Cost $3,699,116) <br>|  | &nbsp;&nbsp; 3705729 |
| **Convertible Bonds—0.5%** | **Convertible Bonds—0.5%** | **Convertible Bonds—0.5%** |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| BioMarin Pharmaceutical, Inc. |  |  |
| 1.250%, 05/15/27 | 240000 | &nbsp;&nbsp; 225911 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Uber Technologies, Inc. |  |  |
| 0.875%, 12/01/28 | 200000 | &nbsp;&nbsp; 285300 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp. |  |  |
| 5.750%, 12/01/27 | 162000 | &nbsp;&nbsp; $356319 |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
| EchoStar Corp. |  |  |
| 3.875%, 3.875% PIK, 11/30/30 (d) | 796218 | &nbsp;&nbsp; 937547 |
| Total Convertible Bonds <br>(Cost $1,554,484) <br>|  | &nbsp;&nbsp; 1805077 |
| **Municipals—0.1%** | **Municipals—0.1%** | **Municipals—0.1%** |
| Tobacco Settlement Financing Corp. |  |  |
| 6.706%, 06/01/46 <br>(Cost $459,881)<br>| 460000 | &nbsp;&nbsp; 361980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.8%** | **Short-Term Investments—1.8%** | **Short-Term Investments—1.8%** |
| **Repurchase Agreement—1.8%** | **Repurchase Agreement—1.8%** | **Repurchase Agreement—1.8%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $6,697,850; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $6,831,277<br>| 6697246 | &nbsp;&nbsp; 6697246 |
| Total Short-Term Investments <br>(Cost $6,697,246) <br>|  | &nbsp;&nbsp; 6697246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (l)—0.3%** | **Securities Lending Reinvestments (l)—0.3%** | **Securities Lending Reinvestments (l)—0.3%** |
| **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** | **Short-Term Investment Funds—0.2%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (m)<br>| 100000 | &nbsp;&nbsp; 100000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (m)<br>| 200000 | &nbsp;&nbsp; 200000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (m)<br>| 100000 | &nbsp;&nbsp; 100000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (m)<br>| 200000 | &nbsp;&nbsp; 200000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares 4.230% (m)<br>| 100000 | &nbsp;&nbsp; 100000 |
| State Street Institutional U.S. Government Money Market Fund, <br>Premier Class 4.270% (m)<br>| 200000 | &nbsp;&nbsp; 200000 |
|  |  | &nbsp;&nbsp; 900000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements—0.1%** | **Repurchase Agreements—0.1%** | **Repurchase Agreements—0.1%** |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $200,024; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% <br> - 4.250%, maturity dates ranging from 07/31/27 - <br> 05/15/39, and an aggregate market value of $204,000<br>| 200000 | &nbsp;&nbsp; 200000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $100,012; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $102,012<br>| 100000 | &nbsp;&nbsp; 100000 |

---

*See accompanying notes to financial statements.*

**BHFTI-321**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (l)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $93,686; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% <br> - 4.750%, maturity dates ranging from 02/15/45 - <br> 11/15/53, and an aggregate market value of $95,549<br>| 93675 | &nbsp;&nbsp; $93675 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $50,006; collateralized <br> by various Common Stock with an aggregate market value of <br> $55,631<br>| 50000 | &nbsp;&nbsp; 50000 |
|  |  | &nbsp;&nbsp; 443675 |
| Total Securities Lending Reinvestments <br>(Cost $1,343,675) <br>|  | &nbsp;&nbsp; 1343675 |
| Total Investments—100.0% <br>(Cost $298,738,548)<br>|  | &nbsp;&nbsp; 371472556 |
| Unfunded Loan Commitments—(0.0)% <br>(Cost $(7084))<br>|  | &nbsp;&nbsp; (7084)<br>|
| Net Investments—100.0% <br>(Cost $298,731,464) <br>|  | &nbsp;&nbsp; 371465472 |
| Other assets and liabilities (net)—0.0%  |  | &nbsp;&nbsp; (123478)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $371341994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $5,497,447 and the collateral received consisted of cash in the amount of $1,343,675 and non-cash collateral with a value of $4,337,464. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference 

---

| | |
|:---|:---|
|  | index and spread in their description above. |
| (d) | Payment-in kind security for which part of the income earned may be paid as additional <br> principal.<br>|
| (e) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (f) | Principal amount of security is adjusted for inflation. |
| (g) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> June 30, 2025, the market value of securities pledged was $706,508.<br>|
| (h) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or <br> permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br> As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (i) | This loan will settle after June 30, 2025, at which time the interest rate will be determined. |
| (j) | Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain <br> credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to <br> fund these commitments at the borrower's discretion.<br>|
| (k) | The stated interest rates represent the range of rates applicable to the underlying contracts <br> within the loan tranche as of June 30, 2025.<br>|
| (l) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (m) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $39,441,542, which is 10.6% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Diversification as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| United States | 67.4 |
| United Kingdom | 4.1 |
| Canada | 3.0 |
| Japan | 2.7 |
| Taiwan | 2.7 |
| Netherlands | 2.3 |
| Sweden | 2.2 |
| Australia | 2.1 |
| Israel | 1.2 |
| Mexico | 1.0 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7885616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53099597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15 <br>,615605<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66083537 |

---

*See accompanying notes to financial statements.*

**BHFTI-322**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(1343675)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1343675)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(1343675)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| CNH | &nbsp;&nbsp; 12935000 | HSBCU | 09/17/25 | USD | 1815719 | &nbsp;&nbsp; $1929 |
| CNH | &nbsp;&nbsp; 31210000 | HSBCU | 09/17/25 | USD | 4372361 | &nbsp;&nbsp; 13321 |
| EUR | &nbsp;&nbsp; 462000 | MSC | 09/17/25 | USD | 538803 | &nbsp;&nbsp; 8179 |
| EUR | &nbsp;&nbsp; 8084000 | MSC | 09/17/25 | USD | 9276641 | &nbsp;&nbsp; 294347 |
| JPY | &nbsp;&nbsp; 645004000 | MSC | 09/17/25 | USD | 4502746 | &nbsp;&nbsp; 15020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 1985000 | HSBCU | 09/17/25 | USD | 1296318 | &nbsp;&nbsp; (12180)<br>|
| BRL | &nbsp;&nbsp; 6742000 | BOA | 09/03/25 | USD | 1165126 | &nbsp;&nbsp; (56824)<br>|
| CAD | &nbsp;&nbsp; 3289000 | CBNA | 09/17/25 | USD | 2425749 | &nbsp;&nbsp; 1164 |
| COP | &nbsp;&nbsp; 4796861988 | UBSA | 09/17/25 | USD | 1126156 | &nbsp;&nbsp; (35660)<br>|
| GBP | &nbsp;&nbsp; 265000 | UBSA | 09/17/25 | USD | 360508 | &nbsp;&nbsp; (3422)<br>|
| IDR | &nbsp;&nbsp; 12099999927 | BOA | 09/17/25 | USD | 741740 | &nbsp;&nbsp; (1469)<br>|
| KRW | &nbsp;&nbsp; 825594000 | BOA | 09/17/25 | USD | 606141 | &nbsp;&nbsp; (8518)<br>|
| MXN | &nbsp;&nbsp; 30479000 | BOA | 09/17/25 | USD | 1580820 | &nbsp;&nbsp; (30359)<br>|
| NZD | &nbsp;&nbsp; 530000 | MSC | 09/17/25 | USD | 319243 | &nbsp;&nbsp; (4649)<br>|
| ZAR | &nbsp;&nbsp; 4000000 | BOA | 09/17/25 | USD | 224636 | &nbsp;&nbsp; (47)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cross Currency** <br> **Contracts to Buy** | **Cross Currency** <br> **Contracts to Buy** |  |  |  |  |  |
| EUR | &nbsp;&nbsp; 326012 | MSC | 09/17/25 | NOK | 3786000 | &nbsp;&nbsp; 10186 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $191018 |

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Euro-Bund Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 26 | EUR | 3383900 | &nbsp;&nbsp; $(22970)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 77 | USD | 16017805 | &nbsp;&nbsp; 73867 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 236 | USD | 25724000 | &nbsp;&nbsp; 263621 |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 91 | USD | 10203375 | &nbsp;&nbsp; 147317 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (14)<br>| USD | (1616563)<br>| &nbsp;&nbsp; (48564)<br>|
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (116)<br>| USD | (13254812)<br>| &nbsp;&nbsp; (265469)<br>|
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (16)<br>| USD | (1906000)<br>| &nbsp;&nbsp; (59349)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $88453 |

---

*See accompanying notes to financial statements.*

**BHFTI-323**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $344146 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $153128 |
| Interest Rate | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 484805 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 396352 |
| Total |  | &nbsp;&nbsp; $828951 |  | &nbsp;&nbsp; $549480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial instrument not subject to a master netting agreement.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Citibank NA | &nbsp;&nbsp; $1164 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1164 |
| HSBC Bank USA | &nbsp;&nbsp; 15250 | &nbsp;&nbsp;&nbsp;&nbsp; (12180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3070 |
| Morgan Stanley & Co. | &nbsp;&nbsp; 327732 | &nbsp;&nbsp;&nbsp;&nbsp; (4649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323083 |
|  | &nbsp;&nbsp; $344146 | &nbsp;&nbsp;&nbsp;&nbsp; $(16829)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $327317 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $97217 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $97217 |
| HSBC Bank USA | &nbsp;&nbsp; 12180 | &nbsp;&nbsp;&nbsp;&nbsp; (12180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. | &nbsp;&nbsp; 4649 | &nbsp;&nbsp;&nbsp;&nbsp; (4649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 39082 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39082 |
|  | &nbsp;&nbsp; $153128 | &nbsp;&nbsp;&nbsp;&nbsp; $(16829)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $136299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $373081 | &nbsp;&nbsp;&nbsp; $373081 |
| Futures contracts | &nbsp;&nbsp; 266530 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 266530 |
|  | &nbsp;&nbsp; $266530 | &nbsp;&nbsp;&nbsp; $373081 | &nbsp;&nbsp;&nbsp; $639611 |

---

*See accompanying notes to financial statements.*

**BHFTI-324**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $231893 | &nbsp;&nbsp;&nbsp; $231893 |
| Futures contracts | &nbsp;&nbsp; 50212 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50212 |
|  | &nbsp;&nbsp; $50212 | &nbsp;&nbsp;&nbsp; $231893 | &nbsp;&nbsp;&nbsp; $282105 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $35310644 |
| Futures contracts long | &nbsp;&nbsp; 35280054 |
| Futures contracts short | &nbsp;&nbsp; (9069969)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Banks | &nbsp;&nbsp; $7740597 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7740597 |
| Broadline Retail | &nbsp;&nbsp; 12874025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12874025 |
| Building Products | &nbsp;&nbsp; 6946506 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6946506 |
| Capital Markets | &nbsp;&nbsp; 28274183 | &nbsp;&nbsp; 4585788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32859971 |
| Chemicals | &nbsp;&nbsp; 7779004 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7779004 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 7354264 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7354264 |
| Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 4617453 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4617453 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; — | &nbsp;&nbsp; 6826781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6826781 |
| Financial Services | &nbsp;&nbsp; 11448966 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11448966 |
| Health Care Providers & Services | &nbsp;&nbsp; 5759278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5759278 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 12821742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12821742 |
| Interactive Media & Services | &nbsp;&nbsp; 7367824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7367824 |
| IT Services | &nbsp;&nbsp; 6206639 | &nbsp;&nbsp; 7369722 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13576361 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 12353059 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12353059 |
| Machinery | &nbsp;&nbsp; 22083198 | &nbsp;&nbsp; 7583785 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29666983 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1531460 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1531460 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 19002198 | &nbsp;&nbsp; 17892051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36894249 |
| Software | &nbsp;&nbsp; 14391306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14391306 |
| Specialty Retail | &nbsp;&nbsp; 15111601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15111601 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; — | &nbsp;&nbsp; 2166510 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2166510 |
| Total Common Stocks | &nbsp;&nbsp; 199045850 | &nbsp;&nbsp; 51042090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 250087940 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 67117529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67117529 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 30346289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30346289 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 10007091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10007091 |
| Total Floating Rate Loans (Less Unfunded Loan Commitments of $7,084)\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 3698645 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3698645 |
| Total Convertible Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1805077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1805077 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 361980 | &nbsp;&nbsp; — | &nbsp;&nbsp; 361980 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6697246 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6697246 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 900000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 443675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 443675 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 443675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1343675 |
| Total Net Investments | &nbsp;&nbsp; $199945850 | &nbsp;&nbsp; $171519622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $371465472 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1343675)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1343675)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344146 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344146 |

---

*See accompanying notes to financial statements.*

**BHFTI-325**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(153128)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(153128)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $191018 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $191018 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $484805 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $484805 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (396352)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (396352)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $88453 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $88453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-326**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) (c) | &nbsp;&nbsp; $371465472 |
| Cash | &nbsp;&nbsp; 358848 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 1167409 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 344146 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 8789 |
| Fund shares sold | &nbsp;&nbsp; 39684 |
| Dividends and interest | &nbsp;&nbsp; 1497384 |
| Prepaid expenses | &nbsp;&nbsp; 2931 |
| Total Assets | &nbsp;&nbsp; 374884663 |
| **Liabilities** |  |
| Due to Broker | &nbsp;&nbsp; 19118 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 153128 |
| Collateral for securities loaned | &nbsp;&nbsp; 1343675 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 899329 |
| Fund shares redeemed | &nbsp;&nbsp; 342813 |
| Foreign taxes | &nbsp;&nbsp; 8343 |
| Variation margin on futures contracts | &nbsp;&nbsp; 38131 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 205701 |
| Distribution and service fees | &nbsp;&nbsp; 51754 |
| Deferred trustees' fees | &nbsp;&nbsp; 255681 |
| Other expenses | &nbsp;&nbsp; 224996 |
| Total Liabilities | &nbsp;&nbsp; 3542669 |
| **Net Assets**  | &nbsp;&nbsp; $371341994 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $281746366 |
| Distributable earnings (Accumulated losses) (e) | &nbsp;&nbsp; 89595628 |
| **Net Assets**  | &nbsp;&nbsp; $371341994 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $114684883 |
| Class B | &nbsp;&nbsp; 256657111 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 7394201 |
| Class B | &nbsp;&nbsp; 16932005 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $15.51 |
| Class B | 15.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $298,731,464.

(b) Investments at value is net of unfunded loan commitments of $7,084.

(c) Includes securities loaned at value of $5,497,447.

(d) Identified cost of cash denominated in foreign currencies was $1,160,041.

(e) Includes foreign capital gains tax of $8,343.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $1174959 |
| Interest (b) | &nbsp;&nbsp; 3000723 |
| Securities lending income | &nbsp;&nbsp; 7590 |
| Total investment income | &nbsp;&nbsp; 4183272 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1271493 |
| Administration fees | &nbsp;&nbsp; 21361 |
| Custodian and accounting fees | &nbsp;&nbsp; 46600 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 313011 |
| Audit and tax services | &nbsp;&nbsp; 38002 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 17107 |
| Insurance | &nbsp;&nbsp; 1587 |
| Miscellaneous | &nbsp;&nbsp; 14065 |
| Total expenses | &nbsp;&nbsp; 1765983 |
| Less management fee waiver | &nbsp;&nbsp; (24795)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (1103)<br>|
| Net expenses | &nbsp;&nbsp; 1740085 |
| **Net Investment Income** | &nbsp;&nbsp; 2443187 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (c) | &nbsp;&nbsp; 14895419 |
| Futures contracts | &nbsp;&nbsp; 266530 |
| Foreign currency transactions | &nbsp;&nbsp; 81412 |
| Forward foreign currency transactions | &nbsp;&nbsp; 373081 |
| Net realized gain (loss) | &nbsp;&nbsp; 15616442 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (d) | &nbsp;&nbsp; 616964 |
| Futures contracts | &nbsp;&nbsp; 50212 |
| Foreign currency transactions | &nbsp;&nbsp; 73374 |
| Forward foreign currency transactions | &nbsp;&nbsp; 231893 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 972443 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 16588885 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $19032072 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $52,011.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign withholding taxes of $6,826.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net of foreign capital gains tax of $816.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes change in foreign capital gains tax of $(1,204).

*See accompanying notes to financial statements.*

**BHFTI-327**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2443187 | &nbsp;&nbsp; $5062573 |
| Net realized gain (loss) | &nbsp;&nbsp; 15616442 | &nbsp;&nbsp; 29536796 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 972443 | &nbsp;&nbsp; 10686448 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 19032072 | &nbsp;&nbsp; 45285817 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (10402803)<br>| &nbsp;&nbsp; (6930540)<br>|
| Class B | &nbsp;&nbsp; (23045849)<br>| &nbsp;&nbsp; (15045131)<br>|
| **Total distributions** | &nbsp;&nbsp; (33448652)<br>| &nbsp;&nbsp; (21975671)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 12477593 | &nbsp;&nbsp; (34635862)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (1938987)<br>| &nbsp;&nbsp; (11325716)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 373280981 | &nbsp;&nbsp; 384606697 |
| End of period | &nbsp;&nbsp; $371341994 | &nbsp;&nbsp; $373280981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 118240 | &nbsp;&nbsp; $1933223 | &nbsp;&nbsp; 86489 | &nbsp;&nbsp; $1392893 |
| Reinvestments | &nbsp;&nbsp; 681704 | &nbsp;&nbsp; 10402803 | &nbsp;&nbsp; 446268 | &nbsp;&nbsp; 6930540 |
| Redemptions | &nbsp;&nbsp; (594744)<br>| &nbsp;&nbsp; (9588605)<br>| &nbsp;&nbsp; (1112133)<br>| &nbsp;&nbsp; (17851656)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 205200 | &nbsp;&nbsp; $2747421 | &nbsp;&nbsp; (579376)<br>| &nbsp;&nbsp; $(9528223)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 381249 | &nbsp;&nbsp; $6106615 | &nbsp;&nbsp; 552381 | &nbsp;&nbsp; $8662441 |
| Reinvestments | &nbsp;&nbsp; 1544628 | &nbsp;&nbsp; 23045849 | &nbsp;&nbsp; 989161 | &nbsp;&nbsp; 15045131 |
| Redemptions | &nbsp;&nbsp; (1230107)<br>| &nbsp;&nbsp; (19422292)<br>| &nbsp;&nbsp; (3111863)<br>| &nbsp;&nbsp; (48815211)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 695770 | &nbsp;&nbsp; $9730172 | &nbsp;&nbsp; (1570321)<br>| &nbsp;&nbsp; $(25107639)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $12477593 |  | &nbsp;&nbsp; $(34635862)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-328**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Global Allocation Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $16.18 | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp; $12.95 | &nbsp;&nbsp; $19.79 | &nbsp;&nbsp; $19.30 | &nbsp;&nbsp; $18.14 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| Total income (loss) from investment operations | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (4.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (1.17)<br>|
| Total distributions | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (1.34)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.51 | &nbsp;&nbsp; $16.18 | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp; $12.95 | &nbsp;&nbsp; $19.79 | &nbsp;&nbsp; $19.30 |
| **Total Return (%)** (b) | 5.46 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.51 | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | &nbsp;&nbsp; (23.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;15.11 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.80 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net ratio of expenses to average net assets (%) (e) | 0.79 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | 1.52 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 17 <br>(c)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 43 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $114.7 | &nbsp;&nbsp; $116.3 | &nbsp;&nbsp; $118.5 | &nbsp;&nbsp; $110.3 | &nbsp;&nbsp; $161.4 | &nbsp;&nbsp; $157.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $15.83 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $12.72 | &nbsp;&nbsp; $19.53 | &nbsp;&nbsp; $19.08 | &nbsp;&nbsp; $17.95 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| Total income (loss) from investment operations | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.12)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (1.17)<br>|
| Total distributions | &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (1.29)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $15.16 | &nbsp;&nbsp; $15.83 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $12.72 | &nbsp;&nbsp; $19.53 | &nbsp;&nbsp; $19.08 |
| **Total Return (%)** (b) | 5.30 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.30 | &nbsp;&nbsp;&nbsp;&nbsp;22.20 | &nbsp;&nbsp; (23.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp;&nbsp;&nbsp;14.79 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.05 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net ratio of expenses to average net assets (%) (e) | 1.04 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Ratio of net investment income (loss) to average net assets (%) | 1.27 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 17 <br>(c)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 43 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $256.7 | &nbsp;&nbsp; $256.9 | &nbsp;&nbsp; $266.1 | &nbsp;&nbsp; $248.4 | &nbsp;&nbsp; $348.0 | &nbsp;&nbsp; $328.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-329**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.7% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 4.8%** | **Aerospace & Defense — 4.8%** | **Aerospace & Defense — 4.8%** |
| Boeing Co. (a) | 731531 | &nbsp;&nbsp; $153277690 |
| **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** |
| Expeditors International of Washington, Inc. (b) | 280242 | &nbsp;&nbsp; 32017649 |
| **Automobiles — 6.4%** | **Automobiles — 6.4%** | **Automobiles — 6.4%** |
| Tesla, Inc. (a) | 650926 | &nbsp;&nbsp; 206773153 |
| **Beverages — 2.5%** | **Beverages — 2.5%** | **Beverages — 2.5%** |
| Monster Beverage Corp. (a) | 1267832 | &nbsp;&nbsp; 79416996 |
| **Biotechnology — 4.2%** | **Biotechnology — 4.2%** | **Biotechnology — 4.2%** |
| Regeneron Pharmaceuticals, Inc.  | 96852 | &nbsp;&nbsp; 50847300 |
| Vertex Pharmaceuticals, Inc. (a) | 190374 | &nbsp;&nbsp; 84754505 |
|  |  | &nbsp;&nbsp; 135601805 |
| **Broadline Retail — 6.3%** | **Broadline Retail — 6.3%** | **Broadline Retail — 6.3%** |
| Alibaba Group Holding Ltd. (ADR) | 112417 | &nbsp;&nbsp; 12749212 |
| Amazon.com, Inc. (a) | 863543 | &nbsp;&nbsp; 189452699 |
|  |  | &nbsp;&nbsp; 202201911 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| FactSet Research Systems, Inc. (b) | 73840 | &nbsp;&nbsp; 33027155 |
| SEI Investments Co. (b) | 420625 | &nbsp;&nbsp; 37797363 |
|  |  | &nbsp;&nbsp; 70824518 |
| **Entertainment — 10.8%** | **Entertainment — 10.8%** | **Entertainment — 10.8%** |
| Netflix, Inc. (a) | 192745 | &nbsp;&nbsp; 258110612 |
| Walt Disney Co.  | 712264 | &nbsp;&nbsp; 88327858 |
|  |  | &nbsp;&nbsp; 346438470 |
| **Financial Services — 6.4%** | **Financial Services — 6.4%** | **Financial Services — 6.4%** |
| Block, Inc. (a) | 356257 | &nbsp;&nbsp; 24200538 |
| PayPal Holdings, Inc. (a) | 323096 | &nbsp;&nbsp; 24012495 |
| Visa, Inc. - Class A (b) | 447074 | &nbsp;&nbsp; 158733623 |
|  |  | &nbsp;&nbsp; 206946656 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| Intuitive Surgical, Inc. (a) | 86033 | &nbsp;&nbsp; 46751193 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| Starbucks Corp.  | 472631 | &nbsp;&nbsp; 43307178 |
| Yum China Holdings, Inc.  | 176736 | &nbsp;&nbsp; 7901867 |
| Yum! Brands, Inc. (b) | 193944 | &nbsp;&nbsp; 28738622 |
|  |  | &nbsp;&nbsp; 79947667 |
| **Interactive Media & Services — 13.8%** | **Interactive Media & Services — 13.8%** | **Interactive Media & Services — 13.8%** |
| Alphabet, Inc. - Class A (b) | 938320 | &nbsp;&nbsp; 165360133 |
| Alphabet, Inc. - Class C | 32499 | &nbsp;&nbsp; 5764998 |
| Meta Platforms, Inc. - Class A | 369764 | &nbsp;&nbsp; 272919111 |
|  |  | &nbsp;&nbsp; 444044242 |
| **IT Services — 2.5%** | **IT Services — 2.5%** | **IT Services — 2.5%** |
| Shopify, Inc. - Class A (a) | 688614 | &nbsp;&nbsp; 79431625 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Illumina, Inc. (a) (b) | 208235 | &nbsp;&nbsp; $19867701 |
| Thermo Fisher Scientific, Inc.  | 73758 | &nbsp;&nbsp; 29905919 |
|  |  | &nbsp;&nbsp; 49773620 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Deere & Co.  | 66997 | &nbsp;&nbsp; 34067305 |
| **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** |
| Novartis AG (ADR) | 282154 | &nbsp;&nbsp; 34143456 |
| Novo Nordisk AS (ADR) (b) | 634902 | &nbsp;&nbsp; 43820936 |
| Roche Holding AG (ADR) (b) | 637546 | &nbsp;&nbsp; 25986375 |
|  |  | &nbsp;&nbsp; 103950767 |
| **Semiconductors & Semiconductor Equipment — 11.2%** | **Semiconductors & Semiconductor Equipment — 11.2%** | **Semiconductors & Semiconductor Equipment — 11.2%** |
| NVIDIA Corp.  | 2051110 | &nbsp;&nbsp; 324054869 |
| QUALCOMM, Inc.  | 225828 | &nbsp;&nbsp; 35965367 |
|  |  | &nbsp;&nbsp; 360020236 |
| **Software — 16.1%** | **Software — 16.1%** | **Software — 16.1%** |
| Autodesk, Inc. (a) | 282625 | &nbsp;&nbsp; 87492221 |
| Microsoft Corp.  | 301636 | &nbsp;&nbsp; 150036763 |
| Oracle Corp.  | 824731 | &nbsp;&nbsp; 180310938 |
| Salesforce, Inc.  | 283746 | &nbsp;&nbsp; 77374697 |
| Workday, Inc. - Class A (a) | 98473 | &nbsp;&nbsp; 23633520 |
|  |  | &nbsp;&nbsp; 518848139 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| NIKE, Inc. - Class B | 342605 | &nbsp;&nbsp; 24338659 |
| Total Common Stocks <br>(Cost $1,608,192,216) <br>|  | &nbsp;&nbsp; 3174672301 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** |
| **Repurchase Agreement—0.4%** | **Repurchase Agreement—0.4%** | **Repurchase Agreement—0.4%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $13,840,404; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $14,116,068<br>| 13839154 | &nbsp;&nbsp; 13839154 |
| Total Short-Term Investments <br>(Cost $13,839,154) <br>|  | &nbsp;&nbsp; 13839154 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—2.3%** | **Securities Lending Reinvestments (c)—2.3%** | **Securities Lending Reinvestments (c)—2.3%** |
| **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** | **Short-Term Investment Funds—0.1%** |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares 4.220% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (d)<br>| 3000000 | &nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp; 5000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.1%** | **Certificates of Deposit—0.1%** | **Certificates of Deposit—0.1%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (e) | 1000000 | &nbsp;&nbsp; 999998 |

---

*See accompanying notes to financial statements.*

**BHFTI-330**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Cooperatieve Rabobank UA |  |  |
| 4.740%, SOFR + 0.340%, 07/30/25 (e) | 1000000 | &nbsp;&nbsp; $1000170 |
|  |  | &nbsp;&nbsp; 2000168 |
| **Repurchase Agreements—2.0%** | **Repurchase Agreements—2.0%** | **Repurchase Agreements—2.0%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $7,000,867; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,791,518<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $1,000,126; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,074<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $5,000,607; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $5,100,000<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $11,001,338; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market value <br> of $11,221,365<br>| 11000000 | &nbsp;&nbsp; 11000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,800,881; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $4,896,304<br>| 4800297 | &nbsp;&nbsp; 4800297 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,200,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $4,000,504; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,460,420<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $10,001,261; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,151,049<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $2,001,773; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,230,246<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $5,000,608; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $5,100,002<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $7,000,863; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,788,332<br>| 7000000 | &nbsp;&nbsp; $7000000 |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $2,000,251; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,224,886<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $3,340,411; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,674,452<br>| 3340000 | &nbsp;&nbsp; 3340000 |
|  |  | &nbsp;&nbsp; 64140297 |
| **Time Deposit—0.1%** | **Time Deposit—0.1%** | **Time Deposit—0.1%** |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments <br>(Cost $73,140,297) <br>|  | &nbsp;&nbsp; 73140465 |
| Total Investments—101.4% <br>(Cost $1,695,171,667) <br>|  | &nbsp;&nbsp; 3261651920 |
| Other assets and liabilities (net)—(1.4)%  |  | &nbsp;&nbsp; (44357233)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $3217294687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $278,471,426 and the collateral received consisted of cash in the amount of $73,140,297 and non-cash collateral with a value of $208,832,361. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(e) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

*See accompanying notes to financial statements.*

**BHFTI-331**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34023294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $271389899 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(73140297)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(73140297)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(73140297)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $3174672301 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3174672301 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 13839154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13839154 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000168 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000168 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 64140297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64140297 |
| Time Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 68140465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73140465 |
| Total Investments | &nbsp;&nbsp; $3179672301 | &nbsp;&nbsp; $81979619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3261651920 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(73140297)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(73140297)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-332**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $3261651920 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 32147802 |
| Fund shares sold | &nbsp;&nbsp; 125944 |
| Dividends and interest | &nbsp;&nbsp; 4094591 |
| Prepaid expenses | &nbsp;&nbsp; 24942 |
| Total Assets | &nbsp;&nbsp; 3298045199 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 73140297 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 5336628 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1365074 |
| Distribution and service fees | &nbsp;&nbsp; 182244 |
| Deferred trustees' fees | &nbsp;&nbsp; 276933 |
| Other expenses | &nbsp;&nbsp; 449336 |
| Total Liabilities | &nbsp;&nbsp; 80750512 |
| **Net Assets**  | &nbsp;&nbsp; $3217294687 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1583176804 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 1634117883 |
| **Net Assets**  | &nbsp;&nbsp; $3217294687 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $2289991011 |
| Class B | &nbsp;&nbsp; 897432657 |
| Class E | &nbsp;&nbsp; 29871019 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 127065275 |
| Class B | &nbsp;&nbsp; 54094154 |
| Class E | &nbsp;&nbsp; 1742213 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $18.02 |
| Class B | 16.59 |
| Class E | 17.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,695,171,667.

(b) Includes securities loaned at value of $278,471,426.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $8735458 |
| Interest | &nbsp;&nbsp; 395432 |
| Securities lending income | &nbsp;&nbsp; 199213 |
| Total investment income | &nbsp;&nbsp; 9330103 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 8365373 |
| Administration fees | &nbsp;&nbsp; 66698 |
| Custodian and accounting fees | &nbsp;&nbsp; 62043 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1043314 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 21071 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 70477 |
| Insurance | &nbsp;&nbsp; 12608 |
| Miscellaneous | &nbsp;&nbsp; 12925 |
| Total expenses | &nbsp;&nbsp; 9722313 |
| Less management fee waiver | &nbsp;&nbsp; (372969)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (13999)<br>|
| Net expenses | &nbsp;&nbsp; 9335345 |
| **Net Investment Loss** | &nbsp;&nbsp; (5242)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 113604737<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 115889583 |
| Foreign currency transactions | &nbsp;&nbsp; 1924 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 115891507 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 229496244 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $229491002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $388,027.

*See accompanying notes to financial statements.*

**BHFTI-333**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(5242)<br>| &nbsp;&nbsp; $(1796289)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 113604737 | &nbsp;&nbsp; 409418947 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 115891507 | &nbsp;&nbsp; 518060606 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 229491002 | &nbsp;&nbsp; 925683264 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (292695262)<br>| &nbsp;&nbsp; (171264345)<br>|
| Class B | &nbsp;&nbsp; (123411623)<br>| &nbsp;&nbsp; (72562040)<br>|
| Class E | &nbsp;&nbsp; (3977930)<br>| &nbsp;&nbsp; (2413736)<br>|
| **Total distributions** | &nbsp;&nbsp; (420084815)<br>| &nbsp;&nbsp; (246240121)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 203664439 | &nbsp;&nbsp; (457100692)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 13070626 | &nbsp;&nbsp; 222342451 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3204224061 | &nbsp;&nbsp; 2981881610 |
| End of period | &nbsp;&nbsp; $3217294687 | &nbsp;&nbsp; $3204224061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1053851 | &nbsp;&nbsp; $19551492 | &nbsp;&nbsp; 1088827 | &nbsp;&nbsp; $18601110 |
| Reinvestments | &nbsp;&nbsp; 16821567 | &nbsp;&nbsp; 292695262 | &nbsp;&nbsp; 10323348 | &nbsp;&nbsp; 171264345 |
| Redemptions | &nbsp;&nbsp; (9016811)<br>| &nbsp;&nbsp; (168592124)<br>| &nbsp;&nbsp; (28901504)<br>| &nbsp;&nbsp; (505406420)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 8858607 | &nbsp;&nbsp; $143654630 | &nbsp;&nbsp; (17489329)<br>| &nbsp;&nbsp; $(315540965)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1431627 | &nbsp;&nbsp; $23880921 | &nbsp;&nbsp; 1218699 | &nbsp;&nbsp; $19424293 |
| Reinvestments | &nbsp;&nbsp; 7703597 | &nbsp;&nbsp; 123411623 | &nbsp;&nbsp; 4687470 | &nbsp;&nbsp; 72562040 |
| Redemptions | &nbsp;&nbsp; (5056034)<br>| &nbsp;&nbsp; (88485103)<br>| &nbsp;&nbsp; (14032131)<br>| &nbsp;&nbsp; (228495843)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 4079190 | &nbsp;&nbsp; $58807441 | &nbsp;&nbsp; (8125962)<br>| &nbsp;&nbsp; $(136509510)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 7955 | &nbsp;&nbsp; $136353 | &nbsp;&nbsp; 31164 | &nbsp;&nbsp; $506897 |
| Reinvestments | &nbsp;&nbsp; 240358 | &nbsp;&nbsp; 3977930 | &nbsp;&nbsp; 151712 | &nbsp;&nbsp; 2413736 |
| Redemptions | &nbsp;&nbsp; (163571)<br>| &nbsp;&nbsp; (2911915)<br>| &nbsp;&nbsp; (480430)<br>| &nbsp;&nbsp; (7970850)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 84742 | &nbsp;&nbsp; $1202368 | &nbsp;&nbsp; (297554)<br>| &nbsp;&nbsp; $(5050217)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $203664439 |  | &nbsp;&nbsp; $(457100692)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-334**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $15.51 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $16.59 | &nbsp;&nbsp; $14.45 | &nbsp;&nbsp; $17.14 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| Total income (loss) from investment operations | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.16)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (6.58)<br>|
| Total distributions | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (6.74)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $18.02 | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $15.51 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $16.59 | &nbsp;&nbsp; $14.45 |
| **Total Return (%)** (c) | 7.68 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.47 | &nbsp;&nbsp;&nbsp;&nbsp;52.06 | &nbsp;&nbsp; (27.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.66 | &nbsp;&nbsp;&nbsp;&nbsp;32.54 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.58 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net ratio of expenses to average net assets (%) (f) | 0.55 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) | 0.07 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 1 <br>(d)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 <br>(g)<br>| &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $2290.0 | &nbsp;&nbsp; $2276.0 | &nbsp;&nbsp; $2105.2 | &nbsp;&nbsp; $1747.7 | &nbsp;&nbsp; $2526.1 | &nbsp;&nbsp; $1901.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $17.95 | &nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $15.80 | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $16.64 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>|
| Net realized and unrealized gain (loss) | 1.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| Total income (loss) from investment operations | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.11)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (6.58)<br>|
| Total distributions | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (6.69)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.59 | &nbsp;&nbsp; $17.95 | &nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $15.80 | &nbsp;&nbsp; $13.80 |
| **Total Return (%)** (c) | 7.52 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.13 | &nbsp;&nbsp;&nbsp;&nbsp;51.73 | &nbsp;&nbsp; (28.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.27 | &nbsp;&nbsp;&nbsp;&nbsp;32.23 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.83 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net ratio of expenses to average net assets (%) (f) | 0.80 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.18 ) (e)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 1 <br>(d)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 <br>(g)<br>| &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $897.4 | &nbsp;&nbsp; $897.6 | &nbsp;&nbsp; $847.5 | &nbsp;&nbsp; $695.3 | &nbsp;&nbsp; $1034.6 | &nbsp;&nbsp; $943.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-335**

------

**Brighthouse Funds Trust I**

**Loomis Sayles Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $16.11 | &nbsp;&nbsp; $14.05 | &nbsp;&nbsp; $16.84 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp; (4.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Total income (loss) from investment operations | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.13)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (6.58)<br>|
| Total distributions | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (6.71)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $17.15 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $16.11 | &nbsp;&nbsp; $14.05 |
| **Total Return (%)** (c) | 7.65 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.24 | &nbsp;&nbsp;&nbsp;&nbsp;51.84 | &nbsp;&nbsp; (27.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;&nbsp;32.30 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.73 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net ratio of expenses to average net assets (%) (f) | 0.70 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.08 ) (e)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 1 <br>(d)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 <br>(g)<br>| &nbsp;&nbsp; 18 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $29.9 | &nbsp;&nbsp; $30.6 | &nbsp;&nbsp; $29.2 | &nbsp;&nbsp; $21.8 | &nbsp;&nbsp; $34.8 | &nbsp;&nbsp; $35.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Excludes the effect of subscriptions in kind activity for the year ended December 31, 2021.

*See accompanying notes to financial statements.*

**BHFTI-336**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—76.4% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Affiliated Mutual Funds — 76.4%** | **Affiliated Mutual Funds — 76.4%** | **Affiliated Mutual Funds — 76.4%** |
| MetLife Aggregate Bond Index Portfolio (Class A) (a) | 230244623 | &nbsp;&nbsp; $2182719023 |
| MetLife Mid Cap Stock Index Portfolio (Class A) (a) | 16034332 | &nbsp;&nbsp; 263123384 |
| MetLife MSCI EAFE Index Portfolio (Class A) (a) | 35508938 | &nbsp;&nbsp; 610753738 |
| MetLife Russell 2000 Index Portfolio (Class A) (a) | 9463782 | &nbsp;&nbsp; 160316473 |
| MetLife Stock Index Portfolio (Class A) (a) | 13374235 | &nbsp;&nbsp; 897009937 |
| Total Investment Companies <br>(Cost $4,108,804,124) <br>|  | &nbsp;&nbsp; 4113922555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—23.5%** | **Short-Term Investments—23.5%** | **Short-Term Investments—23.5%** |
| **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** | **Repurchase Agreement—0.0%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $12,125; collateralized <br> by U.S. Treasury Note at 3.750%, maturing 06/30/27, with <br> a market value of $12,436<br>| 12123 | &nbsp;&nbsp; 12123 |
| **U.S. Treasury—23.5%** | **U.S. Treasury—23.5%** | **U.S. Treasury—23.5%** |
| U.S. Treasury Bills |  |  |
| Zero Coupon, 07/01/25 (b) | 10000000 | &nbsp;&nbsp; 10000000 |
| 3.840%, 07/15/25 (b) | 15980000 | &nbsp;&nbsp; 15954194 |
| 3.953%, 07/15/25 (b) | 187570000 | &nbsp;&nbsp; 187267101 |
| 4.058%, 07/24/25 (b) | 246860000 | &nbsp;&nbsp; 246203113 |
| 4.087%, 07/22/25 (b) | 18100000 | &nbsp;&nbsp; 18056056 |
| 4.104%, 07/22/25 (b) | 176135000 | &nbsp;&nbsp; 175707374 |
| 4.105%, 08/07/25 (b) (c) (d) | 34685000 | &nbsp;&nbsp; 34533472 |
| 4.110%, 08/07/25 (b) (c) (d) | 60500000 | &nbsp;&nbsp; 60235694 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bills |  |  |
| 4.116%, 08/07/25 (b) (c) (d) | 20185000 | &nbsp;&nbsp; $20096818 |
| 4.131%, 08/07/25 (b) (c) (d) | 17420000 | &nbsp;&nbsp; 17343897 |
| 4.148%, 07/29/25 (b) | 240575000 | &nbsp;&nbsp; 239798477 |
| 4.170%, 08/07/25 (b) (c) (d) | 37480000 | &nbsp;&nbsp; 37316261 |
| 4.173%, 08/07/25 (b) (c) (d) | 5100000 | &nbsp;&nbsp; 5077720 |
| 4.237%, 09/25/25 (b) | 190000000 | &nbsp;&nbsp; 188098206 |
| 4.253%, 09/25/25 (b) | 9040000 | &nbsp;&nbsp; 8949515 |
|  |  | &nbsp;&nbsp; 1264637898 |
| Total Short-Term Investments <br>(Cost $1,264,646,138) <br>|  | &nbsp;&nbsp; 1264650021 |
| Total Investments—99.9% <br>(Cost $5,373,450,262) <br>|  | &nbsp;&nbsp; 5378572576 |
| Other assets and liabilities (net)—0.1%  |  | &nbsp;&nbsp; 4683914 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $5383256490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) A Portfolio of Brighthouse Funds Trust II. (See the table that follows for a summary of transactions in affiliated issuers.) 

(b) The rate shown represents current yield to maturity.

(c) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2025, the market value of securities pledged was $72,681,085. 

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2025, the market value of securities pledged was $32,855,833. 

**Transactions in Securities of Affiliated Issuers**

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios' net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| MetLife Aggregate Bond Index Portfolio (Class A) | &nbsp;&nbsp; $2360652627 | &nbsp;&nbsp; $44941073 | &nbsp;&nbsp; $(266286995)<br>| &nbsp;&nbsp; $(44374174)<br>| &nbsp;&nbsp; $87786492 | &nbsp;&nbsp; $2182719023 |
| MetLife Mid Cap Stock Index Portfolio (Class A) | &nbsp;&nbsp; 272254880 | &nbsp;&nbsp; 22163135 | &nbsp;&nbsp; (9129270)<br>| &nbsp;&nbsp; 1250620 | &nbsp;&nbsp; (23415981)<br>| &nbsp;&nbsp; 263123384 |
| MetLife MSCI EAFE Index Portfolio (Class A) | &nbsp;&nbsp; 646606593 | &nbsp;&nbsp; 15891311 | &nbsp;&nbsp; (152477660)<br>| &nbsp;&nbsp; 28582753 | &nbsp;&nbsp; 72150741 | &nbsp;&nbsp; 610753738 |
| MetLife Russell 2000 Index Portfolio (Class A) | &nbsp;&nbsp; 163622398 | &nbsp;&nbsp; 12955664 | &nbsp;&nbsp; (2885254)<br>| &nbsp;&nbsp; 265049 | &nbsp;&nbsp; (13641384)<br>| &nbsp;&nbsp; 160316473 |
| MetLife Stock Index Portfolio (Class A) | &nbsp;&nbsp; 939663068 | &nbsp;&nbsp; 88207876 | &nbsp;&nbsp; (94463437)<br>| &nbsp;&nbsp; 24284490 | &nbsp;&nbsp; (60682060)<br>| &nbsp;&nbsp; 897009937 |
|  | &nbsp;&nbsp; $4382799566 | &nbsp;&nbsp; $184159059 | &nbsp;&nbsp; $(525242616)<br>| &nbsp;&nbsp; $10008738 | &nbsp;&nbsp; $62197808 | &nbsp;&nbsp; $4113922555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Capital Gain** <br>**Distributions from** <br>**Affiliated Investments**<br>| **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| MetLife Aggregate Bond Index Portfolio (Class A) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44941073 | &nbsp;&nbsp; 230244623 |
| MetLife Mid Cap Stock Index Portfolio (Class A) | &nbsp;&nbsp; 19186437 | &nbsp;&nbsp; 2976698 | &nbsp;&nbsp; 16034332 |
| MetLife MSCI EAFE Index Portfolio (Class A) | &nbsp;&nbsp; 4520195 | &nbsp;&nbsp; 11371116 | &nbsp;&nbsp; 35508938 |
| MetLife Russell 2000 Index Portfolio (Class A) | &nbsp;&nbsp; 8555934 | &nbsp;&nbsp; 1899328 | &nbsp;&nbsp; 9463782 |
| MetLife Stock Index Portfolio (Class A) | &nbsp;&nbsp; 79179206 | &nbsp;&nbsp; 9028668 | &nbsp;&nbsp; 13374235 |
|  | &nbsp;&nbsp; $111441772 | &nbsp;&nbsp; $70216883 |  |

---

*See accompanying notes to financial statements.*

**BHFTI-337**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $184159059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $525242616 |

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| MSCI EAFE Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 1127 | USD | 151113795 | &nbsp;&nbsp; $1224636 |
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 378 | USD | 41423130 | &nbsp;&nbsp; 1379964 |
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 754 | USD | 235766375 | &nbsp;&nbsp; 8341490 |
| S&P Midcap 400 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 233 | USD | 72824150 | &nbsp;&nbsp; 2200267 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $13146357 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SOFR | Annually | 3.780<br> %<br>| Annually | 07/11/35 | USD | 255000000 | $1941784 | $(52441)<br>| $1994225 |
| Pay | 12M SOFR | Annually | 3.870<br> %<br>| Annually | 09/20/35 | USD | 255000000 | 3968918 | 2565 | 3966353 |
| Pay | 12M SOFR | Annually | 3.900<br> %<br>| Annually | 06/14/35 | USD | 255000000 | 4510949 | 2600 | 4508349 |
| Pay | 12M SOFR | Annually | 3.940<br> %<br>| Annually | 08/16/35 | USD | 255000000 | 5420423 | 2816 | 5417607 |
| Pay | 12M SOFR | Annually | 4.120<br> %<br>| Annually | 05/20/35 | USD | 255000000 | 9203927 | 2582 | 9201345 |
| Pay | 12M SOFR | Annually | 4.130<br> %<br>| Annually | 04/23/35 | USD | 255000000 | 9424903 | 2563 | 9422340 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $34470904 | $(39315)<br>| $34510219 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $13146357 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (b) <br>| &nbsp;&nbsp; 34510219 |
| Total |  | &nbsp;&nbsp; $47656576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

*See accompanying notes to financial statements.*

**BHFTI-338**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(328249720)<br>| &nbsp;&nbsp;&nbsp; $(328249720)<br>|
| Swap contracts | &nbsp;&nbsp; (14084297)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14084297)<br>|
|  | &nbsp;&nbsp; $(14084297)<br>| &nbsp;&nbsp;&nbsp; $(328249720)<br>| &nbsp;&nbsp;&nbsp; $(342334017)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Total** |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $89369929 | &nbsp;&nbsp;&nbsp; $89369929 |
| Swap contracts | &nbsp;&nbsp; 67699791 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67699791 |
|  | &nbsp;&nbsp; $67699791 | &nbsp;&nbsp;&nbsp; $89369929 | &nbsp;&nbsp;&nbsp; $157069720 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $1350333748 |
| Futures contracts short | &nbsp;&nbsp; (208723463)<br>|
| Swap contracts | &nbsp;&nbsp; 1674000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $4113922555 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4113922555 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 1264650021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1264650021 |
| Total Investments | &nbsp;&nbsp; $4113922555 | &nbsp;&nbsp; $1264650021 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5378572576 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $13146357 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13146357 |
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34510219 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34510219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-339**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1264650021 |
| Affiliated investments at value (b) | &nbsp;&nbsp; 4113922555 |
| Receivable for: |  |
| Affiliated investments sold | &nbsp;&nbsp; 9575214 |
| Fund shares sold | &nbsp;&nbsp; 41207 |
| Variation margin on futures contracts | &nbsp;&nbsp; 1246058 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 5542905 |
| Prepaid expenses | &nbsp;&nbsp; 10650 |
| Total Assets | &nbsp;&nbsp; 5394988610 |
| **Liabilities** |  |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 9616421 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 653896 |
| Distribution and service fees | &nbsp;&nbsp; 1095385 |
| Deferred trustees' fees | &nbsp;&nbsp; 201283 |
| Other expenses | &nbsp;&nbsp; 165135 |
| Total Liabilities | &nbsp;&nbsp; 11732120 |
| **Net Assets**  | &nbsp;&nbsp; $5383256490 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $5513208560 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (129952070)<br>|
| **Net Assets**  | &nbsp;&nbsp; $5383256490 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $5383256490 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 495120149 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $10.87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,264,646,138.

(b) Identified cost of affiliated investments was $4,108,804,124.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $70216883 |
| Interest | &nbsp;&nbsp; 28401280 |
| Total investment income | &nbsp;&nbsp; 98618163 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4232572 |
| Administration fees | &nbsp;&nbsp; 47283 |
| Custodian and accounting fees | &nbsp;&nbsp; 18750 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 6870360 |
| Audit and tax services | &nbsp;&nbsp; 25787 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 5100 |
| Insurance | &nbsp;&nbsp; 1333 |
| Miscellaneous | &nbsp;&nbsp; 10773 |
| Total expenses | &nbsp;&nbsp; 11254715 |
| Less management fee waiver | &nbsp;&nbsp; (65729)<br>|
| Net expenses | &nbsp;&nbsp; 11188986 |
| **Net Investment Income** | &nbsp;&nbsp; 87429177 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 14704 |
| Affiliated investments | &nbsp;&nbsp; 10008738 |
| Capital gain distributions from affiliated investments | &nbsp;&nbsp; 111441772 |
| Futures contracts | &nbsp;&nbsp; (328249720)<br>|
| Swap contracts | &nbsp;&nbsp; (14084297)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (220868803)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (463441)<br>|
| Affiliated investments | &nbsp;&nbsp; 62197808 |
| Futures contracts | &nbsp;&nbsp; 89369929 |
| Swap contracts | &nbsp;&nbsp; 67699791 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 218804087 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (2064716)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $85364461 |

---

*See accompanying notes to financial statements.*

**BHFTI-340**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $87429177 | &nbsp;&nbsp; $37920496 |
| Net realized gain (loss) | &nbsp;&nbsp; (220868803)<br>| &nbsp;&nbsp; 125189893 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 218804087 | &nbsp;&nbsp; (185362385)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 85364461 | &nbsp;&nbsp; (22251996)<br>|
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (35313336)<br>| &nbsp;&nbsp; (29740090)<br>|
| **Total distributions** | &nbsp;&nbsp; (35313336)<br>| &nbsp;&nbsp; (29740090)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (428103359)<br>| &nbsp;&nbsp; 4523731446 |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (378052234)<br>| &nbsp;&nbsp; 4471739360 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 5761308724 | &nbsp;&nbsp; 1289569364 |
| End of period | &nbsp;&nbsp; $5383256490 | &nbsp;&nbsp; $5761308724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1484150 | &nbsp;&nbsp; $16037899 | &nbsp;&nbsp; 433744145 | &nbsp;&nbsp; $4792056749 |
| Reinvestments | &nbsp;&nbsp; 3312696 | &nbsp;&nbsp; 35313336 | &nbsp;&nbsp; 2832390 | &nbsp;&nbsp; 29740090 |
| Redemptions | &nbsp;&nbsp; (44448663)<br>| &nbsp;&nbsp; (479454594)<br>| &nbsp;&nbsp; (27545876)<br>| &nbsp;&nbsp; (298065393)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (39651817)<br>| &nbsp;&nbsp; $(428103359)<br>| &nbsp;&nbsp; 409030659 | &nbsp;&nbsp; $4523731446 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(428103359)<br>|  | &nbsp;&nbsp; $4523731446 |

---

*See accompanying notes to financial statements.*

**BHFTI-341**

------

**Brighthouse Funds Trust I**

**MetLife Multi-Index Targeted Risk Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $13.47 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Total income (loss) from investment operations | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.15)<br>|
| Total distributions | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.44)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $12.76 |
| **Total Return (%)** (d) | 1.60 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;13.82 | &nbsp;&nbsp; (21.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.56 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) (f) | 0.41 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net ratio of expenses to average net assets (%) (f) (h) | 0.41 <br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Ratio of net investment income (loss) to average net assets (%) (i) | 1.89 <br>(g)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 4 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $5383.3 | &nbsp;&nbsp;&nbsp;&nbsp; $5761.3 | &nbsp;&nbsp; $1289.6 | &nbsp;&nbsp; $1282.0 | &nbsp;&nbsp; $1818.9 | &nbsp;&nbsp; $1885.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized and unrealized gain (loss) on investments was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net realized and unrealized gain (loss) does not directly correlate to the amounts reported in the Statement of Operations due to the timing of shareholder activity in the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(i) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The income earned by the Portfolio through the investments in Underlying Portfolios is not annualized.

*See accompanying notes to financial statements.*

**BHFTI-342**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.0% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Australia — 1.7%** | **Australia — 1.7%** | **Australia — 1.7%** |
| APA Group | 714721 | &nbsp;&nbsp; $3843297 |
| Aristocrat Leisure Ltd.  | 128215 | &nbsp;&nbsp; 5500079 |
| CAR Group Ltd.  | 184585 | &nbsp;&nbsp; 4546551 |
| Glencore PLC (a) | 2578007 | &nbsp;&nbsp; 10038444 |
|  |  | &nbsp;&nbsp; 23928371 |
| **Austria — 0.5%** | **Austria — 0.5%** | **Austria — 0.5%** |
| Erste Group Bank AG | 91454 | &nbsp;&nbsp; 7773163 |
| **Brazil — 1.5%** | **Brazil — 1.5%** | **Brazil — 1.5%** |
| B3 SA - Brasil Bolsa Balcao | 3847600 | &nbsp;&nbsp; 10325230 |
| Banco Bradesco SA (ADR) (b) | 3333019 | &nbsp;&nbsp; 10299029 |
|  |  | &nbsp;&nbsp; 20624259 |
| **Canada — 2.5%** | **Canada — 2.5%** | **Canada — 2.5%** |
| Alimentation Couche-Tard, Inc. (b) | 106888 | &nbsp;&nbsp; 5313199 |
| Constellation Software, Inc.  | 5355 | &nbsp;&nbsp; 19635459 |
| RB Global, Inc. (b) | 99108 | &nbsp;&nbsp; 10529065 |
|  |  | &nbsp;&nbsp; 35477723 |
| **China — 0.2%** | **China — 0.2%** | **China — 0.2%** |
| China Resources Gas Group Ltd.  | 1292424 | &nbsp;&nbsp; 3307589 |
| **Denmark — 2.3%** | **Denmark — 2.3%** | **Denmark — 2.3%** |
| Novo Nordisk AS - Class B | 347486 | &nbsp;&nbsp; 24246870 |
| Novonesis (Novozymes) - B Shares (b) | 116337 | &nbsp;&nbsp; 8353675 |
|  |  | &nbsp;&nbsp; 32600545 |
| **France — 7.7%** | **France — 7.7%** | **France — 7.7%** |
| BNP Paribas SA | 253239 | &nbsp;&nbsp; 22809061 |
| Capgemini SE | 27357 | &nbsp;&nbsp; 4682407 |
| Cie Generale des Etablissements Michelin SCA | 217484 | &nbsp;&nbsp; 8092442 |
| Legrand SA | 137399 | &nbsp;&nbsp; 18352897 |
| LVMH Moet Hennessy Louis Vuitton SE | 36871 | &nbsp;&nbsp; 19337056 |
| Thales SA | 50743 | &nbsp;&nbsp; 14949117 |
| TotalEnergies SE | 346721 | &nbsp;&nbsp; 21325890 |
|  |  | &nbsp;&nbsp; 109548870 |
| **Germany — 4.9%** | **Germany — 4.9%** | **Germany — 4.9%** |
| E.ON SE | 516783 | &nbsp;&nbsp; 9515500 |
| GEA Group AG | 212072 | &nbsp;&nbsp; 14835811 |
| LEG Immobilien SE | 65028 | &nbsp;&nbsp; 5769323 |
| Merck KGaA | 79827 | &nbsp;&nbsp; 10337664 |
| MTU Aero Engines AG | 44831 | &nbsp;&nbsp; 19936236 |
| Symrise AG | 92458 | &nbsp;&nbsp; 9708352 |
|  |  | &nbsp;&nbsp; 70102886 |
| **Greece — 0.2%** | **Greece — 0.2%** | **Greece — 0.2%** |
| Hellenic Telecommunications Organization SA | 124736 | &nbsp;&nbsp; 2374337 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| AIA Group Ltd.  | 1266628 | &nbsp;&nbsp; 11390499 |
| CLP Holdings Ltd.  | 514000 | &nbsp;&nbsp; 4329753 |
| Techtronic Industries Co. Ltd.  | 850000 | &nbsp;&nbsp; 9363204 |
|  |  | &nbsp;&nbsp; 25083456 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **India — 1.7%** | **India — 1.7%** | **India — 1.7%** |
| HDFC Bank Ltd.  | 683250 | &nbsp;&nbsp; $15927373 |
| Reliance Industries Ltd.  | 466653 | &nbsp;&nbsp; 8163987 |
|  |  | &nbsp;&nbsp; 24091360 |
| **Ireland — 1.5%** | **Ireland — 1.5%** | **Ireland — 1.5%** |
| Bank of Ireland Group PLC | 1474026 | &nbsp;&nbsp; 21034473 |
| **Italy — 1.5%** | **Italy — 1.5%** | **Italy — 1.5%** |
| Eni SpA | 787176 | &nbsp;&nbsp; 12749746 |
| Ryanair Holdings PLC (ADR) | 157587 | &nbsp;&nbsp; 9088042 |
|  |  | &nbsp;&nbsp; 21837788 |
| **Japan — 18.7%** | **Japan — 18.7%** | **Japan — 18.7%** |
| Capcom Co. Ltd.  | 121600 | &nbsp;&nbsp; 4151408 |
| Daiichi Sankyo Co. Ltd.  | 696900 | &nbsp;&nbsp; 16227783 |
| Daikin Industries Ltd.  | 88000 | &nbsp;&nbsp; 10396179 |
| Denso Corp.  | 257300 | &nbsp;&nbsp; 3470078 |
| Disco Corp.  | 10700 | &nbsp;&nbsp; 3166009 |
| Fujitsu Ltd.  | 439700 | &nbsp;&nbsp; 10682976 |
| Hitachi Ltd.  | 1235700 | &nbsp;&nbsp; 35796802 |
| Kao Corp. (b) | 219400 | &nbsp;&nbsp; 9820124 |
| KDDI Corp.  | 830000 | &nbsp;&nbsp; 14259686 |
| Kirin Holdings Co. Ltd. (b) | 484800 | &nbsp;&nbsp; 6789025 |
| Mitsubishi Electric Corp.  | 814600 | &nbsp;&nbsp; 17592917 |
| Mitsubishi UFJ Financial Group, Inc.  | 1517500 | &nbsp;&nbsp; 20777049 |
| Mitsui & Co. Ltd. (b) | 539500 | &nbsp;&nbsp; 10991989 |
| Nomura Research Institute Ltd.  | 86700 | &nbsp;&nbsp; 3483941 |
| Olympus Corp. (b) | 118400 | &nbsp;&nbsp; 1404880 |
| Pan Pacific International Holdings Corp. (b) | 420300 | &nbsp;&nbsp; 14445905 |
| Renesas Electronics Corp.  | 150700 | &nbsp;&nbsp; 1854547 |
| Shin-Etsu Chemical Co. Ltd.  | 388000 | &nbsp;&nbsp; 12785711 |
| SMC Corp. (b) | 10100 | &nbsp;&nbsp; 3637243 |
| Sompo Holdings, Inc.  | 293700 | &nbsp;&nbsp; 8798977 |
| Sony Group Corp.  | 619000 | &nbsp;&nbsp; 16137030 |
| Suzuki Motor Corp.  | 833200 | &nbsp;&nbsp; 10037685 |
| Taisei Corp.  | 127400 | &nbsp;&nbsp; 7414420 |
| Terumo Corp. (b) | 409500 | &nbsp;&nbsp; 7516475 |
| Toyota Industries Corp.  | 100100 | &nbsp;&nbsp; 11278840 |
| Yamaha Corp.  | 344300 | &nbsp;&nbsp; 2481241 |
|  |  | &nbsp;&nbsp; 265398920 |
| **Macau — 0.2%** | **Macau — 0.2%** | **Macau — 0.2%** |
| Sands China Ltd.  | 1364000 | &nbsp;&nbsp; 2846219 |
| **Netherlands — 8.3%** | **Netherlands — 8.3%** | **Netherlands — 8.3%** |
| ABN AMRO Bank NV | 807595 | &nbsp;&nbsp; 22112045 |
| Akzo Nobel NV | 111799 | &nbsp;&nbsp; 7824014 |
| ASML Holding NV | 28206 | &nbsp;&nbsp; 22583059 |
| Euronext NV | 167624 | &nbsp;&nbsp; 28683263 |
| Heineken NV | 120853 | &nbsp;&nbsp; 10581545 |
| Koninklijke KPN NV | 1949834 | &nbsp;&nbsp; 9516981 |
| NXP Semiconductors NV | 18348 | &nbsp;&nbsp; 4008854 |
| Wolters Kluwer NV | 78511 | &nbsp;&nbsp; 13128869 |
|  |  | &nbsp;&nbsp; 118438630 |

---

*See accompanying notes to financial statements.*

**BHFTI-343**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Portugal — 1.4%** | **Portugal — 1.4%** | **Portugal — 1.4%** |
| Galp Energia SGPS SA | 722274 | &nbsp;&nbsp; $13259881 |
| Jeronimo Martins SGPS SA | 249354 | &nbsp;&nbsp; 6314272 |
|  |  | &nbsp;&nbsp; 19574153 |
| **South Korea — 0.9%** | **South Korea — 0.9%** | **South Korea — 0.9%** |
| Samsung Electronics Co. Ltd.  | 171284 | &nbsp;&nbsp; 7593814 |
| Samsung Fire & Marine Insurance Co. Ltd.  | 17632 | &nbsp;&nbsp; 5674328 |
|  |  | &nbsp;&nbsp; 13268142 |
| **Spain — 1.7%** | **Spain — 1.7%** | **Spain — 1.7%** |
| Amadeus IT Group SA | 163088 | &nbsp;&nbsp; 13796961 |
| Cellnex Telecom SA (a) (b) | 277669 | &nbsp;&nbsp; 10813532 |
|  |  | &nbsp;&nbsp; 24610493 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| Atlas Copco AB - A Shares | 771072 | &nbsp;&nbsp; 12490963 |
| **Switzerland — 3.3%** | **Switzerland — 3.3%** | **Switzerland — 3.3%** |
| Cie Financiere Richemont SA - Class A | 95177 | &nbsp;&nbsp; 17999994 |
| Julius Baer Group Ltd.  | 276438 | &nbsp;&nbsp; 18653267 |
| Sika AG | 39198 | &nbsp;&nbsp; 10637015 |
|  |  | &nbsp;&nbsp; 47290276 |
| **Taiwan — 1.3%** | **Taiwan — 1.3%** | **Taiwan — 1.3%** |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 524468 | &nbsp;&nbsp; 18936444 |
| **Thailand — 0.5%** | **Thailand — 0.5%** | **Thailand — 0.5%** |
| Advanced Info Service PCL | 810200 | &nbsp;&nbsp; 6928461 |
| **United Kingdom — 14.8%** | **United Kingdom — 14.8%** | **United Kingdom — 14.8%** |
| Barclays PLC | 6034449 | &nbsp;&nbsp; 27949684 |
| Beazley PLC | 1738864 | &nbsp;&nbsp; 22322323 |
| British American Tobacco PLC | 419958 | &nbsp;&nbsp; 19873391 |
| Burberry Group PLC (a) | 212195 | &nbsp;&nbsp; 3452292 |
| ConvaTec Group PLC | 3039049 | &nbsp;&nbsp; 12032973 |
| Croda International PLC | 194331 | &nbsp;&nbsp; 7811516 |
| Diageo PLC | 519373 | &nbsp;&nbsp; 13064068 |
| Hiscox Ltd.  | 765206 | &nbsp;&nbsp; 13185666 |
| London Stock Exchange Group PLC | 107121 | &nbsp;&nbsp; 15652377 |
| National Grid PLC | 1217485 | &nbsp;&nbsp; 17801313 |
| NatWest Group PLC | 3770217 | &nbsp;&nbsp; 26472521 |
| Next PLC | 51286 | &nbsp;&nbsp; 8761749 |
| Spirax Group PLC | 90287 | &nbsp;&nbsp; 7381977 |
| Weir Group PLC | 271195 | &nbsp;&nbsp; 9271660 |
| Whitbread PLC | 148837 | &nbsp;&nbsp; 5775632 |
|  |  | &nbsp;&nbsp; 210809142 |
| **United States — 18.0%** | **United States — 18.0%** | **United States — 18.0%** |
| Aon PLC - Class A | 41970 | &nbsp;&nbsp; 14973217 |
| Cadence Design Systems, Inc. (a) | 41891 | &nbsp;&nbsp; 12908712 |
| CSL Ltd.  | 81575 | &nbsp;&nbsp; 12858260 |
| James Hardie Industries PLC (a) | 400802 | &nbsp;&nbsp; 11063954 |
| Linde PLC | 63965 | &nbsp;&nbsp; 30011099 |
| Mastercard, Inc. - Class A | 30745 | &nbsp;&nbsp; 17276845 |
| Nestle SA | 295948 | &nbsp;&nbsp; 29394095 |
| Qiagen NV (a) (b) | 259094 | &nbsp;&nbsp; 12474855 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **United States — (Continued)** | **United States — (Continued)** | **United States — (Continued)** |
| Roche Holding AG | 112514 | &nbsp;&nbsp; $36782001 |
| Sanofi SA | 150625 | &nbsp;&nbsp; 14574112 |
| Schneider Electric SE | 150083 | &nbsp;&nbsp; 40020859 |
| Spotify Technology SA (a) | 18129 | &nbsp;&nbsp; 13911107 |
| Willis Towers Watson PLC (b) | 32546 | &nbsp;&nbsp; 9975349 |
|  |  | &nbsp;&nbsp; 256224465 |
| Total Common Stocks <br>(Cost $1,048,559,432) <br>|  | &nbsp;&nbsp; 1394601128 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software, Inc., Expires 03/31/40 (a) <br>(Cost $0)<br>| 9715 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.9%** | **Short-Term Investments—1.9%** | **Short-Term Investments—1.9%** |
| **Repurchase Agreement — 1.9%** | **Repurchase Agreement — 1.9%** | **Repurchase Agreement — 1.9%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25 with a maturity value of $26,917,896; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $27,453,914<br>| 26915466 | &nbsp;&nbsp; 26915466 |
| Total Short-Term Investments <br>(Cost $26,915,466) <br>|  | &nbsp;&nbsp; 26915466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—3.0%** | **Securities Lending Reinvestments (c)—3.0%** | **Securities Lending Reinvestments (c)—3.0%** |
| **Short-Term Investment Funds — 0.4%** |  |  |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (d)<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 4.230% (d)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 6000000 |
| **Time Deposits — 0.2%** | **Time Deposits — 0.2%** | **Time Deposits — 0.2%** |
| Banco Santander SA <br>4.320%, 07/01/25<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| Credit Agricole Corp. and Investment Bank <br>4.320%, 07/01/25<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| First Abu Dhabi Bank USA NV <br>4.320%, 07/01/25<br>| 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 3000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements — 2.4%** | **Repurchase Agreements — 2.4%** | **Repurchase Agreements — 2.4%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-344**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** | **Repurchase Agreements — (Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,074<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $5,000,607; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $5,100,000<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $3,000,365; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $3,060,372<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $7,242,723; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $7,386,681<br>| 7241842 | &nbsp;&nbsp; 7241842 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $4,000,490; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,400,000<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $6,000,740; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,675,713<br>| 6000000 | &nbsp;&nbsp; 6000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $5,000,615; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,500,677<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 33241842 |
| Total Securities Lending Reinvestments <br>(Cost $42,241,842) <br>|  | &nbsp;&nbsp; 42241842 |
| Total Investments—102.9% <br>(Cost $1,117,716,740) <br>|  | &nbsp;&nbsp; 1463758436 |
| Other assets and liabilities (net)—(2.9)%  |  | &nbsp;&nbsp; (40936876)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1422821560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $66,596,533 and the collateral received consisted of cash in the amount of $42,241,842 and non-cash collateral with a value of $28,880,067. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Banks | 12.3 |
| Pharmaceuticals | 7.2 |
| Chemicals | 6.1 |
| Insurance | 6.1 |
| Electrical Equipment | 5.3 |
| Capital Markets | 5.2 |
| Machinery | 4.8 |
| Oil, Gas & Consumable Fuels | 3.9 |
| Semiconductors & Semiconductor Equipment | 3.6 |
| Textiles, Apparel & Luxury Goods | 2.9 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $199148312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $316913126 |

---

*See accompanying notes to financial statements.*

**BHFTI-345**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(42241842)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(42241842)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(42241842)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23928371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23928371 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 7773163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7773163 |
| Brazil | &nbsp;&nbsp; 20624259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20624259 |
| Canada | &nbsp;&nbsp; 35477723 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35477723 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 3307589 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3307589 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 32600545 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32600545 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 109548870 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109548870 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 70102886 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70102886 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 2374337 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2374337 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 25083456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25083456 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 24091360 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24091360 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 21034473 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21034473 |
| Italy | &nbsp;&nbsp; 9088042 | &nbsp;&nbsp; 12749746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21837788 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 265398920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 265398920 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 2846219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2846219 |
| Netherlands | &nbsp;&nbsp; 4008854 | &nbsp;&nbsp; 114429776 | &nbsp;&nbsp; — | &nbsp;&nbsp; 118438630 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 19574153 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19574153 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 13268142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13268142 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 24610493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24610493 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 12490963 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12490963 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 47290276 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47290276 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 18936444 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18936444 |
| Thailand | &nbsp;&nbsp; 6928461 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6928461 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 210809142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210809142 |
| United States | &nbsp;&nbsp; 99056329 | &nbsp;&nbsp; 157168136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 256224465 |
| Total Common Stocks | &nbsp;&nbsp; 175183668 | &nbsp;&nbsp; 1219417460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1394601128 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 26915466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26915466 |
| Securities Lending Reinvestments |  |  |  |  |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3000000 |
| Short-Term Investment Funds | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000000 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 33241842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33241842 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 36241842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42241842 |
| Total Investments | &nbsp;&nbsp; $181183668 | &nbsp;&nbsp; $1282574768 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1463758436 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(42241842)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(42241842)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-346**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1463758436 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 684067 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2488892 |
| Fund shares sold | &nbsp;&nbsp; 29807 |
| Dividends and interest | &nbsp;&nbsp; 9156314 |
| Prepaid expenses | &nbsp;&nbsp; 11408 |
| Total Assets | &nbsp;&nbsp; 1476128924 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 42241842 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 7029347 |
| Fund shares redeemed | &nbsp;&nbsp; 922208 |
| Foreign taxes | &nbsp;&nbsp; 1647185 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 688026 |
| Distribution and service fees | &nbsp;&nbsp; 94730 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 459925 |
| Total Liabilities | &nbsp;&nbsp; 53307364 |
| **Net Assets**  | &nbsp;&nbsp; $1422821560 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $992263726 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; 430557834 |
| **Net Assets**  | &nbsp;&nbsp; $1422821560 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $955536058 |
| Class B | &nbsp;&nbsp; 462765249 |
| Class E | &nbsp;&nbsp; 4520253 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 74282822 |
| Class B | &nbsp;&nbsp; 36400616 |
| Class E | &nbsp;&nbsp; 352720 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $12.86 |
| Class B | 12.71 |
| Class E | 12.82 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,117,716,740.

(b) Includes securities loaned at value of $66,596,533.

(c) Identified cost of cash denominated in foreign currencies was $680,985.

(d) Includes foreign capital gains tax of $1,647,185.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $22711466 |
| Interest | &nbsp;&nbsp; 301141 |
| Securities lending income | &nbsp;&nbsp; 45307 |
| Total investment income | &nbsp;&nbsp; 23057914 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4904405 |
| Administration fees | &nbsp;&nbsp; 36364 |
| Custodian and accounting fees | &nbsp;&nbsp; 118564 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 558707 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 3257 |
| Audit and tax services | &nbsp;&nbsp; 28322 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 50405 |
| Insurance | &nbsp;&nbsp; 6446 |
| Miscellaneous | &nbsp;&nbsp; 15663 |
| Total expenses | &nbsp;&nbsp; 5764890 |
| Less management fee waiver | &nbsp;&nbsp; (800829)<br>|
| Net expenses | &nbsp;&nbsp; 4964061 |
| **Net Investment Income** | &nbsp;&nbsp; 18093853 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; 75696804 |
| Foreign currency transactions | &nbsp;&nbsp; 184845 |
| Net realized gain (loss) | &nbsp;&nbsp; 75881649 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; 116927131 |
| Foreign currency transactions | &nbsp;&nbsp; 778080 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 117705211 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 193586860 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $211680713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $2,588,827.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $230,846.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $(277,453).

*See accompanying notes to financial statements.*

**BHFTI-347**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $18093853 | &nbsp;&nbsp; $25204989 |
| Net realized gain (loss) | &nbsp;&nbsp; 75881649 | &nbsp;&nbsp; 80160927 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 117705211 | &nbsp;&nbsp; (52674794)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 211680713 | &nbsp;&nbsp; 52691122 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (71669280)<br>| &nbsp;&nbsp; (44577310)<br>|
| Class B | &nbsp;&nbsp; (34162599)<br>| &nbsp;&nbsp; (19730455)<br>|
| Class E | &nbsp;&nbsp; (333351)<br>| &nbsp;&nbsp; (193708)<br>|
| **Total distributions** | &nbsp;&nbsp; (106165230)<br>| &nbsp;&nbsp; (64501473)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (37256742)<br>| &nbsp;&nbsp; (154108273)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 68258741 | &nbsp;&nbsp; (165918624)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1354562819 | &nbsp;&nbsp; 1520481443 |
| End of period | &nbsp;&nbsp; $1422821560 | &nbsp;&nbsp; $1354562819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 583747 | &nbsp;&nbsp; $7485462 | &nbsp;&nbsp; 605392 | &nbsp;&nbsp; $7457053 |
| Reinvestments | &nbsp;&nbsp; 5621120 | &nbsp;&nbsp; 71669280 | &nbsp;&nbsp; 3586268 | &nbsp;&nbsp; 44577310 |
| Redemptions | &nbsp;&nbsp; (8197408)<br>| &nbsp;&nbsp; (106701367)<br>| &nbsp;&nbsp; (13819813)<br>| &nbsp;&nbsp; (172871369)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1992541)<br>| &nbsp;&nbsp; $(27546625)<br>| &nbsp;&nbsp; (9628153)<br>| &nbsp;&nbsp; $(120837006)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 494665 | &nbsp;&nbsp; $6077041 | &nbsp;&nbsp; 1430494 | &nbsp;&nbsp; $17433721 |
| Reinvestments | &nbsp;&nbsp; 2711317 | &nbsp;&nbsp; 34162599 | &nbsp;&nbsp; 1604102 | &nbsp;&nbsp; 19730455 |
| Redemptions | &nbsp;&nbsp; (3950126)<br>| &nbsp;&nbsp; (49910908)<br>| &nbsp;&nbsp; (5645647)<br>| &nbsp;&nbsp; (69699435)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (744144)<br>| &nbsp;&nbsp; $(9671268)<br>| &nbsp;&nbsp; (2611051)<br>| &nbsp;&nbsp; $(32535259)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 4613 | &nbsp;&nbsp; $56617 | &nbsp;&nbsp; 8800 | &nbsp;&nbsp; $108534 |
| Reinvestments | &nbsp;&nbsp; 26248 | &nbsp;&nbsp; 333351 | &nbsp;&nbsp; 15634 | &nbsp;&nbsp; 193708 |
| Redemptions | &nbsp;&nbsp; (33351)<br>| &nbsp;&nbsp; (428817)<br>| &nbsp;&nbsp; (84233)<br>| &nbsp;&nbsp; (1038250)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2490)<br>| &nbsp;&nbsp; $(38849)<br>| &nbsp;&nbsp; (59799)<br>| &nbsp;&nbsp; $(736008)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(37256742)<br>|  | &nbsp;&nbsp; $(154108273)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-348**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $12.10 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $13.86 | &nbsp;&nbsp; $13.03 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Total income (loss) from investment operations | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.31)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.42)<br>|
| Total distributions | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.86 | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $12.10 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $13.86 |
| **Total Return (%)** (b) | 16.38 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp; (17.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;&nbsp;&nbsp;13.28 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.75 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net ratio of expenses to average net assets (%) (e) | 0.64 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Ratio of net investment income (loss) to average net assets (%) | 2.71 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 15 <br>(c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 26 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $955.5 | &nbsp;&nbsp; $911.7 | &nbsp;&nbsp; $1039.8 | &nbsp;&nbsp; $1001.3 | &nbsp;&nbsp; $1319.7 | &nbsp;&nbsp; $1266.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $13.72 | &nbsp;&nbsp; $12.90 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Total income (loss) from investment operations | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.42)<br>|
| Total distributions | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $13.72 |
| **Total Return (%)** (b) | 16.20 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp; (17.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;13.02 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.00 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net ratio of expenses to average net assets (%) (e) | 0.89 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Ratio of net investment income (loss) to average net assets (%) | 2.45 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 15 <br>(c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 26 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $462.8 | &nbsp;&nbsp; $438.6 | &nbsp;&nbsp; $475.7 | &nbsp;&nbsp; $472.2 | &nbsp;&nbsp; $614.0 | &nbsp;&nbsp; $602.7 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-349**

------

**Brighthouse Funds Trust I**

**MFS**<sup>®</sup> **Research International Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $12.05 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $14.74 | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $12.98 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Total income (loss) from investment operations | 1.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.42)<br>|
| Total distributions | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.71)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.82 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $12.05 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $14.74 | &nbsp;&nbsp; $13.80 |
| **Total Return (%)** (b) | 16.37 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;12.92 | &nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.80 | &nbsp;&nbsp;&nbsp;&nbsp;13.06 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.90 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net ratio of expenses to average net assets (%) (e) | 0.79 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ratio of net investment income (loss) to average net assets (%) | 2.56 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 15 <br>(c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 26 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $4.5 | &nbsp;&nbsp; $4.2 | &nbsp;&nbsp; $5.0 | &nbsp;&nbsp; $5.2 | &nbsp;&nbsp; $7.1 | &nbsp;&nbsp; $7.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-350**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—96.6% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Rivian Automotive, Inc. - Class A (a) (b) | 261976 | &nbsp;&nbsp; $3599550 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Celsius Holdings, Inc. (b) | 173563 | &nbsp;&nbsp; 8051588 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| Alnylam Pharmaceuticals, Inc. (b) | 10866 | &nbsp;&nbsp; 3543294 |
| Argenx SE (ADR) (b) | 5843 | &nbsp;&nbsp; 3220779 |
| ProKidney Corp. (a) (b) | 849350 | &nbsp;&nbsp; 502900 |
| Roivant Sciences Ltd. (a) (b) | 1805864 | &nbsp;&nbsp; 20352087 |
|  |  | &nbsp;&nbsp; 27619060 |
| **Broadline Retail — 3.6%** | **Broadline Retail — 3.6%** | **Broadline Retail — 3.6%** |
| Global-e Online Ltd. (a) (b) | 1535942 | &nbsp;&nbsp; 51515495 |
| **Capital Markets — 2.4%** | **Capital Markets — 2.4%** | **Capital Markets — 2.4%** |
| Coinbase Global, Inc. - Class A (b) | 99267 | &nbsp;&nbsp; 34792091 |
| **Entertainment — 5.8%** | **Entertainment — 5.8%** | **Entertainment — 5.8%** |
| ROBLOX Corp. - Class A (a) (b) | 794626 | &nbsp;&nbsp; 83594655 |
| **Financial Services — 8.5%** | **Financial Services — 8.5%** | **Financial Services — 8.5%** |
| Affirm Holdings, Inc. (a) (b) | 1308280 | &nbsp;&nbsp; 90454479 |
| Federal National Mortgage Association (a) (b) | 3005474 | &nbsp;&nbsp; 28672222 |
| Toast, Inc. - Class A (b) | 82424 | &nbsp;&nbsp; 3650559 |
|  |  | &nbsp;&nbsp; 122777260 |
| **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
| Dexcom, Inc. (b) | 83007 | &nbsp;&nbsp; 7245681 |
| **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** | **Health Care Providers & Services — 2.3%** |
| agilon health, Inc. (a) (b) | 8222166 | &nbsp;&nbsp; 18910981 |
| HealthEquity, Inc. (b) | 139261 | &nbsp;&nbsp; 14588983 |
|  |  | &nbsp;&nbsp; 33499964 |
| **IT Services — 16.7%** | **IT Services — 16.7%** | **IT Services — 16.7%** |
| Cloudflare, Inc. - Class A (a) (b) | 970663 | &nbsp;&nbsp; 190084935 |
| Snowflake, Inc. - Class A (b) | 231001 | &nbsp;&nbsp; 51691094 |
|  |  | &nbsp;&nbsp; 241776029 |
| **Leisure Products — 1.0%** | **Leisure Products — 1.0%** | **Leisure Products — 1.0%** |
| Peloton Interactive, Inc. - Class A (a) (b) | 2022150 | &nbsp;&nbsp; 14033721 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| Symbotic, Inc. (a) (b) | 267081 | &nbsp;&nbsp; 10376097 |
| **Media — 4.8%** | **Media — 4.8%** | **Media — 4.8%** |
| Trade Desk, Inc. - Class A (b) | 956800 | &nbsp;&nbsp; 68880032 |
| **Other — 6.5%** | **Other — 6.5%** | **Other — 6.5%** |
| QXO, Inc. (a) (b) | 4358695 | &nbsp;&nbsp; 93886290 |
| **Personal Care Products — 3.5%** | **Personal Care Products — 3.5%** | **Personal Care Products — 3.5%** |
| Oddity Tech Ltd. - Class A (a) (b) | 676200 | &nbsp;&nbsp; 51032814 |
| **Pharmaceuticals — 4.8%** | **Pharmaceuticals — 4.8%** | **Pharmaceuticals — 4.8%** |
| Royalty Pharma PLC - Class A (a) | 1923702 | &nbsp;&nbsp; 69310983 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Management & Development — 2.4%** | **Real Estate Management & Development — 2.4%** | **Real Estate Management & Development — 2.4%** |
| Landbridge Co. LLC - Class A (a) | 518982 | &nbsp;&nbsp; $35072804 |
| **Software — 12.8%** | **Software — 12.8%** | **Software — 12.8%** |
| Aurora Innovation, Inc. (a) (b) | 10011329 | &nbsp;&nbsp; 52459364 |
| MicroStrategy, Inc. - Class A (a) (b) | 207790 | &nbsp;&nbsp; 83994952 |
| Samsara, Inc. - Class A (a) (b) | 1227839 | &nbsp;&nbsp; 48843435 |
|  |  | &nbsp;&nbsp; 185297751 |
| **Specialty Retail — 7.6%** | **Specialty Retail — 7.6%** | **Specialty Retail — 7.6%** |
| Carvana Co. (a) (b) | 152769 | &nbsp;&nbsp; 51477042 |
| Chewy, Inc. - Class A (a) (b) | 326651 | &nbsp;&nbsp; 13921866 |
| Floor & Decor Holdings, Inc. - Class A (a) (b) | 594568 | &nbsp;&nbsp; 45163385 |
|  |  | &nbsp;&nbsp; 110562293 |
| **Technology Hardware, Storage & Peripherals — 5.0%** | **Technology Hardware, Storage & Peripherals — 5.0%** | **Technology Hardware, Storage & Peripherals — 5.0%** |
| IonQ, Inc. (a) (b) | 1700667 | &nbsp;&nbsp; 73077661 |
| **Trading Companies & Distributors — 5.0%** | **Trading Companies & Distributors — 5.0%** | **Trading Companies & Distributors — 5.0%** |
| Core & Main, Inc. - Class A (a) (b) | 1200944 | &nbsp;&nbsp; 72476970 |
| Total Common Stocks <br>(Cost $1,057,621,454) <br>|  | &nbsp;&nbsp; 1398478789 |
| **Convertible Preferred Stocks—2.4%** | **Convertible Preferred Stocks—2.4%** | **Convertible Preferred Stocks—2.4%** |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| Databricks, Inc. - Series H † (b) (c) (d) | 229833 | &nbsp;&nbsp; 24863334 |
| Databricks, Inc. - Series I † (b) (c) (d) | 83793 | &nbsp;&nbsp; 9064727 |
| Total Convertible Preferred Stocks <br>(Cost $23,047,865) <br>|  | &nbsp;&nbsp; 33928061 |
| **Escrow Shares—0.0%** | **Escrow Shares—0.0%** | **Escrow Shares—0.0%** |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Flipkart Ltd. † (b) (c) (d) <br>(Cost $0)<br>| 60812 | &nbsp;&nbsp; 12466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** | **Short-Term Investments—0.4%** |
| **Repurchase Agreement—0.4%** | **Repurchase Agreement—0.4%** | **Repurchase Agreement—0.4%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $6,011,372; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $6,131,112<br>| 6010829 | &nbsp;&nbsp; 6010829 |
| Total Short-Term Investments <br>(Cost $6,010,829) <br>|  | &nbsp;&nbsp; 6010829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—11.9%** | **Securities Lending Reinvestments (e)—11.9%** | **Securities Lending Reinvestments (e)—11.9%** |
| **Short-Term Investment Funds—2.8%** | **Short-Term Investment Funds—2.8%** | **Short-Term Investment Funds—2.8%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (f)<br>| 20000000 | &nbsp;&nbsp; 20000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-351**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** | **Short-Term Investment Funds—(Continued)** |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (f)<br>| 20000000 | &nbsp;&nbsp; $20000000 |
|  |  | &nbsp;&nbsp; 40000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—1.4%** | **Certificates of Deposit—1.4%** | **Certificates of Deposit—1.4%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (g) | 1000000 | &nbsp;&nbsp; 999998 |
| Barclays Bank PLC |  |  |
| 4.600%, SOFR + 0.200%, 10/01/25 (g) | 1000000 | &nbsp;&nbsp; 1000076 |
| BNP Paribas SA |  |  |
| 4.600%, SOFR + 0.210%, 07/22/25 (g) | 2000000 | &nbsp;&nbsp; 1999976 |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (g) | 1000000 | &nbsp;&nbsp; 1000936 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.750%, SOFR+0.360%, 09/03/25 (g) | 1000000 | &nbsp;&nbsp; 1000132 |
| Credit Agricole SA |  |  |
| Zero Coupon, 08/08/25 | 3000000 | &nbsp;&nbsp; 2985840 |
| Mizuho Bank Ltd. |  |  |
| 4.690%, SOFR+ 0.290%, 11/13/25 (g) | 2000000 | &nbsp;&nbsp; 1999992 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 07/11/25 (g) | 2000000 | &nbsp;&nbsp; 2000026 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.600%, SOFR + 0.200%, 12/08/25 (g) | 2000000 | &nbsp;&nbsp; 1999414 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (g) | 1000000 | &nbsp;&nbsp; 1000436 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.740%, SOFR + 0.350%, 10/14/25 (g) | 2000000 | &nbsp;&nbsp; 2000632 |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000002 |
|  |  | &nbsp;&nbsp; 19987460 |
| **Commercial Paper—0.8%** | **Commercial Paper—0.8%** | **Commercial Paper—0.8%** |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 2000000 | &nbsp;&nbsp; 1999273 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (g) | 2000000 | &nbsp;&nbsp; 1999902 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 3000000 | &nbsp;&nbsp; 2998881 |
| 4.460%, 07/16/25 | 2000000 | &nbsp;&nbsp; 1996016 |
| Salisbury Receivables Co. LLC |  |  |
| 4.450%, 07/09/25 | 1000000 | &nbsp;&nbsp; 998865 |
| Westpac Banking Corp. |  |  |
| 4.790%, SOFR+0.400%, 04/10/26 (g) | 2000000 | &nbsp;&nbsp; 2002158 |
|  |  | &nbsp;&nbsp; 11995095 |
| **Repurchase Agreements—6.3%** | **Repurchase Agreements—6.3%** | **Repurchase Agreements—6.3%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $1,000,124; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,113,074<br>| 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $5,000,608; collateralized <br> by U.S. Government Agency Obligation with rates ranging <br> from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $5,100,621<br>| 5000000 | &nbsp;&nbsp; $5000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $5,124,517; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $5,227,837<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,455,725; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $4,544,288<br>| 4455183 | &nbsp;&nbsp; 4455183 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $7,000,883; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,805,736<br>| 7000000 | &nbsp;&nbsp; 7000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $19,517,290; <br> collateralized by various Common Stock with an aggregate <br> market value of $21,744,895<br>| 19500000 | &nbsp;&nbsp; 19500000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.590%, due on <br> 07/07/25 with a maturity value of $19,016,958; <br> collateralized by various Common Stock with an aggregate <br> market value of $21,187,845<br>| 19000000 | &nbsp;&nbsp; 19000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $5,000,608; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $5,100,002<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $13,058,139; <br> collateralized by various Common Stock with an aggregate <br> market value of $14,446,290<br>| 13000000 | &nbsp;&nbsp; 13000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $3,000,370; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,337,856<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $8,000,984; collateralized <br> by various Common Stock with an aggregate market value of <br> $8,801,083<br>| 8000000 | &nbsp;&nbsp; 8000000 |
|  |  | &nbsp;&nbsp; 91955183 |

---

*See accompanying notes to financial statements.*

**BHFTI-352**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—0.6%** | **Time Deposits—0.6%** | **Time Deposits—0.6%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; $2000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 9000000 |
| Total Securities Lending Reinvestments <br>(Cost $172,935,349) <br>|  | &nbsp;&nbsp; 172937738 |
| Total Purchased Options—0.1% (h) <br>(Cost $7,315,566) <br>|  | &nbsp;&nbsp; 1239777 |
| Total Investments—111.4% <br>(Cost $1,266,931,063) <br>|  | &nbsp;&nbsp; 1612607660 |
| Other assets and liabilities (net)—(11.4)%  |  | &nbsp;&nbsp; (165486186)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1447121474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br>|

---

---

| | |
|:---|:---|
|  | securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of June 30, 2025, the market value of restricted securities was $33,940,527, <br> which is 2.3% of net assets. See details shown in the Restricted Securities table that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $329,058,998 and the collateral received consisted of cash in the amount <br> of $172,891,566 and non-cash collateral with a value of $155,851,203. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of June 30, 2025, these securities represent 2.3% of net assets.<br>|
| (d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (e) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (f) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (g) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity <br> date shown for callable securities reflects the earliest possible call date. For securities based on a <br> published reference index and spread, the index and spread are indicated in the description <br> above. For certain variable rate securities, the coupon rate is determined by the issuer/agent <br> based on current market conditions. For certain asset- and mortgage-backed securities, the <br> coupon rate may fluctuate based on changes of the underlying collateral or prepayments of <br> principal. These securities do not indicate a reference index and spread in their description above.<br>|
| (h) | For a breakout of open positions, see details shown in the Purchased Options table that follows. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Databricks, Inc. - Series H | 08/31/21 | &nbsp;&nbsp; 229833 | &nbsp;&nbsp; $16889079 | &nbsp;&nbsp; $24863334 |
| Databricks, Inc. - Series I | 09/14/23 | &nbsp;&nbsp; 83793 | &nbsp;&nbsp; 6158786 | &nbsp;&nbsp; 9064727 |
| Flipkart Ltd. | 08/20/18 | &nbsp;&nbsp; 60812 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 12466 |
|  |  |  |  | &nbsp;&nbsp; $33940527 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22012686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $604021787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $697187344 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(172891566)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(172891566)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(172891566)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-353**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Purchased Options** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| USD Call/CNH Put<br> CNH | 7.660 | 09/01/25 | JPMC | 132643208 | USD | 132643208 | $550237 | $2122 | $(548115)<br>|
| USD Call/CNH Put<br> CNH | 7.710 | 05/13/26 | GSI | 323673593 | USD | 323673593 | 1347326 | 638284 | (709042)<br>|
| USD Call/CNH Put<br> CNH | 7.765 | 10/16/25 | SCB | 272541046 | USD | 272541046 | 1186099 | 22349 | (1163750)<br>|
| USD Call/CNH Put<br> CNH | 7.770 | 07/31/25 | JPMC | 120117032 | USD | 120117032 | 522749 | 120 | (522629)<br>|
| USD Call/CNH Put<br> CNH | 7.820 | 02/25/26 | JPMC | 310359994 | USD | 310359994 | 1281475 | 297015 | (984460)<br>|
| USD Call/CNH Put<br> CNH | 7.900 | 04/01/26 | SCB | 208557842 | USD | 208557842 | 1013387 | 213355 | (800032)<br>|
| USD Call/CNH Put<br> CNH | 8.023 | 12/02/25 | GSI | 298350898 | USD | 298350898 | 1414293 | 66532 | (1347761)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $7315566 | $1239777 | $(6075789)<br>|

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | Investments at market value (a) <br>| &nbsp;&nbsp; $1239777 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Goldman Sachs International | &nbsp;&nbsp; $704816 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(704816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 299257 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (299257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 235704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (235704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1239777 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1239777)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Foreign** <br>**Exchange**<br>|
| Purchased options | &nbsp;&nbsp; $(2164400)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Foreign** <br>**Exchange**<br>|
| Purchased options | &nbsp;&nbsp; $(4331470)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-354**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $1382767264 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1398478789 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1398478789 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33928061 | &nbsp;&nbsp; 33928061 |
| Total Escrow Shares\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12466 | &nbsp;&nbsp; 12466 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6010829 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6010829 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 19987460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19987460 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 11995095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11995095 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 91955183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91955183 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp; 132937738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 172937738 |
| Total Purchased Options at Value | &nbsp;&nbsp; — | &nbsp;&nbsp; 1239777 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1239777 |
| Total Investments | &nbsp;&nbsp; $1438478789 | &nbsp;&nbsp; $140188344 | &nbsp;&nbsp; $33940527 | &nbsp;&nbsp; $1612607660 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(172891566)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(172891566)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Balance as of** <br>**December 31, 2024**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Balance as of** <br>**June 30, 2025**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**from Investments** <br>**Held at** <br>**June 30, 2025**<br>|
| Convertible Preferred Stocks |  |  |  |  |
| Software | &nbsp;&nbsp; $29010405<br>| &nbsp;&nbsp; $4917656<br>| &nbsp;&nbsp; $33928061<br>| &nbsp;&nbsp; $4917656<br>|
| Escrow Shares |  |  |  |  |
| Broadline Retail | &nbsp;&nbsp; 12466<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12466<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $29022871<br>| &nbsp;&nbsp; $4917656<br>| &nbsp;&nbsp; $33940527<br>| &nbsp;&nbsp; $4917656<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**June 30,** <br>**2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range** | **Weighted** <br>**Average**<br>| **Relationship** <br>**Between Fair** <br>**Value and** <br>**Input; if input** <br>**value increases** <br>**then Fair Value:**<br>|
| Convertible Preferred Stocks |  |  |  |  |  |  |
| Software | &nbsp;&nbsp; $33928061<br>| Comparable Company Analysis  | Enterprise Value/CY Revenue  | &nbsp;&nbsp; 18.0x<br>| &nbsp;&nbsp; 18.0x<br>| &nbsp;&nbsp; Increase |
| Escrow Shares |  |  |  |  |  |  |
| Broadline Retail | &nbsp;&nbsp; 12466 | Liquidation Value | Estimated Distribution Per Share | &nbsp;&nbsp; $0.84 | &nbsp;&nbsp; $0.84 | &nbsp;&nbsp; Increase |
|  |  |  | Discount for Lack of Certainty | 75.00<br> %<br>| 75.00<br> %<br>| &nbsp;&nbsp; Decrease |

---

*See accompanying notes to financial statements.*

**BHFTI-355**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1612607660 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 956 |
| Unrealized appreciation on unfunded commitments (d) | &nbsp;&nbsp; 1165034 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 14731066 |
| Fund shares sold | &nbsp;&nbsp; 6826 |
| Prepaid expenses | &nbsp;&nbsp; 11257 |
| Total Assets | &nbsp;&nbsp; 1628522799 |
| **Liabilities** |  |
| Cash collateral for purchased options | &nbsp;&nbsp; 1470000 |
| Collateral for securities loaned | &nbsp;&nbsp; 172891566 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 5717777 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 707447 |
| Distribution and service fees | &nbsp;&nbsp; 89894 |
| Deferred trustees' fees | &nbsp;&nbsp; 227123 |
| Other expenses | &nbsp;&nbsp; 297518 |
| Total Liabilities | &nbsp;&nbsp; 181401325 |
| Commitments and contingent liabilitites (d) | &nbsp;&nbsp; — |
| **Net Assets**  | &nbsp;&nbsp; $1447121474 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1743538408 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (296416934)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1447121474 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $991870029 |
| Class B | &nbsp;&nbsp; 440514568 |
| Class E | &nbsp;&nbsp; 14736877 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 101455853 |
| Class B | &nbsp;&nbsp; 65878161 |
| Class E | &nbsp;&nbsp; 1885151 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.78 |
| Class B | 6.69 |
| Class E | 7.82 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,266,931,063.

(b) Includes securities loaned at value of $329,058,998.

(c) Identified cost of cash denominated in foreign currencies was $981.

(d) See Note 8 of the Notes to Financial Statements.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $876607 |
| Interest | &nbsp;&nbsp; 424805 |
| Securities lending income | &nbsp;&nbsp; 385739 |
| Total investment income | &nbsp;&nbsp; 1687151 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4098289 |
| Administration fees | &nbsp;&nbsp; 35289 |
| Custodian and accounting fees | &nbsp;&nbsp; 30748 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 498272 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 9943 |
| Audit and tax services | &nbsp;&nbsp; 27777 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 60856 |
| Insurance | &nbsp;&nbsp; 4174 |
| Miscellaneous | &nbsp;&nbsp; 8470 |
| Total expenses | &nbsp;&nbsp; 4816575 |
| Less management fee waiver | &nbsp;&nbsp; (157773)<br>|
| Net expenses | &nbsp;&nbsp; 4658802 |
| **Net Investment Loss** | &nbsp;&nbsp; (2971651)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 86436877 |
| Purchased options | &nbsp;&nbsp; (2164400)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 54388 |
| Net realized gain (loss) | &nbsp;&nbsp; 84326865 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 197753892 |
| Unfunded commitments | &nbsp;&nbsp; 1165034 |
| Purchased options | &nbsp;&nbsp; (4331470)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 50 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 194587506 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 278914371 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $275942720 |

---

*See accompanying notes to financial statements.*

**BHFTI-356**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(2971651)<br>| &nbsp;&nbsp; $(4283961)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 84326865 | &nbsp;&nbsp; 214279117 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 194587506 | &nbsp;&nbsp; 182843841 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 275942720 | &nbsp;&nbsp; 392838997 |
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (111807222)<br>| &nbsp;&nbsp; (228325893)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 164135498 | &nbsp;&nbsp; 164513104 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1282985976 | &nbsp;&nbsp; 1118472872 |
| End of period | &nbsp;&nbsp; $1447121474 | &nbsp;&nbsp; $1282985976 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1342543 | &nbsp;&nbsp; $10959320 | &nbsp;&nbsp; 1959551 | &nbsp;&nbsp; $11934715 |
| Redemptions | &nbsp;&nbsp; (7159483)<br>| &nbsp;&nbsp; (61680070)<br>| &nbsp;&nbsp; (18742264)<br>| &nbsp;&nbsp; (124226387)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (5816940)<br>| &nbsp;&nbsp; $(50720750)<br>| &nbsp;&nbsp; (16782713)<br>| &nbsp;&nbsp; $(112291672)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2339739 | &nbsp;&nbsp; $12813214 | &nbsp;&nbsp; 2899023 | &nbsp;&nbsp; $11922405 |
| Redemptions | &nbsp;&nbsp; (12445392)<br>| &nbsp;&nbsp; (72503489)<br>| &nbsp;&nbsp; (27610518)<br>| &nbsp;&nbsp; (124595079)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (10105653)<br>| &nbsp;&nbsp; $(59690275)<br>| &nbsp;&nbsp; (24711495)<br>| &nbsp;&nbsp; $(112672674)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 77337 | &nbsp;&nbsp; $497577 | &nbsp;&nbsp; 40840 | &nbsp;&nbsp; $186725 |
| Redemptions | &nbsp;&nbsp; (279409)<br>| &nbsp;&nbsp; (1893774)<br>| &nbsp;&nbsp; (711049)<br>| &nbsp;&nbsp; (3548272)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (202072)<br>| &nbsp;&nbsp; $(1396197)<br>| &nbsp;&nbsp; (670209)<br>| &nbsp;&nbsp; $(3361547)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(111807222)<br>|  | &nbsp;&nbsp; $(228325893)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-357**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $5.72 | &nbsp;&nbsp; $4.05 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $47.23 | &nbsp;&nbsp; $21.87 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized and unrealized gain (loss) | 1.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp; (13.36)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.39 |
| Total income (loss) from investment operations | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; (13.38)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.25 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>| &nbsp;&nbsp; (4.89)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>| &nbsp;&nbsp; (4.89)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $5.72 | &nbsp;&nbsp; $4.05 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $47.23 |
| **Total Return (%)** (c) | 22.71 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.34 | &nbsp;&nbsp;&nbsp;&nbsp;41.23 | &nbsp;&nbsp; (62.47)<br>| &nbsp;&nbsp; (10.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;153.77 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.68 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net ratio of expenses to average net assets (%) (f) | 0.65 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.39 ) (e)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.44)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 48 <br>(d)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 107 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $991.9 | &nbsp;&nbsp; $855.0 | &nbsp;&nbsp; $710.1 | &nbsp;&nbsp; $544.8 | &nbsp;&nbsp; $1436.5 | &nbsp;&nbsp; $1759.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $5.46 | &nbsp;&nbsp; $3.93 | &nbsp;&nbsp; $2.79 | &nbsp;&nbsp; $18.91 | &nbsp;&nbsp; $43.58 | &nbsp;&nbsp; $20.48 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized and unrealized gain (loss) | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp; (11.27)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.19 |
| Total income (loss) from investment operations | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp; (11.30)<br>| &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.99 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>| &nbsp;&nbsp; (4.89)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>| &nbsp;&nbsp; (4.89)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $6.69 | &nbsp;&nbsp; $5.46 | &nbsp;&nbsp; $3.93 | &nbsp;&nbsp; $2.79 | &nbsp;&nbsp; $18.91 | &nbsp;&nbsp; $43.58 |
| **Total Return (%)** (c) | 22.53 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;38.93 | &nbsp;&nbsp;&nbsp;&nbsp;40.86 | &nbsp;&nbsp; (62.52)<br>| &nbsp;&nbsp; (10.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;153.11 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.93 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net ratio of expenses to average net assets (%) (f) | 0.90 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.64 ) (e)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.68)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 48 <br>(d)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 107 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $440.5 | &nbsp;&nbsp; $414.7 | &nbsp;&nbsp; $395.7 | &nbsp;&nbsp; $298.9 | &nbsp;&nbsp; $588.7 | &nbsp;&nbsp; $773.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-358**

------

**Brighthouse Funds Trust I**

**Morgan Stanley Discovery Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $6.38 | &nbsp;&nbsp; $4.59 | &nbsp;&nbsp; $3.25 | &nbsp;&nbsp; $20.13 | &nbsp;&nbsp; $44.91 | &nbsp;&nbsp; $20.99 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized and unrealized gain (loss) | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; (12.03)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.99 |
| Total income (loss) from investment operations | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp; (12.06)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.81 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>| &nbsp;&nbsp; (4.89)<br>|
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (22.52)<br>| &nbsp;&nbsp; (4.89)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.82 | &nbsp;&nbsp; $6.38 | &nbsp;&nbsp; $4.59 | &nbsp;&nbsp; $3.25 | &nbsp;&nbsp; $20.13 | &nbsp;&nbsp; $44.91 |
| **Total Return (%)** (c) | 22.57 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.00 | &nbsp;&nbsp;&nbsp;&nbsp;41.23 | &nbsp;&nbsp; (62.53)<br>| &nbsp;&nbsp; (10.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;153.37 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.83 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net ratio of expenses to average net assets (%) (f) | 0.80 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.54 ) (e)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.59)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 48 <br>(d)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 107 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $14.7 | &nbsp;&nbsp; $13.3 | &nbsp;&nbsp; $12.7 | &nbsp;&nbsp; $9.7 | &nbsp;&nbsp; $26.5 | &nbsp;&nbsp; $38.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions from return of capital were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-359**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—12.1% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Axon Enterprise, Inc. (a) | 124 | &nbsp;&nbsp; $102664 |
| BAE Systems PLC | 4563 | &nbsp;&nbsp; 118133 |
| Elbit Systems Ltd.  | 343 | &nbsp;&nbsp; 152515 |
| General Dynamics Corp.  | 517 | &nbsp;&nbsp; 150788 |
| Howmet Aerospace, Inc.  | 1059 | &nbsp;&nbsp; 197112 |
| Lockheed Martin Corp.  | 207 | &nbsp;&nbsp; 95870 |
| Northrop Grumman Corp.  | 296 | &nbsp;&nbsp; 147994 |
|  |  | &nbsp;&nbsp; 965076 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| CH Robinson Worldwide, Inc.  | 1269 | &nbsp;&nbsp; 121761 |
| Expeditors International of Washington, Inc.  | 1061 | &nbsp;&nbsp; 121219 |
|  |  | &nbsp;&nbsp; 242980 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Bridgestone Corp.  | 4400 | &nbsp;&nbsp; 179679 |
| Cie Generale des Etablissements Michelin SCA | 15196 | &nbsp;&nbsp; 565434 |
| Denso Corp.  | 8000 | &nbsp;&nbsp; 107892 |
| Sumitomo Electric Industries Ltd.  | 7200 | &nbsp;&nbsp; 153500 |
|  |  | &nbsp;&nbsp; 1006505 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Ferrari NV | 222 | &nbsp;&nbsp; 108845 |
| General Motors Co.  | 2888 | &nbsp;&nbsp; 142119 |
| Honda Motor Co. Ltd.  | 4800 | &nbsp;&nbsp; 46285 |
| Isuzu Motors Ltd.  | 9400 | &nbsp;&nbsp; 119010 |
| Subaru Corp.  | 10200 | &nbsp;&nbsp; 177217 |
| Suzuki Motor Corp.  | 10500 | &nbsp;&nbsp; 126495 |
| Tesla, Inc. (a) | 913 | &nbsp;&nbsp; 290024 |
| Toyota Motor Corp.  | 900 | &nbsp;&nbsp; 15459 |
| Yamaha Motor Co. Ltd.  | 11700 | &nbsp;&nbsp; 87258 |
|  |  | &nbsp;&nbsp; 1112712 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| ABN AMRO Bank NV | 1018 | &nbsp;&nbsp; 27873 |
| AIB Group PLC | 3731 | &nbsp;&nbsp; 30695 |
| ANZ Group Holdings Ltd.  | 6452 | &nbsp;&nbsp; 123837 |
| Banco Bilbao Vizcaya Argentaria SA | 13008 | &nbsp;&nbsp; 200064 |
| Bank Leumi Le-Israel BM | 3053 | &nbsp;&nbsp; 56811 |
| Bank of Ireland Group PLC | 2231 | &nbsp;&nbsp; 31836 |
| Bank of Montreal | 1513 | &nbsp;&nbsp; 167672 |
| Bank of Nova Scotia | 2515 | &nbsp;&nbsp; 139071 |
| BOC Hong Kong Holdings Ltd.  | 37500 | &nbsp;&nbsp; 163124 |
| Canadian Imperial Bank of Commerce | 1961 | &nbsp;&nbsp; 139196 |
| Commerzbank AG | 2296 | &nbsp;&nbsp; 72443 |
| Commonwealth Bank of Australia | 3437 | &nbsp;&nbsp; 417954 |
| DBS Group Holdings Ltd.  | 5000 | &nbsp;&nbsp; 176796 |
| DNB Bank ASA | 1941 | &nbsp;&nbsp; 53708 |
| Erste Group Bank AG | 735 | &nbsp;&nbsp; 62472 |
| Fifth Third Bancorp | 1508 | &nbsp;&nbsp; 62024 |
| FinecoBank Banca Fineco SpA | 1300 | &nbsp;&nbsp; 28855 |
| Hang Seng Bank Ltd.  | 7800 | &nbsp;&nbsp; 117026 |
| HSBC Holdings PLC | 55434 | &nbsp;&nbsp; 671143 |
| ING Groep NV | 7750 | &nbsp;&nbsp; 170073 |
| Intesa Sanpaolo SpA | 73355 | &nbsp;&nbsp; 422842 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Israel Discount Bank Ltd. - Class A | 2510 | &nbsp;&nbsp; $25029 |
| Japan Post Bank Co. Ltd.  | 10500 | &nbsp;&nbsp; 113349 |
| KBC Group NV | 486 | &nbsp;&nbsp; 49989 |
| Mediobanca Banca di Credito Finanziario SpA | 1151 | &nbsp;&nbsp; 26769 |
| Mizuho Financial Group, Inc.  | 3550 | &nbsp;&nbsp; 97728 |
| National Australia Bank Ltd.  | 6745 | &nbsp;&nbsp; 174746 |
| National Bank of Canada | 728 | &nbsp;&nbsp; 75123 |
| NatWest Group PLC | 66040 | &nbsp;&nbsp; 463699 |
| Nordea Bank Abp | 4329 | &nbsp;&nbsp; 64371 |
| Oversea-Chinese Banking Corp. Ltd.  | 11000 | &nbsp;&nbsp; 141228 |
| PNC Financial Services Group, Inc.  | 670 | &nbsp;&nbsp; 124901 |
| Royal Bank of Canada | 348 | &nbsp;&nbsp; 45864 |
| Skandinaviska Enskilda Banken AB - Class A | 3492 | &nbsp;&nbsp; 60988 |
| Sumitomo Mitsui Financial Group, Inc.  | 2900 | &nbsp;&nbsp; 72703 |
| Sumitomo Mitsui Trust Group, Inc.  | 3000 | &nbsp;&nbsp; 79525 |
| Swedbank AB - A Shares | 1877 | &nbsp;&nbsp; 49730 |
| Toronto-Dominion Bank | 857 | &nbsp;&nbsp; 63034 |
| U.S. Bancorp | 1561 | &nbsp;&nbsp; 70635 |
| UniCredit SpA | 3230 | &nbsp;&nbsp; 216636 |
| United Overseas Bank Ltd.  | 1800 | &nbsp;&nbsp; 50997 |
| Wells Fargo & Co.  | 4849 | &nbsp;&nbsp; 388502 |
| Westpac Banking Corp.  | 7479 | &nbsp;&nbsp; 166686 |
|  |  | &nbsp;&nbsp; 5957747 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Carlsberg AS - Class B | 1105 | &nbsp;&nbsp; 156743 |
| Coca-Cola Europacific Partners PLC | 2047 | &nbsp;&nbsp; 189798 |
| Coca-Cola HBC AG | 2276 | &nbsp;&nbsp; 118162 |
| Kirin Holdings Co. Ltd.  | 22500 | &nbsp;&nbsp; 315085 |
| PepsiCo, Inc.  | 2510 | &nbsp;&nbsp; 331420 |
| Suntory Beverage & Food Ltd.  | 9600 | &nbsp;&nbsp; 307300 |
|  |  | &nbsp;&nbsp; 1418508 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| AbbVie, Inc.  | 3232 | &nbsp;&nbsp; 599924 |
| Genmab AS (a) | 1184 | &nbsp;&nbsp; 244995 |
| Gilead Sciences, Inc.  | 3659 | &nbsp;&nbsp; 405673 |
| Incyte Corp. (a) | 3340 | &nbsp;&nbsp; 227454 |
|  |  | &nbsp;&nbsp; 1478046 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Amazon.com, Inc. (a) | 2998 | &nbsp;&nbsp; 657731 |
| Canadian Tire Corp. Ltd. - Class A | 501 | &nbsp;&nbsp; 68207 |
| Dollarama, Inc.  | 3522 | &nbsp;&nbsp; 496248 |
| eBay, Inc.  | 2679 | &nbsp;&nbsp; 199478 |
| Next PLC | 845 | &nbsp;&nbsp; 144361 |
| Pan Pacific International Holdings Corp.  | 7900 | &nbsp;&nbsp; 271527 |
| Wesfarmers Ltd.  | 5971 | &nbsp;&nbsp; 333078 |
|  |  | &nbsp;&nbsp; 2170630 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Assa Abloy AB - Class B | 3464 | &nbsp;&nbsp; 108319 |
| Carrier Global Corp.  | 1701 | &nbsp;&nbsp; 124496 |
| Cie de Saint-Gobain SA | 1460 | &nbsp;&nbsp; 171752 |
| Geberit AG | 118 | &nbsp;&nbsp; 93005 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-360**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Building Products—(Continued)** | **Building Products—(Continued)** | **Building Products—(Continued)** |
| Johnson Controls International PLC | 2031 | &nbsp;&nbsp; $214514 |
| Rockwool AS - B Shares | 300 | &nbsp;&nbsp; 14035 |
| Trane Technologies PLC | 1056 | &nbsp;&nbsp; 461905 |
|  |  | &nbsp;&nbsp; 1188026 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| 3i Group PLC | 2001 | &nbsp;&nbsp; 113190 |
| ASX Ltd.  | 1094 | &nbsp;&nbsp; 50231 |
| Bank of New York Mellon Corp.  | 1167 | &nbsp;&nbsp; 106325 |
| Blackstone, Inc.  | 867 | &nbsp;&nbsp; 129686 |
| Brookfield Asset Management Ltd. - Class A | 709 | &nbsp;&nbsp; 39242 |
| Deutsche Boerse AG | 57 | &nbsp;&nbsp; 18599 |
| EQT AB | 854 | &nbsp;&nbsp; 28615 |
| Futu Holdings Ltd. (ADR) | 125 | &nbsp;&nbsp; 15449 |
| Moody's Corp.  | 75 | &nbsp;&nbsp; 37619 |
| Northern Trust Corp.  | 560 | &nbsp;&nbsp; 71003 |
| Schroders PLC | 2002 | &nbsp;&nbsp; 9934 |
| Singapore Exchange Ltd.  | 9300 | &nbsp;&nbsp; 108784 |
| State Street Corp.  | 1256 | &nbsp;&nbsp; 133563 |
| T. Rowe Price Group, Inc.  | 778 | &nbsp;&nbsp; 75077 |
| TMX Group Ltd.  | 2057 | &nbsp;&nbsp; 87189 |
|  |  | &nbsp;&nbsp; 1024506 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Air Liquide SA | 1616 | &nbsp;&nbsp; 333778 |
| Air Products & Chemicals, Inc.  | 475 | &nbsp;&nbsp; 133978 |
| Akzo Nobel NV | 1195 | &nbsp;&nbsp; 83630 |
| Asahi Kasei Corp.  | 25000 | &nbsp;&nbsp; 177586 |
| BASF SE | 6543 | &nbsp;&nbsp; 322731 |
| Eastman Chemical Co.  | 3687 | &nbsp;&nbsp; 275271 |
| Ecolab, Inc.  | 2328 | &nbsp;&nbsp; 627256 |
| EMS-Chemie Holding AG | 219 | &nbsp;&nbsp; 165642 |
| Evonik Industries AG | 1973 | &nbsp;&nbsp; 40672 |
| International Flavors & Fragrances, Inc.  | 973 | &nbsp;&nbsp; 71564 |
| Linde PLC | 1617 | &nbsp;&nbsp; 758664 |
| Mitsubishi Chemical Group Corp.  | 39900 | &nbsp;&nbsp; 209173 |
| Mosaic Co.  | 4050 | &nbsp;&nbsp; 147744 |
| Nippon Sanso Holdings Corp.  | 6200 | &nbsp;&nbsp; 234443 |
| Nitto Denko Corp.  | 24200 | &nbsp;&nbsp; 466728 |
| Nutrien Ltd.  | 1310 | &nbsp;&nbsp; 76334 |
| Sherwin-Williams Co.  | 2511 | &nbsp;&nbsp; 862177 |
| Shin-Etsu Chemical Co. Ltd.  | 3500 | &nbsp;&nbsp; 115335 |
| Sika AG | 1032 | &nbsp;&nbsp; 280050 |
| Toray Industries, Inc.  | 26500 | &nbsp;&nbsp; 181003 |
|  |  | &nbsp;&nbsp; 5563759 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Brambles Ltd.  | 4445 | &nbsp;&nbsp; 68519 |
| Cintas Corp.  | 1237 | &nbsp;&nbsp; 275690 |
| Dai Nippon Printing Co. Ltd.  | 5200 | &nbsp;&nbsp; 78817 |
| Element Fleet Management Corp.  | 2743 | &nbsp;&nbsp; 68708 |
| Rollins, Inc.  | 2286 | &nbsp;&nbsp; 128976 |
| Secom Co. Ltd.  | 3000 | &nbsp;&nbsp; 107967 |
| Securitas AB - B Shares | 1519 | &nbsp;&nbsp; 22730 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** | **Commercial Services & Supplies—(Continued)** |
| TOPPAN Holdings, Inc.  | 2800 | &nbsp;&nbsp; $75989 |
|  |  | &nbsp;&nbsp; 827396 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| F5, Inc. (a) | 566 | &nbsp;&nbsp; 166585 |
| Telefonaktiebolaget LM Ericsson - B Shares | 18406 | &nbsp;&nbsp; 157747 |
|  |  | &nbsp;&nbsp; 324332 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| Kajima Corp.  | 4100 | &nbsp;&nbsp; 106828 |
| Obayashi Corp.  | 5400 | &nbsp;&nbsp; 81718 |
| Stantec, Inc.  | 610 | &nbsp;&nbsp; 66373 |
| Taisei Corp.  | 1800 | &nbsp;&nbsp; 104756 |
|  |  | &nbsp;&nbsp; 359675 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Amrize Ltd. (a) | 9445 | &nbsp;&nbsp; 471149 |
| Heidelberg Materials AG | 2944 | &nbsp;&nbsp; 691675 |
| Holcim AG | 9445 | &nbsp;&nbsp; 704013 |
| James Hardie Industries PLC (a) | 2596 | &nbsp;&nbsp; 71661 |
|  |  | &nbsp;&nbsp; 1938498 |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |
| American Express Co.  | 707 | &nbsp;&nbsp; 225519 |
| Capital One Financial Corp.  | 968 | &nbsp;&nbsp; 205952 |
| Synchrony Financial | 1895 | &nbsp;&nbsp; 126472 |
|  |  | &nbsp;&nbsp; 557943 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Alimentation Couche-Tard, Inc.  | 3141 | &nbsp;&nbsp; 156133 |
| Carrefour SA | 23422 | &nbsp;&nbsp; 330191 |
| Coles Group Ltd.  | 13656 | &nbsp;&nbsp; 187327 |
| Costco Wholesale Corp.  | 542 | &nbsp;&nbsp; 536547 |
| Empire Co. Ltd. - Class A | 7694 | &nbsp;&nbsp; 319286 |
| George Weston Ltd.  | 1254 | &nbsp;&nbsp; 251500 |
| Jeronimo Martins SGPS SA | 2574 | &nbsp;&nbsp; 65180 |
| Kobe Bussan Co. Ltd.  | 1600 | &nbsp;&nbsp; 49768 |
| Koninklijke Ahold Delhaize NV | 28140 | &nbsp;&nbsp; 1176467 |
| Kroger Co.  | 1896 | &nbsp;&nbsp; 136000 |
| Loblaw Cos. Ltd.  | 3553 | &nbsp;&nbsp; 587709 |
| Metro, Inc.  | 4721 | &nbsp;&nbsp; 370850 |
| Sysco Corp.  | 2109 | &nbsp;&nbsp; 159736 |
| Target Corp.  | 1591 | &nbsp;&nbsp; 156952 |
| Tesco PLC | 73158 | &nbsp;&nbsp; 403001 |
| Walmart, Inc.  | 14632 | &nbsp;&nbsp; 1430717 |
| Woolworths Group Ltd.  | 13411 | &nbsp;&nbsp; 274611 |
|  |  | &nbsp;&nbsp; 6591975 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Amcor PLC | 37929 | &nbsp;&nbsp; 348568 |
| CCL Industries, Inc. - Class B | 3076 | &nbsp;&nbsp; 179376 |
| International Paper Co.  | 14193 | &nbsp;&nbsp; 664658 |
| Packaging Corp. of America | 2395 | &nbsp;&nbsp; 451338 |
| Smurfit WestRock PLC | 2170 | &nbsp;&nbsp; 93635 |
|  |  | &nbsp;&nbsp; 1737575 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-361**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Pearson PLC | 9678 | &nbsp;&nbsp; $142445 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| Stockland | 5158 | &nbsp;&nbsp; 18246 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| AT&T, Inc.  | 9424 | &nbsp;&nbsp; 272731 |
| BT Group PLC | 28092 | &nbsp;&nbsp; 74722 |
| Deutsche Telekom AG | 7584 | &nbsp;&nbsp; 277667 |
| Elisa OYJ | 5665 | &nbsp;&nbsp; 315553 |
| Koninklijke KPN NV | 21041 | &nbsp;&nbsp; 102699 |
| Nippon Telegraph & Telephone Corp.  | 88600 | &nbsp;&nbsp; 94618 |
| Orange SA | 23444 | &nbsp;&nbsp; 357885 |
| Quebecor, Inc. - Class B | 4582 | &nbsp;&nbsp; 139470 |
| Singapore Telecommunications Ltd.  | 116300 | &nbsp;&nbsp; 349487 |
| Swisscom AG | 483 | &nbsp;&nbsp; 342937 |
| Telenor ASA | 18766 | &nbsp;&nbsp; 293110 |
| Telia Co. AB | 65898 | &nbsp;&nbsp; 237963 |
| Telstra Group Ltd.  | 108410 | &nbsp;&nbsp; 345342 |
| TELUS Corp.  | 2781 | &nbsp;&nbsp; 44663 |
| Verizon Communications, Inc.  | 3087 | &nbsp;&nbsp; 133574 |
|  |  | &nbsp;&nbsp; 3382421 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| Acciona SA | 337 | &nbsp;&nbsp; 60663 |
| Alliant Energy Corp.  | 3910 | &nbsp;&nbsp; 236438 |
| American Electric Power Co., Inc.  | 3361 | &nbsp;&nbsp; 348737 |
| BKW AG | 2021 | &nbsp;&nbsp; 442400 |
| CK Infrastructure Holdings Ltd.  | 33165 | &nbsp;&nbsp; 219614 |
| CLP Holdings Ltd.  | 36500 | &nbsp;&nbsp; 307463 |
| Duke Energy Corp.  | 2966 | &nbsp;&nbsp; 349988 |
| Edison International | 6603 | &nbsp;&nbsp; 340715 |
| Endesa SA | 8302 | &nbsp;&nbsp; 262980 |
| Enel SpA | 183939 | &nbsp;&nbsp; 1745795 |
| Entergy Corp.  | 4053 | &nbsp;&nbsp; 336885 |
| Evergy, Inc.  | 7067 | &nbsp;&nbsp; 487128 |
| Fortis, Inc.  | 6952 | &nbsp;&nbsp; 331940 |
| Fortum OYJ | 22792 | &nbsp;&nbsp; 427202 |
| Hydro One Ltd.  | 8144 | &nbsp;&nbsp; 293465 |
| Iberdrola SA | 118949 | &nbsp;&nbsp; 2286613 |
| NRG Energy, Inc.  | 4433 | &nbsp;&nbsp; 711851 |
| Origin Energy Ltd.  | 29755 | &nbsp;&nbsp; 211326 |
| Pinnacle West Capital Corp.  | 3523 | &nbsp;&nbsp; 315203 |
| Power Assets Holdings Ltd.  | 43500 | &nbsp;&nbsp; 279586 |
| PPL Corp.  | 2364 | &nbsp;&nbsp; 80116 |
| Southern Co.  | 3757 | &nbsp;&nbsp; 345005 |
| SSE PLC | 18064 | &nbsp;&nbsp; 454079 |
| Verbund AG | 1160 | &nbsp;&nbsp; 89089 |
| Xcel Energy, Inc.  | 3427 | &nbsp;&nbsp; 233379 |
|  |  | &nbsp;&nbsp; 11197660 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| ABB Ltd.  | 10172 | &nbsp;&nbsp; 608099 |
| Hubbell, Inc.  | 129 | &nbsp;&nbsp; 52685 |
| Legrand SA | 946 | &nbsp;&nbsp; 126361 |
| Mitsubishi Electric Corp.  | 3400 | &nbsp;&nbsp; 73430 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electrical Equipment—(Continued)** | **Electrical Equipment—(Continued)** | **Electrical Equipment—(Continued)** |
| Prysmian SpA | 958 | &nbsp;&nbsp; $67557 |
| Schneider Electric SE | 1653 | &nbsp;&nbsp; 440786 |
|  |  | &nbsp;&nbsp; 1368918 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Keysight Technologies, Inc. (a) | 945 | &nbsp;&nbsp; 154848 |
| Shimadzu Corp.  | 900 | &nbsp;&nbsp; 22321 |
| TE Connectivity PLC | 1020 | &nbsp;&nbsp; 172043 |
| Trimble, Inc. (a) | 1658 | &nbsp;&nbsp; 125975 |
| Yokogawa Electric Corp.  | 6100 | &nbsp;&nbsp; 162543 |
|  |  | &nbsp;&nbsp; 637730 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Halliburton Co.  | 9630 | &nbsp;&nbsp; 196259 |
| Schlumberger NV | 20897 | &nbsp;&nbsp; 706319 |
| Tenaris SA | 12863 | &nbsp;&nbsp; 240258 |
|  |  | &nbsp;&nbsp; 1142836 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| CTS Eventim AG & Co. KGaA | 1834 | &nbsp;&nbsp; 228391 |
| Konami Group Corp.  | 1300 | &nbsp;&nbsp; 205287 |
| Netflix, Inc. (a) | 990 | &nbsp;&nbsp; 1325739 |
| Sea Ltd. (ADR) (a) | 1800 | &nbsp;&nbsp; 287892 |
| Spotify Technology SA (a) | 2916 | &nbsp;&nbsp; 2237563 |
| Universal Music Group NV | 4816 | &nbsp;&nbsp; 156285 |
|  |  | &nbsp;&nbsp; 4441157 |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| Adyen NV (a) | 52 | &nbsp;&nbsp; 95478 |
| Berkshire Hathaway, Inc. - Class B (a) | 246 | &nbsp;&nbsp; 119499 |
| Fiserv, Inc. (a) | 703 | &nbsp;&nbsp; 121204 |
| Investor AB - B Shares | 3309 | &nbsp;&nbsp; 97927 |
| Jack Henry & Associates, Inc.  | 558 | &nbsp;&nbsp; 100535 |
| M&G PLC | 4887 | &nbsp;&nbsp; 17245 |
| Mastercard, Inc. - Class A | 1325 | &nbsp;&nbsp; 744570 |
| Sofina SA | 35 | &nbsp;&nbsp; 11537 |
| Visa, Inc. - Class A | 3195 | &nbsp;&nbsp; 1134385 |
| Wise PLC - Class A (a) | 1214 | &nbsp;&nbsp; 17335 |
|  |  | &nbsp;&nbsp; 2459715 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Campbell's Co.  | 1449 | &nbsp;&nbsp; 44412 |
| Conagra Brands, Inc.  | 13252 | &nbsp;&nbsp; 271268 |
| General Mills, Inc.  | 5691 | &nbsp;&nbsp; 294851 |
| Hershey Co.  | 251 | &nbsp;&nbsp; 41653 |
| J.M. Smucker Co.  | 2727 | &nbsp;&nbsp; 267791 |
| Kerry Group PLC - Class A | 1951 | &nbsp;&nbsp; 215458 |
| Kraft Heinz Co.  | 1008 | &nbsp;&nbsp; 26027 |
| McCormick & Co., Inc.  | 4014 | &nbsp;&nbsp; 304342 |
| MEIJI Holdings Co. Ltd.  | 900 | &nbsp;&nbsp; 19914 |
| Nestle SA | 4133 | &nbsp;&nbsp; 410497 |
| Saputo, Inc.  | 3743 | &nbsp;&nbsp; 76605 |
| WH Group Ltd.  | 177000 | &nbsp;&nbsp; 170466 |
| Wilmar International Ltd.  | 96100 | &nbsp;&nbsp; 216834 |
|  |  | &nbsp;&nbsp; 2360118 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-362**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| Hong Kong & China Gas Co. Ltd.  | 354000 | &nbsp;&nbsp; $297439 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| CSX Corp.  | 2448 | &nbsp;&nbsp; 79878 |
| East Japan Railway Co.  | 4300 | &nbsp;&nbsp; 92800 |
| Hankyu Hanshin Holdings, Inc.  | 3900 | &nbsp;&nbsp; 106003 |
| MTR Corp. Ltd.  | 25000 | &nbsp;&nbsp; 89890 |
| Old Dominion Freight Line, Inc.  | 420 | &nbsp;&nbsp; 68166 |
| Tokyu Corp.  | 6800 | &nbsp;&nbsp; 80811 |
| Uber Technologies, Inc. (a) | 8680 | &nbsp;&nbsp; 809844 |
|  |  | &nbsp;&nbsp; 1327392 |
| **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** |
| Abbott Laboratories | 6150 | &nbsp;&nbsp; 836462 |
| Boston Scientific Corp. (a) | 2525 | &nbsp;&nbsp; 271210 |
| Cochlear Ltd.  | 689 | &nbsp;&nbsp; 136240 |
| Cooper Cos., Inc. (a) | 2265 | &nbsp;&nbsp; 161177 |
| Demant AS (a) | 1088 | &nbsp;&nbsp; 45435 |
| EssilorLuxottica SA | 1608 | &nbsp;&nbsp; 441735 |
| GE HealthCare Technologies, Inc.  | 991 | &nbsp;&nbsp; 73403 |
| Hoya Corp.  | 1300 | &nbsp;&nbsp; 154329 |
| Insulet Corp. (a) | 564 | &nbsp;&nbsp; 177198 |
| Intuitive Surgical, Inc. (a) | 565 | &nbsp;&nbsp; 307027 |
| Koninklijke Philips NV | 8789 | &nbsp;&nbsp; 211012 |
| Medtronic PLC | 2409 | &nbsp;&nbsp; 209993 |
| Olympus Corp.  | 30800 | &nbsp;&nbsp; 365459 |
| ResMed, Inc.  | 665 | &nbsp;&nbsp; 171570 |
| Smith & Nephew PLC | 9765 | &nbsp;&nbsp; 149215 |
| Sonova Holding AG | 563 | &nbsp;&nbsp; 168177 |
| Straumann Holding AG | 1296 | &nbsp;&nbsp; 169776 |
| Terumo Corp.  | 11500 | &nbsp;&nbsp; 211085 |
|  |  | &nbsp;&nbsp; 4260503 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| Cigna Group | 655 | &nbsp;&nbsp; 216530 |
| CVS Health Corp.  | 1369 | &nbsp;&nbsp; 94433 |
| DaVita, Inc. (a) | 940 | &nbsp;&nbsp; 133903 |
| Fresenius Medical Care AG | 2068 | &nbsp;&nbsp; 118571 |
| HCA Healthcare, Inc.  | 57 | &nbsp;&nbsp; 21837 |
| Henry Schein, Inc. (a) | 2259 | &nbsp;&nbsp; 165020 |
| NMC Health PLC (a) (b) (c) | 1427 | &nbsp;&nbsp; 0 |
| UnitedHealth Group, Inc.  | 1164 | &nbsp;&nbsp; 363133 |
|  |  | &nbsp;&nbsp; 1113427 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| Pro Medicus Ltd.  | 603 | &nbsp;&nbsp; 113161 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Accor SA | 1564 | &nbsp;&nbsp; 81821 |
| Amadeus IT Group SA | 2609 | &nbsp;&nbsp; 220717 |
| Aristocrat Leisure Ltd.  | 9807 | &nbsp;&nbsp; 420694 |
| Booking Holdings, Inc.  | 160 | &nbsp;&nbsp; 926278 |
| Compass Group PLC | 2992 | &nbsp;&nbsp; 101339 |
| Evolution AB | 1010 | &nbsp;&nbsp; 80327 |
| FDJ UNITED | 2285 | &nbsp;&nbsp; 89674 |
| Genting Singapore Ltd.  | 197200 | &nbsp;&nbsp; 110956 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Hilton Worldwide Holdings, Inc.  | 647 | &nbsp;&nbsp; $172322 |
| InterContinental Hotels Group PLC | 2062 | &nbsp;&nbsp; 235440 |
| Lottery Corp. Ltd.  | 11800 | &nbsp;&nbsp; 41396 |
| Sodexo SA | 1213 | &nbsp;&nbsp; 74650 |
| Yum! Brands, Inc.  | 1423 | &nbsp;&nbsp; 210860 |
|  |  | &nbsp;&nbsp; 2766474 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| Garmin Ltd.  | 757 | &nbsp;&nbsp; 158001 |
| NVR, Inc. (a) | 20 | &nbsp;&nbsp; 147714 |
| Sekisui House Ltd.  | 5100 | &nbsp;&nbsp; 112463 |
| Sony Group Corp.  | 5800 | &nbsp;&nbsp; 151203 |
|  |  | &nbsp;&nbsp; 569381 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Colgate-Palmolive Co.  | 2746 | &nbsp;&nbsp; 249611 |
| Essity AB - Class B | 6480 | &nbsp;&nbsp; 179455 |
| Kimberly-Clark Corp.  | 1488 | &nbsp;&nbsp; 191833 |
| Procter & Gamble Co.  | 3034 | &nbsp;&nbsp; 483377 |
| Reckitt Benckiser Group PLC | 13719 | &nbsp;&nbsp; 933262 |
|  |  | &nbsp;&nbsp; 2037538 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp.  | 5591 | &nbsp;&nbsp; 1083592 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| 3M Co.  | 2006 | &nbsp;&nbsp; 305393 |
| CK Hutchison Holdings Ltd.  | 12000 | &nbsp;&nbsp; 74078 |
| DCC PLC | 298 | &nbsp;&nbsp; 19344 |
| Hikari Tsushin, Inc.  | 300 | &nbsp;&nbsp; 88425 |
| Hitachi Ltd.  | 18400 | &nbsp;&nbsp; 533027 |
| Honeywell International, Inc.  | 599 | &nbsp;&nbsp; 139495 |
| Investment AB Latour - B Shares | 529 | &nbsp;&nbsp; 13946 |
| Jardine Matheson Holdings Ltd.  | 3600 | &nbsp;&nbsp; 173065 |
| Keppel Ltd.  | 15000 | &nbsp;&nbsp; 87633 |
| Lifco AB - B Shares | 779 | &nbsp;&nbsp; 31543 |
| Sekisui Chemical Co. Ltd.  | 9600 | &nbsp;&nbsp; 173551 |
| Siemens AG | 1797 | &nbsp;&nbsp; 460886 |
| Smiths Group PLC | 6025 | &nbsp;&nbsp; 185796 |
|  |  | &nbsp;&nbsp; 2286182 |
| **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |
| CapitaLand Ascendas REIT | 26700 | &nbsp;&nbsp; 56293 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Allianz SE | 872 | &nbsp;&nbsp; 353309 |
| Allstate Corp.  | 570 | &nbsp;&nbsp; 114747 |
| Aon PLC - Class A | 204 | &nbsp;&nbsp; 72779 |
| Arch Capital Group Ltd.  | 1205 | &nbsp;&nbsp; 109715 |
| Assurant, Inc.  | 598 | &nbsp;&nbsp; 118099 |
| Aviva PLC | 5758 | &nbsp;&nbsp; 48953 |
| AXA SA | 4125 | &nbsp;&nbsp; 202749 |
| Baloise Holding AG | 296 | &nbsp;&nbsp; 70054 |
| Brown & Brown, Inc.  | 1016 | &nbsp;&nbsp; 112644 |
| Chubb Ltd.  | 429 | &nbsp;&nbsp; 124290 |
| Cincinnati Financial Corp.  | 849 | &nbsp;&nbsp; 126433 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-363**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Fairfax Financial Holdings Ltd.  | 39 | &nbsp;&nbsp; $70396 |
| Generali | 2237 | &nbsp;&nbsp; 79627 |
| Gjensidige Forsikring ASA | 2864 | &nbsp;&nbsp; 72618 |
| Hannover Rueck SE | 229 | &nbsp;&nbsp; 72061 |
| Hartford Insurance Group, Inc.  | 722 | &nbsp;&nbsp; 91600 |
| iA Financial Corp., Inc.  | 178 | &nbsp;&nbsp; 19514 |
| Insurance Australia Group Ltd.  | 11303 | &nbsp;&nbsp; 67181 |
| Intact Financial Corp.  | 351 | &nbsp;&nbsp; 81619 |
| Japan Post Holdings Co. Ltd.  | 10200 | &nbsp;&nbsp; 94149 |
| Japan Post Insurance Co. Ltd.  | 4600 | &nbsp;&nbsp; 103743 |
| Loews Corp.  | 1134 | &nbsp;&nbsp; 103942 |
| Manulife Financial Corp.  | 3421 | &nbsp;&nbsp; 109382 |
| Marsh & McLennan Cos., Inc.  | 576 | &nbsp;&nbsp; 125937 |
| Medibank Pvt Ltd.  | 23610 | &nbsp;&nbsp; 78593 |
| MS&AD Insurance Group Holdings, Inc.  | 14800 | &nbsp;&nbsp; 330132 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 122 | &nbsp;&nbsp; 79121 |
| NN Group NV | 601 | &nbsp;&nbsp; 39947 |
| Phoenix Group Holdings PLC | 1523 | &nbsp;&nbsp; 13769 |
| Progressive Corp.  | 671 | &nbsp;&nbsp; 179063 |
| Prudential Financial, Inc.  | 735 | &nbsp;&nbsp; 78968 |
| Sompo Holdings, Inc.  | 7500 | &nbsp;&nbsp; 224693 |
| Sun Life Financial, Inc.  | 1132 | &nbsp;&nbsp; 75323 |
| Suncorp Group Ltd.  | 2239 | &nbsp;&nbsp; 31847 |
| Tokio Marine Holdings, Inc.  | 2000 | &nbsp;&nbsp; 84369 |
| Travelers Cos., Inc.  | 448 | &nbsp;&nbsp; 119858 |
| Tryg AS | 3296 | &nbsp;&nbsp; 85229 |
| W.R. Berkley Corp.  | 2007 | &nbsp;&nbsp; 147454 |
| Zurich Insurance Group AG | 344 | &nbsp;&nbsp; 241227 |
|  |  | &nbsp;&nbsp; 4355134 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Alphabet, Inc. - Class A | 2755 | &nbsp;&nbsp; 485514 |
| Auto Trader Group PLC | 27563 | &nbsp;&nbsp; 312144 |
| Meta Platforms, Inc. - Class A | 936 | &nbsp;&nbsp; 690852 |
| REA Group Ltd.  | 1307 | &nbsp;&nbsp; 206894 |
| Scout24 SE | 2366 | &nbsp;&nbsp; 326280 |
|  |  | &nbsp;&nbsp; 2021684 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Accenture PLC - Class A | 417 | &nbsp;&nbsp; 124637 |
| CGI, Inc.  | 1251 | &nbsp;&nbsp; 131379 |
| Cognizant Technology Solutions Corp. - Class A | 2023 | &nbsp;&nbsp; 157855 |
| Fujitsu Ltd.  | 11200 | &nbsp;&nbsp; 272116 |
| International Business Machines Corp.  | 636 | &nbsp;&nbsp; 187480 |
| NEC Corp.  | 10000 | &nbsp;&nbsp; 292886 |
| Nomura Research Institute Ltd.  | 4700 | &nbsp;&nbsp; 188864 |
| Otsuka Corp.  | 9000 | &nbsp;&nbsp; 183265 |
| SCSK Corp.  | 8300 | &nbsp;&nbsp; 249942 |
| Shopify, Inc. - Class A (a) | 5770 | &nbsp;&nbsp; 665494 |
| Wix.com Ltd. (a) | 668 | &nbsp;&nbsp; 105851 |
|  |  | &nbsp;&nbsp; 2559769 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Bandai Namco Holdings, Inc.  | 7783 | &nbsp;&nbsp; 278619 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Leisure Products—(Continued)** | **Leisure Products—(Continued)** | **Leisure Products—(Continued)** |
| Shimano, Inc.  | 800 | &nbsp;&nbsp; $116121 |
|  |  | &nbsp;&nbsp; 394740 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Alfa Laval AB | 994 | &nbsp;&nbsp; 41869 |
| Atlas Copco AB - A Shares | 8996 | &nbsp;&nbsp; 145730 |
| Caterpillar, Inc.  | 1089 | &nbsp;&nbsp; 422761 |
| Cummins, Inc.  | 403 | &nbsp;&nbsp; 131982 |
| Dover Corp.  | 621 | &nbsp;&nbsp; 113786 |
| Epiroc AB - A Shares | 2348 | &nbsp;&nbsp; 51097 |
| FANUC Corp.  | 2200 | &nbsp;&nbsp; 59844 |
| GEA Group AG | 524 | &nbsp;&nbsp; 36657 |
| Hoshizaki Corp.  | 1800 | &nbsp;&nbsp; 62204 |
| Illinois Tool Works, Inc.  | 499 | &nbsp;&nbsp; 123378 |
| Indutrade AB | 951 | &nbsp;&nbsp; 25975 |
| Knorr-Bremse AG | 261 | &nbsp;&nbsp; 25227 |
| Komatsu Ltd.  | 2200 | &nbsp;&nbsp; 72011 |
| Kone OYJ - Class B | 976 | &nbsp;&nbsp; 64278 |
| Metso OYJ | 2229 | &nbsp;&nbsp; 28869 |
| Nordson Corp.  | 486 | &nbsp;&nbsp; 104184 |
| Otis Worldwide Corp.  | 1306 | &nbsp;&nbsp; 129320 |
| Parker-Hannifin Corp.  | 289 | &nbsp;&nbsp; 201858 |
| Rational AG | 18 | &nbsp;&nbsp; 15096 |
| Sandvik AB | 3749 | &nbsp;&nbsp; 86032 |
| Schindler Holding AG | 107 | &nbsp;&nbsp; 38845 |
| SKF AB - B Shares | 1151 | &nbsp;&nbsp; 26437 |
| Techtronic Industries Co. Ltd.  | 21500 | &nbsp;&nbsp; 236834 |
| Trelleborg AB - B Shares | 711 | &nbsp;&nbsp; 26536 |
| VAT Group AG | 93 | &nbsp;&nbsp; 39379 |
| Volvo AB - B Shares | 1762 | &nbsp;&nbsp; 49471 |
| Wartsila OYJ Abp | 1619 | &nbsp;&nbsp; 38262 |
|  |  | &nbsp;&nbsp; 2397922 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| AP Moller - Maersk AS - Class A | 69 | &nbsp;&nbsp; 127426 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Comcast Corp. - Class A | 14259 | &nbsp;&nbsp; 508904 |
| Fox Corp. - Class B | 7407 | &nbsp;&nbsp; 382423 |
| Interpublic Group of Cos., Inc.  | 897 | &nbsp;&nbsp; 21959 |
| WPP PLC | 76400 | &nbsp;&nbsp; 534042 |
|  |  | &nbsp;&nbsp; 1447328 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| BHP Group Ltd.  | 62434 | &nbsp;&nbsp; 1500571 |
| BlueScope Steel Ltd.  | 2769 | &nbsp;&nbsp; 42343 |
| Boliden AB (a) | 1926 | &nbsp;&nbsp; 60246 |
| Fortescue Ltd.  | 11663 | &nbsp;&nbsp; 117371 |
| Kinross Gold Corp.  | 26617 | &nbsp;&nbsp; 415942 |
| Newmont Corp.  | 12734 | &nbsp;&nbsp; 741883 |
| Northern Star Resources Ltd.  | 8095 | &nbsp;&nbsp; 100125 |
| Rio Tinto Ltd.  | 2561 | &nbsp;&nbsp; 180589 |
| Rio Tinto PLC | 10693 | &nbsp;&nbsp; 623108 |
| Steel Dynamics, Inc.  | 3561 | &nbsp;&nbsp; 455844 |
|  |  | &nbsp;&nbsp; 4238022 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-364**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Ameren Corp.  | 291 | &nbsp;&nbsp; $27948 |
| Canadian Utilities Ltd. - Class A | 8556 | &nbsp;&nbsp; 236747 |
| Centrica PLC | 142437 | &nbsp;&nbsp; 315910 |
| CMS Energy Corp.  | 1156 | &nbsp;&nbsp; 80088 |
| Consolidated Edison, Inc.  | 7977 | &nbsp;&nbsp; 800492 |
| Dominion Energy, Inc.  | 8774 | &nbsp;&nbsp; 495906 |
| DTE Energy Co.  | 2610 | &nbsp;&nbsp; 345721 |
| E.ON SE | 3316 | &nbsp;&nbsp; 61057 |
| Engie SA | 19253 | &nbsp;&nbsp; 453379 |
| National Grid PLC | 5252 | &nbsp;&nbsp; 76792 |
| NiSource, Inc.  | 5603 | &nbsp;&nbsp; 226025 |
| Public Service Enterprise Group, Inc.  | 1530 | &nbsp;&nbsp; 128795 |
| Sembcorp Industries Ltd.  | 28100 | &nbsp;&nbsp; 151440 |
| Sempra | 2512 | &nbsp;&nbsp; 190334 |
| Veolia Environnement SA | 771 | &nbsp;&nbsp; 27504 |
| WEC Energy Group, Inc.  | 3906 | &nbsp;&nbsp; 407005 |
|  |  | &nbsp;&nbsp; 4025143 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| Aker BP ASA | 12954 | &nbsp;&nbsp; 330498 |
| BP PLC | 301333 | &nbsp;&nbsp; 1503188 |
| Chevron Corp.  | 2909 | &nbsp;&nbsp; 416540 |
| Coterra Energy, Inc.  | 12698 | &nbsp;&nbsp; 322275 |
| Enbridge, Inc.  | 25676 | &nbsp;&nbsp; 1164306 |
| ENEOS Holdings, Inc.  | 71500 | &nbsp;&nbsp; 352899 |
| EOG Resources, Inc.  | 2306 | &nbsp;&nbsp; 275821 |
| EQT Corp.  | 3739 | &nbsp;&nbsp; 218058 |
| Equinor ASA | 35890 | &nbsp;&nbsp; 906194 |
| Expand Energy Corp.  | 55 | &nbsp;&nbsp; 6432 |
| Exxon Mobil Corp.  | 11180 | &nbsp;&nbsp; 1205204 |
| Galp Energia SGPS SA | 36384 | &nbsp;&nbsp; 667956 |
| Hess Corp.  | 4040 | &nbsp;&nbsp; 559702 |
| Idemitsu Kosan Co. Ltd.  | 47980 | &nbsp;&nbsp; 290344 |
| Imperial Oil Ltd.  | 5043 | &nbsp;&nbsp; 400625 |
| Keyera Corp.  | 9818 | &nbsp;&nbsp; 321126 |
| Kinder Morgan, Inc.  | 10602 | &nbsp;&nbsp; 311699 |
| OMV AG | 5999 | &nbsp;&nbsp; 326119 |
| ONEOK, Inc.  | 2316 | &nbsp;&nbsp; 189055 |
| Pembina Pipeline Corp.  | 5393 | &nbsp;&nbsp; 202492 |
| Shell PLC | 59161 | &nbsp;&nbsp; 2073167 |
| Suncor Energy, Inc.  | 26706 | &nbsp;&nbsp; 1000384 |
| Targa Resources Corp.  | 3345 | &nbsp;&nbsp; 582298 |
| TC Energy Corp.  | 9098 | &nbsp;&nbsp; 444160 |
| TotalEnergies SE | 6841 | &nbsp;&nbsp; 420772 |
| Williams Cos., Inc.  | 4429 | &nbsp;&nbsp; 278186 |
| Woodside Energy Group Ltd.  | 2508 | &nbsp;&nbsp; 38652 |
|  |  | &nbsp;&nbsp; 14808152 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Holmen AB - B Shares | 4049 | &nbsp;&nbsp; 160645 |
| Mondi PLC | 8856 | &nbsp;&nbsp; 144624 |
| Svenska Cellulosa AB SCA - Class B | 10617 | &nbsp;&nbsp; 138087 |
|  |  | &nbsp;&nbsp; 443356 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |
| Qantas Airways Ltd.  | 27183 | &nbsp;&nbsp; 192172 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Passenger Airlines—(Continued)** | **Passenger Airlines—(Continued)** | **Passenger Airlines—(Continued)** |
| Singapore Airlines Ltd.  | 11700 | &nbsp;&nbsp; $64181 |
|  |  | &nbsp;&nbsp; 256353 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Beiersdorf AG | 1698 | &nbsp;&nbsp; 213292 |
| Kao Corp.  | 6900 | &nbsp;&nbsp; 308837 |
| L'Oreal SA | 857 | &nbsp;&nbsp; 366952 |
| Shiseido Co. Ltd.  | 5100 | &nbsp;&nbsp; 90780 |
| Unilever PLC | 4806 | &nbsp;&nbsp; 292729 |
|  |  | &nbsp;&nbsp; 1272590 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| Astellas Pharma, Inc.  | 30100 | &nbsp;&nbsp; 295144 |
| Bristol-Myers Squibb Co.  | 9524 | &nbsp;&nbsp; 440866 |
| Eli Lilly & Co.  | 997 | &nbsp;&nbsp; 777191 |
| GSK PLC | 22455 | &nbsp;&nbsp; 428054 |
| Haleon PLC | 85546 | &nbsp;&nbsp; 440135 |
| Ipsen SA | 1721 | &nbsp;&nbsp; 205184 |
| Johnson & Johnson | 7891 | &nbsp;&nbsp; 1205350 |
| Merck & Co., Inc.  | 687 | &nbsp;&nbsp; 54383 |
| Merck KGaA | 327 | &nbsp;&nbsp; 42347 |
| Novartis AG | 15970 | &nbsp;&nbsp; 1931972 |
| Novo Nordisk AS - Class B | 12510 | &nbsp;&nbsp; 872922 |
| Otsuka Holdings Co. Ltd.  | 5400 | &nbsp;&nbsp; 267355 |
| Recordati Industria Chimica e Farmaceutica SpA | 3665 | &nbsp;&nbsp; 230589 |
| Roche Holding AG (Bearer Shares) | 488 | &nbsp;&nbsp; 169792 |
| Sanofi SA | 2189 | &nbsp;&nbsp; 211802 |
| Takeda Pharmaceutical Co. Ltd.  | 10638 | &nbsp;&nbsp; 328381 |
| Teva Pharmaceutical Industries Ltd. (ADR) (a) | 10660 | &nbsp;&nbsp; 178662 |
| UCB SA | 1216 | &nbsp;&nbsp; 238896 |
| Zoetis, Inc.  | 1329 | &nbsp;&nbsp; 207258 |
|  |  | &nbsp;&nbsp; 8526283 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Automatic Data Processing, Inc.  | 422 | &nbsp;&nbsp; 130145 |
| Broadridge Financial Solutions, Inc.  | 552 | &nbsp;&nbsp; 134153 |
| Bureau Veritas SA | 1112 | &nbsp;&nbsp; 38363 |
| Computershare Ltd.  | 2457 | &nbsp;&nbsp; 64513 |
| Experian PLC | 3092 | &nbsp;&nbsp; 159289 |
| Intertek Group PLC | 568 | &nbsp;&nbsp; 36966 |
| Paychex, Inc.  | 884 | &nbsp;&nbsp; 128587 |
| Randstad NV | 381 | &nbsp;&nbsp; 17596 |
| Recruit Holdings Co. Ltd.  | 9700 | &nbsp;&nbsp; 571129 |
| RELX PLC | 6487 | &nbsp;&nbsp; 351886 |
| Thomson Reuters Corp.  | 345 | &nbsp;&nbsp; 69377 |
| Verisk Analytics, Inc.  | 522 | &nbsp;&nbsp; 162603 |
| Wolters Kluwer NV | 461 | &nbsp;&nbsp; 77090 |
|  |  | &nbsp;&nbsp; 1941697 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| CapitaLand Investment Ltd.  | 24100 | &nbsp;&nbsp; 50247 |
| Daito Trust Construction Co. Ltd.  | 600 | &nbsp;&nbsp; 65400 |
| Daiwa House Industry Co. Ltd.  | 2100 | &nbsp;&nbsp; 72348 |
| Hongkong Land Holdings Ltd.  | 21000 | &nbsp;&nbsp; 121257 |
| Mitsubishi Estate Co. Ltd.  | 5300 | &nbsp;&nbsp; 99163 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-365**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** | **Real Estate Management & Development—(Continued)** |
| Sun Hung Kai Properties Ltd.  | 5500 | &nbsp;&nbsp; $63154 |
|  |  | &nbsp;&nbsp; 471569 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| Equity Residential | 1278 | &nbsp;&nbsp; 86252 |
| **Retail REITs — 0.0%** | **Retail REITs — 0.0%** | **Retail REITs — 0.0%** |
| CapitaLand Integrated Commercial Trust | 748 | &nbsp;&nbsp; 1277 |
| Klepierre SA | 483 | &nbsp;&nbsp; 19137 |
| Link REIT | 11200 | &nbsp;&nbsp; 59706 |
|  |  | &nbsp;&nbsp; 80120 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Advantest Corp.  | 8800 | &nbsp;&nbsp; 651867 |
| ASM International NV | 96 | &nbsp;&nbsp; 61466 |
| ASML Holding NV | 908 | &nbsp;&nbsp; 726988 |
| BE Semiconductor Industries NV | 183 | &nbsp;&nbsp; 27395 |
| Lasertec Corp.  | 300 | &nbsp;&nbsp; 40421 |
| NVIDIA Corp.  | 5997 | &nbsp;&nbsp; 947466 |
| SCREEN Holdings Co. Ltd.  | 300 | &nbsp;&nbsp; 24361 |
| Tokyo Electron Ltd.  | 1700 | &nbsp;&nbsp; 324563 |
|  |  | &nbsp;&nbsp; 2804527 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Autodesk, Inc. (a) | 450 | &nbsp;&nbsp; 139306 |
| Check Point Software Technologies Ltd. (a) | 984 | &nbsp;&nbsp; 217710 |
| Constellation Software, Inc.  | 34 | &nbsp;&nbsp; 124670 |
| Descartes Systems Group, Inc. (a) | 1226 | &nbsp;&nbsp; 124540 |
| Microsoft Corp.  | 1082 | &nbsp;&nbsp; 538198 |
| Monday.com Ltd. (a) | 68 | &nbsp;&nbsp; 21385 |
| Nice Ltd. (a) | 207 | &nbsp;&nbsp; 35078 |
| Oracle Corp.  | 397 | &nbsp;&nbsp; 86796 |
| Oracle Corp. Japan | 2000 | &nbsp;&nbsp; 238647 |
| Sage Group PLC | 9882 | &nbsp;&nbsp; 169836 |
| SAP SE | 4860 | &nbsp;&nbsp; 1478352 |
| Trend Micro, Inc.  | 2900 | &nbsp;&nbsp; 200328 |
| WiseTech Global Ltd.  | 557 | &nbsp;&nbsp; 39976 |
| Xero Ltd. (a) | 260 | &nbsp;&nbsp; 30772 |
|  |  | &nbsp;&nbsp; 3445594 |
| **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |
| VICI Properties, Inc.  | 3060 | &nbsp;&nbsp; 99756 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| AutoZone, Inc. (a) | 78 | &nbsp;&nbsp; 289554 |
| Best Buy Co., Inc.  | 1939 | &nbsp;&nbsp; 130165 |
| H & M Hennes & Mauritz AB - B Shares | 9011 | &nbsp;&nbsp; 126782 |
| Industria de Diseno Textil SA | 6315 | &nbsp;&nbsp; 329071 |
| JD Sports Fashion PLC | 14865 | &nbsp;&nbsp; 18093 |
| Kingfisher PLC | 48074 | &nbsp;&nbsp; 192091 |
| Lowe's Cos., Inc.  | 2589 | &nbsp;&nbsp; 574422 |
| O'Reilly Automotive, Inc. (a) | 2355 | &nbsp;&nbsp; 212256 |
| Ross Stores, Inc.  | 1381 | &nbsp;&nbsp; 176188 |
| Tractor Supply Co.  | 3140 | &nbsp;&nbsp; 165698 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** | **Specialty Retail—(Continued)** |
| Zalando SE (a) | 1709 | &nbsp;&nbsp; $56267 |
|  |  | &nbsp;&nbsp; 2270587 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Apple, Inc.  | 8562 | &nbsp;&nbsp; 1756666 |
| Canon, Inc.  | 10000 | &nbsp;&nbsp; 289642 |
| FUJIFILM Holdings Corp.  | 10400 | &nbsp;&nbsp; 225989 |
| Hewlett Packard Enterprise Co.  | 6602 | &nbsp;&nbsp; 135011 |
| HP, Inc.  | 3938 | &nbsp;&nbsp; 96324 |
| Logitech International SA | 1406 | &nbsp;&nbsp; 127051 |
| Ricoh Co. Ltd.  | 15100 | &nbsp;&nbsp; 142562 |
| Seiko Epson Corp.  | 1100 | &nbsp;&nbsp; 14608 |
|  |  | &nbsp;&nbsp; 2787853 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| adidas AG | 3591 | &nbsp;&nbsp; 837060 |
| Asics Corp.  | 12900 | &nbsp;&nbsp; 329539 |
| Cie Financiere Richemont SA - Class A | 1650 | &nbsp;&nbsp; 312050 |
| Gildan Activewear, Inc.  | 799 | &nbsp;&nbsp; 39371 |
| Hermes International SCA | 50 | &nbsp;&nbsp; 135651 |
| Kering SA | 244 | &nbsp;&nbsp; 53227 |
| LVMH Moet Hennessy Louis Vuitton SE | 474 | &nbsp;&nbsp; 248590 |
| Moncler SpA | 1320 | &nbsp;&nbsp; 75366 |
| Pandora AS | 3315 | &nbsp;&nbsp; 581852 |
| Puma SE | 518 | &nbsp;&nbsp; 14143 |
| Tapestry, Inc.  | 1309 | &nbsp;&nbsp; 114943 |
|  |  | &nbsp;&nbsp; 2741792 |
| **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** |
| Altria Group, Inc.  | 9591 | &nbsp;&nbsp; 562320 |
| British American Tobacco PLC | 12168 | &nbsp;&nbsp; 575818 |
| Imperial Brands PLC | 26687 | &nbsp;&nbsp; 1053543 |
| Japan Tobacco, Inc.  | 10500 | &nbsp;&nbsp; 309145 |
| Philip Morris International, Inc.  | 4176 | &nbsp;&nbsp; 760575 |
|  |  | &nbsp;&nbsp; 3261401 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| AddTech AB - B Shares | 874 | &nbsp;&nbsp; 29772 |
| Brenntag SE | 458 | &nbsp;&nbsp; 30334 |
| Bunzl PLC | 1275 | &nbsp;&nbsp; 40609 |
| Fastenal Co.  | 2226 | &nbsp;&nbsp; 93492 |
| ITOCHU Corp.  | 2100 | &nbsp;&nbsp; 110365 |
| Mitsui & Co. Ltd.  | 3200 | &nbsp;&nbsp; 65198 |
| Reece Ltd.  | 723 | &nbsp;&nbsp; 6829 |
| Rexel SA | 751 | &nbsp;&nbsp; 23175 |
| Sumitomo Corp.  | 3500 | &nbsp;&nbsp; 90194 |
| Toromont Industries Ltd.  | 647 | &nbsp;&nbsp; 58150 |
| Toyota Tsusho Corp.  | 3300 | &nbsp;&nbsp; 74537 |
| United Rentals, Inc.  | 157 | &nbsp;&nbsp; 118284 |
| WW Grainger, Inc.  | 104 | &nbsp;&nbsp; 108185 |
|  |  | &nbsp;&nbsp; 849124 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| Aena SME SA | 2650 | &nbsp;&nbsp; 70739 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-366**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Rights—0.0%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| KDDI Corp.  | 45100 | &nbsp;&nbsp; $774833 |
| SoftBank Corp.  | 114300 | &nbsp;&nbsp; 176635 |
| Tele2 AB - B Shares | 18004 | &nbsp;&nbsp; 263161 |
| T-Mobile U.S., Inc.  | 1157 | &nbsp;&nbsp; 275667 |
| Vodafone Group PLC | 954615 | &nbsp;&nbsp; 1019445 |
|  |  | &nbsp;&nbsp; 2509741 |
| Total Common Stocks <br>(Cost $133,018,899) <br>|  | &nbsp;&nbsp; 147823171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **U.S. Treasury & Government Agencies—12.0%** | **U.S. Treasury & Government Agencies—12.0%** | **U.S. Treasury & Government Agencies—12.0%** |
| **U.S. Treasury — 12.0%** | **U.S. Treasury — 12.0%** | **U.S. Treasury — 12.0%** |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.250%, 02/15/50 (d) | 1247640 | &nbsp;&nbsp; 724168 |
| 1.000%, 02/15/49 (d) | 2549420 | &nbsp;&nbsp; 1848742 |
| 1.500%, 02/15/53 (d) | 7014020 | &nbsp;&nbsp; 5552243 |
| 2.125%, 02/15/40 (d) | 4006935 | &nbsp;&nbsp; 3954617 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.125%, 10/15/25 (d) | 4141337 | &nbsp;&nbsp; 4126944 |
| 0.125%, 04/15/26 (d) | 3180086 | &nbsp;&nbsp; 3144742 |
| 0.125%, 01/15/30 (d) | 7480320 | &nbsp;&nbsp; 7059158 |
| 0.125%, 07/15/30 (d) | 15012720 | &nbsp;&nbsp; 14102036 |
| 0.125%, 01/15/31 (d) | 12322000 | &nbsp;&nbsp; 11416155 |
| 0.125%, 07/15/31 (d) | 9574240 | &nbsp;&nbsp; 8810088 |
| 0.375%, 07/15/27 (d) | 2976583 | &nbsp;&nbsp; 2936279 |
| 0.500%, 01/15/28 (d) | 7399219 | &nbsp;&nbsp; 7261508 |
| 0.875%, 01/15/29 (d) | 5386199 | &nbsp;&nbsp; 5302426 |
| 1.125%, 01/15/33 (d) | 13998790 | &nbsp;&nbsp; 13376341 |
| 1.250%, 04/15/28 (d) | 3208170 | &nbsp;&nbsp; 3202133 |
| 1.375%, 07/15/33 (d) | 8449200 | &nbsp;&nbsp; 8204871 |
| 1.625%, 10/15/29 (d) | 9174690 | &nbsp;&nbsp; 9287291 |
| 1.750%, 01/15/34 (d) | 13565500 | &nbsp;&nbsp; 13446737 |
| 1.875%, 07/15/34 (d) | 9200160 | &nbsp;&nbsp; 9207214 |
| 2.125%, 04/15/29 (d) | 13481390 | &nbsp;&nbsp; 13843781 |
| Total U.S. Treasury & Government Agencies <br>(Cost $148,098,560) <br>|  | &nbsp;&nbsp; 146807474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Constellation Software, Inc., Expires 03/31/40 (a) <br>(Cost $0)<br>| 179 | &nbsp;&nbsp; 0 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| ABIOMED, Inc. (a) (b) (c) <br>(Cost $1,188)<br>| 1165 | &nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—75.5%** | **Short-Term Investments—75.5%** | **Short-Term Investments—75.5%** |
| **U.S. Treasury—7.6%** | **U.S. Treasury—7.6%** | **U.S. Treasury—7.6%** |
| U.S. Treasury Bills |  |  |
| 4.270%, 08/07/25 (e) (f) | 94000000 | &nbsp;&nbsp; 93589342 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investment Funds—67.9%** |  |  |
| BlackRock Liquidity Funds T-Fund, Institutional Shares |  |  |
| 4.200% (g) | 216119706 | &nbsp;&nbsp; 216119706 |
| Dreyfus Treasury & Agency Cash Management, Institutional <br> Shares<br>|  |  |
| 4.189% (g) | 229415801 | &nbsp;&nbsp; 229415801 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares<br>|  |  |
| 4.230% (g) | 224694436 | &nbsp;&nbsp; 224694436 |
| State Street Institutional Treasury Plus Money Market Fund, <br> Premier Class<br>|  |  |
| 4.260% (g) | 158632278 | &nbsp;&nbsp; 158632278 |
| Total Short-Term Investment Funds <br>(Cost $828,862,220) <br>|  | &nbsp;&nbsp; 828862221 |
| Total Short-Term Investments <br>(Cost $922,449,691) <br>|  | &nbsp;&nbsp; 922451563 |
| Total Investments—99.6% <br>(Cost $1,203,568,338) <br>|  | &nbsp;&nbsp; 1217082208 |
| Other assets and liabilities (net)—0.4%  |  | &nbsp;&nbsp; 4284801 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1221367009 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2025, these securities represent 0.0% of net assets. 

(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d) Principal amount of security is adjusted for inflation.

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2025, the market value of securities pledged was $93,589,342. 

(f) The rate shown represents current yield to maturity.

(g) The rate shown represents the annualized seven-day yield as of June 30, 2025.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $98249462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $70797963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33 <br>,942059<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $249544195 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-367**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 8880000 | BBH | 07/30/25 | USD | 5765624 | &nbsp;&nbsp; $(81719)<br>|
| CAD | &nbsp;&nbsp; 13680000 | SSBT | 07/30/25 | USD | 9970093 | &nbsp;&nbsp; (89897)<br>|
| CHF | &nbsp;&nbsp; 5390000 | SSBT | 07/30/25 | USD | 6706135 | &nbsp;&nbsp; (110911)<br>|
| EUR | &nbsp;&nbsp; 20110000 | SSBT | 07/30/25 | USD | 23365708 | &nbsp;&nbsp; (366708)<br>|
| GBP | &nbsp;&nbsp; 10840000 | BBH | 07/30/25 | USD | 14747051 | &nbsp;&nbsp; (134313)<br>|
| HKD | &nbsp;&nbsp; 16490000 | SSBT | 07/30/25 | USD | 2107287 | &nbsp;&nbsp; 556 |
| JPY | &nbsp;&nbsp; 2304470000 | BNP | 07/30/25 | USD | 15852854 | &nbsp;&nbsp; (200005)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(982997)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Brent Crude Oil Futures | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp; 175 | USD | 11525500 | &nbsp;&nbsp; $73031 |
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 804 | CAD | 98088000 | &nbsp;&nbsp; 394365 |
| Cattle Feeder Futures | &nbsp;&nbsp; 08/28/25 | &nbsp;&nbsp; 294 | USD | 45669225 | &nbsp;&nbsp; 2834879 |
| Cattle Feeder Futures | &nbsp;&nbsp; 09/25/25 | &nbsp;&nbsp; 106 | USD | 16463125 | &nbsp;&nbsp; 408467 |
| Cocoa Futures | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 130 | USD | 10788700 | &nbsp;&nbsp; (273301)<br>|
| Coffee "C" Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 59 | USD | 6639713 | &nbsp;&nbsp; (960944)<br>|
| Copper Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 178 | USD | 22617125 | &nbsp;&nbsp; 485142 |
| Corn Futures | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; 211 | USD | 4317588 | &nbsp;&nbsp; (348303)<br>|
| Corn Futures | &nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp; 277 | USD | 5893175 | &nbsp;&nbsp; (198199)<br>|
| Cotton No. 2 Futures | &nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp; 198 | USD | 6744870 | &nbsp;&nbsp; (75377)<br>|
| DAX Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 29 | EUR | 17435525 | &nbsp;&nbsp; 218335 |
| Euro-Bobl Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 367 | EUR | 43188560 | &nbsp;&nbsp; (219445)<br>|
| Euro-BTP Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 623 | EUR | 75383000 | &nbsp;&nbsp; 102205 |
| Euro-Bund Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 876 | EUR | 114011400 | &nbsp;&nbsp; (966147)<br>|
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 84 | EUR | 9974160 | &nbsp;&nbsp; (196714)<br>|
| FTSE 100 Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 248 | GBP | 21797960 | &nbsp;&nbsp; (398318)<br>|
| Gold 100 oz. Futures | &nbsp;&nbsp; 08/27/25 | &nbsp;&nbsp; 229 | USD | 75746330 | &nbsp;&nbsp; 1006525 |
| Hang Seng Index Futures | &nbsp;&nbsp; 07/30/25 | &nbsp;&nbsp; 158 | HKD | 190263600 | &nbsp;&nbsp; (42098)<br>|
| IBEX 35 Index Futures | &nbsp;&nbsp; 07/18/25 | &nbsp;&nbsp; 124 | EUR | 17261792 | &nbsp;&nbsp; 103250 |
| Japanese Government 10 Year Bond Futures | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; 168 | JPY | 23355360000 | &nbsp;&nbsp; 307762 |
| Lean Hogs Futures | &nbsp;&nbsp; 08/14/25 | &nbsp;&nbsp; 526 | USD | 22618000 | &nbsp;&nbsp; 225545 |
| Lean Hogs Futures | &nbsp;&nbsp; 10/14/25 | &nbsp;&nbsp; 559 | USD | 20660640 | &nbsp;&nbsp; 530908 |
| Live Cattle Futures | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp; 601 | USD | 51415550 | &nbsp;&nbsp; 1184922 |
| Live Cattle Futures | &nbsp;&nbsp; 10/31/25 | &nbsp;&nbsp; 332 | USD | 27911240 | &nbsp;&nbsp; (428361)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 82 | USD | 7476348 | &nbsp;&nbsp; (158736)<br>|
| LME Primary Aluminum Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 147 | USD | 9555221 | &nbsp;&nbsp; 530142 |
| LME Zinc Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 175 | USD | 12042975 | &nbsp;&nbsp; 345048 |
| Low Sulphur Gas Oil Futures | &nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp; 173 | USD | 11296900 | &nbsp;&nbsp; 548903 |
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 2806 | USD | 173060050 | &nbsp;&nbsp; 5420245 |
| New York Harbor ULSD Future | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp; 109 | USD | 10308740 | &nbsp;&nbsp; 818315 |
| OMX Stockholm 30 Index Futures | &nbsp;&nbsp; 07/18/25 | &nbsp;&nbsp; 867 | SEK | 216143100 | &nbsp;&nbsp; 230070 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp; 125 | USD | 10721550 | &nbsp;&nbsp; (181103)<br>|
| Russell 2000 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 457 | USD | 50080345 | &nbsp;&nbsp; 768674 |
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 79 | USD | 24702313 | &nbsp;&nbsp; 526312 |
| S&P TSX 60 Index Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 123 | CAD | 39360000 | &nbsp;&nbsp; 375470 |
| Silver Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 244 | USD | 44129840 | &nbsp;&nbsp; (613775)<br>|
| Soybean Futures | &nbsp;&nbsp; 11/14/25 | &nbsp;&nbsp; 181 | USD | 9294350 | &nbsp;&nbsp; 34624 |
| Soybean Oil Futures | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; 220 | USD | 6937920 | &nbsp;&nbsp; 617034 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-368**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Futures Contracts — (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| Soybean Oil Futures | &nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp; 144 | USD | 4557600 | &nbsp;&nbsp; $460929 |
| SPI 200 Index Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 211 | AUD | 45032675 | &nbsp;&nbsp; (40833)<br>|
| Sugar No. 11 Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 219 | USD | 3973536 | &nbsp;&nbsp; (217732)<br>|
| TOPIX Index Futures | &nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp; 148 | JPY | 4226140000 | &nbsp;&nbsp; 876908 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 589 | GBP | 54794670 | &nbsp;&nbsp; 1438816 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 873 | USD | 100804219 | &nbsp;&nbsp; 3563829 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 2856 | USD | 594114939 | &nbsp;&nbsp; 2593282 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 2074 | USD | 226066000 | &nbsp;&nbsp; 3190565 |
| Wheat Futures | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; 160 | USD | 4306000 | &nbsp;&nbsp; (145025)<br>|
| WTI Crude Oil Futures | &nbsp;&nbsp; 08/20/25 | &nbsp;&nbsp; 152 | USD | 9705200 | &nbsp;&nbsp; 137057 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Australian Dollar Currency Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (175)<br>| USD | (11531625)<br>| &nbsp;&nbsp; (92202)<br>|
| British Pound Currency Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (183)<br>| USD | (15697969)<br>| &nbsp;&nbsp; (176091)<br>|
| Canadian Dollar Currency Futures | &nbsp;&nbsp; 09/16/25 | &nbsp;&nbsp; (236)<br>| USD | (17388480)<br>| &nbsp;&nbsp; (49073)<br>|
| Euro Currency Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (96)<br>| USD | (14203200)<br>| &nbsp;&nbsp; (399516)<br>|
| Japanese Yen Currency Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (178)<br>| USD | (15562763)<br>| &nbsp;&nbsp; (1623)<br>|
| LME Primary Aluminum Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (25)<br>| USD | (1625038)<br>| &nbsp;&nbsp; (82736)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (35)<br>| USD | (2408595)<br>| &nbsp;&nbsp; (45087)<br>|
| Swiss Franc Currency Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (88)<br>| USD | (13999150)<br>| &nbsp;&nbsp; (440540)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $23600280 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Commodity | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $10241471 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $3728679 |
| Equity | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 8519264 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 481249 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 556 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 983553 |
|  |  |  | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 1159045 |
| Interest Rate | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 11590824 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 1382306 |
| Total |  | &nbsp;&nbsp; $30352115 |  | &nbsp;&nbsp; $7734832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial instrument not subject to a master netting agreement.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| State Street Bank and Trust Co. | &nbsp;&nbsp; $556 | &nbsp;&nbsp;&nbsp;&nbsp; $(556)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-369**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| BNP Paribas SA | &nbsp;&nbsp; $200005 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $200005 |
| Brown Brothers Harriman & Co. | &nbsp;&nbsp; 216032 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216032 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 567516 | &nbsp;&nbsp;&nbsp;&nbsp; (556)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 566960 |
|  | &nbsp;&nbsp; $983553 | &nbsp;&nbsp;&nbsp;&nbsp; $(556)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $982997 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Commodity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(13425162)<br>| &nbsp;&nbsp;&nbsp; $(13425162)<br>|
| Futures contracts | &nbsp;&nbsp; (16993270)<br>| &nbsp;&nbsp;&nbsp; 1534378 | &nbsp;&nbsp;&nbsp; 44108205 | &nbsp;&nbsp;&nbsp; (7478513)<br>| &nbsp;&nbsp;&nbsp; 21170800 |
|  | &nbsp;&nbsp; $(16993270)<br>| &nbsp;&nbsp;&nbsp; $1534378 | &nbsp;&nbsp;&nbsp; $44108205 | &nbsp;&nbsp;&nbsp; $(20903675)<br>| &nbsp;&nbsp;&nbsp; $7745638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation** <br> **(Depreciation)**<br>| **Interest Rate** | **Equity** | **Commodity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1433129)<br>| &nbsp;&nbsp;&nbsp; $(1433129)<br>|
| Futures contracts | &nbsp;&nbsp; 24463293 | &nbsp;&nbsp;&nbsp; 17709322 | &nbsp;&nbsp;&nbsp; (1138458)<br>| &nbsp;&nbsp;&nbsp; (10728271)<br>| &nbsp;&nbsp;&nbsp; 30305886 |
|  | &nbsp;&nbsp; $24463293 | &nbsp;&nbsp;&nbsp; $17709322 | &nbsp;&nbsp;&nbsp; $(1138458)<br>| &nbsp;&nbsp;&nbsp; $(12161400)<br>| &nbsp;&nbsp;&nbsp; $28872757 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $152671262 |
| Futures contracts long | &nbsp;&nbsp; 2469749323 |
| Futures contracts short | &nbsp;&nbsp; (262677577)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $694428 | &nbsp;&nbsp; $270648 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $965076 |
| Air Freight & Logistics | &nbsp;&nbsp; 242980 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 242980 |
| Automobile Components | &nbsp;&nbsp; — | &nbsp;&nbsp; 1006505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1006505 |
| Automobiles | &nbsp;&nbsp; 432143 | &nbsp;&nbsp; 680569 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1112712 |
| Banks | &nbsp;&nbsp; 1276022 | &nbsp;&nbsp; 4681725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5957747 |
| Beverages | &nbsp;&nbsp; 521218 | &nbsp;&nbsp; 897290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1418508 |
| Biotechnology | &nbsp;&nbsp; 1233051 | &nbsp;&nbsp; 244995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1478046 |
| Broadline Retail | &nbsp;&nbsp; 1421664 | &nbsp;&nbsp; 748966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2170630 |
| Building Products | &nbsp;&nbsp; 800915 | &nbsp;&nbsp; 387111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1188026 |
| Capital Markets | &nbsp;&nbsp; 695153 | &nbsp;&nbsp; 329353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1024506 |
| Chemicals | &nbsp;&nbsp; 2952988 | &nbsp;&nbsp; 2610771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5563759 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-370**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Commercial Services & Supplies | &nbsp;&nbsp; $473374 | &nbsp;&nbsp; $354022 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $827396 |
| Communications Equipment | &nbsp;&nbsp; 166585 | &nbsp;&nbsp; 157747 | &nbsp;&nbsp; — | &nbsp;&nbsp; 324332 |
| Construction & Engineering | &nbsp;&nbsp; 66373 | &nbsp;&nbsp; 293302 | &nbsp;&nbsp; — | &nbsp;&nbsp; 359675 |
| Construction Materials | &nbsp;&nbsp; 471149 | &nbsp;&nbsp; 1467349 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1938498 |
| Consumer Finance | &nbsp;&nbsp; 557943 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 557943 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 4105430 | &nbsp;&nbsp; 2486545 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6591975 |
| Containers & Packaging | &nbsp;&nbsp; 1737575 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1737575 |
| Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 142445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142445 |
| Diversified REITs | &nbsp;&nbsp; — | &nbsp;&nbsp; 18246 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18246 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 590438 | &nbsp;&nbsp; 2791983 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3382421 |
| Electric Utilities | &nbsp;&nbsp; 4410850 | &nbsp;&nbsp; 6786810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11197660 |
| Electrical Equipment | &nbsp;&nbsp; 52685 | &nbsp;&nbsp; 1316233 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1368918 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 452866 | &nbsp;&nbsp; 184864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 637730 |
| Energy Equipment & Services | &nbsp;&nbsp; 902578 | &nbsp;&nbsp; 240258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1142836 |
| Entertainment | &nbsp;&nbsp; 3851194 | &nbsp;&nbsp; 589963 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4441157 |
| Financial Services | &nbsp;&nbsp; 2220193 | &nbsp;&nbsp; 239522 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2459715 |
| Food Products | &nbsp;&nbsp; 1326949 | &nbsp;&nbsp; 1033169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2360118 |
| Gas Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; 297439 | &nbsp;&nbsp; — | &nbsp;&nbsp; 297439 |
| Ground Transportation | &nbsp;&nbsp; 957888 | &nbsp;&nbsp; 369504 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1327392 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 2208040 | &nbsp;&nbsp; 2052463 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4260503 |
| Health Care Providers & Services | &nbsp;&nbsp; 994856 | &nbsp;&nbsp; 118571 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1113427 |
| Health Care Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; 113161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 113161 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1309460 | &nbsp;&nbsp; 1457014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2766474 |
| Household Durables | &nbsp;&nbsp; 305715 | &nbsp;&nbsp; 263666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 569381 |
| Household Products | &nbsp;&nbsp; 924821 | &nbsp;&nbsp; 1112717 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2037538 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 1083592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1083592 |
| Industrial Conglomerates | &nbsp;&nbsp; 444888 | &nbsp;&nbsp; 1841294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2286182 |
| Industrial REITs | &nbsp;&nbsp; — | &nbsp;&nbsp; 56293 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56293 |
| Insurance | &nbsp;&nbsp; 1981763 | &nbsp;&nbsp; 2373371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4355134 |
| Interactive Media & Services | &nbsp;&nbsp; 1176366 | &nbsp;&nbsp; 845318 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2021684 |
| IT Services | &nbsp;&nbsp; 1372696 | &nbsp;&nbsp; 1187073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2559769 |
| Leisure Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 394740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 394740 |
| Machinery | &nbsp;&nbsp; 1227269 | &nbsp;&nbsp; 1170653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2397922 |
| Marine Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 127426 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127426 |
| Media | &nbsp;&nbsp; 913286 | &nbsp;&nbsp; 534042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1447328 |
| Metals & Mining | &nbsp;&nbsp; 1613669 | &nbsp;&nbsp; 2624353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4238022 |
| Multi-Utilities | &nbsp;&nbsp; 2939061 | &nbsp;&nbsp; 1086082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4025143 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 7898363 | &nbsp;&nbsp; 6909789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14808152 |
| Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 443356 | &nbsp;&nbsp; — | &nbsp;&nbsp; 443356 |
| Passenger Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 256353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 256353 |
| Personal Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 1272590 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1272590 |
| Pharmaceuticals | &nbsp;&nbsp; 2863710 | &nbsp;&nbsp; 5662573 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8526283 |
| Professional Services | &nbsp;&nbsp; 624865 | &nbsp;&nbsp; 1316832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1941697 |
| Real Estate Management & Development | &nbsp;&nbsp; — | &nbsp;&nbsp; 471569 | &nbsp;&nbsp; — | &nbsp;&nbsp; 471569 |
| Residential REITs | &nbsp;&nbsp; 86252 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 86252 |
| Retail REITs | &nbsp;&nbsp; — | &nbsp;&nbsp; 80120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80120 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 947466 | &nbsp;&nbsp; 1857061 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2804527 |
| Software | &nbsp;&nbsp; 1252605 | &nbsp;&nbsp; 2192989 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3445594 |
| Specialized REITs | &nbsp;&nbsp; 99756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 99756 |
| Specialty Retail | &nbsp;&nbsp; 1548283 | &nbsp;&nbsp; 722304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2270587 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1988001 | &nbsp;&nbsp; 799852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2787853 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 154314 | &nbsp;&nbsp; 2587478 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2741792 |
| Tobacco | &nbsp;&nbsp; 1322895 | &nbsp;&nbsp; 1938506 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3261401 |
| Trading Companies & Distributors | &nbsp;&nbsp; 378111 | &nbsp;&nbsp; 471013 | &nbsp;&nbsp; — | &nbsp;&nbsp; 849124 |
| Transportation Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp; 70739 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70739 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 275667 | &nbsp;&nbsp; 2234074 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2509741 |
| Total Common Stocks | &nbsp;&nbsp; 70550402 | &nbsp;&nbsp; 77272769 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 147823171 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 146807474 | &nbsp;&nbsp; — | &nbsp;&nbsp; 146807474 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Short-Term Investments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 828862221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 828862221 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-371**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93589342 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93589342 |
| Total Short-Term Investments | &nbsp;&nbsp; 828862221 | &nbsp;&nbsp; 93589342 | &nbsp;&nbsp; — | &nbsp;&nbsp; 922451563 |
| Total Investments | &nbsp;&nbsp; $899412623 | &nbsp;&nbsp; $317669585 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1217082208 |
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $556 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $556 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (983553)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (983553)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(982997)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(982997)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $30351559 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30351559 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (6751279)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6751279)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $23600280 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23600280 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Consolidated Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-372**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1217082208 |
| Cash denominated in foreign currencies (b) | &nbsp;&nbsp; 2996439 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 556 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 8002 |
| Dividends and interest | &nbsp;&nbsp; 4065605 |
| Variation margin on futures contracts | &nbsp;&nbsp; 1575036 |
| Prepaid expenses | &nbsp;&nbsp; 9249 |
| Total Assets | &nbsp;&nbsp; 1225737095 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 834 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 983553 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1707693 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 629137 |
| Distribution and service fees | &nbsp;&nbsp; 249169 |
| Deferred trustees' fees | &nbsp;&nbsp; 327881 |
| Other expenses | &nbsp;&nbsp; 471819 |
| Total Liabilities | &nbsp;&nbsp; 4370086 |
| **Net Assets**  | &nbsp;&nbsp; $1221367009 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1952882335 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (731515326)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1221367009 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $1221367009 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 209503954 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $5.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,203,568,338.

(b) Identified cost of cash denominated in foreign currencies was $2,977,889.

**Consolidated§ Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $2575784 |
| Interest | &nbsp;&nbsp; 21006424 |
| Total investment income | &nbsp;&nbsp; 23582208 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3874327 |
| Administration fees | &nbsp;&nbsp; 44927 |
| Custodian and accounting fees | &nbsp;&nbsp; 85642 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1510993 |
| Audit and tax services | &nbsp;&nbsp; 52383 |
| Legal | &nbsp;&nbsp; 27308 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 45643 |
| Insurance | &nbsp;&nbsp; 7760 |
| Miscellaneous | &nbsp;&nbsp; 22590 |
| Total expenses | &nbsp;&nbsp; 5691608 |
| Less management fee waiver | &nbsp;&nbsp; (60439)<br>|
| Net expenses | &nbsp;&nbsp; 5631169 |
| **Net Investment Income** | &nbsp;&nbsp; 17951039 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (41022872)<br>|
| Futures contracts | &nbsp;&nbsp; 21170800 |
| Foreign currency transactions | &nbsp;&nbsp; 3669026 |
| Forward foreign currency transactions | &nbsp;&nbsp; (13425162)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (29608208)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 62583083 |
| Futures contracts | &nbsp;&nbsp; 30305886 |
| Foreign currency transactions | &nbsp;&nbsp; (2407157)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (1433129)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 89048683 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 59440475 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $77391514 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $168,336.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-373**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $17951039 | &nbsp;&nbsp; $65383423 |
| Net realized gain (loss) | &nbsp;&nbsp; (29608208)<br>| &nbsp;&nbsp; 99128157 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 89048683 | &nbsp;&nbsp; (82413229)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 77391514 | &nbsp;&nbsp; 82098351 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (127511120)<br>| &nbsp;&nbsp; (6897695)<br>|
| **Total distributions** | &nbsp;&nbsp; (127511120)<br>| &nbsp;&nbsp; (6897695)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 31308952 | &nbsp;&nbsp; (795536627)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (18810654)<br>| &nbsp;&nbsp; (720335971)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1240177663 | &nbsp;&nbsp; 1960513634 |
| End of period | &nbsp;&nbsp; $1221367009 | &nbsp;&nbsp; $1240177663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 317784 | &nbsp;&nbsp; $1949951 | &nbsp;&nbsp; 1196946 | &nbsp;&nbsp; $7264035 |
| Reinvestments | &nbsp;&nbsp; 22022646 | &nbsp;&nbsp; 127511120 | &nbsp;&nbsp; 1140115 | &nbsp;&nbsp; 6897695 |
| Redemptions | &nbsp;&nbsp; (15900499)<br>| &nbsp;&nbsp; (98152119)<br>| &nbsp;&nbsp; (132367255)<br>| &nbsp;&nbsp; (809698357)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 6439931 | &nbsp;&nbsp; $31308952 | &nbsp;&nbsp; (130030194)<br>| &nbsp;&nbsp; $(795536627)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $31308952 |  | &nbsp;&nbsp; $(795536627)<br>|

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-374**

------

**Brighthouse Funds Trust I**

**PanAgora Global Diversified Risk Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $6.11 | &nbsp;&nbsp; $5.89 | &nbsp;&nbsp; $6.09 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $11.82 | &nbsp;&nbsp; $11.75 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Total income (loss) from investment operations | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.38)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.78)<br>|
| Total distributions | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (1.16)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $5.83 | &nbsp;&nbsp; $6.11 | &nbsp;&nbsp; $5.89 | &nbsp;&nbsp; $6.09 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $11.82 |
| **Total Return (%)** (b) | 6.51 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp; (25.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;11.85 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.94 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Net ratio of expenses to average net assets (%) (e) | 0.93 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Ratio of net investment income (loss) to average net assets (%) | 2.97 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.42)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 52 <br>(c)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 85 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1221.4 | &nbsp;&nbsp; $1240.2 | &nbsp;&nbsp; $1960.5 | &nbsp;&nbsp; $2117.4 | &nbsp;&nbsp; $252.7 | &nbsp;&nbsp; $258.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Consolidated Financial Statements).

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-375**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**U.S. Treasury & Government Agencies—87.4% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury — 87.4%** | **U.S. Treasury — 87.4%** | **U.S. Treasury — 87.4%** |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.125%, 02/15/51 (a) | 16891131 | &nbsp;&nbsp; $9193182 |
| 0.125%, 02/15/52 (a) (b) | 8296344 | &nbsp;&nbsp; 4425798 |
| 0.250%, 02/15/50 (a) | 17741441 | &nbsp;&nbsp; 10297673 |
| 0.625%, 02/15/43 (a) | 15207244 | &nbsp;&nbsp; 11298835 |
| 0.750%, 02/15/42 (a) | 39946137 | &nbsp;&nbsp; 31010582 |
| 0.750%, 02/15/45 (a) | 28142019 | &nbsp;&nbsp; 20536941 |
| 0.875%, 02/15/47 (a) | 40046045 | &nbsp;&nbsp; 29002363 |
| 1.000%, 02/15/46 (a) (c) | 51735194 | &nbsp;&nbsp; 39186238 |
| 1.375%, 02/15/44 (a) (c) | 39702298 | &nbsp;&nbsp; 33324813 |
| 1.500%, 02/15/53 (a) | 8524732 | &nbsp;&nbsp; 6748111 |
| 1.750%, 01/15/28 (a) (c) | 69421535 | &nbsp;&nbsp; 70306559 |
| 2.125%, 02/15/40 (a) | 19337171 | &nbsp;&nbsp; 19084689 |
| 2.125%, 02/15/41 (a) | 11761782 | &nbsp;&nbsp; 11510295 |
| 2.125%, 02/15/54 (a) | 10242470 | &nbsp;&nbsp; 9366774 |
| 2.375%, 01/15/27 (a) (b) | 604417 | &nbsp;&nbsp; 614539 |
| 2.375%, 02/15/55 (a) (b) (c) | 12301846 | &nbsp;&nbsp; 11886455 |
| 2.500%, 01/15/29 (a) | 21293982 | &nbsp;&nbsp; 22155211 |
| 3.375%, 04/15/32 (a) (b) | 3502179 | &nbsp;&nbsp; 3898158 |
| 3.625%, 04/15/28 (a) (c) | 35844917 | &nbsp;&nbsp; 38115214 |
| 3.875%, 04/15/29 (a) (c) | 39657528 | &nbsp;&nbsp; 43294499 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.125%, 04/15/26 (a) | 15411186 | &nbsp;&nbsp; 15239906 |
| 0.125%, 07/15/26 (a) (c) | 53445906 | &nbsp;&nbsp; 52983268 |
| 0.125%, 10/15/26 (a) | 29698152 | &nbsp;&nbsp; 29357298 |
| 0.125%, 04/15/27 (a) (d) (e) | 11019782 | &nbsp;&nbsp; 10789031 |
| 0.125%, 01/15/30 (a) | 15708672 | &nbsp;&nbsp; 14824231 |
| 0.125%, 07/15/30 (a) (c) | 66735029 | &nbsp;&nbsp; 62686828 |
| 0.125%, 01/15/31 (a) (c) | 46982519 | &nbsp;&nbsp; 43528626 |
| 0.125%, 07/15/31 (a) | 18382541 | &nbsp;&nbsp; 16915369 |
| 0.125%, 01/15/32 (a) | 7637124 | &nbsp;&nbsp; 6921603 |
| 0.250%, 07/15/29 (a) (b) (e) | 5308140 | &nbsp;&nbsp; 5097255 |
| 0.375%, 01/15/27 (a) | 28921226 | &nbsp;&nbsp; 28525872 |
| 0.375%, 07/15/27 (a) | 29490462 | &nbsp;&nbsp; 29091150 |
| 0.500%, 01/15/28 (a) | 12837450 | &nbsp;&nbsp; 12598524 |
| 0.625%, 07/15/32 (a) (c) | 168540031 | &nbsp;&nbsp; 157201478 |
| 0.750%, 07/15/28 (a) (b) (d) (e) | 5890888 | &nbsp;&nbsp; 5818995 |
| 0.875%, 01/15/29 (a) | 16660378 | &nbsp;&nbsp; 16401254 |
| 1.125%, 01/15/33 (a) (c) | 42868182 | &nbsp;&nbsp; 40962070 |
| 1.250%, 04/15/28 (a) (b) (d) (f) | 6630218 | &nbsp;&nbsp; 6617742 |
| 1.375%, 07/15/33 (a) (c) | 66975760 | &nbsp;&nbsp; 65038998 |
| 1.625%, 10/15/27 (a) (b) (c) | 96413250 | &nbsp;&nbsp; 97613305 |
| 1.625%, 10/15/29 (a) (c) | 34464170 | &nbsp;&nbsp; 34887150 |
| 1.750%, 01/15/34 (a) | 11791550 | &nbsp;&nbsp; 11688317 |
| 1.875%, 07/15/34 (a) (c) | 46197734 | &nbsp;&nbsp; 46233154 |
| 2.125%, 04/15/29 (a) | 14207311 | &nbsp;&nbsp; 14589215 |
| 2.125%, 01/15/35 (a) (c) | 1731433 | &nbsp;&nbsp; 1759680 |
| 2.375%, 10/15/28 (a) | 28589652 | &nbsp;&nbsp; 29655400 |
| Total U.S. Treasury & Government Agencies <br>(Cost $1,427,107,094) <br>|  | &nbsp;&nbsp; 1282282648 |
| **Agency Sponsored Mortgage-Backed Securities—19.2%** | **Agency Sponsored Mortgage-Backed Securities—19.2%** | **Agency Sponsored Mortgage-Backed Securities—19.2%** |
| **Agency Collateralized Mortgage Obligations — 1.2%** | **Agency Collateralized Mortgage Obligations — 1.2%** | **Agency Collateralized Mortgage Obligations — 1.2%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 4.768%, SOFR30A + 0.464%, 01/15/47 (g) | 1042396 | &nbsp;&nbsp; 1013418 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 4.815%, SOFR30A + 0.464%, 07/15/44 (g) | 694274 | &nbsp;&nbsp; $681603 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| 4.868%, SOFR30A + 0.564%, 09/15/42 (g) | 1003135 | &nbsp;&nbsp; 989240 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates<br>|  |  |
| 4.694%, 1M TSFR + 0.374%, 08/25/31 (g) | 8296 | &nbsp;&nbsp; 8292 |
| 5.599%, 12M MTA + 1.200%, 10/25/44 (g) | 611807 | &nbsp;&nbsp; 560139 |
| 5.599%, 12M MTA + 1.200%, 02/25/45 (g) | 186202 | &nbsp;&nbsp; 179905 |
| Federal National Mortgage Association REMICS |  |  |
| 4.497%, SOFR30A + 0.174%, 12/25/36 (g) | 9216 | &nbsp;&nbsp; 9055 |
| 4.587%, SOFR30A + 0.264%, 08/25/34 (g) | 3572 | &nbsp;&nbsp; 3510 |
| 4.770%, SOFR30A + 0.464%, 07/25/37 (g) | 1428 | &nbsp;&nbsp; 1410 |
| 4.800%, SOFR30A + 0.494%, 07/25/37 (g) | 19183 | &nbsp;&nbsp; 18959 |
| 4.807%, SOFR30A + 0.174%, 07/25/37 (g) | 70766 | &nbsp;&nbsp; 69487 |
| 5.335%, SOFR30A + 1.030%, 06/25/55 (g) | 7148938 | &nbsp;&nbsp; 7179985 |
| 6.782%, 05/25/35 (g) | 41351 | &nbsp;&nbsp; 42345 |
| Federal National Mortgage Association Trust |  |  |
| 4.770%, SOFR30A + 0.464%, 05/25/42 (g) | 14217 | &nbsp;&nbsp; 14170 |
| Government National Mortgage Association REMICS |  |  |
| 5.202%, SOFR30A + 0.900%, 10/20/72 (g) | 2369547 | &nbsp;&nbsp; 2377207 |
| 5.276%, 1M TSFR + 0.944%, 08/20/66 (g) | 69325 | &nbsp;&nbsp; 69515 |
| 5.402%, SOFR30A + 1.100%, 05/20/73 (g) | 971994 | &nbsp;&nbsp; 985850 |
| 5.461%, 12M TSFR + 0.865%, 08/20/68 (g) | 1935453 | &nbsp;&nbsp; 1943162 |
| 5.592%, 12M TSFR + 1.465%, 04/20/67 (g) | 1041019 | &nbsp;&nbsp; 1055967 |
|  |  | &nbsp;&nbsp; 17203219 |
| **Agency Mortgage-Backed Securities — 18.0%** | **Agency Mortgage-Backed Securities — 18.0%** | **Agency Mortgage-Backed Securities — 18.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.500%, 08/01/52 | 336637 | &nbsp;&nbsp; 322601 |
| 4.500%, 09/01/52 | 98869 | &nbsp;&nbsp; 94750 |
| 4.500%, 08/01/53 | 8077387 | &nbsp;&nbsp; 7736689 |
| 4.500%, 10/01/53 | 1020340 | &nbsp;&nbsp; 976454 |
| 5.500%, 07/01/53 | 4202808 | &nbsp;&nbsp; 4211412 |
| 6.430%, 1Y H15 + 2.225%, 01/01/34 (g) | 8485 | &nbsp;&nbsp; 8692 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates<br>|  |  |
| 2.920%, 01/25/26 | 1129127 | &nbsp;&nbsp; 1116972 |
| Federal National Mortgage Association |  |  |
| 3.000%, 05/01/52 | 332896 | &nbsp;&nbsp; 288554 |
| 4.000%, 10/01/48 | 369619 | &nbsp;&nbsp; 350015 |
| 4.000%, 04/01/49 | 126706 | &nbsp;&nbsp; 118833 |
| 4.000%, 03/01/50 | 163183 | &nbsp;&nbsp; 152493 |
| 4.000%, 08/01/50 | 224003 | &nbsp;&nbsp; 210551 |
| 4.000%, 02/01/52 | 516557 | &nbsp;&nbsp; 481201 |
| 4.500%, 09/01/52 | 461668 | &nbsp;&nbsp; 442435 |
| 5.500%, 07/01/53 | 7872246 | &nbsp;&nbsp; 7882848 |
| 5.697%, 12M MTA + 1.200%, 07/01/44 (g) | 2046 | &nbsp;&nbsp; 2065 |
| 5.697%, 12M MTA + 1.200%, 09/01/44 (g) | 5904 | &nbsp;&nbsp; 5965 |
| 7.037%, 1Y H15 + 2.360%, 11/01/34 (g) | 81532 | &nbsp;&nbsp; 84739 |
| Government National Mortgage Association |  |  |
| 3.500%, 05/20/52 | 25021212 | &nbsp;&nbsp; 22823984 |
| 3.500%, 11/20/54 | 499951 | &nbsp;&nbsp; 455356 |
| 3.500%, 01/20/55 | 9999003 | &nbsp;&nbsp; 9107106 |
| 3.500%, 02/20/55 | 2000001 | &nbsp;&nbsp; 1821604 |
| 3.500%, 03/20/55 | 4353630 | &nbsp;&nbsp; 3965292 |

---

*See accompanying notes to financial statements.*

**BHFTI-376**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 3.500%, 04/20/55 | 1646372 | &nbsp;&nbsp; $1499518 |
| 3.500%, 05/20/55 | 17998213 | &nbsp;&nbsp; 16392799 |
| 3.500%, 06/20/55 | 17998200 | &nbsp;&nbsp; 16392787 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 4.000%, TBA (h) | 44065720 | &nbsp;&nbsp; 40963918 |
| 4.500%, TBA (h) | 54800000 | &nbsp;&nbsp; 52394772 |
| 6.000%, TBA (h) | 48100000 | &nbsp;&nbsp; 48832294 |
| 6.500%, TBA (h) | 24000000 | &nbsp;&nbsp; 24744751 |
|  |  | &nbsp;&nbsp; 263881450 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $277,648,646) <br>|  | &nbsp;&nbsp; 281084669 |
| **Asset-Backed Securities—8.7%** | **Asset-Backed Securities—8.7%** | **Asset-Backed Securities—8.7%** |
| **Asset-Backed - Home Equity — 1.0%** | **Asset-Backed - Home Equity — 1.0%** | **Asset-Backed - Home Equity — 1.0%** |
| ACE Securities Corp. Home Equity Loan Trust |  |  |
| 4.834%, 1M TSFR + 0.514%, 03/25/37 (g) | 433580 | &nbsp;&nbsp; 173795 |
| 5.484%, 1M TSFR + 1.164%, 12/25/33 (g) | 757351 | &nbsp;&nbsp; 776524 |
| Asset-Backed Securities Corp. Home Equity Loan Trust |  |  |
| 5.259%, 1M TSFR + 0.939%, 04/25/34 (g) | 1061252 | &nbsp;&nbsp; 1104925 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.614%, 1M TSFR + 0.294%, 03/25/37 (g) | 707948 | &nbsp;&nbsp; 610897 |
| 4.724%, 1M TSFR + 0.404%, 09/25/36 (144A) (g) | 601919 | &nbsp;&nbsp; 583329 |
| 5.124%, 1M TSFR + 0.804%, 10/25/35 (g) | 3700000 | &nbsp;&nbsp; 3424522 |
| First NLC Trust |  |  |
| 4.504%, 1M TSFR + 0.184%, 08/25/37 (144A) (g) | 719693 | &nbsp;&nbsp; 357175 |
| GSAA Trust |  |  |
| 6.720%, 03/25/46 (i) | 263142 | &nbsp;&nbsp; 138746 |
| Home Equity Asset Trust |  |  |
| 5.109%, 1M TSFR + 0.789%, 02/25/36 (g) | 1036056 | &nbsp;&nbsp; 1015661 |
| 5.289%, 1M TSFR + 0.969%, 08/25/34 (g) | 164104 | &nbsp;&nbsp; 162891 |
| HSI Asset Securitization Corp. Trust |  |  |
| 4.534%, 1M TSFR + 0.214%, 10/25/36 (g) | 3853 | &nbsp;&nbsp; 1293 |
| MASTR Asset-Backed Securities Trust |  |  |
| 5.184%, 1M TSFR + 0.864%, 10/25/35 (g) | 82834 | &nbsp;&nbsp; 79019 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 5.094%, 1M TSFR + 0.774%, 01/25/35 (g) | 415780 | &nbsp;&nbsp; 402374 |
| 5.109%, 1M TSFR + 0.789%, 09/25/35 (g) | 952115 | &nbsp;&nbsp; 911527 |
| New Century Home Equity Loan Trust |  |  |
| 5.199%, 1M TSFR + 0.879%, 02/25/35 (g) | 270649 | &nbsp;&nbsp; 261714 |
| Nomura Home Equity Loan, Inc. Home Equity Loan Trust |  |  |
| 4.869%, 1M TSFR + 0.549%, 03/25/36 (g) | 445627 | &nbsp;&nbsp; 445613 |
| Residential Asset Securities Corporation Trust |  |  |
| 4.894%, 1M TSFR + 0.344%, 06/25/36 (g) | 2471313 | &nbsp;&nbsp; 2430733 |
| Soundview Home Loan Trust |  |  |
| 4.614%, 1M TSFR + 0.294%, 07/25/37 (g) | 251441 | &nbsp;&nbsp; 225709 |
| 4.634%, 1M TSFR + 0.314%, 06/25/37 (g) | 1683750 | &nbsp;&nbsp; 1140563 |
|  |  | &nbsp;&nbsp; 14247010 |
| **Asset-Backed - Other — 7.6%** | **Asset-Backed - Other — 7.6%** | **Asset-Backed - Other — 7.6%** |
| 522 Funding CLO Ltd. |  |  |
| 5.571%, 3M TSFR + 1.302%, 10/20/31 (144A) (g) | 485095 | &nbsp;&nbsp; 485246 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Adagio CLO VIII DAC |  |  |
| 3.209%, 3M EURIBOR + 0.930%, 04/15/32 (144A) <br> (EUR) (g)<br>| 1905643 | &nbsp;&nbsp; $2238019 |
| AlbaCore Euro CLO IV DAC |  |  |
| 3.269%, 3M EURIBOR + 0.990%, 07/15/35 (144A) <br> (EUR) (g)<br>| 1000000 | &nbsp;&nbsp; 1176681 |
| Allegro CLO XI Ltd. |  |  |
| 5.520%, 3M TSFR + 1.250%, 01/19/33 (144A) (g) | 3000000 | &nbsp;&nbsp; 3001992 |
| Anchorage Capital CLO 6 Ltd. |  |  |
| 5.712%, 3M TSFR + 1.440%, 04/22/34 (144A) (g) | 700000 | &nbsp;&nbsp; 701080 |
| Arbor Realty Commercial Real Estate Notes Ltd. |  |  |
| 5.754%, SOFR30A + 1.450%, 01/15/37 (144A) (g) | 1490399 | &nbsp;&nbsp; 1490399 |
| ARES L CLO Ltd. |  |  |
| 5.568%, 3M TSFR + 1.312%, 01/15/32 (144A) (g) | 233805 | &nbsp;&nbsp; 233810 |
| Argent Securities Trust |  |  |
| 4.754%, 1M TSFR + 0.434%, 05/25/36 (g) | 216769 | &nbsp;&nbsp; 51598 |
| Atlas Senior Loan Fund X Ltd. |  |  |
| 5.608%, 3M TSFR + 1.352%, 01/15/31 (144A) (g) | 47745 | &nbsp;&nbsp; 47746 |
| Bain Capital Credit CLO Ltd. |  |  |
| 5.335%, 3M TSFR + 1.060%, 07/24/34 (144A) (g) | 3200000 | &nbsp;&nbsp; 3204522 |
| Barings Euro CLO DAC |  |  |
| 3.259%, 3M EURIBOR + 0.980%, 10/15/34 (144A) <br> (EUR) (g)<br>| 3300000 | &nbsp;&nbsp; 3865103 |
| BDS LLC |  |  |
| 6.121%, 1M TSFR + 1.800%, 03/19/39 (144A) (g) | 1266763 | &nbsp;&nbsp; 1266466 |
| BlueMountain CLO XXII Ltd. |  |  |
| 5.598%, 3M TSFR + 1.342%, 07/15/31 (144A) (g) | 222356 | &nbsp;&nbsp; 222486 |
| BlueMountain EUR CLO DAC |  |  |
| 2.948%, 3M EURIBOR + 0.790%, 04/25/32 (144A) <br> (EUR) (g)<br>| 66357 | &nbsp;&nbsp; 78158 |
| Bosphorus CLO VI DAC |  |  |
| 2.899%, 3M EURIBOR + 0.850%, 05/25/34 (144A) <br> (EUR) (g)<br>| 7400000 | &nbsp;&nbsp; 8663845 |
| Capital Four U.S. CLO II Ltd. |  |  |
| 6.170%, 3M TSFR + 1.900%, 01/20/37 (144A) (g) | 900000 | &nbsp;&nbsp; 902722 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| 5.490%, 3M TSFR + 1.220%, 07/20/32 (144A) (g) | 643843 | &nbsp;&nbsp; 644029 |
| 5.511%, 3M TSFR + 1.232%, 04/17/31 (144A) (g) | 115234 | &nbsp;&nbsp; 115260 |
| Carlyle Global Market Strategies Euro CLO Ltd. |  |  |
| 2.893%, 3M EURIBOR + 0.750%, 11/15/31 (144A) <br> (EUR) (g)<br>| 805942 | &nbsp;&nbsp; 947015 |
| Catamaran CLO Ltd. |  |  |
| 5.634%, 3M TSFR + 1.362%, 04/22/30 (144A) (g) | 236044 | &nbsp;&nbsp; 236062 |
| Cedar Funding V CLO Ltd. |  |  |
| 5.641%, 3M TSFR + 1.362%, 07/17/31 (144A) (g) | 453749 | &nbsp;&nbsp; 453988 |
| CIFC European Funding CLO III DAC |  |  |
| 3.329%, 3M EURIBOR + 1.050%, 01/15/34 (144A) <br> (EUR) (g)<br>| 800000 | &nbsp;&nbsp; 942361 |
| CIFC Funding Ltd. |  |  |
| 5.487%, 3M TSFR + 1.212%, 10/24/30 (144A) (g) | 770043 | &nbsp;&nbsp; 770621 |
| CIT Mortgage Loan Trust |  |  |
| 6.684%, 1M TSFR + 2.364%, 10/25/37 (144A) (g) | 3147301 | &nbsp;&nbsp; 3177999 |
| Contego CLO IV DAC |  |  |
| 2.823%, 3M EURIBOR + 0.640%, 01/23/30 (144A) <br> (EUR) (g)<br>| 795316 | &nbsp;&nbsp; 931124 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 4.624%, 1M TSFR + 0.304%, 11/25/37 (g) | 3803673 | &nbsp;&nbsp; 3612216 |

---

*See accompanying notes to financial statements.*

**BHFTI-377**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 5.174%, 1M TSFR + 0.854%, 08/25/47 (g) | 16853 | &nbsp;&nbsp; $16458 |
| Credit-Based Asset Servicing & Securitization LLC |  |  |
| 4.554%, 1M TSFR + 0.234%, 07/25/37 (144A) (g) | 56129 | &nbsp;&nbsp; 36769 |
| 4.654%, 1M TSFR + 0.334%, 07/25/37 (144A) (g) | 1118640 | &nbsp;&nbsp; 732819 |
| Crestline Denali CLO XV Ltd. |  |  |
| 5.561%, 3M TSFR + 1.292%, 04/20/30 (144A) (g) | 20108 | &nbsp;&nbsp; 20111 |
| CSAB Mortgage-Backed Trust |  |  |
| 6.220%, 09/25/36 (i) | 360183 | &nbsp;&nbsp; 100069 |
| CVC Cordatus Loan Fund XXI DAC |  |  |
| 2.974%, 3M EURIBOR + 0.960%, 09/22/34 (144A) <br> (EUR) (g)<br>| 1700000 | &nbsp;&nbsp; 1997900 |
| CVC Cordatus Opportunity Loan Fund-R DAC |  |  |
| 2.983%, 3M EURIBOR + 0.840%, 08/15/33 (144A) <br> (EUR) (g)<br>| 1864138 | &nbsp;&nbsp; 2178899 |
| Dryden 35 Euro CLO DAC |  |  |
| 3.243%, 3M EURIBOR + 0.980%, 01/17/33 (144A) <br> (EUR) (g)<br>| 592185 | &nbsp;&nbsp; 696170 |
| Dryden 44 Euro CLO DAC |  |  |
| 3.159%, 3M EURIBOR + 0.880%, 04/15/34 (144A) <br> (EUR) (g)<br>| 1300000 | &nbsp;&nbsp; 1526423 |
| Dryden 52 Euro CLO DAC |  |  |
| 3.003%, 3M EURIBOR + 0.860%, 05/15/34 (144A) <br> (EUR) (g)<br>| 720129 | &nbsp;&nbsp; 845731 |
| Dryden 54 Senior Loan Fund |  |  |
| 5.420%, 3M TSFR + 1.150%, 10/19/29 (144A) (g) | 890676 | &nbsp;&nbsp; 890500 |
| Dryden 60 CLO Ltd. |  |  |
| 5.568%, 3M TSFR + 1.312%, 07/15/31 (144A) (g) | 397514 | &nbsp;&nbsp; 397751 |
| Dryden 64 CLO Ltd. |  |  |
| 5.501%, 3M TSFR + 1.232%, 04/18/31 (144A) (g) | 343802 | &nbsp;&nbsp; 344312 |
| Dryden 95 CLO Ltd. |  |  |
| 5.362%, 3M TSFR + 1.040%, 08/20/34 (144A) (g) | 2500000 | &nbsp;&nbsp; 2499237 |
| Dunedin Park CLO DAC |  |  |
| 3.081%, 3M EURIBOR + 0.980%, 11/20/34 (144A) <br> (EUR) (g)<br>| 1000000 | &nbsp;&nbsp; 1173847 |
| Elevation CLO Ltd. |  |  |
| 5.412%, 3M TSFR + 1.130%, 07/25/34 (144A) (g) | 700000 | &nbsp;&nbsp; 697033 |
| Ellington Loan Acquisition Trust |  |  |
| 5.534%, 1M TSFR + 1.214%, 05/25/37 (144A) (g) | 748378 | &nbsp;&nbsp; 732531 |
| First Franklin Mortgage Loan Trust |  |  |
| 4.554%, 1M TSFR + 0.234%, 12/25/36 (g) | 7245817 | &nbsp;&nbsp; 6635386 |
| 4.744%, 1M TSFR + 0.424%, 07/25/36 (g) | 1197657 | &nbsp;&nbsp; 1168236 |
| Gallatin CLO VIII Ltd. |  |  |
| 5.608%, 3M TSFR + 1.352%, 07/15/31 (144A) (g) | 301280 | &nbsp;&nbsp; 301338 |
| GSAMP Trust |  |  |
| 5.169%, 1M TSFR + 0.849%, 09/25/35 (g) | 63187 | &nbsp;&nbsp; 62443 |
| Henley CLO VII DAC |  |  |
| 3.148%, 3M EURIBOR + 0.990%, 04/25/34 (144A) <br> (EUR) (g)<br>| 1100000 | &nbsp;&nbsp; 1294970 |
| Jamestown CLO XVIII Ltd. |  |  |
| 5.552%, 3M TSFR + 1.270%, 07/25/35 (144A) (g) | 600000 | &nbsp;&nbsp; 599533 |
| JP Morgan Mortgage Acquisition Trust |  |  |
| 4.644%, 1M TSFR + 0.324%, 10/25/36 (g) | 16226 | &nbsp;&nbsp; 16159 |
| KKR CLO 11 Ltd. |  |  |
| 5.698%, 3M TSFR + 1.442%, 01/15/31 (144A) (g) | 142997 | &nbsp;&nbsp; 143086 |
| LCM Loan Income Fund I Ltd. |  |  |
| 5.561%, 3M TSFR + 1.292%, 04/20/31 (144A) (g) | 1483395 | &nbsp;&nbsp; 1483748 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| LoanCore Issuer Ltd. |  |  |
| 5.853%, SOFR30A + 1.550%, 01/17/37 (144A) (g) | 1718836 | &nbsp;&nbsp; $1717856 |
| Long Beach Mortgage Loan Trust |  |  |
| 4.674%, 1M TSFR + 0.354%, 08/25/36 (g) | 808011 | &nbsp;&nbsp; 322435 |
| M360 Ltd. |  |  |
| 5.936%, 1M TSFR + 1.614%, 11/22/38 (144A) (g) | 51303 | &nbsp;&nbsp; 50398 |
| Madison Park Euro Funding IX DAC |  |  |
| 3.159%, 3M EURIBOR + 0.880%, 07/15/35 (144A) <br> (EUR) (g)<br>| 700000 | &nbsp;&nbsp; 820449 |
| Madison Park Funding XXXIX Ltd. |  |  |
| 5.522%, 3M TSFR + 1.250%, 10/22/34 (144A) (g) | 300000 | &nbsp;&nbsp; 299363 |
| Man Euro CLO DAC |  |  |
| 4.029%, 3M EURIBOR + 1.750%, 10/15/36 (144A) <br> (EUR) (g)<br>| 7100000 | &nbsp;&nbsp; 8382058 |
| Man GLG Euro CLO V DAC |  |  |
| 2.665%, 3M EURIBOR + 0.690%, 12/15/31 (144A) <br> (EUR) (g)<br>| 1869623 | &nbsp;&nbsp; 2195224 |
| Marathon CLO XIII Ltd. |  |  |
| 5.456%, 3M TSFR + 1.200%, 04/15/32 (144A) (g) | 2086064 | &nbsp;&nbsp; 2086087 |
| MF1 LLC |  |  |
| 6.468%, 1M TSFR + 2.150%, 06/19/37 (144A) (g) | 1698544 | &nbsp;&nbsp; 1700786 |
| MF1 Ltd. |  |  |
| 5.509%, 1M TSFR + 1.194%, 10/16/36 (144A) (g) | 278718 | &nbsp;&nbsp; 278446 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 5.409%, 1M TSFR + 1.089%, 07/25/34 (g) | 37347 | &nbsp;&nbsp; 39664 |
| 5.484%, 1M TSFR + 1.164%, 06/25/35 (g) | 1232000 | &nbsp;&nbsp; 1141460 |
| Morgan Stanley IXIS Real Estate Capital Trust |  |  |
| 4.534%, 1M TSFR + 0.214%, 11/25/36 (g) | 493 | &nbsp;&nbsp; 157 |
| Northwoods Capital XII-B Ltd. |  |  |
| 5.509%, 3M TSFR + 1.190%, 06/15/31 (144A) (g) | 468472 | &nbsp;&nbsp; 467931 |
| Oak Hill European Credit Partners VII DAC |  |  |
| 2.976%, 3M EURIBOR + 0.740%, 10/20/31 (144A) <br> (EUR) (g)<br>| 1031478 | &nbsp;&nbsp; 1214350 |
| Ocean Trails CLO 8 |  |  |
| 5.546%, 3M TSFR + 1.290%, 07/15/34 (144A) (g) | 1300000 | &nbsp;&nbsp; 1299965 |
| Octagon Investment Partners 18-R Ltd. |  |  |
| 5.482%, 3M TSFR + 1.222%, 04/16/31 (144A) (g) | 352036 | &nbsp;&nbsp; 352015 |
| OZLM IX Ltd. |  |  |
| 5.470%, 3M TSFR + 1.200%, 10/20/31 (144A) (g) | 280189 | &nbsp;&nbsp; 280488 |
| OZLM XXIV Ltd. |  |  |
| 5.691%, 3M TSFR + 1.422%, 07/20/32 (144A) (g) | 177791 | &nbsp;&nbsp; 177884 |
| Palmer Square European Loan Funding DAC |  |  |
| 3.113%, 3M EURIBOR + 0.970%, 08/15/33 (144A) <br> (EUR) (g)<br>| 1202329 | &nbsp;&nbsp; 1417290 |
| Palmer Square Loan Funding Ltd. |  |  |
| 5.318%, 3M TSFR + 1.062%, 10/15/29 (144A) (g) | 200494 | &nbsp;&nbsp; 200497 |
| Park Place Securities, Inc. Asset-Backed Pass-Through <br> Certificates<br>|  |  |
| 5.169%, 1M TSFR + 0.849%, 09/25/35 (g) | 54043 | &nbsp;&nbsp; 52981 |
| 5.484%, 1M TSFR + 1.164%, 10/25/34 (g) | 1138362 | &nbsp;&nbsp; 1124667 |
| Pikes Peak CLO 4 |  |  |
| 5.466%, 3M TSFR + 1.210%, 07/15/34 (144A) (g) | 4300000 | &nbsp;&nbsp; 4300064 |
| Providus CLO IV DAC |  |  |
| 3.056%, 3M EURIBOR + 0.820%, 04/20/34 (144A) <br> (EUR) (g)<br>| 2900000 | &nbsp;&nbsp; 3400753 |
| Regatta XVI Funding Ltd. |  |  |
| 5.456%, 3M TSFR + 1.200%, 01/15/33 (144A) (g) | 292073 | &nbsp;&nbsp; 292350 |

---

*See accompanying notes to financial statements.*

**BHFTI-378**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Asset-Backed Securities—(Continued)**

**Foreign Government—4.6%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Rockford Tower Europe CLO DAC |  |  |
| 3.561%, 3M EURIBOR + 1.370%, 04/24/37 (144A) <br> (EUR) (g)<br>| 1500000 | &nbsp;&nbsp; $1767915 |
| Romark CLO Ltd. |  |  |
| 5.571%, 3M TSFR + 1.292%, 10/23/30 (144A) (g) | 282741 | &nbsp;&nbsp; 282824 |
| Saranac CLO VI Ltd. |  |  |
| 5.724%, 3M TSFR + 1.402%, 08/13/31 (144A) (g) | 580442 | &nbsp;&nbsp; 580773 |
| Saxon Asset Securities Trust |  |  |
| 4.744%, 1M TSFR + 0.424%, 09/25/37 (g) | 354151 | &nbsp;&nbsp; 340467 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| 4.734%, 1M TSFR + 0.414%, 07/25/36 (g) | 262781 | &nbsp;&nbsp; 102448 |
| 4.754%, 1M TSFR + 0.434%, 07/25/36 (g) | 2945388 | &nbsp;&nbsp; 958375 |
| Segovia European CLO DAC |  |  |
| 3.116%, 3M EURIBOR + 0.880%, 07/20/32 (144A) <br> (EUR) (g)<br>| 272195 | &nbsp;&nbsp; 320314 |
| Silver Rock CLO II Ltd. |  |  |
| 5.310%, 3M TSFR + 1.040%, 01/20/35 (144A) (g) | 1100000 | &nbsp;&nbsp; 1098900 |
| Sound Point CLO IX Ltd. |  |  |
| 5.741%, 3M TSFR + 1.472%, 07/20/32 (144A) (g) | 1178284 | &nbsp;&nbsp; 1179292 |
| Soundview Home Loan Trust |  |  |
| 4.554%, 1M TSFR + 0.234%, 11/25/36 (144A) (g) | 38290 | &nbsp;&nbsp; 10322 |
| St. Paul's CLO X DAC |  |  |
| 3.036%, 3M EURIBOR + 0.800%, 04/22/35 (144A) <br> (EUR) (g)<br>| 800000 | &nbsp;&nbsp; 938286 |
| Structured Asset Securities Corp. Mortgage Loan Trust |  |  |
| 5.939%, 1M TSFR + 1.614%, 04/25/35 (g) | 8041 | &nbsp;&nbsp; 8006 |
| Tikehau CLO IV DAC |  |  |
| 3.179%, 3M EURIBOR + 0.900%, 10/15/31 (144A) <br> (EUR) (g)<br>| 489886 | &nbsp;&nbsp; 576772 |
| Tralee CLO VII Ltd. |  |  |
| 5.863%, 3M TSFR + 1.582%, 04/25/34 (144A) (g) | 1400000 | &nbsp;&nbsp; 1400722 |
| TRTX Issuer Ltd. |  |  |
| 5.964%, 1M TSFR + 1.650%, 02/15/39 (144A) (g) | 706988 | &nbsp;&nbsp; 706984 |
| U.S. Small Business Administration |  |  |
| 5.510%, 11/01/27 | 132975 | &nbsp;&nbsp; 134217 |
| Venture 33 CLO Ltd. |  |  |
| 5.578%, 3M TSFR + 1.322%, 07/15/31 (144A) (g) | 126038 | &nbsp;&nbsp; 126103 |
| Venture 44 CLO Ltd. |  |  |
| 5.410%, 3M TSFR + 1.140%, 10/20/34 (144A) (g) | 500000 | &nbsp;&nbsp; 497815 |
| Vibrant CLO XI Ltd. |  |  |
| 5.651%, 3M TSFR + 1.382%, 07/20/32 (144A) (g) | 529326 | &nbsp;&nbsp; 528405 |
| Voya CLO Ltd. |  |  |
| 5.498%, 3M TSFR + 1.242%, 06/07/30 (144A) (g) | 38007 | &nbsp;&nbsp; 38000 |
| Wind River CLO Ltd. |  |  |
| 5.581%, 3M TSFR + 1.312%, 07/18/31 (144A) (g) | 21809 | &nbsp;&nbsp; 21804 |
|  |  | &nbsp;&nbsp; 111286369 |
| **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** |
| SLM Student Loan Trust |  |  |
| 5.175%, SOFR90A + 0.812%, 10/25/64 (144A) (g) | 1540049 | &nbsp;&nbsp; 1535298 |
| Total Asset-Backed Securities <br>(Cost $122,936,777) <br>|  | &nbsp;&nbsp; 127068677 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign — 4.6%** | **Sovereign — 4.6%** | **Sovereign — 4.6%** |
| Canada Government Real Return Bonds |  |  |
| 4.250%, 12/01/26 (CAD) (a) | 8930592 | &nbsp;&nbsp; $6896050 |
| French Republic Government Bonds OAT |  |  |
| 0.100%, 03/01/26 (144A) (EUR) (a) | 18891865 | &nbsp;&nbsp; 22114666 |
| 0.100%, 07/25/31 (144A) (EUR) (a) | 1953152 | &nbsp;&nbsp; 2196761 |
| 0.100%, 07/25/38 (144A) (EUR) (a) | 119857 | &nbsp;&nbsp; 118264 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 0.400%, 05/15/30 (144A) (EUR) (a) | 2351668 | &nbsp;&nbsp; 2696133 |
| 1.800%, 05/15/36 (144A) (EUR) (a) | 931167 | &nbsp;&nbsp; 1096066 |
| Japan Government CPI-Linked Bonds |  |  |
| 0.100%, 03/10/28 (JPY) (a) | 1750070240 | &nbsp;&nbsp; 12570110 |
| 0.100%, 03/10/29 (JPY) (a) | 2541154560 | &nbsp;&nbsp; 18328091 |
| Mexico Government International Bonds |  |  |
| 5.850%, 07/02/32 | 400000 | &nbsp;&nbsp; 404800 |
| 6.625%, 01/29/38 | 300000 | &nbsp;&nbsp; 304500 |
| Mexico Udibonos |  |  |
| 4.000%, 08/24/34 (MXN) (a) | 3391838 | &nbsp;&nbsp; 167854 |
| Total Foreign Government <br>(Cost $66,168,224) <br>|  | &nbsp;&nbsp; 66893295 |
| **Non-Agency Mortgage-Backed Securities—1.4%** | **Non-Agency Mortgage-Backed Securities—1.4%** | **Non-Agency Mortgage-Backed Securities—1.4%** |
| **Collateralized Mortgage Obligations — 1.4%** | **Collateralized Mortgage Obligations — 1.4%** | **Collateralized Mortgage Obligations — 1.4%** |
| Banc of America Funding Trust |  |  |
| 6.249%, 02/20/36 (g) | 85189 | &nbsp;&nbsp; 81067 |
| Banc of America Mortgage Trust |  |  |
| 5.442%, 06/25/35 (g) | 18358 | &nbsp;&nbsp; 16827 |
| 5.625%, 09/25/35 (g) | 17572 | &nbsp;&nbsp; 15465 |
| Bear Stearns ALT-A Trust |  |  |
| 4.754%, 1M TSFR + 0.434%, 02/25/34 (g) | 34588 | &nbsp;&nbsp; 32562 |
| 4.905%, 09/25/35 (g) | 370417 | &nbsp;&nbsp; 211845 |
| Bear Stearns ARM Trust |  |  |
| 4.847%, 03/25/35 (g) | 84000 | &nbsp;&nbsp; 77256 |
| Chase Mortgage Finance Trust |  |  |
| 6.409%, 02/25/37 (g) | 13168 | &nbsp;&nbsp; 12825 |
| CHL Mortgage Pass-Through Trust |  |  |
| 5.014%, 1M TSFR + 0.694%, 04/25/35 (g) | 193823 | &nbsp;&nbsp; 184445 |
| 6.000%, 03/25/37 | 765748 | &nbsp;&nbsp; 338650 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.742%, 03/25/37 (g) | 1062252 | &nbsp;&nbsp; 899813 |
| 6.373%, 08/25/35 (g) | 355 | &nbsp;&nbsp; 360 |
| 6.490%, 1Y H15 + 2.400%, 05/25/35 (g) | 1751 | &nbsp;&nbsp; 1763 |
| Countrywide Alternative Loan Trust |  |  |
| 4.612%, 1M TSFR + 0.294%, 02/20/47 (g) | 346315 | &nbsp;&nbsp; 277506 |
| 4.674%, 1M TSFR + 0.354%, 06/25/36 (g) | 900381 | &nbsp;&nbsp; 843540 |
| 4.794%, 1M TSFR + 0.474%, 05/25/47 (g) | 99314 | &nbsp;&nbsp; 91265 |
| 4.994%, 1M TSFR + 0.674%, 12/25/35 (g) | 12755 | &nbsp;&nbsp; 11639 |
| 5.000%, 07/25/35 | 106817 | &nbsp;&nbsp; 58457 |
| 5.500%, 06/25/25 | 312099 | &nbsp;&nbsp; 250776 |
| 6.000%, 03/25/37 | 3047875 | &nbsp;&nbsp; 1036251 |
| 6.000%, 04/25/37 | 435357 | &nbsp;&nbsp; 365036 |
| CSMC Trust |  |  |
| 3.241%, 11/30/37 (144A) (g) | 1952021 | &nbsp;&nbsp; 1780901 |
| 4.591%, 1M TSFR + 0.264%, 09/29/36 (144A) (g) | 126081 | &nbsp;&nbsp; 124773 |
| 5.154%, 10/26/36 (144A) (g) | 32706 | &nbsp;&nbsp; 29766 |

---

*See accompanying notes to financial statements.*

**BHFTI-379**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |  |  |
| 4.534%, 1M TSFR + 0.214%, 10/25/36 (g) | 7371 | &nbsp;&nbsp; $6109 |
| 6.369%, 10/25/36 (i) | 128778 | &nbsp;&nbsp; 112145 |
| 6.386%, 10/25/36 (i) | 128778 | &nbsp;&nbsp; 112143 |
| Eurosail-U.K. PLC |  |  |
| 5.308%, SONIA + 1.069%, 06/13/45 (GBP) (g) | 368986 | &nbsp;&nbsp; 505762 |
| First Horizon Alternative Mortgage Securities Trust |  |  |
| 5.876%, 06/25/34 (g) | 39637 | &nbsp;&nbsp; 39655 |
| GreenPoint Mortgage Funding Trust |  |  |
| 4.794%, 1M TSFR + 0.474%, 09/25/46 (g) | 239876 | &nbsp;&nbsp; 221336 |
| 4.974%, 1M TSFR + 0.654%, 11/25/45 (g) | 47653 | &nbsp;&nbsp; 44765 |
| GreenPoint MTA Trust |  |  |
| 4.874%, 1M TSFR + 0.554%, 06/25/45 (g) | 57700 | &nbsp;&nbsp; 52586 |
| GSR Mortgage Loan Trust |  |  |
| 4.299%, 05/25/35 (g) | 101140 | &nbsp;&nbsp; 75293 |
| 4.723%, 11/25/35 (g) | 88910 | &nbsp;&nbsp; 75147 |
| 5.293%, 09/25/35 (g) | 35499 | &nbsp;&nbsp; 34087 |
| 5.946%, 12/25/34 (g) | 133182 | &nbsp;&nbsp; 125331 |
| 6.922%, 01/25/35 (g) | 20364 | &nbsp;&nbsp; 19313 |
| HarborView Mortgage Loan Trust |  |  |
| 4.812%, 1M TSFR + 0.494%, 09/19/37 (g) | 13518 | &nbsp;&nbsp; 11623 |
| 4.872%, 1M TSFR + 0.554%, 05/19/35 (g) | 22169 | &nbsp;&nbsp; 21287 |
| 4.992%, 1M TSFR + 0.674%, 02/19/36 (g) | 67426 | &nbsp;&nbsp; 29381 |
| 5.332%, 1M TSFR + 1.014%, 06/20/35 (g) | 114934 | &nbsp;&nbsp; 105890 |
| IndyMac INDA Mortgage Loan Trust |  |  |
| 5.373%, 11/25/35 (g) | 14227 | &nbsp;&nbsp; 14764 |
| JP Morgan Mortgage Trust |  |  |
| 4.154%, 07/27/37 (144A) (g) | 192351 | &nbsp;&nbsp; 177638 |
| 5.479%, 07/25/35 (g) | 27817 | &nbsp;&nbsp; 26633 |
| 5.479%, 08/25/35 (g) | 52970 | &nbsp;&nbsp; 46856 |
| 5.677%, 09/25/35 (g) | 7340 | &nbsp;&nbsp; 6876 |
| 5.875%, 02/25/35 (g) | 31638 | &nbsp;&nbsp; 30927 |
| 6.739%, 07/25/35 (g) | 15458 | &nbsp;&nbsp; 15445 |
| 6.830%, 08/25/35 (g) | 40916 | &nbsp;&nbsp; 38723 |
| Lehman XS Trust |  |  |
| 4.974%, 1M TSFR + 0.654%, 12/25/35 (g) | 52507 | &nbsp;&nbsp; 48847 |
| 6.734%, 1M TSFR + 2.414%, 12/25/37 (g) | 1641501 | &nbsp;&nbsp; 1598751 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| 5.344%, 12/25/33 (g) | 12247 | &nbsp;&nbsp; 11344 |
| 6.043%, 11/21/34 (g) | 25148 | &nbsp;&nbsp; 24255 |
| Mellon Residential Funding Corp. Mortgage Pass-Through <br> Certificates<br>|  |  |
| 5.126%, 1M TSFR + 0.814%, 11/15/31 (g) | 21446 | &nbsp;&nbsp; 20753 |
| Mellon Residential Funding Corp. Mortgage Pass-Through <br> Trust<br>|  |  |
| 4.866%, 1M TSFR + 0.554%, 12/15/30 (g) | 3345 | &nbsp;&nbsp; 3245 |
| Mill City Mortgage Loan Trust |  |  |
| 2.750%, 08/25/59 (144A) (g) | 300449 | &nbsp;&nbsp; 290444 |
| New Residential Mortgage Loan Trust |  |  |
| 2.750%, 07/25/59 (144A) (g) | 2828496 | &nbsp;&nbsp; 2713231 |
| Opteum Mortgage Acceptance Corp. Asset-Backed Pass-<br> Through Certificates<br>|  |  |
| 5.484%, 1M TSFR + 1.164%, 04/25/35 (g) | 1318030 | &nbsp;&nbsp; 1323663 |
| RALI Trust |  |  |
| 4.734%, 1M TSFR + 0.414%, 08/25/35 (g) | 40003 | &nbsp;&nbsp; 27991 |
| 5.398%, 10/25/37 (g) | 552593 | &nbsp;&nbsp; 443526 |
| 5.759%, 12M MTA + 1.360%, 09/25/45 (g) | 36666 | &nbsp;&nbsp; 31129 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Reperforming Loan Trust REMICS |  |  |
| 4.774%, 1M TSFR + 0.454%, 06/25/35 (144A) (g) | 17739 | &nbsp;&nbsp; $17066 |
| Residential Asset Securitization Trust |  |  |
| 6.500%, 09/25/36 | 272810 | &nbsp;&nbsp; 82071 |
| Sequoia Mortgage Trust |  |  |
| 4.832%, 1M TSFR + 0.514%, 07/20/36 (g) | 134870 | &nbsp;&nbsp; 116695 |
| 5.132%, 1M TSFR + 0.814%, 10/19/26 (g) | 6830 | &nbsp;&nbsp; 6718 |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| 5.799%, 12M MTA + 1.400%, 01/25/35 (g) | 36829 | &nbsp;&nbsp; 33104 |
| 6.525%, 02/25/34 (g) | 16168 | &nbsp;&nbsp; 15744 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.814%, 1M TSFR + 0.494%, 06/25/36 (g) | 10546 | &nbsp;&nbsp; 10383 |
| 4.854%, 1M TSFR + 0.534%, 05/25/36 (g) | 11791 | &nbsp;&nbsp; 8202 |
| 4.932%, 1M TSFR + 0.614%, 07/19/35 (g) | 37863 | &nbsp;&nbsp; 36177 |
| 5.092%, 1M TSFR + 0.774%, 10/19/34 (g) | 13272 | &nbsp;&nbsp; 12701 |
| TBW Mortgage-Backed Trust |  |  |
| 6.515%, 07/25/37 (i) | 128444 | &nbsp;&nbsp; 46813 |
| Towd Point Mortgage Trust |  |  |
| 5.434%, 1M TSFR + 1.114%, 10/25/59 (144A) (g) | 454358 | &nbsp;&nbsp; 457704 |
| Wachovia Mortgage Loan Trust LLC |  |  |
| 4.883%, 1M TSFR + 0.574%, 01/25/37 (g) | 1403262 | &nbsp;&nbsp; 497136 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 4.068%, 12M MTA + 0.810%, 12/25/46 (g) | 24500 | &nbsp;&nbsp; 21403 |
| 4.179%, 11/25/36 (g) | 2934797 | &nbsp;&nbsp; 2609816 |
| 5.135%, 12/25/35 (g) | 22043 | &nbsp;&nbsp; 20442 |
| 5.169%, 12M MTA + 0.770%, 05/25/47 (g) | 133495 | &nbsp;&nbsp; 116099 |
| 5.399%, 12M MTA + 1.000%, 02/25/46 (g) | 46372 | &nbsp;&nbsp; 42302 |
| 5.399%, 12M MTA + 1.000%, 08/25/46 (g) | 1268990 | &nbsp;&nbsp; 1160381 |
| 5.447%, 12M MTA + 1.048%, 07/25/46 (g) | 232122 | &nbsp;&nbsp; 210009 |
| 5.599%, 12M MTA + 1.200%, 11/25/42 (g) | 3720 | &nbsp;&nbsp; 3558 |
| 5.899%, 12M MTA + 1.500%, 11/25/46 (g) | 87028 | &nbsp;&nbsp; 76947 |
| Wells Fargo Mortgage-Backed Securities Trust |  |  |
| 6.140%, 04/25/36 (g) | 24811 | &nbsp;&nbsp; 24592 |
|  |  | &nbsp;&nbsp; 20855745 |
| **Commercial Mortgage-Backed Securities — 0.0%** | **Commercial Mortgage-Backed Securities — 0.0%** | **Commercial Mortgage-Backed Securities — 0.0%** |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 5.809%, 1M TSFR + 1.497%, 12/15/31 (144A) (g) | 551299 | &nbsp;&nbsp; 548786 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $23,521,404) <br>|  | &nbsp;&nbsp; 21404531 |
| **Corporate Bonds & Notes—0.4%** | **Corporate Bonds & Notes—0.4%** | **Corporate Bonds & Notes—0.4%** |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| Bank of America Corp. |  |  |
| 5.875%, 3M TSFR + 3.193%, 03/15/28 (g) | 1570000 | &nbsp;&nbsp; 1596952 |
| Nykredit Realkredit AS |  |  |
| 1.000%, 10/01/53 (DKK) | 9503 | &nbsp;&nbsp; 1110 |
| 1.500%, 10/01/52 (DKK) | 283310 | &nbsp;&nbsp; 35007 |
| 1.500%, 10/01/53 (DKK) | 497943 | &nbsp;&nbsp; 54681 |
| 2.500%, 10/01/47 (DKK) | 4910 | &nbsp;&nbsp; 720 |
| UBS Group AG |  |  |
| 0.650%, 1Y EUR Swap + 0.770%, 01/14/28 (EUR) (g) | 100000 | &nbsp;&nbsp; 114523 |
| 1.000%, 1Y EUR Swap + 1.050%, 06/24/27 (EUR) (g) | 100000 | &nbsp;&nbsp; 116127 |
| 2.125%, 1Y UKG + 1.550%, 11/15/29 (GBP) (g) | 100000 | &nbsp;&nbsp; 126705 |

---

*See accompanying notes to financial statements.*

**BHFTI-380**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| UBS Group AG |  |  |
| 7.000%, 1Y UKG + 4.200%, 09/30/27 (GBP) (g) | 100000 | &nbsp;&nbsp; $140981 |
| 7.750%, 1Y EUR Swap + 4.950%, 03/01/29 (EUR) (g) | 100000 | &nbsp;&nbsp; 132689 |
|  |  | &nbsp;&nbsp; 2319495 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| Avolon Holdings Funding Ltd. |  |  |
| 2.528%, 11/18/27 (144A) | 114000 | &nbsp;&nbsp; 108367 |
| Credicorp Capital Sociedad Titulizadora SA |  |  |
| 9.700%, 03/05/45 (144A) (PEN) | 900000 | &nbsp;&nbsp; 262744 |
| Jyske Realkredit AS |  |  |
| 0.500%, 10/01/43 (DKK) | 50418 | &nbsp;&nbsp; 6532 |
| 1.000%, 10/01/50 (DKK) | 6377578 | &nbsp;&nbsp; 785383 |
| 1.500%, 10/01/53 (DKK) | 1731780 | &nbsp;&nbsp; 214119 |
| 2.000%, 10/01/53 (DKK) | 7263638 | &nbsp;&nbsp; 875708 |
| 2.500%, 10/01/47 (DKK) | 3222 | &nbsp;&nbsp; 473 |
| Nordea Kredit Realkreditaktieselskab |  |  |
| 1.500%, 10/01/53 (DKK) | 2559581 | &nbsp;&nbsp; 287645 |
| 2.000%, 10/01/53 (DKK) | 4299311 | &nbsp;&nbsp; 520357 |
| 2.000%, 10/01/53 (144A) (DKK) | 698973 | &nbsp;&nbsp; 91837 |
| 2.500%, 10/01/47 (DKK) | 839 | &nbsp;&nbsp; 123 |
| Realkredit Danmark AS |  |  |
| 1.500%, 10/01/53 (DKK) | 4059493 | &nbsp;&nbsp; 517872 |
| 2.000%, 10/01/53 (DKK) | 563490 | &nbsp;&nbsp; 68203 |
| 2.500%, 04/01/47 (DKK) | 7853 | &nbsp;&nbsp; 1152 |
|  |  | &nbsp;&nbsp; 3740515 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| VMware LLC |  |  |
| 3.900%, 08/21/27 | 300000 | &nbsp;&nbsp; 297397 |
| Total Corporate Bonds & Notes <br>(Cost $7,086,122) <br>|  | &nbsp;&nbsp; 6357407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—0.1%** | **Convertible Preferred Stocks—0.1%** | **Convertible Preferred Stocks—0.1%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Wells Fargo & Co.- Series L, 7.500% <br>(Cost $900,000)<br>| 900 | &nbsp;&nbsp; 1056717 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—39.9%** | **Short-Term Investments—39.9%** | **Short-Term Investments—39.9%** |
| **Repurchase Agreements—39.9%** | **Repurchase Agreements—39.9%** | **Repurchase Agreements—39.9%** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.420%, due <br> on 07/02/25, with a maturity value of $66,108,116; <br> collateralized by U.S. Treasury Bond at 3.250%, maturing <br> at 05/15/42, and a market value of $67,085,295<br>| 66100000 | &nbsp;&nbsp; 66100000 |
| Repurchase Agreement dated 06/30/25 at 4.440%, due <br> on 07/01/25, with a maturity value of $3,200,395; <br> collateralized by U.S. Treasury Bond at 4.625%, maturing <br> at 05/15/54, and a market value of $3,254,465<br>| 3200000 | &nbsp;&nbsp; 3200000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.470%, due <br> on 07/02/25, with a maturity value of $311,638,690; <br> collateralized by U.S. Treasury Bonds with rates ranging <br> from 1.625% - 4.625%, maturity dates ranging from <br> 04/15/30 - 05/15/54, and an aggregate market value of <br> $316,075,058<br>| 311600000 | &nbsp;&nbsp; $311600000 |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due <br> on 07/01/25, with a maturity value of $6,678,510; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $6,811,598<br>| 6677908 | &nbsp;&nbsp; 6677908 |
| JPMorgan Securities LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.470%, due <br> on 07/02/25, with a maturity value of $198,224,610; <br> collateralized by U.S. Treasury Obligations with rates <br> ranging from 1.625% - 1.875%, maturity dates ranging <br> from 10/15/29 - 02/15/32, and an aggregate market <br> value of $201,397,913<br>| 198200000 | &nbsp;&nbsp; 198200000 |
| Total Short-Term Investments <br>(Cost $585,777,908) <br>|  | &nbsp;&nbsp; 585777908 |
| Total Investments—161.7% <br>(Cost $2,511,146,175) <br>|  | &nbsp;&nbsp; 2371925852 |
| Other assets and liabilities (net)—(61.7)%  |  | &nbsp;&nbsp; (905163920)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1466761932 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Principal amount of security is adjusted for inflation.

(b) All or a portion of the security was pledged as collateral against open OTC derivative contracts. As of June 30, 2025, the market value of securities pledged was $4,788,507. 

(c) All or a portion of this security has been transferred in a secured–borrowing transaction. 

(d) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2025, the market value of securities pledged was $10,096,416. 

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2025, the market value of securities pledged was $8,675,815. 

(f) All or a portion of the security was pledged as collateral against TBA securities. As of June 30, 2025, the market value of securities pledged was $291,394. 

(g) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

(h) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date. 

(i) Security is a "step up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate. 

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the market value of 144A securities was $132,699,876, which is 9.0% of net assets. 

*See accompanying notes to financial statements.*

**BHFTI-381**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**TBA Forward Sale Commitments** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Interest** <br>**Rate**<br>| **Maturity** | **Face** <br> **Amount**<br>| **Cost** | **Value** |
| Government National Mortgage Association, TBA | 3.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; $(32400000)<br>| &nbsp;&nbsp; $(29174703)<br>| &nbsp;&nbsp; $(29452686)<br>|
| Uniform Mortgage-Backed Security, TBA | 5.500<br> %<br>| &nbsp;&nbsp; TBA | &nbsp;&nbsp; (14000000)<br>| &nbsp;&nbsp; (13967735)<br>| &nbsp;&nbsp; (13986406)<br>|
| Totals | Totals | Totals | Totals | &nbsp;&nbsp; $(43142438)<br>| &nbsp;&nbsp; $(43439092)<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1710401253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16227018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 <br>,760873226<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $98880981 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1565798017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1638180715 |

---

The following table presents the Portfolio's secured borrowings by counterparty net of amounts available for offset under the Master Securities Forward Transaction Agreement ("MSFTA") and net of the related collateral pledged or received by the Portfolio as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for** <br>**Secured** <br>**Borrowings**<br>| **Financial** <br>**Instruments** <br>**Available for** <br>**Offset**<sup>(a)</sup> <br>| **Collateral** <br>**Pledged/** <br>**(Received)**<sup>(b)</sup> <br>| **Net** <br>**Amount**<sup>(c)</sup> <br>|
| Barclays Capital, Inc. | &nbsp;&nbsp; $(717066595)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $716177521 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(889074)<br>|
| BNP Paribas S.A | &nbsp;&nbsp; (825775350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 826754841 | &nbsp;&nbsp;&nbsp;&nbsp; (930000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49491 |
| Total | &nbsp;&nbsp; $(1542841945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1542932362 | &nbsp;&nbsp;&nbsp;&nbsp; $(930000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(839583)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents market value of borrowings as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Secured Borrowing Transactions |  |  |  |  |  |
| U.S. Treasury | &nbsp;&nbsp; $(38214855)<br>| &nbsp;&nbsp;&nbsp; $(1504627090)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1542841945)<br>|
| Total Borrowings | &nbsp;&nbsp; $(38214855)<br>| &nbsp;&nbsp;&nbsp; $(1504627090)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1542841945)<br>|
| Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | &nbsp;&nbsp;&nbsp; $(1542841945)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-382**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 12417000 | JPMC | 07/02/25 | USD | 8138176 | &nbsp;&nbsp; $34075 |
| BRL | &nbsp;&nbsp; 992244 | BNP | 07/02/25 | USD | 180000 | &nbsp;&nbsp; 2629 |
| BRL | &nbsp;&nbsp; 68480896 | CBNA | 07/02/25 | USD | 11972499 | &nbsp;&nbsp; 631889 |
| BRL | &nbsp;&nbsp; 4187903 | GSBU | 07/02/25 | USD | 750000 | &nbsp;&nbsp; 20813 |
| BRL | &nbsp;&nbsp; 69434517 | GSBU | 07/02/25 | USD | 12723703 | &nbsp;&nbsp; 56205 |
| BRL | &nbsp;&nbsp; 75307889 | GSBU | 10/02/25 | USD | 13355541 | &nbsp;&nbsp; 189531 |
| CAD | &nbsp;&nbsp; 45500 | BNP | 07/02/25 | USD | 33048 | &nbsp;&nbsp; 365 |
| CNH | &nbsp;&nbsp; 5689000 | CBNA | 08/20/25 | USD | 794071 | &nbsp;&nbsp; 3675 |
| DKK | &nbsp;&nbsp; 17990390 | DBAG | 07/02/25 | USD | 2824974 | &nbsp;&nbsp; 15427 |
| EUR | &nbsp;&nbsp; 66745680 | DBAG | 07/02/25 | USD | 77431664 | &nbsp;&nbsp; 1191454 |
| EUR | &nbsp;&nbsp; 927000 | JPMC | 07/02/25 | USD | 1072252 | &nbsp;&nbsp; 19708 |
| EUR | &nbsp;&nbsp; 1402586 | JPMC | 08/04/25 | USD | 1647958 | &nbsp;&nbsp; 7824 |
| EUR | &nbsp;&nbsp; 1403000 | MSIP | 07/02/25 | USD | 1644903 | &nbsp;&nbsp; 7762 |
| GBP | &nbsp;&nbsp; 3138000 | BBP | 08/04/25 | USD | 4270175 | &nbsp;&nbsp; 37828 |
| GBP | &nbsp;&nbsp; 3138000 | JPMC | 07/02/25 | USD | 4227451 | &nbsp;&nbsp; 79924 |
| IDR | &nbsp;&nbsp; 17121374806 | BBP | 07/16/25 | USD | 1054311 | &nbsp;&nbsp; (254)<br>|
| IDR | &nbsp;&nbsp; 6671872600 | BNP | 07/14/25 | USD | 410000 | &nbsp;&nbsp; 777 |
| IDR | &nbsp;&nbsp; 6358797708 | BNP | 07/16/25 | USD | 389217 | &nbsp;&nbsp; 2255 |
| IDR | &nbsp;&nbsp; 29711214523 | BNP | 07/16/25 | USD | 1821098 | &nbsp;&nbsp; 8038 |
| IDR | &nbsp;&nbsp; 24337950622 | CBNA | 07/16/25 | USD | 1494547 | &nbsp;&nbsp; 3790 |
| IDR | &nbsp;&nbsp; 20319082840 | GSBU | 07/16/25 | USD | 1246952 | &nbsp;&nbsp; 3968 |
| ILS | &nbsp;&nbsp; 4821491 | BBP | 07/02/25 | USD | 1428081 | &nbsp;&nbsp; 3351 |
| INR | &nbsp;&nbsp; 146344846 | BNP | 08/20/25 | USD | 1683669 | &nbsp;&nbsp; 19289 |
| INR | &nbsp;&nbsp; 110669447 | CBNA | 08/20/25 | USD | 1290937 | &nbsp;&nbsp; (3120)<br>|
| INR | &nbsp;&nbsp; 110823014 | CBNA | 08/20/25 | USD | 1290989 | &nbsp;&nbsp; (1385)<br>|
| INR | &nbsp;&nbsp; 111439047 | CBNA | 08/20/25 | USD | 1294110 | &nbsp;&nbsp; 2663 |
| INR | &nbsp;&nbsp; 71764368 | CBNA | 08/20/25 | USD | 832123 | &nbsp;&nbsp; 2971 |
| INR | &nbsp;&nbsp; 133253759 | CBNA | 08/20/25 | USD | 1544246 | &nbsp;&nbsp; 6376 |
| INR | &nbsp;&nbsp; 125765262 | CBNA | 08/20/25 | USD | 1456628 | &nbsp;&nbsp; 6853 |
| INR | &nbsp;&nbsp; 163837558 | CBNA | 08/20/25 | USD | 1886823 | &nbsp;&nbsp; 19691 |
| INR | &nbsp;&nbsp; 112018200 | DBAG | 08/20/25 | USD | 1303750 | &nbsp;&nbsp; (238)<br>|
| INR | &nbsp;&nbsp; 112026440 | DBAG | 08/20/25 | USD | 1303679 | &nbsp;&nbsp; (71)<br>|
| INR | &nbsp;&nbsp; 165050888 | DBAG | 08/20/25 | USD | 1896023 | &nbsp;&nbsp; 24610 |
| INR | &nbsp;&nbsp; 163220515 | JPMC | 08/20/25 | USD | 1882481 | &nbsp;&nbsp; 16852 |
| INR | &nbsp;&nbsp; 974979 | SG | 08/20/25 | USD | 11307 | &nbsp;&nbsp; 38 |
| JPY | &nbsp;&nbsp; 83117596 | MSIP | 07/02/25 | USD | 575806 | &nbsp;&nbsp; 1379 |
| JPY | &nbsp;&nbsp; 1330896171 | MSIP | 07/02/25 | USD | 9125728 | &nbsp;&nbsp; 116286 |
| JPY | &nbsp;&nbsp; 2332750997 | SG | 07/02/25 | USD | 16160381 | &nbsp;&nbsp; 38716 |
| KRW | &nbsp;&nbsp; 17859102 | BBP | 07/16/25 | USD | 12995 | &nbsp;&nbsp; 250 |
| KRW | &nbsp;&nbsp; 139842010 | UBSA | 07/08/25 | USD | 103114 | &nbsp;&nbsp; 543 |
| MXN | &nbsp;&nbsp; 40720068 | UBSA | 09/17/25 | USD | 2100570 | &nbsp;&nbsp; 51972 |
| NOK | &nbsp;&nbsp; 7207733 | MSIP | 07/02/25 | USD | 714552 | &nbsp;&nbsp; 543 |
| NOK | &nbsp;&nbsp; 750431 | SG | 07/02/25 | USD | 74743 | &nbsp;&nbsp; (291)<br>|
| NZD | &nbsp;&nbsp; 189566 | SG | 07/02/25 | USD | 115066 | &nbsp;&nbsp; 483 |
| PLN | &nbsp;&nbsp; 11894773 | BBP | 07/10/25 | USD | 3174824 | &nbsp;&nbsp; 124674 |
| PLN | &nbsp;&nbsp; 14713942 | JPMC | 07/10/25 | USD | 3917715 | &nbsp;&nbsp; 163794 |
| SGD | &nbsp;&nbsp; 4260679 | BOA | 07/02/25 | USD | 3327356 | &nbsp;&nbsp; 23552 |
| SGD | &nbsp;&nbsp; 1938565 | GSBU | 07/02/25 | USD | 1520801 | &nbsp;&nbsp; 3827 |
| SGD | &nbsp;&nbsp; 2789797 | JPMC | 07/02/25 | USD | 2178848 | &nbsp;&nbsp; 15251 |
| THB | &nbsp;&nbsp; 4586008 | GSBU | 07/16/25 | USD | 140000 | &nbsp;&nbsp; 1214 |
| TWD | &nbsp;&nbsp; 19929954 | BNP | 07/14/25 | USD | 670000 | &nbsp;&nbsp; 12909 |
| TWD | &nbsp;&nbsp; 41394840 | CBNA | 07/16/25 | USD | 1396728 | &nbsp;&nbsp; 21907 |
| TWD | &nbsp;&nbsp; 23374964 | DBAG | 08/20/25 | USD | 734000 | &nbsp;&nbsp; 69305 |
| TWD | &nbsp;&nbsp; 67699884 | JPMC | 08/20/25 | USD | 2348000 | &nbsp;&nbsp; (21422)<br>|
| ZAR | &nbsp;&nbsp; 7632732 | BBP | 07/23/25 | USD | 421100 | &nbsp;&nbsp; 9358 |

---

*See accompanying notes to financial statements.*

**BHFTI-383**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| ZAR | &nbsp;&nbsp; 7632732 | BBP | 07/23/25 | USD | 421100 | &nbsp;&nbsp; $9358 |
| ZAR | &nbsp;&nbsp; 15811678 | BBP | 07/23/25 | USD | 877052 | &nbsp;&nbsp; 14668 |
| ZAR | &nbsp;&nbsp; 8811636 | JPMC | 07/23/25 | USD | 493064 | &nbsp;&nbsp; 3880 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 844000 | BOA | 07/02/25 | USD | 549693 | &nbsp;&nbsp; (5786)<br>|
| AUD | &nbsp;&nbsp; 11573000 | BBP | 07/02/25 | USD | 7458278 | &nbsp;&nbsp; (158495)<br>|
| AUD | &nbsp;&nbsp; 12417000 | JPMC | 08/05/25 | USD | 8143267 | &nbsp;&nbsp; (34124)<br>|
| BRL | &nbsp;&nbsp; 177523 | BNP | 07/02/25 | USD | 31133 | &nbsp;&nbsp; (1541)<br>|
| BRL | &nbsp;&nbsp; 814721 | BNP | 07/02/25 | USD | 149296 | &nbsp;&nbsp; (659)<br>|
| BRL | &nbsp;&nbsp; 68480896 | CBNA | 07/02/25 | USD | 12548954 | &nbsp;&nbsp; (55433)<br>|
| BRL | &nbsp;&nbsp; 73622420 | GSBU | 07/02/25 | USD | 13355541 | &nbsp;&nbsp; (195180)<br>|
| CAD | &nbsp;&nbsp; 26222661 | BNP | 08/05/25 | USD | 19209522 | &nbsp;&nbsp; (79846)<br>|
| CAD | &nbsp;&nbsp; 26299154 | CBNA | 07/02/25 | USD | 19024891 | &nbsp;&nbsp; (287871)<br>|
| CHF | &nbsp;&nbsp; 3720044 | BBP | 08/04/25 | USD | 4684020 | &nbsp;&nbsp; (23901)<br>|
| CHF | &nbsp;&nbsp; 3579000 | CBNA | 07/02/25 | USD | 4397662 | &nbsp;&nbsp; (113020)<br>|
| CHF | &nbsp;&nbsp; 164000 | JPMC | 07/02/25 | USD | 200104 | &nbsp;&nbsp; (6588)<br>|
| CNH | &nbsp;&nbsp; 131508000 | BNP | 08/20/25 | USD | 17969010 | &nbsp;&nbsp; (471855)<br>|
| DKK | &nbsp;&nbsp; 17946717 | DBAG | 08/04/25 | USD | 2824974 | &nbsp;&nbsp; (15483)<br>|
| DKK | &nbsp;&nbsp; 17975872 | JPMC | 07/02/25 | USD | 2722428 | &nbsp;&nbsp; (115680)<br>|
| EUR | &nbsp;&nbsp; 66712094 | BOA | 07/02/25 | USD | 75854920 | &nbsp;&nbsp; (2728635)<br>|
| EUR | &nbsp;&nbsp; 66599369 | DBAG | 08/04/25 | USD | 77431664 | &nbsp;&nbsp; (1190267)<br>|
| EUR | &nbsp;&nbsp; 961000 | JPMC | 07/02/25 | USD | 1100294 | &nbsp;&nbsp; (31717)<br>|
| GBP | &nbsp;&nbsp; 3138000 | BBP | 07/02/25 | USD | 4269594 | &nbsp;&nbsp; (37781)<br>|
| ILS | &nbsp;&nbsp; 4821463 | BBP | 07/09/25 | USD | 1428081 | &nbsp;&nbsp; (3351)<br>|
| ILS | &nbsp;&nbsp; 5284482 | BBP | 07/18/25 | USD | 1473889 | &nbsp;&nbsp; (95101)<br>|
| ILS | &nbsp;&nbsp; 4943242 | DBAG | 07/02/25 | USD | 1426230 | &nbsp;&nbsp; (41348)<br>|
| ILS | &nbsp;&nbsp; 748036 | UBSA | 07/18/25 | USD | 208470 | &nbsp;&nbsp; (13626)<br>|
| JPY | &nbsp;&nbsp; 21309144 | BNP | 08/04/25 | USD | 148270 | &nbsp;&nbsp; (253)<br>|
| JPY | &nbsp;&nbsp; 1001129094 | JPMC | 07/02/25 | USD | 6978222 | &nbsp;&nbsp; 26178 |
| JPY | &nbsp;&nbsp; 1674426894 | MSIP | 07/02/25 | USD | 11590617 | &nbsp;&nbsp; (36944)<br>|
| JPY | &nbsp;&nbsp; 1326003868 | MSIP | 08/04/25 | USD | 9125728 | &nbsp;&nbsp; (116353)<br>|
| JPY | &nbsp;&nbsp; 82811785 | MSIP | 08/04/25 | USD | 575806 | &nbsp;&nbsp; (1382)<br>|
| JPY | &nbsp;&nbsp; 2324190843 | SG | 08/04/25 | USD | 16160381 | &nbsp;&nbsp; (38938)<br>|
| JPY | &nbsp;&nbsp; 1092581824 | UBSA | 07/02/25 | USD | 7548426 | &nbsp;&nbsp; (38684)<br>|
| KRW | &nbsp;&nbsp; 140063396 | BBP | 07/08/25 | USD | 102588 | &nbsp;&nbsp; (1232)<br>|
| KRW | &nbsp;&nbsp; 38190734 | BBP | 07/16/25 | USD | 27789 | &nbsp;&nbsp; (534)<br>|
| KRW | &nbsp;&nbsp; 5885891583 | CBNA | 07/16/25 | USD | 4282486 | &nbsp;&nbsp; (82559)<br>|
| KRW | &nbsp;&nbsp; 5516185810 | CBNA | 07/16/25 | USD | 4026413 | &nbsp;&nbsp; (64454)<br>|
| KRW | &nbsp;&nbsp; 16539008 | CBNA | 07/16/25 | USD | 12174 | &nbsp;&nbsp; (92)<br>|
| KRW | &nbsp;&nbsp; 163715486 | GSBU | 07/14/25 | USD | 120000 | &nbsp;&nbsp; (1398)<br>|
| KRW | &nbsp;&nbsp; 459351150 | JPMC | 07/16/25 | USD | 335251 | &nbsp;&nbsp; (5409)<br>|
| KRW | &nbsp;&nbsp; 173749005 | JPMC | 07/16/25 | USD | 127659 | &nbsp;&nbsp; (1195)<br>|
| KRW | &nbsp;&nbsp; 139774399 | UBSA | 07/16/25 | USD | 103114 | &nbsp;&nbsp; (545)<br>|
| MXN | &nbsp;&nbsp; 4002000 | BOA | 09/17/25 | USD | 208479 | &nbsp;&nbsp; (3074)<br>|
| MXN | &nbsp;&nbsp; 1167 | DBAG | 09/17/25 | USD | 61 | &nbsp;&nbsp; (1)<br>|
| NOK | &nbsp;&nbsp; 1625000 | BBP | 07/02/25 | USD | 159828 | &nbsp;&nbsp; (1392)<br>|
| NOK | &nbsp;&nbsp; 393662 | BBP | 07/02/25 | USD | 38647 | &nbsp;&nbsp; (409)<br>|
| NOK | &nbsp;&nbsp; 2220000 | BNP | 07/02/25 | USD | 219399 | &nbsp;&nbsp; (852)<br>|
| NOK | &nbsp;&nbsp; 7206411 | MSIP | 08/04/25 | USD | 714552 | &nbsp;&nbsp; (548)<br>|
| NOK | &nbsp;&nbsp; 750287 | SG | 08/04/25 | USD | 74743 | &nbsp;&nbsp; 291 |
| NOK | &nbsp;&nbsp; 3719228 | UBSA | 07/02/25 | USD | 366242 | &nbsp;&nbsp; (2751)<br>|
| NZD | &nbsp;&nbsp; 189566 | JPMC | 07/02/25 | USD | 113055 | &nbsp;&nbsp; (2495)<br>|
| NZD | &nbsp;&nbsp; 189566 | SG | 08/04/25 | USD | 115190 | &nbsp;&nbsp; (481)<br>|
| PEN | &nbsp;&nbsp; 900002 | BOA | 07/11/25 | USD | 247716 | &nbsp;&nbsp; (6281)<br>|
| SEK | &nbsp;&nbsp; 2115000 | BNP | 07/02/25 | USD | 220573 | &nbsp;&nbsp; (2979)<br>|
| SEK | &nbsp;&nbsp; 1635000 | BNP | 07/02/25 | USD | 169998 | &nbsp;&nbsp; (2819)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-384**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| SEK | &nbsp;&nbsp; 1005000 | CBNA | 07/02/25 | USD | 105863 | &nbsp;&nbsp; $(363)<br>|
| SGD | &nbsp;&nbsp; 312991 | BOA | 07/02/25 | USD | 242822 | &nbsp;&nbsp; (3336)<br>|
| SGD | &nbsp;&nbsp; 4250724 | BOA | 08/05/25 | USD | 3327356 | &nbsp;&nbsp; (24122)<br>|
| SGD | &nbsp;&nbsp; 3315579 | BOA | 08/05/25 | USD | 2607518 | &nbsp;&nbsp; (6646)<br>|
| SGD | &nbsp;&nbsp; 303409 | DBAG | 07/02/25 | USD | 235522 | &nbsp;&nbsp; (3101)<br>|
| SGD | &nbsp;&nbsp; 1933904 | GSBU | 08/05/25 | USD | 1520801 | &nbsp;&nbsp; (3983)<br>|
| SGD | &nbsp;&nbsp; 11694880 | JPMC | 07/02/25 | USD | 9104510 | &nbsp;&nbsp; (93193)<br>|
| SGD | &nbsp;&nbsp; 2783372 | JPMC | 08/05/25 | USD | 2178848 | &nbsp;&nbsp; (15698)<br>|
| THB | &nbsp;&nbsp; 2157579 | BNP | 07/16/25 | USD | 65309 | &nbsp;&nbsp; (1128)<br>|
| THB | &nbsp;&nbsp; 48537252 | CBNA | 07/16/25 | USD | 1465718 | &nbsp;&nbsp; (28854)<br>|
| THB | &nbsp;&nbsp; 26875186 | CBNA | 07/16/25 | USD | 804827 | &nbsp;&nbsp; (22721)<br>|
| THB | &nbsp;&nbsp; 7800071 | UBSA | 07/16/25 | USD | 234751 | &nbsp;&nbsp; (5431)<br>|
| TWD | &nbsp;&nbsp; 78494 | BNP | 07/16/25 | USD | 2412 | &nbsp;&nbsp; (278)<br>|
| TWD | &nbsp;&nbsp; 70421 | BNP | 07/16/25 | USD | 2170 | &nbsp;&nbsp; (243)<br>|
| TWD | &nbsp;&nbsp; 36831108 | BNP | 08/20/25 | USD | 1244000 | &nbsp;&nbsp; (21740)<br>|
| TWD | &nbsp;&nbsp; 87173 | BNP | 08/20/25 | USD | 2682 | &nbsp;&nbsp; (314)<br>|
| TWD | &nbsp;&nbsp; 579531606 | CBNA | 07/16/25 | USD | 18282356 | &nbsp;&nbsp; (1578673)<br>|
| TWD | &nbsp;&nbsp; 80224 | CBNA | 07/16/25 | USD | 2466 | &nbsp;&nbsp; (283)<br>|
| TWD | &nbsp;&nbsp; 72013 | CBNA | 07/16/25 | USD | 2213 | &nbsp;&nbsp; (255)<br>|
| TWD | &nbsp;&nbsp; 71938 | CBNA | 07/16/25 | USD | 2213 | &nbsp;&nbsp; (252)<br>|
| TWD | &nbsp;&nbsp; 3856810 | CBNA | 07/16/25 | USD | 132164 | &nbsp;&nbsp; (12)<br>|
| TWD | &nbsp;&nbsp; 101588 | CBNA | 08/20/25 | USD | 3106 | &nbsp;&nbsp; (385)<br>|
| TWD | &nbsp;&nbsp; 90042 | CBNA | 08/20/25 | USD | 2760 | &nbsp;&nbsp; (334)<br>|
| TWD | &nbsp;&nbsp; 87965 | CBNA | 08/20/25 | USD | 2695 | &nbsp;&nbsp; (328)<br>|
| TWD | &nbsp;&nbsp; 79056 | JPMC | 07/16/25 | USD | 2428 | &nbsp;&nbsp; (281)<br>|
| TWD | &nbsp;&nbsp; 71593 | JPMC | 07/16/25 | USD | 2204 | &nbsp;&nbsp; (250)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(4829358)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 3 Month EURIBOR | &nbsp;&nbsp; 09/14/26 | &nbsp;&nbsp; 1178 | EUR | 289095925 | &nbsp;&nbsp; $762912 |
| Australian 10 Year Treasury Bond Futures | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 280 | AUD | 32093393 | &nbsp;&nbsp; 170661 |
| Euro-Bobl Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 125 | EUR | 14710000 | &nbsp;&nbsp; (78934)<br>|
| Euro-BTP Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 341 | EUR | 41261000 | &nbsp;&nbsp; 153641 |
| Euro-Buxl 30 Year Bond Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; 31 | EUR | 3680940 | &nbsp;&nbsp; (82162)<br>|
| Japanese Government 10 Year Bond Futures | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; 2 | JPY | 278040000 | &nbsp;&nbsp; 5394 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 1466 | USD | 167513406 | &nbsp;&nbsp; 3370574 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 879 | USD | 104710875 | &nbsp;&nbsp; 3675062 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| 3 Month EURIBOR | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; (1178)<br>| EUR | (288933950)<br>| &nbsp;&nbsp; (578067)<br>|
| Euro-Bund Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (518)<br>| EUR | (67417700)<br>| &nbsp;&nbsp; 569534 |
| Euro-OAT Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (400)<br>| EUR | (49536000)<br>| &nbsp;&nbsp; 454751 |
| Euro-Schatz Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (305)<br>| EUR | (32711250)<br>| &nbsp;&nbsp; 59132 |
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (1782)<br>| USD | (205765313)<br>| &nbsp;&nbsp; (8167555)<br>|
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; (1615)<br>| USD | (335957852)<br>| &nbsp;&nbsp; (1321920)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; (1017)<br>| USD | (110853000)<br>| &nbsp;&nbsp; (1224766)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (299)<br>| USD | (33525375)<br>| &nbsp;&nbsp; (535552)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(2767295)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-385**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Written Options** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - OTC - 2 Yr. IRS | 2.350% | 6M EURIBOR | Receive | 01/07/27 | GSBU | (20500000)<br>| EUR | (20500000)<br>| $(186049)<br>| $(180577)<br>| $5472 |
| Call - OTC - 2 Yr. IRS | 2.440% | 6M EURIBOR | Receive | 01/25/27 | BBP | (5400000)<br>| EUR | (5400000)<br>| (48033)<br>| (52441)<br>| (4408)<br>|
| Call - OTC - 2 Yr. IRS | 2.500% | 6M EURIBOR | Receive | 01/14/27 | GSBU | (33900000)<br>| EUR | (33900000)<br>| (310822)<br>| (365091)<br>| (54269)<br>|
| Call - OTC - 10 Yr. IRS | 2.740% | 6M EURIBOR | Receive | 09/08/25 | BBP | (5800000)<br>| EUR | (5800000)<br>| (133810)<br>| (110071)<br>| 23739 |
| Put - OTC - 2 Yr. IRS | 2.350% | 6M EURIBOR | Pay | 01/07/27 | GSBU | (20500000)<br>| EUR | (20500000)<br>| (186049)<br>| (146318)<br>| 39731 |
| Put - OTC - 2 Yr. IRS | 2.440% | 6M EURIBOR | Pay | 01/25/27 | BBP | (5400000)<br>| EUR | (5400000)<br>| (48033)<br>| (33851)<br>| 14182 |
| Put - OTC - 2 Yr. IRS | 2.500% | 6M EURIBOR | Pay | 01/14/27 | GSBU | (33900000)<br>| EUR | (33900000)<br>| (310821)<br>| (198784)<br>| 112037 |
| Put - OTC - 10 Yr. IRS | 2.740% | 6M EURIBOR | Pay | 09/08/25 | BBP | (5800000)<br>| EUR | (5800000)<br>| (133810)<br>| (40667)<br>| 93143 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1357427)<br>| $(1127800)<br>| $229627 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Capped Options** | **Initial** <br>**Index**<br>| **Exercise Index** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number** <br> **of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Cap - CPALEMU Index | 100.152 | Maximum of [(Final Index/Initial <br> Index - 1) - 3.000%] or 0 | 06/22/35 | GSBU | (8700000)<br>| EUR | (8700000)<br>| $(382245)<br>| $(115197)<br>| $267048 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M CPURNSA | Maturity | 1.760<br> %<br>| Maturity | 11/04/29 | USD | 24500000 | $(4266477)<br>| $(17107)<br>| $(4249370)<br>|
| Pay | 12M CPURNSA | Maturity | 1.954<br> %<br>| Maturity | 06/03/29 | USD | 8650000 | (1332168)<br>|  | (1332168)<br>|
| Pay | 12M CPURNSA | Maturity | 1.980<br> %<br>| Maturity | 09/19/25 | USD | 13200000 | (98500)<br>|  | (98500)<br>|
| Pay | 12M CPURNSA | Maturity | 1.998<br> %<br>| Maturity | 07/25/29 | USD | 21500000 | (3171334)<br>| 3599 | (3174933)<br>|
| Pay | 12M CPURNSA | Maturity | 2.033<br> %<br>| Maturity | 09/23/25 | USD | 8100000 | (57532)<br>|  | (57532)<br>|
| Pay | 12M CPURNSA | Maturity | 2.208<br> %<br>| Maturity | 10/07/25 | USD | 16538000 | (100302)<br>|  | (100302)<br>|
| Pay | 12M CPURNSA | Maturity | 2.335<br> %<br>| Maturity | 02/05/28 | USD | 13090000 | (1487860)<br>| 28402 | (1516262)<br>|
| Pay | 12M CPURNSA | Maturity | 2.370<br> %<br>| Maturity | 06/06/28 | USD | 6400000 | (689578)<br>| (1137)<br>| (688441)<br>|
| Pay | 12M CPURNSA | Maturity | 2.380<br> %<br>| Maturity | 10/15/25 | USD | 13700000 | (66525)<br>|  | (66525)<br>|
| Pay | 12M CPURNSA | Maturity | 2.700<br> %<br>| Maturity | 01/14/26 | USD | 12700000 | (53283)<br>|  | (53283)<br>|
| Pay | 12M CPURNSA | Maturity | 2.820<br> %<br>| Maturity | 02/05/26 | USD | 5600000 | (17159)<br>|  | (17159)<br>|
| Pay | 12M CPURNSA | Maturity | 2.842<br> %<br>| Maturity | 02/13/26 | USD | 5900000 | (16798)<br>|  | (16798)<br>|
| Pay | 12M CPURNSA | Maturity | 3.043<br> %<br>| Maturity | 02/21/26 | USD | 7600000 | (6774)<br>|  | (6774)<br>|
| Pay | 12M CPURNSA | Maturity | 3.300<br> %<br>| Maturity | 06/04/26 | USD | 7300000 | 20919 |  | 20919 |
| Pay | 12M CPURNSA | Maturity | 3.323<br> %<br>| Maturity | 04/23/26 | USD | 6200000 | 27805 |  | 27805 |
| Pay | 12M FRCPXT | Maturity | 1.410<br> %<br>| Maturity | 11/15/39 | EUR | 600000 | (116168)<br>|  | (116168)<br>|
| Pay | 12M FRCPXT | Maturity | 1.910<br> %<br>| Maturity | 01/15/38 | EUR | 350000 | (20906)<br>| 2830 | (23736)<br>|
| Pay | 12M HICP | Maturity | 1.380<br> %<br>| Maturity | 03/15/31 | EUR | 7040000 | (1501316)<br>| (65196)<br>| (1436120)<br>|
| Pay | 12M HICP | Maturity | 2.421<br> %<br>| Maturity | 05/15/52 | EUR | 650000 | (3594)<br>|  | (3594)<br>|
| Pay | 12M HICP | Maturity | 2.488<br> %<br>| Maturity | 05/15/37 | EUR | 60000 | (3)<br>| 120 | (123)<br>|
| Pay | 12M HICP | Maturity | 2.550<br> %<br>| Maturity | 04/15/52 | EUR | 400000 | 13155 | 512 | 12643 |
| Pay | 12M HICP | Maturity | 2.580<br> %<br>| Maturity | 03/15/52 | EUR | 1000000 | 32553 | 717 | 31836 |
| Pay | 12M HICP | Maturity | 2.590<br> %<br>| Maturity | 03/15/52 | EUR | 1400000 | 50514 | (36516)<br>| 87030 |
| Pay | 12M HICP | Maturity | 2.590<br> %<br>| Maturity | 12/15/52 | EUR | 2300000 | 232472 |  | 232472 |
| Pay | 12M HICP | Maturity | 2.682<br> %<br>| Maturity | 10/15/53 | EUR | 1100000 | 160509 |  | 160509 |
| Pay | 12M HICP | Maturity | 2.700<br> %<br>| Maturity | 04/15/53 | EUR | 3100000 | 464275 | 20720 | 443555 |
| Pay | 12M HICP | Maturity | 2.736<br> %<br>| Maturity | 10/15/53 | EUR | 1600000 | 263771 | 14422 | 249349 |
| Pay | 12M HICP | Maturity | 2.763<br> %<br>| Maturity | 09/15/53 | EUR | 800000 | 138687 | 5914 | 132773 |
| Pay | 12M SONIA | Annually | 3.500<br> %<br>| Annually | 03/19/30 | GBP | 59700000 | (490077)<br>| (1030813)<br>| 540736 |
| Pay | 12M UKRPI | Maturity | 3.466<br> %<br>| Maturity | 09/15/34 | GBP | 3000000 | 62620 |  | 62620 |
| Pay | 12M UKRPI | Maturity | 3.500<br> %<br>| Maturity | 08/15/34 | GBP | 7200000 | 181078 | 40810 | 140268 |
| Pay | 3M SOFR | Semi-Annually | 2.340<br> %<br>| Semi-Annually | 11/21/28 | USD | 65930000 | (2801273)<br>|  | (2801273)<br>|
| Pay | 6M EURIBOR | Annually | 2.250<br> %<br>| Annually | 09/17/35 | EUR | 157240000 | (6080360)<br>| (5304497)<br>| (775863)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-386**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Centrally Cleared Interest Rate Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** <br>| **Floating**<br> **Rate Index** <br>| **Payment**<br> **Frequency** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Pay | 6M EURIBOR | Annually | 2.879<br> %<br>| Annually | 08/15/32 | EUR | 21800000 | $747019 | $— | $747019 |
| Receive | 12M CPURNSA | Maturity | 1.798<br> %<br>| Maturity | 08/25/27 | USD | 9300000 | 1619953 |  | 1619953 |
| Receive | 12M CPURNSA | Maturity | 1.890<br> %<br>| Maturity | 08/27/27 | USD | 12300000 | 2056173 |  | 2056173 |
| Receive | 12M CPURNSA | Maturity | 2.311<br> %<br>| Maturity | 02/24/31 | USD | 21200000 | 2583732 | 9783 | 2573949 |
| Receive | 12M CPURNSA | Maturity | 2.314<br> %<br>| Maturity | 02/26/26 | USD | 10200000 | 1276688 |  | 1276688 |
| Receive | 12M CPURNSA | Maturity | 2.419<br> %<br>| Maturity | 03/05/26 | USD | 13000000 | 1552105 |  | 1552105 |
| Receive | 12M CPURNSA | Maturity | 2.573<br> %<br>| Maturity | 08/26/28 | USD | 1900000 | 150308 |  | 150308 |
| Receive | 12M CPURNSA | Maturity | 2.645<br> %<br>| Maturity | 09/10/28 | USD | 2400000 | 170092 | 1 | 170091 |
| Receive | 12M CPURNSA | Maturity | 2.703<br> %<br>| Maturity | 05/25/26 | USD | 7090000 | 696932 |  | 696932 |
| Receive | 12M CPURNSA | Maturity | 2.768<br> %<br>| Maturity | 05/13/26 | USD | 11300000 | 1090757 |  | 1090757 |
| Receive | 12M CPURNSA | Maturity | 2.813<br> %<br>| Maturity | 05/14/26 | USD | 4600000 | 432068 |  | 432068 |
| Receive | 12M HICP | Maturity | 1.636<br> %<br>| Maturity | 06/15/27 | EUR | 18000000 | 38560 |  | 38560 |
| Receive | 12M HICP | Maturity | 2.034<br> %<br>| Maturity | 09/15/34 | EUR | 6700000 | (44740)<br>| (19088)<br>| (25652)<br>|
| Receive | 12M HICP | Maturity | 2.049<br> %<br>| Maturity | 08/15/34 | EUR | 9900000 | (85586)<br>| (3756)<br>| (81830)<br>|
| Receive | 12M HICP | Maturity | 3.000<br> %<br>| Maturity | 05/15/27 | EUR | 2000000 | 36040 | 1001 | 35039 |
| Receive | 12M HICP | Maturity | 3.130<br> %<br>| Maturity | 05/15/27 | EUR | 1400000 | 13554 |  | 13554 |
| Receive | 12M SOFR | Annually | 2.865<br> %<br>| Annually | 02/13/54 | USD | 25800000 | 4708980 | 487297 | 4221683 |
| Receive | 12M SOFR | Annually | 3.250<br> %<br>| Annually | 06/18/34 | USD | 4750000 | 139637 | 210525 | (70888)<br>|
| Receive | 12M SOFR | Annually | 3.500<br> %<br>| Annually | 06/20/54 | USD | 9700000 | 716108 | 249560 | 466548 |
| Receive | 12M SOFR | Annually | 3.750<br> %<br>| Annually | 05/15/32 | USD | 29367000 | (449024)<br>| (29234)<br>| (419790)<br>|
| Receive | 12M SOFR | Annually | 3.900<br> %<br>| Annually | 02/15/35 | USD | 1510000 | (30242)<br>| (3483)<br>| (26759)<br>|
| Receive | 12M SOFR | Annually | 4.100<br> %<br>| Annually | 11/15/52 | USD | 28580000 | (801666)<br>| (215263)<br>| (586403)<br>|
| Receive | 12M SOFR | Annually | 4.250<br> %<br>| Annually | 12/20/25 | USD | 57690000 | 3906 | 78935 | (75029)<br>|
| Receive | 12M TONA | Annually | 0.500<br> %<br>| Annually | 12/15/31 | JPY | 1469000000 | 309062 | 4605 | 304457 |
| Receive | 12M TONA | Annually | 0.550<br> %<br>| Annually | 09/14/28 | JPY | 1420000000 | 82520 | (10756)<br>| 93276 |
| Receive | 3M SOFR | Semi-Annually | 2.237<br> %<br>| Semi-Annually | 11/21/53 | USD | 13560000 | 4569500 |  | 4569500 |
| Receive | 6M EURIBOR | Annually | 0.190<br> %<br>| Annually | 11/04/52 | EUR | 6700000 | 3934311 |  | 3934311 |
| Receive | 6M EURIBOR | Annually | 0.195<br> %<br>| Annually | 11/04/52 | EUR | 7000000 | 4102524 |  | 4102524 |
| Receive | 6M EURIBOR | Annually | 0.197<br> %<br>| Annually | 11/08/52 | EUR | 12200000 | 7147460 |  | 7147460 |
| Receive | 6M EURIBOR | Annually | 1.830<br> %<br>| Annually | 09/17/27 | EUR | 18700000 | 72458 |  | 72458 |
| Receive | 6M EURIBOR | Annually | 1.895<br> %<br>| Annually | 10/08/27 | EUR | 22800000 | 57630 |  | 57630 |
| Receive | 6M EURIBOR | Annually | 2.120<br> %<br>| Annually | 09/03/27 | EUR | 15700000 | (42963)<br>|  | (42963)<br>|
| Receive | 6M EURIBOR | Annually | 2.250<br> %<br>| Annually | 09/17/55 | EUR | 35270000 | 4364034 | 1789541 | 2574493 |
| Receive | 6M TONA | Semi-Annually | 0.300<br> %<br>| Semi-Annually | 03/20/28 | JPY | 426780000 | 43299 | (1466)<br>| 44765 |
| Receive | 6M TONA | Semi-Annually | 0.300<br> %<br>| Semi-Annually | 09/20/27 | JPY | 788000000 | 61051 | (3654)<br>| 64705 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $20592611 | $(3792672)<br>| $24385283 |

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Pay | SOFR | Maturity | 07/28/25 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 60000000 | $264310 | $— | $264310 |
| Pay | SOFR | Maturity | 07/28/25 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 20000000 | 3572 |  | 3572 |
| Pay | SOFR | Maturity | 07/28/25 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 40000000 | 227355 |  | 227355 |
| Pay | SOFR | Maturity | 07/28/25 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 50000000 | 447033 |  | 447033 |
| Pay | SOFR | Maturity | 07/28/25 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 50000000 | 690715 |  | 690715 |
| Pay | SOFR | Maturity | 07/28/25 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 30000000 | 454736 |  | 454736 |
| Pay | SOFR | Maturity | 07/28/25 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 35000000 | 359926 |  | 359926 |
| Pay | SOFR | Maturity | 07/28/25 | MSCS | U.S. Treasury Inflation-Indexed Notes | USD | 20000000 | 39826 |  | 39826 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $2487473 | $— | $2487473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

*See accompanying notes to financial statements.*

**BHFTI-387**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $3130969 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; $7960327 |
| Interest Rate | OTC swap contracts at market value | &nbsp;&nbsp; 2487473 |  |  |
|  | Unrealized appreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 42249521 | Unrealized depreciation on centrally cleared swap contracts (a) (b) <br>| &nbsp;&nbsp; 17864238 |
|  | Unrealized appreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 9221661 | Unrealized depreciation on futures contracts (b) (c) <br>| &nbsp;&nbsp; 11988956 |
|  |  |  | Written options at value | &nbsp;&nbsp; 1242997 |
| Total |  | &nbsp;&nbsp; $57089624 |  | &nbsp;&nbsp; $39056518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $23552 | &nbsp;&nbsp;&nbsp;&nbsp; $(23552)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 199487 | &nbsp;&nbsp;&nbsp;&nbsp; (199487)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 46262 | &nbsp;&nbsp;&nbsp;&nbsp; (46262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 699815 | &nbsp;&nbsp;&nbsp;&nbsp; (699815)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 1300796 | &nbsp;&nbsp;&nbsp;&nbsp; (1250509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50287 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 275558 | &nbsp;&nbsp;&nbsp;&nbsp; (275558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 367486 | &nbsp;&nbsp;&nbsp;&nbsp; (328052)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39434)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 125970 | &nbsp;&nbsp;&nbsp;&nbsp; (125970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 2487473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2170000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 317473 |
| Societe Generale Paris | &nbsp;&nbsp; 39528 | &nbsp;&nbsp;&nbsp;&nbsp; (39528)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 52515 | &nbsp;&nbsp;&nbsp;&nbsp; (52515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $5618442 | &nbsp;&nbsp;&nbsp;&nbsp; $(3041248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2209434)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $367760 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $2777880 | &nbsp;&nbsp;&nbsp;&nbsp; $(23552)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2411789)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $342539 |
| Barclays Bank PLC | &nbsp;&nbsp; 559480 | &nbsp;&nbsp;&nbsp;&nbsp; (199487)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 359993 |
| BNP Paribas SA | &nbsp;&nbsp; 584507 | &nbsp;&nbsp;&nbsp;&nbsp; (46262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (339932)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 198313 |
| Citibank NA | &nbsp;&nbsp; 2240394 | &nbsp;&nbsp;&nbsp;&nbsp; (699815)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1540579)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 1250509 | &nbsp;&nbsp;&nbsp;&nbsp; (1250509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 1206528 | &nbsp;&nbsp;&nbsp;&nbsp; (275558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 930970 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 328052 | &nbsp;&nbsp;&nbsp;&nbsp; (328052)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 155227 | &nbsp;&nbsp;&nbsp;&nbsp; (125970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29257 |
| Societe Generale Paris | &nbsp;&nbsp; 39710 | &nbsp;&nbsp;&nbsp;&nbsp; (39528)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182 |

---

*See accompanying notes to financial statements.*

**BHFTI-388**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities**<br> **subject to an MNA**<br> **by Counterparty**<br>| **Financial**<br> **Instruments**<br> **available for offset**<br>| **Collateral**<br> **Pledged†**<br>| **Net**<br> **Amount\*\***<br>|
| UBS AG | &nbsp;&nbsp; $61037 | &nbsp;&nbsp;&nbsp;&nbsp; $(52515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8522 |
|  | &nbsp;&nbsp; $9203324 | &nbsp;&nbsp;&nbsp;&nbsp; $(3041248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4292300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1869776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(10511638)<br>| &nbsp;&nbsp;&nbsp; $(10511638)<br>|
| Futures contracts | &nbsp;&nbsp; (1627894)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1627894)<br>|
| Swap contracts | &nbsp;&nbsp; 206557 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 206557 |
| Written options | &nbsp;&nbsp; 418235 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 418235 |
|  | &nbsp;&nbsp; $(1003102)<br>| &nbsp;&nbsp;&nbsp; $(10511638)<br>| &nbsp;&nbsp;&nbsp; $(11514740)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9481441)<br>| &nbsp;&nbsp;&nbsp; $(9481441)<br>|
| Futures contracts | &nbsp;&nbsp; (4972450)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4972450)<br>|
| Swap contracts | &nbsp;&nbsp; 18796461 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18796461 |
| Written options | &nbsp;&nbsp; (222717)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (222717)<br>|
|  | &nbsp;&nbsp; $13601294 | &nbsp;&nbsp;&nbsp; $(9481441)<br>| &nbsp;&nbsp;&nbsp; $4119853 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $624711805 |
| Futures contracts long | &nbsp;&nbsp; 622270866 |
| Futures contracts short | &nbsp;&nbsp; (1110369488)<br>|
| Swap contracts | &nbsp;&nbsp; 1413699530 |
| Written options | &nbsp;&nbsp; (218555377)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See accompanying notes to financial statements.*

**BHFTI-389**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1282282648 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1282282648 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 281084669 | &nbsp;&nbsp; — | &nbsp;&nbsp; 281084669 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 127068677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127068677 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 66893295 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66893295 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 21404531 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21404531 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6357407 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6357407 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; 1056717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1056717 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 585777908 | &nbsp;&nbsp; — | &nbsp;&nbsp; 585777908 |
| Total Investments | &nbsp;&nbsp; $1056717 | &nbsp;&nbsp; $2370869135 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2371925852 |
| TBA Forward Sales Commitments (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(43439092)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(43439092)<br>|
| Secured Borrowings (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1542841945)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1542841945)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3130969 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3130969 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7960327)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7960327)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4829358)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4829358)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $9221661 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9221661 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (11988956)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11988956)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(2767295)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2767295)<br>|
| Total Written Options\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1242997)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1242997)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42249521 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42249521 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (17864238)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17864238)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24385283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24385283 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2487473 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2487473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-390**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $1786147944 |
| Repurchase Agreements at value which equals cost | &nbsp;&nbsp; 585777908 |
| Cash | &nbsp;&nbsp; 45135 |
| Cash denominated in foreign currencies (b) | &nbsp;&nbsp; 4960531 |
| Cash collateral (c) | &nbsp;&nbsp; 1814000 |
| OTC swap contracts at market value | &nbsp;&nbsp; 2487473 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 3130969 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1373558082 |
| TBA securities sold (d) | &nbsp;&nbsp; 354859659 |
| Premiums on written options | &nbsp;&nbsp; 1643607 |
| Fund shares sold | &nbsp;&nbsp; 1023490 |
| Principal paydowns | &nbsp;&nbsp; 8476 |
| Interest | &nbsp;&nbsp; 6126461 |
| Deferred dollar roll income | &nbsp;&nbsp; 55371 |
| Variation margin on futures contracts | &nbsp;&nbsp; 1062033 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 201579 |
| Prepaid expenses | &nbsp;&nbsp; 11656 |
| Total Assets | &nbsp;&nbsp; 4122914374 |
| **Liabilities** |  |
| Due to Broker | &nbsp;&nbsp; 43637 |
| Written options at value (e) | &nbsp;&nbsp; 1242997 |
| TBA Forward sale commitments, at value | &nbsp;&nbsp; 43439092 |
| Secured borrowings | &nbsp;&nbsp; 1542841945 |
| Cash collateral (f) | &nbsp;&nbsp; 5032000 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 7960327 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 576488875 |
| TBA securities purchased (d) | &nbsp;&nbsp; 477521116 |
| Fund shares redeemed | &nbsp;&nbsp; 249706 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 575146 |
| Distribution and service fees | &nbsp;&nbsp; 154046 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 379454 |
| Total Liabilities | &nbsp;&nbsp; 2656152442 |
| **Net Assets**  | &nbsp;&nbsp; $1466761932 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1671448943 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (204687011)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1466761932 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $701157999 |
| Class B | &nbsp;&nbsp; 749926169 |
| Class E | &nbsp;&nbsp; 15677764 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 69822771 |
| Class B | &nbsp;&nbsp; 75472856 |
| Class E | &nbsp;&nbsp; 1572646 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.04 |
| Class B | 9.94 |
| Class E | 9.97 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $1,925,368,267.

(b) Identified cost of cash denominated in foreign currencies was $9,724,725.

(c) Includes collateral of $146,000 for futures contracts and $1,668,000 for centrally cleared swap contracts. 

(d) Included within TBA securities sold is $96,290,193 related to TBA forward sale commitments and included within TBA securities purchased is $53,559,531 related to TBA forward sale commitments. 

(e) Premiums received on written options were $1,739,672.

(f) Includes collateral of $930,000 for secured borrowing transactions, $2,980,000 for OTC derivative contracts and $1,122,000 for TBA securities. 

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $33750 |
| Interest (a) | &nbsp;&nbsp; 40946475 |
| Total investment income | &nbsp;&nbsp; 40980225 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3604852 |
| Administration fees | &nbsp;&nbsp; 44115 |
| Custodian and accounting fees | &nbsp;&nbsp; 89736 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 948469 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 11217 |
| Interest expense | &nbsp;&nbsp; 3722907 |
| Audit and tax services | &nbsp;&nbsp; 72474 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 44098 |
| Insurance | &nbsp;&nbsp; 6680 |
| Miscellaneous | &nbsp;&nbsp; 13191 |
| Total expenses | &nbsp;&nbsp; 8600496 |
| Less management fee waiver | &nbsp;&nbsp; (65476)<br>|
| Net expenses | &nbsp;&nbsp; 8535020 |
| **Net Investment Income** | &nbsp;&nbsp; 32445205 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (11955399)<br>|
| Futures contracts | &nbsp;&nbsp; (1627894)<br>|
| Written options | &nbsp;&nbsp; 418235 |
| Swap contracts | &nbsp;&nbsp; 206557 |
| Foreign currency transactions | &nbsp;&nbsp; 15486 |
| Forward foreign currency transactions | &nbsp;&nbsp; (10511638)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (23454653)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 63068876 |
| Futures contracts | &nbsp;&nbsp; (4972450)<br>|
| Written options | &nbsp;&nbsp; (222717)<br>|
| Swap contracts | &nbsp;&nbsp; 18796461 |
| Foreign currency transactions | &nbsp;&nbsp; (664672)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; (9481441)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 66524057 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 43069404 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $75514609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $51.

*See accompanying notes to financial statements.*

**BHFTI-391**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $32445205 | &nbsp;&nbsp; $62988214 |
| Net realized gain (loss) | &nbsp;&nbsp; (23454653)<br>| &nbsp;&nbsp; (3644700)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 66524057 | &nbsp;&nbsp; (20996512)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 75514609 | &nbsp;&nbsp; 38347002 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (14021075)<br>| &nbsp;&nbsp; 0 |
| Class B | &nbsp;&nbsp; (13142741)<br>| &nbsp;&nbsp; 0 |
| Class E | &nbsp;&nbsp; (291407)<br>| &nbsp;&nbsp; 0 |
| **Total distributions** | &nbsp;&nbsp; (27455223)<br>| &nbsp;&nbsp; 0 |
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (88704176)<br>| &nbsp;&nbsp; (208415868)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (40644790)<br>| &nbsp;&nbsp; (170068866)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1507406722 | &nbsp;&nbsp; 1677475588 |
| End of period | &nbsp;&nbsp; $1466761932 | &nbsp;&nbsp; $1507406722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1655123 | &nbsp;&nbsp; $16589571 | &nbsp;&nbsp; 1890582 | &nbsp;&nbsp; $18105259 |
| Reinvestments | &nbsp;&nbsp; 1417702 | &nbsp;&nbsp; 14021075 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Redemptions | &nbsp;&nbsp; (6581666)<br>| &nbsp;&nbsp; (65720165)<br>| &nbsp;&nbsp; (16698403)<br>| &nbsp;&nbsp; (161343342)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3508841)<br>| &nbsp;&nbsp; $(35109519)<br>| &nbsp;&nbsp; (14807821)<br>| &nbsp;&nbsp; $(143238083)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 1297129 | &nbsp;&nbsp; $12792260 | &nbsp;&nbsp; 4646463 | &nbsp;&nbsp; $44222266 |
| Reinvestments | &nbsp;&nbsp; 1343839 | &nbsp;&nbsp; 13142741 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Redemptions | &nbsp;&nbsp; (8093671)<br>| &nbsp;&nbsp; (80157440)<br>| &nbsp;&nbsp; (11051391)<br>| &nbsp;&nbsp; (106180439)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (5452703)<br>| &nbsp;&nbsp; $(54222439)<br>| &nbsp;&nbsp; (6404928)<br>| &nbsp;&nbsp; $(61958173)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 200777 | &nbsp;&nbsp; $1999098 | &nbsp;&nbsp; 86893 | &nbsp;&nbsp; $832558 |
| Reinvestments | &nbsp;&nbsp; 29705 | &nbsp;&nbsp; 291407 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Redemptions | &nbsp;&nbsp; (167125)<br>| &nbsp;&nbsp; (1662723)<br>| &nbsp;&nbsp; (423671)<br>| &nbsp;&nbsp; (4052170)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 63357 | &nbsp;&nbsp; $627782 | &nbsp;&nbsp; (336778)<br>| &nbsp;&nbsp; $(3219612)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(88704176)<br>|  | &nbsp;&nbsp; $(208415868)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-392**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp;&nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $10.02 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Total income (loss) from investment operations | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.32)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $10.85 |
| **Total Return (%)** (c) | 5.21 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp; (11.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp; 11.74 <br>(e)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.04 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.53 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net ratio of expenses to average net assets (%) (g) (h) | 1.03 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net ratio of expenses to average net assets excluding interest expense (%) (g) (h) | 0.52 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Ratio of net investment income (loss) to average net assets (%) | 4.55 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 97 <br>(d)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 228 <br>(i)<br>| &nbsp;&nbsp; 120 <br>(i)<br>| &nbsp;&nbsp; 65 <br>(i)<br>| &nbsp;&nbsp; 129 <br>(i)<br>| &nbsp;&nbsp; 209 <br>(i)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $701.2 | &nbsp;&nbsp;&nbsp;&nbsp; $714.1 | &nbsp;&nbsp; $837.7 | &nbsp;&nbsp; $940.2 | &nbsp;&nbsp; $1258.3 | &nbsp;&nbsp; $1219.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $9.93 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Total income (loss) from investment operations | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.30)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp;&nbsp;&nbsp; $9.62 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $10.75 |
| **Total Return (%)** (c) | 5.20 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; (11.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp; 11.43 <br>(e)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.29 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.78 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net ratio of expenses to average net assets (%) (g) (h) | 1.28 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Net ratio of expenses to average net assets excluding interest expense (%) (g) (h) | 0.77 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Ratio of net investment income (loss) to average net assets (%) | 4.29 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 97 <br>(d)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 228 <br>(i)<br>| &nbsp;&nbsp; 120 <br>(i)<br>| &nbsp;&nbsp; 65 <br>(i)<br>| &nbsp;&nbsp; 129 <br>(i)<br>| &nbsp;&nbsp; 209 <br>(i)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $749.9 | &nbsp;&nbsp;&nbsp;&nbsp; $778.8 | &nbsp;&nbsp; $822.3 | &nbsp;&nbsp; $853.3 | &nbsp;&nbsp; $1111.1 | &nbsp;&nbsp; $1036.8 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-393**

------

**Brighthouse Funds Trust I**

**PIMCO Inflation Protected Bond Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $9.96 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Total income (loss) from investment operations | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.31)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distributions from return of capital | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $9.32 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $10.78 |
| **Total Return (%)** (c) | 5.20 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; (11.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp; 11.52 <br>(e)<br>|
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.19 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.68 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net ratio of expenses to average net assets (%) (g) (h) | 1.18 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net ratio of expenses to average net assets excluding interest expense (%) (g) (h) | 0.67 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Ratio of net investment income (loss) to average net assets (%) | 4.43 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 97 <br>(d)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 228 <br>(i)<br>| &nbsp;&nbsp; 120 <br>(i)<br>| &nbsp;&nbsp; 65 <br>(i)<br>| &nbsp;&nbsp; 129 <br>(i)<br>| &nbsp;&nbsp; 209 <br>(i)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $15.7 | &nbsp;&nbsp;&nbsp;&nbsp; $14.6 | &nbsp;&nbsp; $17.4 | &nbsp;&nbsp; $20.1 | &nbsp;&nbsp; $24.1 | &nbsp;&nbsp; $23.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions from return of capital were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2025 and for each of the years ended December 31, 2024 through 2020 (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(i) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 10%, 23%, 28%, 23%, 36%, and 30% for the six months ended June 30, 2025 and for each of the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTI-394**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Agency Sponsored Mortgage-Backed Securities—49.8% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 2.6%** | **Agency Collateralized Mortgage Obligations — 2.6%** | **Agency Collateralized Mortgage Obligations — 2.6%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 3.500%, 01/15/42 | 7124249 | &nbsp;&nbsp; $6706406 |
| 4.608%, SOFR30A + 0.304%, 10/15/43 (a) | 3226477 | &nbsp;&nbsp; 3162268 |
| 4.668%, SOFR30A + 0.364%, 07/15/34 (a) | 1908 | &nbsp;&nbsp; 1900 |
| 5.605%, SOFR30A + 1.300%, 05/25/54 (a) | 5289194 | &nbsp;&nbsp; 5250794 |
| Federal Home Loan Mortgage Corp. Structured Pass-<br> Through Certificates<br>|  |  |
| 5.599%, 12M MTA + 1.200%, 10/25/44 (a) | 240353 | &nbsp;&nbsp; 220054 |
| 5.599%, 12M MTA + 1.200%, 02/25/45 (a) | 21764 | &nbsp;&nbsp; 21028 |
| 5.799%, 12M MTA + 1.400%, 07/25/44 (a) | 1117572 | &nbsp;&nbsp; 1079736 |
| Federal National Mortgage Association REMICS |  |  |
| 4.800%, SOFR30A + 0.494%, 11/25/42 (a) | 1186474 | &nbsp;&nbsp; 1177742 |
| 4.816%, SOFR30A + 0.514%, 09/18/31 (a) | 5608 | &nbsp;&nbsp; 5605 |
| 5.320%, SOFR30A + 1.014%, 04/25/32 (a) | 3269 | &nbsp;&nbsp; 3279 |
| 6.782%, 05/25/35 (a) | 131711 | &nbsp;&nbsp; 134878 |
| Government National Mortgage Association REMICS |  |  |
| 4.786%, 1M TSFR + 0.454%, 12/20/62 (a) | 23484 | &nbsp;&nbsp; 23478 |
| 4.802%, SOFR30A + 0.500%, 01/20/72 (a) | 3870229 | &nbsp;&nbsp; 3813836 |
| 5.046%, 1M TSFR + 0.714%, 08/20/65 (a) | 834899 | &nbsp;&nbsp; 834519 |
| 5.046%, 1M TSFR + 0.714%, 10/20/65 (a) | 1113401 | &nbsp;&nbsp; 1117291 |
| 5.096%, 1M TSFR + 0.764%, 06/20/66 (a) | 255302 | &nbsp;&nbsp; 256342 |
| 5.102%, SOFR30A + 0.800%, 01/20/73 (a) | 7091544 | &nbsp;&nbsp; 7099805 |
| 5.182%, SOFR30A + 0.880%, 03/20/73 (a) | 7677159 | &nbsp;&nbsp; 7713780 |
| 5.202%, SOFR30A + 0.900%, 01/20/73 (a) | 12242007 | &nbsp;&nbsp; 12239517 |
| 5.202%, SOFR30A + 0.900%, 12/20/73 (a) | 15963505 | &nbsp;&nbsp; 16009340 |
| 5.296%, 1M TSFR + 0.964%, 09/20/66 (a) | 2137965 | &nbsp;&nbsp; 2144668 |
| 5.322%, SOFR30A + 1.020%, 12/20/72 (a) | 4957585 | &nbsp;&nbsp; 5010696 |
| 5.446%, 1M TSFR + 1.114%, 12/20/65 (a) | 7152540 | &nbsp;&nbsp; 7183592 |
| 5.446%, 1M TSFR + 1.114%, 01/20/67 (a) | 3097353 | &nbsp;&nbsp; 3112969 |
| 6.111%, 12M TSFR + 1.515%, 09/20/67 (a) | 3726726 | &nbsp;&nbsp; 3785514 |
| 7.519%, 09/20/66 (a) | 2791040 | &nbsp;&nbsp; 2856785 |
|  |  | &nbsp;&nbsp; 90965822 |
| **Agency Mortgage-Backed Securities — 47.2%** | **Agency Mortgage-Backed Securities — 47.2%** | **Agency Mortgage-Backed Securities — 47.2%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.500%, 12/01/32 | 5420876 | &nbsp;&nbsp; 5228734 |
| 3.500%, 12/01/26 | 3364 | &nbsp;&nbsp; 3342 |
| 3.500%, 05/01/32 | 54914 | &nbsp;&nbsp; 54129 |
| 3.500%, 07/01/33 | 137765 | &nbsp;&nbsp; 135572 |
| 3.500%, 08/01/33 | 4183 | &nbsp;&nbsp; 4115 |
| 3.500%, 09/01/33 | 172539 | &nbsp;&nbsp; 169718 |
| 3.500%, 11/01/33 | 373520 | &nbsp;&nbsp; 367399 |
| 3.500%, 01/01/34 | 40036 | &nbsp;&nbsp; 39370 |
| 3.500%, 02/01/34 | 65474 | &nbsp;&nbsp; 64358 |
| 3.500%, 04/01/34 | 685549 | &nbsp;&nbsp; 670511 |
| 3.500%, 05/01/34 | 267575 | &nbsp;&nbsp; 262911 |
| 3.500%, 10/01/34 | 57683 | &nbsp;&nbsp; 56057 |
| 3.500%, 11/01/34 | 24360 | &nbsp;&nbsp; 23674 |
| 3.500%, 03/01/35 | 98587 | &nbsp;&nbsp; 95626 |
| 3.500%, 09/01/52 | 292624 | &nbsp;&nbsp; 263569 |
| 4.000%, 06/01/30 | 11403 | &nbsp;&nbsp; 11341 |
| 4.000%, 09/01/30 | 62877 | &nbsp;&nbsp; 62520 |
| 4.000%, 10/01/30 | 3359 | &nbsp;&nbsp; 3340 |
| 4.000%, 11/01/33 | 15131 | &nbsp;&nbsp; 15069 |
| 4.000%, 12/01/40 | 129082 | &nbsp;&nbsp; 124946 |
| 4.000%, 10/01/52 | 2285315 | &nbsp;&nbsp; 2129417 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.500%, 04/01/34 | 4517 | &nbsp;&nbsp; $4511 |
| 4.500%, 06/01/35 | 14162 | &nbsp;&nbsp; 14115 |
| 4.500%, 04/01/41 | 20932 | &nbsp;&nbsp; 20819 |
| 5.000%, 10/01/52 | 340657 | &nbsp;&nbsp; 336194 |
| 5.000%, 05/01/53 | 5948103 | &nbsp;&nbsp; 5847586 |
| 5.000%, 06/01/53 | 7161399 | &nbsp;&nbsp; 7100836 |
| 5.000%, 09/01/53 | 713610 | &nbsp;&nbsp; 704337 |
| 5.000%, 08/01/54 | 286021 | &nbsp;&nbsp; 280392 |
| 5.500%, 01/01/33 | 289 | &nbsp;&nbsp; 299 |
| 5.500%, 05/01/33 | 418 | &nbsp;&nbsp; 423 |
| 5.500%, 08/01/33 | 403 | &nbsp;&nbsp; 412 |
| 5.500%, 10/01/33 | 1127 | &nbsp;&nbsp; 1163 |
| 5.500%, 01/01/34 | 607 | &nbsp;&nbsp; 615 |
| 5.500%, 09/01/34 | 9216 | &nbsp;&nbsp; 9290 |
| 5.500%, 01/01/35 | 7457 | &nbsp;&nbsp; 7678 |
| 5.500%, 07/01/35 | 427 | &nbsp;&nbsp; 437 |
| 5.500%, 10/01/35 | 7521 | &nbsp;&nbsp; 7744 |
| 5.500%, 11/01/35 | 19122 | &nbsp;&nbsp; 19474 |
| 5.500%, 12/01/35 | 11381 | &nbsp;&nbsp; 11759 |
| 5.500%, 01/01/36 | 9625 | &nbsp;&nbsp; 9944 |
| 5.500%, 04/01/36 | 5014 | &nbsp;&nbsp; 5165 |
| 5.500%, 06/01/36 | 382778 | &nbsp;&nbsp; 394729 |
| 5.500%, 07/01/36 | 8023 | &nbsp;&nbsp; 8290 |
| 5.500%, 08/01/36 | 10731 | &nbsp;&nbsp; 10916 |
| 5.500%, 10/01/36 | 1409 | &nbsp;&nbsp; 1431 |
| 5.500%, 12/01/36 | 57811 | &nbsp;&nbsp; 59714 |
| 5.500%, 02/01/37 | 5734 | &nbsp;&nbsp; 5907 |
| 5.500%, 03/01/37 | 3857 | &nbsp;&nbsp; 3980 |
| 5.500%, 04/01/37 | 22011 | &nbsp;&nbsp; 22454 |
| 5.500%, 06/01/37 | 28525 | &nbsp;&nbsp; 29256 |
| 5.500%, 07/01/37 | 47518 | &nbsp;&nbsp; 49002 |
| 5.500%, 08/01/37 | 18578 | &nbsp;&nbsp; 19163 |
| 5.500%, 09/01/37 | 3187 | &nbsp;&nbsp; 3286 |
| 5.500%, 10/01/37 | 2594 | &nbsp;&nbsp; 2672 |
| 5.500%, 11/01/37 | 58494 | &nbsp;&nbsp; 60321 |
| 5.500%, 12/01/37 | 4045 | &nbsp;&nbsp; 4142 |
| 5.500%, 01/01/38 | 20110 | &nbsp;&nbsp; 20697 |
| 5.500%, 02/01/38 | 51005 | &nbsp;&nbsp; 52497 |
| 5.500%, 03/01/38 | 24617 | &nbsp;&nbsp; 25225 |
| 5.500%, 04/01/38 | 38083 | &nbsp;&nbsp; 39194 |
| 5.500%, 05/01/38 | 31674 | &nbsp;&nbsp; 32345 |
| 5.500%, 06/01/38 | 82789 | &nbsp;&nbsp; 84957 |
| 5.500%, 07/01/38 | 101956 | &nbsp;&nbsp; 104908 |
| 5.500%, 08/01/38 | 264406 | &nbsp;&nbsp; 272472 |
| 5.500%, 09/01/38 | 70083 | &nbsp;&nbsp; 71940 |
| 5.500%, 10/01/38 | 2093987 | &nbsp;&nbsp; 2149886 |
| 5.500%, 11/01/38 | 879696 | &nbsp;&nbsp; 904335 |
| 5.500%, 12/01/38 | 4577 | &nbsp;&nbsp; 4685 |
| 5.500%, 01/01/39 | 177566 | &nbsp;&nbsp; 182844 |
| 5.500%, 02/01/39 | 44288 | &nbsp;&nbsp; 45366 |
| 5.500%, 03/01/39 | 18969 | &nbsp;&nbsp; 19508 |
| 5.500%, 06/01/39 | 664299 | &nbsp;&nbsp; 682103 |
| 5.500%, 09/01/39 | 8962 | &nbsp;&nbsp; 9235 |
| 5.500%, 02/01/40 | 20430 | &nbsp;&nbsp; 20961 |
| 5.500%, 03/01/40 | 3261 | &nbsp;&nbsp; 3346 |

---

*See accompanying notes to financial statements.*

**BHFTI-395**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.500%, 05/01/40 | 676 | &nbsp;&nbsp; $694 |
| 5.500%, 08/01/40 | 21869 | &nbsp;&nbsp; 22383 |
| 5.500%, 02/01/54 | 31712 | &nbsp;&nbsp; 31717 |
| 5.500%, 03/01/54 | 2044584 | &nbsp;&nbsp; 2044968 |
| 6.000%, 10/01/53 | 9581235 | &nbsp;&nbsp; 9757868 |
| 6.000%, 11/01/53 | 850854 | &nbsp;&nbsp; 865463 |
| 6.000%, 12/01/53 | 16544708 | &nbsp;&nbsp; 16834486 |
| 6.000%, 01/01/54 | 2677427 | &nbsp;&nbsp; 2724014 |
| 6.000%, 02/01/54 | 3387196 | &nbsp;&nbsp; 3445353 |
| 6.000%, 07/01/54 | 20285015 | &nbsp;&nbsp; 20624996 |
| 6.000%, 08/01/54 | 3557677 | &nbsp;&nbsp; 3616255 |
| 6.340%, 1Y H15 + 2.108%, 02/01/35 (a) | 12568 | &nbsp;&nbsp; 12938 |
| 6.402%, 1Y H15 + 2.250%, 11/01/34 (a) | 11135 | &nbsp;&nbsp; 11496 |
| 6.500%, 1Y H15 + 2.250%, 02/01/35 (a) | 9148 | &nbsp;&nbsp; 9458 |
| 6.510%, 1Y H15 + 2.250%, 01/01/35 (a) | 22218 | &nbsp;&nbsp; 22959 |
| 6.525%, 1Y RFUCCT + 1.900%, 11/01/34 (a) | 1937 | &nbsp;&nbsp; 1964 |
| 6.540%, 1Y RFUCCT + 1.625%, 02/01/35 (a) | 8504 | &nbsp;&nbsp; 8746 |
| 6.552%, 1Y RFUCCT + 1.677%, 01/01/35 (a) | 4247 | &nbsp;&nbsp; 4317 |
| 6.575%, 1Y RFUCCT + 1.621%, 02/01/35 (a) | 2757 | &nbsp;&nbsp; 2811 |
| 6.597%, 1Y H15 + 2.250%, 08/01/35 (a) | 46234 | &nbsp;&nbsp; 47763 |
| 6.657%, 1Y RFUCCT + 1.678%, 02/01/35 (a) | 4901 | &nbsp;&nbsp; 4988 |
| 6.677%, 1Y H15 + 2.250%, 11/01/31 (a) | 3508 | &nbsp;&nbsp; 3569 |
| 6.764%, 1Y H15 + 2.250%, 06/01/35 (a) | 103343 | &nbsp;&nbsp; 106710 |
| 6.841%, 1Y RFUCCT + 1.901%, 02/01/35 (a) | 8574 | &nbsp;&nbsp; 8847 |
| 6.932%, 1Y H15 + 2.107%, 10/01/34 (a) | 7802 | &nbsp;&nbsp; 7982 |
| 7.017%, 1Y RFUCCT + 1.892%, 11/01/34 (a) | 6505 | &nbsp;&nbsp; 6659 |
| 7.044%, 1Y RFUCCT + 1.345%, 09/01/35 (a) | 34848 | &nbsp;&nbsp; 35588 |
| 7.144%, 1Y H15 + 2.179%, 09/01/35 (a) | 30328 | &nbsp;&nbsp; 31087 |
| 7.400%, 1Y RFUCCT + 1.900%, 11/01/34 (a) | 2143 | &nbsp;&nbsp; 2190 |
| 7.434%, 1Y H15 + 2.436%, 01/01/29 (a) | 11022 | &nbsp;&nbsp; 11040 |
| 7.711%, 1Y RFUCCT + 1.961%, 08/01/32 (a) | 23539 | &nbsp;&nbsp; 23937 |
| Federal National Mortgage Association |  |  |
| 3.000%, 09/01/28 | 64491 | &nbsp;&nbsp; 63279 |
| 3.000%, 06/01/30 | 2382150 | &nbsp;&nbsp; 2331350 |
| 3.000%, 08/01/49 | 1961521 | &nbsp;&nbsp; 1701700 |
| 3.500%, 10/01/26 | 9089 | &nbsp;&nbsp; 9006 |
| 3.500%, 12/01/26 | 28463 | &nbsp;&nbsp; 28194 |
| 3.500%, 04/01/27 | 3600 | &nbsp;&nbsp; 3574 |
| 3.500%, 12/01/28 | 100845 | &nbsp;&nbsp; 99284 |
| 3.500%, 03/01/29 | 72981 | &nbsp;&nbsp; 72135 |
| 3.500%, 07/01/29 | 16133 | &nbsp;&nbsp; 15889 |
| 3.500%, 12/01/31 | 22620 | &nbsp;&nbsp; 22262 |
| 3.500%, 05/01/32 | 115634 | &nbsp;&nbsp; 113982 |
| 3.500%, 06/01/32 | 197566 | &nbsp;&nbsp; 194725 |
| 3.500%, 05/01/33 | 107190 | &nbsp;&nbsp; 105257 |
| 3.500%, 06/01/33 | 138206 | &nbsp;&nbsp; 135989 |
| 3.500%, 08/01/33 | 85228 | &nbsp;&nbsp; 83854 |
| 3.500%, 09/01/33 | 387389 | &nbsp;&nbsp; 381118 |
| 3.500%, 10/01/33 | 217032 | &nbsp;&nbsp; 212538 |
| 3.500%, 05/01/34 | 3688590 | &nbsp;&nbsp; 3623885 |
| 3.500%, 07/01/34 | 181937 | &nbsp;&nbsp; 176813 |
| 3.500%, 09/01/34 | 436587 | &nbsp;&nbsp; 426234 |
| 3.500%, 02/01/35 | 25316 | &nbsp;&nbsp; 24573 |
| 3.500%, 03/01/35 | 55155 | &nbsp;&nbsp; 54211 |
| 3.500%, 05/01/35 | 1721806 | &nbsp;&nbsp; 1688720 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.500%, 04/01/40 | 231064 | &nbsp;&nbsp; $221059 |
| 3.500%, 05/01/40 | 3308881 | &nbsp;&nbsp; 3166427 |
| 4.000%, 08/01/25 | 179 | &nbsp;&nbsp; 178 |
| 4.000%, 02/01/26 | 1652 | &nbsp;&nbsp; 1644 |
| 4.000%, 03/01/26 | 429 | &nbsp;&nbsp; 427 |
| 4.000%, 06/01/26 | 1265 | &nbsp;&nbsp; 1258 |
| 4.000%, 04/01/29 | 5858 | &nbsp;&nbsp; 5811 |
| 4.000%, 05/01/29 | 16522 | &nbsp;&nbsp; 16390 |
| 4.000%, 03/01/30 | 11509 | &nbsp;&nbsp; 11449 |
| 4.000%, 05/01/30 | 19841 | &nbsp;&nbsp; 19706 |
| 4.000%, 08/01/30 | 16351 | &nbsp;&nbsp; 16246 |
| 4.000%, 09/01/30 | 14948 | &nbsp;&nbsp; 14851 |
| 4.000%, 10/01/30 | 497 | &nbsp;&nbsp; 493 |
| 4.000%, 11/01/30 | 57309 | &nbsp;&nbsp; 56907 |
| 4.000%, 12/01/30 | 8508 | &nbsp;&nbsp; 8445 |
| 4.000%, 06/01/31 | 1093 | &nbsp;&nbsp; 1084 |
| 4.000%, 09/01/31 | 30946 | &nbsp;&nbsp; 30709 |
| 4.000%, 11/01/33 | 24650 | &nbsp;&nbsp; 24573 |
| 4.000%, 05/01/34 | 38502 | &nbsp;&nbsp; 37508 |
| 4.000%, 05/01/35 | 15750 | &nbsp;&nbsp; 15074 |
| 4.000%, 01/01/41 | 22426 | &nbsp;&nbsp; 21648 |
| 4.000%, 12/01/43 | 138115 | &nbsp;&nbsp; 132967 |
| 4.000%, 06/01/52 | 398377 | &nbsp;&nbsp; 374279 |
| 4.000%, 10/01/52 | 1423629 | &nbsp;&nbsp; 1338964 |
| 4.300%, 11/01/29 | 1300000 | &nbsp;&nbsp; 1305919 |
| 4.500%, 07/01/25 | 1437 | &nbsp;&nbsp; 1433 |
| 4.500%, 08/01/25 | 31 | &nbsp;&nbsp; 31 |
| 4.500%, 09/01/25 | 164 | &nbsp;&nbsp; 163 |
| 4.500%, 11/01/25 | 984 | &nbsp;&nbsp; 981 |
| 4.500%, 04/01/26 | 226 | &nbsp;&nbsp; 226 |
| 4.500%, 01/01/27 | 36 | &nbsp;&nbsp; 36 |
| 4.500%, 04/01/31 | 5633 | &nbsp;&nbsp; 5653 |
| 4.500%, 04/01/39 | 9889 | &nbsp;&nbsp; 9866 |
| 4.500%, 05/01/39 | 18550 | &nbsp;&nbsp; 18508 |
| 4.500%, 12/01/39 | 3620 | &nbsp;&nbsp; 3611 |
| 4.500%, 05/01/40 | 7092 | &nbsp;&nbsp; 7073 |
| 4.500%, 09/01/40 | 8031 | &nbsp;&nbsp; 8004 |
| 4.500%, 12/01/40 | 28571 | &nbsp;&nbsp; 28445 |
| 4.500%, 07/01/41 | 5596 | &nbsp;&nbsp; 5449 |
| 4.500%, 09/01/41 | 143140 | &nbsp;&nbsp; 140094 |
| 4.500%, 03/01/42 | 18418 | &nbsp;&nbsp; 18126 |
| 4.500%, 07/01/42 | 85986 | &nbsp;&nbsp; 83614 |
| 4.500%, 05/01/53 | 4759287 | &nbsp;&nbsp; 4565856 |
| 4.887%, ECOFC + 1.933%, 12/01/36 (a) | 7281 | &nbsp;&nbsp; 7220 |
| 5.000%, 04/01/33 | 11707 | &nbsp;&nbsp; 11647 |
| 5.000%, 07/01/33 | 22223 | &nbsp;&nbsp; 22306 |
| 5.000%, 08/01/33 | 469 | &nbsp;&nbsp; 471 |
| 5.000%, 09/01/33 | 417 | &nbsp;&nbsp; 422 |
| 5.000%, 10/01/33 | 4380 | &nbsp;&nbsp; 4432 |
| 5.000%, 11/01/33 | 114 | &nbsp;&nbsp; 115 |
| 5.000%, 01/01/34 | 9957 | &nbsp;&nbsp; 9987 |
| 5.000%, 04/01/34 | 27959 | &nbsp;&nbsp; 28277 |
| 5.000%, 06/01/34 | 513 | &nbsp;&nbsp; 520 |
| 5.000%, 12/01/34 | 10780 | &nbsp;&nbsp; 10927 |
| 5.000%, 01/01/35 | 13205 | &nbsp;&nbsp; 13391 |

---

*See accompanying notes to financial statements.*

**BHFTI-396**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.000%, 04/01/35 | 12 | &nbsp;&nbsp; $12 |
| 5.000%, 07/01/35 | 14751 | &nbsp;&nbsp; 14724 |
| 5.000%, 01/01/38 | 35861 | &nbsp;&nbsp; 36466 |
| 5.000%, 04/01/39 | 6869 | &nbsp;&nbsp; 6970 |
| 5.000%, 10/01/39 | 959 | &nbsp;&nbsp; 965 |
| 5.000%, 11/01/39 | 4908 | &nbsp;&nbsp; 4969 |
| 5.000%, 06/01/40 | 9317 | &nbsp;&nbsp; 9433 |
| 5.000%, 11/01/42 | 33542 | &nbsp;&nbsp; 33959 |
| 5.000%, 04/01/53 | 48168704 | &nbsp;&nbsp; 47362384 |
| 5.000%, 06/01/53 | 784758 | &nbsp;&nbsp; 773153 |
| 5.000%, 07/01/53 | 8806762 | &nbsp;&nbsp; 8684696 |
| 5.500%, 12/01/28 | 411 | &nbsp;&nbsp; 412 |
| 5.500%, 06/01/33 | 11897 | &nbsp;&nbsp; 12159 |
| 5.500%, 07/01/33 | 2778 | &nbsp;&nbsp; 2841 |
| 5.500%, 09/01/33 | 56838 | &nbsp;&nbsp; 57042 |
| 5.500%, 11/01/33 | 76714 | &nbsp;&nbsp; 76719 |
| 5.500%, 12/01/33 | 353 | &nbsp;&nbsp; 357 |
| 5.500%, 04/01/34 | 575 | &nbsp;&nbsp; 587 |
| 5.500%, 07/01/34 | 3996 | &nbsp;&nbsp; 3997 |
| 5.500%, 08/01/34 | 69487 | &nbsp;&nbsp; 71338 |
| 5.500%, 09/01/34 | 1037 | &nbsp;&nbsp; 1066 |
| 5.500%, 11/01/34 | 76885 | &nbsp;&nbsp; 78968 |
| 5.500%, 12/01/34 | 186843 | &nbsp;&nbsp; 192273 |
| 5.500%, 01/01/35 | 68447 | &nbsp;&nbsp; 70414 |
| 5.500%, 02/01/35 | 88419 | &nbsp;&nbsp; 91023 |
| 5.500%, 03/01/35 | 180213 | &nbsp;&nbsp; 185827 |
| 5.500%, 04/01/35 | 9743 | &nbsp;&nbsp; 9857 |
| 5.500%, 05/01/35 | 31435 | &nbsp;&nbsp; 32403 |
| 5.500%, 06/01/35 | 50096 | &nbsp;&nbsp; 51604 |
| 5.500%, 08/01/35 | 42076 | &nbsp;&nbsp; 43378 |
| 5.500%, 09/01/35 | 513332 | &nbsp;&nbsp; 529568 |
| 5.500%, 10/01/35 | 51629 | &nbsp;&nbsp; 53283 |
| 5.500%, 12/01/35 | 267291 | &nbsp;&nbsp; 275239 |
| 5.500%, 01/01/36 | 70922 | &nbsp;&nbsp; 73195 |
| 5.500%, 03/01/36 | 57051 | &nbsp;&nbsp; 58880 |
| 5.500%, 05/01/36 | 455 | &nbsp;&nbsp; 470 |
| 5.500%, 07/01/36 | 246473 | &nbsp;&nbsp; 253762 |
| 5.500%, 09/01/36 | 29381 | &nbsp;&nbsp; 30189 |
| 5.500%, 11/01/36 | 17240 | &nbsp;&nbsp; 17784 |
| 5.500%, 12/01/36 | 1085 | &nbsp;&nbsp; 1105 |
| 5.500%, 02/01/37 | 307 | &nbsp;&nbsp; 316 |
| 5.500%, 05/01/37 | 6991 | &nbsp;&nbsp; 7154 |
| 5.500%, 08/01/37 | 226273 | &nbsp;&nbsp; 233526 |
| 5.500%, 01/01/38 | 1996 | &nbsp;&nbsp; 2050 |
| 5.500%, 02/01/38 | 68339 | &nbsp;&nbsp; 70365 |
| 5.500%, 03/01/38 | 329091 | &nbsp;&nbsp; 337639 |
| 5.500%, 05/01/38 | 495329 | &nbsp;&nbsp; 508997 |
| 5.500%, 06/01/38 | 17638 | &nbsp;&nbsp; 18082 |
| 5.500%, 09/01/38 | 16299 | &nbsp;&nbsp; 16662 |
| 5.500%, 10/01/38 | 155759 | &nbsp;&nbsp; 160753 |
| 5.500%, 11/01/38 | 42668 | &nbsp;&nbsp; 43811 |
| 5.500%, 01/01/39 | 12974 | &nbsp;&nbsp; 13317 |
| 5.500%, 07/01/39 | 5195 | &nbsp;&nbsp; 5282 |
| 5.500%, 11/01/39 | 542845 | &nbsp;&nbsp; 556279 |
| 5.500%, 02/01/40 | 119790 | &nbsp;&nbsp; 122757 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 5.500%, 06/01/40 | 45257 | &nbsp;&nbsp; $45766 |
| 5.500%, 09/01/40 | 77729 | &nbsp;&nbsp; 80033 |
| 5.500%, 07/01/41 | 920347 | &nbsp;&nbsp; 943122 |
| 5.500%, 02/01/49 | 47071 | &nbsp;&nbsp; 47820 |
| 5.500%, 07/01/53 | 926537 | &nbsp;&nbsp; 927785 |
| 5.500%, 08/01/53 | 2874215 | &nbsp;&nbsp; 2880042 |
| 5.500%, 09/01/53 | 443657 | &nbsp;&nbsp; 444331 |
| 5.500%, 10/01/53 | 465527 | &nbsp;&nbsp; 466136 |
| 5.500%, 02/01/54 | 2121518 | &nbsp;&nbsp; 2122189 |
| 5.613%, ECOFC + 1.738%, 09/01/34 (a) | 1810 | &nbsp;&nbsp; 1796 |
| 5.697%, 12M MTA + 1.200%, 08/01/41 (a) | 29891 | &nbsp;&nbsp; 29881 |
| 5.697%, 12M MTA + 1.200%, 07/01/42 (a) | 61225 | &nbsp;&nbsp; 61685 |
| 5.697%, 12M MTA + 1.200%, 08/01/42 (a) | 76506 | &nbsp;&nbsp; 76773 |
| 5.697%, 12M MTA + 1.200%, 10/01/44 (a) | 66412 | &nbsp;&nbsp; 66860 |
| 5.747%, 12M MTA + 1.250%, 09/01/41 (a) | 176735 | &nbsp;&nbsp; 177808 |
| 5.960%, 1Y RFUCCT + 1.335%, 12/01/34 (a) | 52004 | &nbsp;&nbsp; 52365 |
| 5.998%, 6M RFUCCT + 1.373%, 09/01/35 (a) | 71875 | &nbsp;&nbsp; 71949 |
| 6.000%, 12/01/28 | 4523 | &nbsp;&nbsp; 4601 |
| 6.000%, 01/01/29 | 2036 | &nbsp;&nbsp; 2097 |
| 6.000%, 02/01/29 | 8 | &nbsp;&nbsp; 8 |
| 6.000%, 04/01/29 | 420 | &nbsp;&nbsp; 429 |
| 6.000%, 06/01/29 | 525 | &nbsp;&nbsp; 539 |
| 6.000%, 11/01/32 | 27018 | &nbsp;&nbsp; 27473 |
| 6.000%, 12/01/32 | 24200 | &nbsp;&nbsp; 24753 |
| 6.000%, 03/01/33 | 3647 | &nbsp;&nbsp; 3791 |
| 6.000%, 05/01/33 | 3551 | &nbsp;&nbsp; 3689 |
| 6.000%, 07/01/33 | 3675 | &nbsp;&nbsp; 3813 |
| 6.000%, 01/01/34 | 277 | &nbsp;&nbsp; 283 |
| 6.000%, 11/01/34 | 2217 | &nbsp;&nbsp; 2253 |
| 6.000%, 04/01/35 | 173362 | &nbsp;&nbsp; 179518 |
| 6.000%, 05/01/35 | 4300 | &nbsp;&nbsp; 4480 |
| 6.000%, 06/01/35 | 156 | &nbsp;&nbsp; 158 |
| 6.000%, 07/01/35 | 11063 | &nbsp;&nbsp; 11365 |
| 6.000%, 09/01/35 | 1768 | &nbsp;&nbsp; 1848 |
| 6.000%, 11/01/35 | 103988 | &nbsp;&nbsp; 107527 |
| 6.000%, 12/01/35 | 7185 | &nbsp;&nbsp; 7408 |
| 6.000%, 04/01/36 | 976 | &nbsp;&nbsp; 1012 |
| 6.000%, 05/01/36 | 21190 | &nbsp;&nbsp; 22105 |
| 6.000%, 06/01/36 | 1062 | &nbsp;&nbsp; 1100 |
| 6.000%, 07/01/36 | 3488 | &nbsp;&nbsp; 3588 |
| 6.000%, 08/01/36 | 417212 | &nbsp;&nbsp; 437356 |
| 6.000%, 09/01/36 | 54014 | &nbsp;&nbsp; 56386 |
| 6.000%, 10/01/36 | 3247 | &nbsp;&nbsp; 3364 |
| 6.000%, 11/01/36 | 7091 | &nbsp;&nbsp; 7364 |
| 6.000%, 12/01/36 | 4073 | &nbsp;&nbsp; 4211 |
| 6.000%, 01/01/37 | 51090 | &nbsp;&nbsp; 53134 |
| 6.000%, 02/01/37 | 111903 | &nbsp;&nbsp; 117301 |
| 6.000%, 04/01/37 | 27641 | &nbsp;&nbsp; 28735 |
| 6.000%, 05/01/37 | 13494 | &nbsp;&nbsp; 13870 |
| 6.000%, 07/01/37 | 7167 | &nbsp;&nbsp; 7514 |
| 6.000%, 08/01/37 | 7329 | &nbsp;&nbsp; 7683 |
| 6.000%, 11/01/37 | 13093 | &nbsp;&nbsp; 13700 |
| 6.000%, 02/01/38 | 118543 | &nbsp;&nbsp; 124275 |
| 6.000%, 03/01/38 | 2439 | &nbsp;&nbsp; 2533 |
| 6.000%, 08/01/38 | 3191 | &nbsp;&nbsp; 3302 |

---

*See accompanying notes to financial statements.*

**BHFTI-397**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.000%, 09/01/38 | 243354 | &nbsp;&nbsp; $255123 |
| 6.000%, 10/01/38 | 18088 | &nbsp;&nbsp; 18963 |
| 6.000%, 01/01/39 | 18800 | &nbsp;&nbsp; 19709 |
| 6.000%, 04/01/39 | 115732 | &nbsp;&nbsp; 121329 |
| 6.000%, 07/01/39 | 23320 | &nbsp;&nbsp; 24371 |
| 6.000%, 08/01/39 | 113796 | &nbsp;&nbsp; 118436 |
| 6.000%, 05/01/49 | 869657 | &nbsp;&nbsp; 903263 |
| 6.000%, 11/01/53 | 10580316 | &nbsp;&nbsp; 10763041 |
| 6.025%, 1Y H15 + 1.900%, 02/01/31 (a) | 66574 | &nbsp;&nbsp; 66934 |
| 6.036%, 1Y RFUCCT + 1.261%, 12/01/34 (a) | 219655 | &nbsp;&nbsp; 222261 |
| 6.078%, 6M RFUCCT + 1.412%, 06/01/33 (a) | 4028 | &nbsp;&nbsp; 4070 |
| 6.163%, 6M RFUCCT + 1.538%, 01/01/36 (a) | 4407 | &nbsp;&nbsp; 4430 |
| 6.210%, 6M RFUCCT + 1.515%, 01/01/35 (a) | 21025 | &nbsp;&nbsp; 21534 |
| 6.213%, 12M MTA + 1.717%, 11/01/35 (a) | 47801 | &nbsp;&nbsp; 48711 |
| 6.224%, 1Y H15 + 2.018%, 07/01/33 (a) | 1556 | &nbsp;&nbsp; 1584 |
| 6.332%, 1Y RFUCCT + 1.355%, 03/01/35 (a) | 8209 | &nbsp;&nbsp; 8334 |
| 6.350%, 1Y RFUCCT + 1.350%, 11/01/34 (a) | 1590 | &nbsp;&nbsp; 1604 |
| 6.355%, 6M RFUCCT + 1.605%, 08/01/36 (a) | 12821 | &nbsp;&nbsp; 12956 |
| 6.410%, 1Y RFUCCT + 1.660%, 05/01/34 (a) | 174592 | &nbsp;&nbsp; 176382 |
| 6.429%, 1Y H15 + 2.193%, 02/01/35 (a) | 14153 | &nbsp;&nbsp; 14635 |
| 6.430%, 1Y RFUCCT + 1.554%, 01/01/35 (a) | 9003 | &nbsp;&nbsp; 9236 |
| 6.445%, 1Y RFUCCT + 1.630%, 01/01/35 (a) | 3880 | &nbsp;&nbsp; 3942 |
| 6.461%, 1Y RFUCCT + 1.645%, 12/01/34 (a) | 5482 | &nbsp;&nbsp; 5584 |
| 6.493%, 1Y RFUCCT + 1.618%, 03/01/33 (a) | 1104 | &nbsp;&nbsp; 1120 |
| 6.508%, 1Y RFUCCT + 1.564%, 01/01/35 (a) | 6178 | &nbsp;&nbsp; 6344 |
| 6.523%, 1Y RFUCCT + 1.539%, 01/01/35 (a) | 11149 | &nbsp;&nbsp; 11497 |
| 6.563%, 1Y H15 + 2.313%, 05/01/35 (a) | 48512 | &nbsp;&nbsp; 50258 |
| 6.569%, 1Y RFUCCT + 1.620%, 02/01/35 (a) | 4499 | &nbsp;&nbsp; 4648 |
| 6.628%, 1Y RFUCCT + 1.642%, 05/01/35 (a) | 10162 | &nbsp;&nbsp; 10493 |
| 6.634%, 1Y H15 + 2.095%, 10/01/35 (a) | 38798 | &nbsp;&nbsp; 39797 |
| 6.676%, 1Y H15 + 2.068%, 10/01/28 (a) | 24069 | &nbsp;&nbsp; 24125 |
| 6.722%, 1Y H15 + 2.215%, 09/01/31 (a) | 8170 | &nbsp;&nbsp; 8254 |
| 6.810%, 1Y RFUCCT + 1.810%, 04/01/35 (a) | 16565 | &nbsp;&nbsp; 17116 |
| 6.848%, 1Y RFUCCT + 1.670%, 11/01/34 (a) | 9711 | &nbsp;&nbsp; 10016 |
| 6.853%, 1Y RFUCCT + 1.595%, 10/01/34 (a) | 3675 | &nbsp;&nbsp; 3733 |
| 6.930%, 1Y H15 + 2.303%, 04/01/34 (a) | 909 | &nbsp;&nbsp; 939 |
| 7.015%, 1Y H15 + 2.143%, 11/01/35 (a) | 69915 | &nbsp;&nbsp; 72155 |
| 7.037%, 1Y H15 + 2.360%, 11/01/34 (a) | 277208 | &nbsp;&nbsp; 288112 |
| 7.117%, 1Y RFUCCT + 1.660%, 09/01/32 (a) | 30889 | &nbsp;&nbsp; 31455 |
| 7.348%, 1Y H15 + 2.223%, 08/01/35 (a) | 36966 | &nbsp;&nbsp; 38072 |
| 7.435%, 1Y RFUCCT + 1.810%, 09/01/34 (a) | 102354 | &nbsp;&nbsp; 104647 |
| 7.522%, 1Y RFUCCT + 1.750%, 08/01/35 (a) | 85445 | &nbsp;&nbsp; 87676 |
| 8.000%, 10/01/25 | 4 | &nbsp;&nbsp; 4 |
| Federal National Mortgage Association-ACES |  |  |
| 2.349%, 01/25/31 (a) (b) | 20594703 | &nbsp;&nbsp; 1190957 |
| Government National Mortgage Association |  |  |
| 3.000%, 11/15/49 | 1660617 | &nbsp;&nbsp; 1472509 |
| 4.000%, 03/15/52 | 8223383 | &nbsp;&nbsp; 7700946 |
| 4.500%, 12/20/49 | 9116 | &nbsp;&nbsp; 8862 |
| 4.625%, 1Y H15 + 1.500%, 08/20/27 (a) | 2918 | &nbsp;&nbsp; 2911 |
| 4.625%, 1Y H15 + 1.500%, 09/20/27 (a) | 16385 | &nbsp;&nbsp; 16492 |
| 4.625%, 1Y H15 + 1.500%, 07/20/29 (a) | 1297 | &nbsp;&nbsp; 1300 |
| 4.625%, 1Y H15 + 1.500%, 08/20/29 (a) | 1529 | &nbsp;&nbsp; 1534 |
| 4.625%, 1Y H15 + 1.500%, 09/20/29 (a) | 2423 | &nbsp;&nbsp; 2424 |
| 4.625%, 1Y H15 + 1.500%, 08/20/31 (a) | 421 | &nbsp;&nbsp; 422 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.625%, 1Y H15 + 1.500%, 09/20/33 (a) | 11725 | &nbsp;&nbsp; $11861 |
| 4.750%, 1Y H15 + 1.500%, 11/20/27 (a) | 1674 | &nbsp;&nbsp; 1673 |
| 4.750%, 1Y H15 + 1.500%, 10/20/28 (a) | 174 | &nbsp;&nbsp; 174 |
| 4.750%, 1Y H15 + 1.500%, 10/20/29 (a) | 934 | &nbsp;&nbsp; 933 |
| 4.750%, 1Y H15 + 1.500%, 11/20/30 (a) | 2064 | &nbsp;&nbsp; 2063 |
| 4.875%, 1Y H15 + 1.500%, 05/20/26 (a) | 230 | &nbsp;&nbsp; 230 |
| 4.875%, 1Y H15 + 1.500%, 06/20/27 (a) | 495 | &nbsp;&nbsp; 496 |
| 4.875%, 1Y H15 + 1.500%, 05/20/28 (a) | 699 | &nbsp;&nbsp; 702 |
| 4.875%, 1Y H15 + 1.500%, 05/20/29 (a) | 1231 | &nbsp;&nbsp; 1230 |
| 4.875%, 1Y H15 + 1.500%, 06/20/30 (a) | 1528 | &nbsp;&nbsp; 1526 |
| 4.875%, 1Y H15 + 1.500%, 04/20/31 (a) | 2171 | &nbsp;&nbsp; 2167 |
| 4.875%, 1Y H15 + 1.500%, 04/20/32 (a) | 1463 | &nbsp;&nbsp; 1464 |
| 4.875%, 1Y H15 + 1.500%, 05/20/32 (a) | 3101 | &nbsp;&nbsp; 3100 |
| 5.000%, 1Y H15 + 1.500%, 04/20/30 (a) | 2475 | &nbsp;&nbsp; 2477 |
| 5.000%, 1Y H15 + 1.500%, 05/20/30 (a) | 4549 | &nbsp;&nbsp; 4546 |
| 5.000%, 10/15/33 | 1972 | &nbsp;&nbsp; 1995 |
| 5.000%, 12/15/33 | 6174 | &nbsp;&nbsp; 6297 |
| 5.000%, 05/15/34 | 1860 | &nbsp;&nbsp; 1882 |
| 5.000%, 07/15/34 | 380 | &nbsp;&nbsp; 379 |
| 5.000%, 11/15/35 | 1121 | &nbsp;&nbsp; 1135 |
| 5.000%, 03/15/36 | 559 | &nbsp;&nbsp; 566 |
| 5.000%, 10/15/38 | 162421 | &nbsp;&nbsp; 164564 |
| 5.000%, 02/15/39 | 24995 | &nbsp;&nbsp; 25267 |
| 5.000%, 03/15/39 | 40315 | &nbsp;&nbsp; 40848 |
| 5.000%, 04/15/39 | 209017 | &nbsp;&nbsp; 211658 |
| 5.000%, 05/15/39 | 748810 | &nbsp;&nbsp; 758341 |
| 5.000%, 06/15/39 | 218955 | &nbsp;&nbsp; 221694 |
| 5.000%, 09/15/39 | 120727 | &nbsp;&nbsp; 122580 |
| 5.000%, 05/15/40 | 8027 | &nbsp;&nbsp; 8126 |
| 5.000%, 09/15/40 | 84690 | &nbsp;&nbsp; 85768 |
| 5.000%, 12/15/40 | 6517 | &nbsp;&nbsp; 6602 |
| 5.000%, 09/15/47 | 17050 | &nbsp;&nbsp; 16827 |
| 5.000%, 03/15/48 | 1271525 | &nbsp;&nbsp; 1251424 |
| 5.000%, 04/15/48 | 1403784 | &nbsp;&nbsp; 1381264 |
| 5.000%, 01/15/49 | 1754270 | &nbsp;&nbsp; 1787870 |
| 5.000%, 05/15/49 | 279168 | &nbsp;&nbsp; 281664 |
| 5.000%, 06/20/49 | 43891 | &nbsp;&nbsp; 43801 |
| 5.000%, 07/20/49 | 96307 | &nbsp;&nbsp; 96272 |
| 5.000%, 06/15/50 | 384559 | &nbsp;&nbsp; 379799 |
| 5.000%, 04/15/52 | 6417315 | &nbsp;&nbsp; 6312534 |
| 5.250%, 1Y H15 + 2.000%, 10/20/31 (a) | 2846 | &nbsp;&nbsp; 2893 |
| 5.500%, 1Y H15 + 1.500%, 11/20/26 (a) | 810 | &nbsp;&nbsp; 809 |
| 5.500%, 1Y H15 + 1.500%, 10/20/30 (a) | 537 | &nbsp;&nbsp; 540 |
| 5.625%, 1Y H15 + 1.500%, 02/20/26 (a) | 248 | &nbsp;&nbsp; 247 |
| 5.625%, 1Y H15 + 1.500%, 01/20/27 (a) | 245 | &nbsp;&nbsp; 244 |
| 5.625%, 1Y H15 + 1.500%, 02/20/28 (a) | 948 | &nbsp;&nbsp; 947 |
| 5.625%, 1Y H15 + 1.500%, 03/20/28 (a) | 1555 | &nbsp;&nbsp; 1551 |
| 5.625%, 1Y H15 + 1.500%, 01/20/30 (a) | 5024 | &nbsp;&nbsp; 5028 |
| 5.625%, 1Y H15 + 1.500%, 03/20/32 (a) | 89 | &nbsp;&nbsp; 90 |
| 5.625%, 1Y H15 + 1.500%, 03/20/33 (a) | 872 | &nbsp;&nbsp; 884 |
| 7.500%, 01/15/26 | 14 | &nbsp;&nbsp; 14 |
| Government National Mortgage Association, TBA |  |  |
| 2.000%, TBA (c) | 8600000 | &nbsp;&nbsp; 7002121 |
| 3.500%, TBA (c) | 39700000 | &nbsp;&nbsp; 36088630 |
| 4.000%, TBA (c) | 39300000 | &nbsp;&nbsp; 36529472 |

---

*See accompanying notes to financial statements.*

**BHFTI-398**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association, TBA |  |  |
| 4.500%, TBA (c) | 33100000 | &nbsp;&nbsp; $31678619 |
| 5.000%, TBA (c) | 37100000 | &nbsp;&nbsp; 36421720 |
| 6.000%, TBA (c) | 21000000 | &nbsp;&nbsp; 21306753 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.500%, TBA (c) | 3000000 | &nbsp;&nbsp; 2487615 |
| 3.000%, TBA (c) | 466850000 | &nbsp;&nbsp; 403841197 |
| 3.500%, TBA (c) | 198500000 | &nbsp;&nbsp; 178660495 |
| 4.000%, TBA (c) | 147100000 | &nbsp;&nbsp; 136745577 |
| 4.500%, TBA (c) | 92800000 | &nbsp;&nbsp; 88730657 |
| 5.000%, TBA (c) | 36300000 | &nbsp;&nbsp; 35537704 |
| 5.500%, TBA (c) | 401100000 | &nbsp;&nbsp; 400676984 |
| 6.000%, TBA (c) | 44500000 | &nbsp;&nbsp; 45177486 |
|  |  | &nbsp;&nbsp; 1682572090 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $1,759,845,643) <br>|  | &nbsp;&nbsp; 1773537912 |
| **Corporate Bonds & Notes—44.5%** | **Corporate Bonds & Notes—44.5%** | **Corporate Bonds & Notes—44.5%** |
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| Boeing Co. |  |  |
| 2.750%, 02/01/26 | 12000000 | &nbsp;&nbsp; 11863346 |
| 6.259%, 05/01/27 | 2600000 | &nbsp;&nbsp; 2674920 |
| 6.298%, 05/01/29 | 300000 | &nbsp;&nbsp; 317145 |
| 6.388%, 05/01/31 | 200000 | &nbsp;&nbsp; 214939 |
| 6.528%, 05/01/34 | 200000 | &nbsp;&nbsp; 217306 |
| 6.858%, 05/01/54 | 300000 | &nbsp;&nbsp; 328415 |
| 7.008%, 05/01/64 | 200000 | &nbsp;&nbsp; 219669 |
| Spirit AeroSystems, Inc. |  |  |
| 4.600%, 06/15/28 | 1600000 | &nbsp;&nbsp; 1572785 |
|  |  | &nbsp;&nbsp; 17408525 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| BAT International Finance PLC |  |  |
| 5.931%, 02/02/29 | 8300000 | &nbsp;&nbsp; 8710117 |
| Imperial Brands Finance PLC |  |  |
| 3.875%, 07/26/29 (144A) | 12800000 | &nbsp;&nbsp; 12401599 |
|  |  | &nbsp;&nbsp; 21111716 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| Air Canada Pass-Through Trust |  |  |
| 3.300%, 07/15/31 (144A) | 867360 | &nbsp;&nbsp; 811163 |
| American Airlines Pass-Through Trust |  |  |
| 3.600%, 03/22/29 | 860422 | &nbsp;&nbsp; 837099 |
| 3.700%, 04/01/28 | 2164896 | &nbsp;&nbsp; 2126031 |
| British Airways Pass-Through Trust |  |  |
| 4.125%, 03/20/33 (144A) † | 991990 | &nbsp;&nbsp; 948589 |
| United Airlines Pass-Through Trust |  |  |
| 2.875%, 04/07/30 | 3118114 | &nbsp;&nbsp; 2943871 |
| 3.450%, 01/07/30 | 1752349 | &nbsp;&nbsp; 1674346 |
| 5.875%, 04/15/29 | 5087947 | &nbsp;&nbsp; 5191734 |
|  |  | &nbsp;&nbsp; 14532833 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** |
| BMW U.S. Capital LLC |  |  |
| 4.750%, 03/21/28 (144A) | 7300000 | &nbsp;&nbsp; $7383731 |
| Daimler Truck Finance North America LLC |  |  |
| 5.000%, 01/15/27 (144A) | 3200000 | &nbsp;&nbsp; 3230781 |
| 5.366%, SOFR + 0.960%, 09/25/27 (144A) (a) | 8100000 | &nbsp;&nbsp; 8108663 |
| Ford Motor Credit Co. LLC |  |  |
| 2.900%, 02/16/28 | 2685000 | &nbsp;&nbsp; 2517458 |
| 3.815%, 11/02/27 | 1632000 | &nbsp;&nbsp; 1575423 |
| 4.125%, 08/17/27 | 4700000 | &nbsp;&nbsp; 4594242 |
| 5.800%, 03/05/27 | 6900000 | &nbsp;&nbsp; 6954436 |
| 5.800%, 03/08/29 | 200000 | &nbsp;&nbsp; 200418 |
| 5.918%, 03/20/28 | 900000 | &nbsp;&nbsp; 909134 |
| 7.350%, 11/04/27 | 3190000 | &nbsp;&nbsp; 3312981 |
| General Motors Financial Co., Inc. |  |  |
| 5.050%, 04/04/28 | 5740000 | &nbsp;&nbsp; 5783517 |
| Hyundai Capital America |  |  |
| 2.100%, 09/15/28 (144A) | 13500000 | &nbsp;&nbsp; 12455845 |
| 5.300%, 01/08/29 (144A) | 4500000 | &nbsp;&nbsp; 4572114 |
| 5.500%, 03/30/26 (144A) | 5900000 | &nbsp;&nbsp; 5936485 |
| 5.650%, 06/26/26 (144A) | 2000000 | &nbsp;&nbsp; 2020072 |
| 6.000%, 07/11/25 (144A) | 5000000 | &nbsp;&nbsp; 5001495 |
| Mercedes-Benz Finance North America LLC |  |  |
| 4.900%, 11/15/27 (144A) | 7300000 | &nbsp;&nbsp; 7382681 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 1.850%, 09/16/26 (144A) | 13500000 | &nbsp;&nbsp; 12874398 |
| Nissan Motor Co. Ltd. |  |  |
| 3.522%, 09/17/25 (144A) | 3600000 | &nbsp;&nbsp; 3577300 |
| 4.345%, 09/17/27 (144A) | 5600000 | &nbsp;&nbsp; 5375771 |
| 4.810%, 09/17/30 (144A) | 14700000 | &nbsp;&nbsp; 13486084 |
| Volkswagen Bank GmbH |  |  |
| 2.500%, 07/31/26 (EUR) | 2000000 | &nbsp;&nbsp; 2353773 |
| Volkswagen Group of America Finance LLC |  |  |
| 4.625%, 11/13/25 (144A) | 10900000 | &nbsp;&nbsp; 10890456 |
| 5.050%, 03/27/28 (144A) | 5000000 | &nbsp;&nbsp; 5028808 |
|  |  | &nbsp;&nbsp; 135526066 |
| **Banks — 16.8%** | **Banks — 16.8%** | **Banks — 16.8%** |
| ABN AMRO Bank NV |  |  |
| 6.575%, 1Y H15 + 1.550%, 10/13/26 (144A) (a) | 7500008 | &nbsp;&nbsp; 7538873 |
| AIB Group PLC |  |  |
| 6.608%, SOFR + 2.330%, 09/13/29 (144A) (a) | 6700000 | &nbsp;&nbsp; 7088283 |
| Banco Espirito Santo SA |  |  |
| 2.625%, 05/08/17 (EUR) (d) | 1700000 | &nbsp;&nbsp; 440554 |
| 4.750%, 01/15/18 (EUR) (d) | 3100000 | &nbsp;&nbsp; 803362 |
| Banco Santander SA |  |  |
| 5.552%, 1Y H15 + 1.250%, 03/14/28 (a) | 7800000 | &nbsp;&nbsp; 7925451 |
| 5.565%, 01/17/30 | 2200000 | &nbsp;&nbsp; 2284202 |
| 6.607%, 11/07/28 | 3800000 | &nbsp;&nbsp; 4053496 |
| Bank of America Corp. |  |  |
| 3.705%, 3M TSFR + 1.774%, 04/24/28 (a) | 5700000 | &nbsp;&nbsp; 5632320 |
| 5.080%, SOFR + 1.290%, 01/20/27 (a) | 1900000 | &nbsp;&nbsp; 1905062 |
| 5.202%, SOFR + 1.630%, 04/25/29 (a) | 6000000 | &nbsp;&nbsp; 6131772 |
| 5.819%, SOFR + 1.570%, 09/15/29 (a) | 9700000 | &nbsp;&nbsp; 10104663 |
| Bank of America NA |  |  |
| 5.390%, SOFR + 1.020%, 08/18/26 (a) | 7100000 | &nbsp;&nbsp; 7144756 |

---

*See accompanying notes to financial statements.*

**BHFTI-399**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Bank of Montreal |  |  |
| 4.689%, 06/28/28 (144A) | 8950000 | &nbsp;&nbsp; $9129331 |
| Banque Federative du Credit Mutuel SA |  |  |
| 5.896%, 07/13/26 (144A) | 5900000 | &nbsp;&nbsp; 5989510 |
| Barclays PLC |  |  |
| 4.972%, 05/16/29 | 2000000 | &nbsp;&nbsp; 2020909 |
| 7.437%, 1Y H15 + 3.500%, 11/02/33 (a) | 9300000 | &nbsp;&nbsp; 10555034 |
| BNP Paribas SA |  |  |
| 4.625%, 5Y H15 + 3.340%, 02/25/31 (144A) (a) | 12500000 | &nbsp;&nbsp; 11120321 |
| 5.497%, SOFR + 1.590%, 05/20/30 (144A) (a) | 9200000 | &nbsp;&nbsp; 9446717 |
| BPCE SA |  |  |
| 5.281%, 05/30/29 (144A) | 2000000 | &nbsp;&nbsp; 2055123 |
| 6.612%, SOFR + 1.980%, 10/19/27 (144A) (a) | 1900000 | &nbsp;&nbsp; 1944940 |
| 6.714%, SOFR + 2.270%, 10/19/29 (144A) (a) | 7500000 | &nbsp;&nbsp; 7943257 |
| CaixaBank SA |  |  |
| 6.684%, SOFR + 2.080%, 09/13/27 (144A) (a) | 6300000 | &nbsp;&nbsp; 6451943 |
| Citibank NA |  |  |
| 5.488%, 12/04/26 | 7400000 | &nbsp;&nbsp; 7517200 |
| 5.864%, 09/29/25 | 5500000 | &nbsp;&nbsp; 5510489 |
| Citigroup, Inc. |  |  |
| 3.070%, SOFR + 1.280%, 02/24/28 (a) | 8100000 | &nbsp;&nbsp; 7920464 |
| Cooperatieve Rabobank UA |  |  |
| 5.500%, 07/18/25 | 8400000 | &nbsp;&nbsp; 8404170 |
| Credit Agricole SA |  |  |
| 1.247%, SOFR + 0.892%, 01/26/27 (144A) (a) | 4000000 | &nbsp;&nbsp; 3923711 |
| 5.606%, SOFR + 1.210%, 09/11/28 (144A) (a) | 2600000 | &nbsp;&nbsp; 2614987 |
| 6.316%, SOFR + 1.860%, 10/03/29 (144A) (a) | 4100000 | &nbsp;&nbsp; 4309145 |
| Danske Bank AS |  |  |
| 4.298%, 1Y H15 + 1.750%, 04/01/28 (144A) (a) | 12000000 | &nbsp;&nbsp; 11957471 |
| Deutsche Bank AG |  |  |
| 3.547%, SOFR + 3.043%, 09/18/31 (a) | 13000000 | &nbsp;&nbsp; 12160993 |
| 5.706%, SOFR + 1.594%, 02/08/28 (a) | 4700000 | &nbsp;&nbsp; 4777204 |
| 6.819%, SOFR + 2.510%, 11/20/29 (a) | 8600000 | &nbsp;&nbsp; 9172944 |
| Goldman Sachs Bank USA |  |  |
| 5.125%, SOFR + 0.750%, 05/21/27 (a) | 5050000 | &nbsp;&nbsp; 5064275 |
| Goldman Sachs Group, Inc. |  |  |
| 3.691%, 3M TSFR + 1.772%, 06/05/28 (a) | 6500000 | &nbsp;&nbsp; 6407607 |
| 5.049%, SOFR + 1.210%, 07/23/30 (a) | 500000 | &nbsp;&nbsp; 508302 |
| 5.427%, SOFR + 1.065%, 08/10/26 (a) | 4900000 | &nbsp;&nbsp; 4904067 |
| 5.798%, SOFR + 1.075%, 08/10/26 (a) | 4900000 | &nbsp;&nbsp; 4906803 |
| 6.294%, 3M TSFR + 2.012%, 10/28/27 (a) | 7500000 | &nbsp;&nbsp; 7623961 |
| 6.484%, SOFR + 1.770%, 10/24/29 (a) | 5600000 | &nbsp;&nbsp; 5940291 |
| HSBC Holdings PLC |  |  |
| 2.804%, SOFR + 1.187%, 05/24/32 (a) | 1400000 | &nbsp;&nbsp; 1243815 |
| 5.130%, SOFR + 1.290%, 03/03/31 (a) | 7400000 | &nbsp;&nbsp; 7498805 |
| 5.932%, SOFR + 1.570%, 08/14/27 (a) | 6700000 | &nbsp;&nbsp; 6760364 |
| 6.254%, SOFR + 2.390%, 03/09/34 (a) | 7500000 | &nbsp;&nbsp; 8024714 |
| 7.390%, SOFR + 3.350%, 11/03/28 (a) | 5900000 | &nbsp;&nbsp; 6265739 |
| ING Groep NV |  |  |
| 3.950%, 03/29/27 | 1100000 | &nbsp;&nbsp; 1094820 |
| 4.625%, 01/06/26 (144A) | 6800000 | &nbsp;&nbsp; 6801795 |
| 4.858%, SOFR + 1.010%, 03/25/29 (a) | 9200000 | &nbsp;&nbsp; 9293603 |
| JPMorgan Chase & Co. |  |  |
| 1.578%, SOFR + 0.885%, 04/22/27 (a) | 13300000 | &nbsp;&nbsp; 12991778 |
| 3.960%, 3M TSFR + 1.507%, 01/29/27 (a) | 3200000 | &nbsp;&nbsp; 3191598 |
| 4.323%, SOFR + 1.560%, 04/26/28 (a) | 500000 | &nbsp;&nbsp; 499519 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| JPMorgan Chase & Co. |  |  |
| 5.280%, SOFR + 0.930%, 07/22/28 (a) | 3400000 | &nbsp;&nbsp; $3413098 |
| 5.299%, SOFR + 1.450%, 07/24/29 (a) | 7900000 | &nbsp;&nbsp; 8111027 |
| 5.552%, SOFR + 1.200%, 01/23/28 (a) | 2100000 | &nbsp;&nbsp; 2117220 |
| 6.070%, SOFR + 1.330%, 10/22/27 (a) | 7500000 | &nbsp;&nbsp; 7662873 |
| JPMorgan Chase Bank NA |  |  |
| 5.391%, SOFR + 1.000%, 12/08/26 (a) | 7700000 | &nbsp;&nbsp; 7763085 |
| Lloyds Bank PLC |  |  |
| Zero Coupon, 04/02/32 (e) | 12200000 | &nbsp;&nbsp; 8819160 |
| Lloyds Banking Group PLC |  |  |
| 5.462%, 1Y H15 + 1.375%, 01/05/28 (a) | 5900000 | &nbsp;&nbsp; 5979946 |
| 5.985%, 1Y H15 + 1.480%, 08/07/27 (a) | 3500000 | &nbsp;&nbsp; 3553055 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 1.640%, 1Y H15 + 0.670%, 10/13/27 (a) | 10500000 | &nbsp;&nbsp; 10135918 |
| Mizuho Financial Group, Inc. |  |  |
| 1.979%, 3M TSFR + 1.532%, 09/08/31 (a) | 9800000 | &nbsp;&nbsp; 8573635 |
| 2.201%, 3M TSFR + 1.772%, 07/10/31 (a) | 12400000 | &nbsp;&nbsp; 11041698 |
| Morgan Stanley |  |  |
| 4.210%, SOFR + 1.610%, 04/20/28 (a) | 5400000 | &nbsp;&nbsp; 5388843 |
| 5.123%, SOFR + 1.730%, 02/01/29 (a) | 4700000 | &nbsp;&nbsp; 4782039 |
| 5.173%, SOFR + 1.450%, 01/16/30 (a) | 3400000 | &nbsp;&nbsp; 3471226 |
| 5.449%, SOFR + 1.630%, 07/20/29 (a) | 7900000 | &nbsp;&nbsp; 8124762 |
| 6.407%, SOFR + 1.830%, 11/01/29 (a) | 4900000 | &nbsp;&nbsp; 5190187 |
| Morgan Stanley Bank NA |  |  |
| 4.968%, SOFR + 0.930%, 07/14/28 (a) | 6700000 | &nbsp;&nbsp; 6780257 |
| 5.427%, SOFR + 1.080%, 01/14/28 (a) | 7900000 | &nbsp;&nbsp; 7946065 |
| 5.504%, SOFR + 0.865%, 05/26/28 (a) | 7800000 | &nbsp;&nbsp; 7964699 |
| NatWest Group PLC |  |  |
| 5.778%, 1Y H15 + 1.500%, 03/01/35 (a) | 7800000 | &nbsp;&nbsp; 8099887 |
| NatWest Markets PLC |  |  |
| 4.789%, 03/21/28 (144A) | 10000000 | &nbsp;&nbsp; 10111721 |
| 5.022%, 03/21/30 (144A) | 5500000 | &nbsp;&nbsp; 5586784 |
| Royal Bank of Canada |  |  |
| 4.851%, 12/14/26 (144A) | 1300000 | &nbsp;&nbsp; 1314229 |
| 4.875%, 01/19/27 | 6900000 | &nbsp;&nbsp; 6966994 |
| Santander Holdings USA, Inc. |  |  |
| 5.741%, SOFR + 1.878%, 03/20/31 (a) | 7200000 | &nbsp;&nbsp; 7391158 |
| Santander U.K. Group Holdings PLC |  |  |
| 4.858%, SOFR + 1.554%, 09/11/30 (a) | 5675000 | &nbsp;&nbsp; 5667544 |
| Societe Generale SA |  |  |
| 6.447%, 1Y H15 + 2.300%, 01/12/27 (144A) (a) | 5000000 | &nbsp;&nbsp; 5045050 |
| Standard Chartered PLC |  |  |
| 6.301%, 1Y H15 + 2.450%, 01/09/29 (144A) (a) | 5500000 | &nbsp;&nbsp; 5713138 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 1.474%, 07/08/25 | 6500000 | &nbsp;&nbsp; 6496103 |
| 1.902%, 09/17/28 | 9800000 | &nbsp;&nbsp; 9096390 |
| 5.316%, 07/09/29 | 5900000 | &nbsp;&nbsp; 6077117 |
| 5.464%, 01/13/26 | 2900000 | &nbsp;&nbsp; 2914499 |
| 5.513%, SOFR + 1.170%, 07/09/29 (a) | 1800000 | &nbsp;&nbsp; 1817608 |
| Toronto-Dominion Bank |  |  |
| 4.701%, 06/05/27 (144A) | 1100000 | &nbsp;&nbsp; 1105261 |
| UBS Group AG |  |  |
| 4.125%, 04/15/26 (144A) | 10200000 | &nbsp;&nbsp; 10171052 |
| 5.699%, 1Y H15 + 1.770%, 02/08/35 (144A) (a) | 9900000 | &nbsp;&nbsp; 10283081 |
| 5.711%, 1Y H15 + 1.550%, 01/12/27 (144A) (a) | 4000000 | &nbsp;&nbsp; 4024008 |
| 6.246%, 1Y H15 + 1.800%, 09/22/29 (144A) (a) | 5800000 | &nbsp;&nbsp; 6093179 |

---

*See accompanying notes to financial statements.*

**BHFTI-400**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| UBS Group AG |  |  |
| 6.442%, SOFR + 3.700%, 08/11/28 (144A) (a) | 7000000 | &nbsp;&nbsp; $7273497 |
| 6.537%, SOFR + 3.920%, 08/12/33 (144A) (a) | 10650000 | &nbsp;&nbsp; 11583863 |
| Virgin Money U.K. PLC |  |  |
| 4.000%, 1Y UKG + 3.750%, 09/03/27 (GBP) (a) | 500000 | &nbsp;&nbsp; 680597 |
| Wells Fargo & Co. |  |  |
| 1.741%, 3M EURIBOR + 1.850%, 05/04/30 (EUR) (a) | 2600000 | &nbsp;&nbsp; 2934248 |
| 2.393%, SOFR + 2.100%, 06/02/28 (a) | 5400000 | &nbsp;&nbsp; 5202438 |
| 5.574%, SOFR + 1.740%, 07/25/29 (a) | 7900000 | &nbsp;&nbsp; 8157205 |
| Wells Fargo Bank NA |  |  |
| 5.450%, 08/07/26 | 4700000 | &nbsp;&nbsp; 4759916 |
| 5.466%, SOFR + 1.070%, 12/11/26 (a) | 7300000 | &nbsp;&nbsp; 7356916 |
| 5.550%, 08/01/25 | 3100000 | &nbsp;&nbsp; 3100000 |
|  |  | &nbsp;&nbsp; 596842789 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| JDE Peet's NV |  |  |
| 4.500%, 01/23/34 (EUR) | 2200000 | &nbsp;&nbsp; 2711202 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Royalty Pharma PLC |  |  |
| 1.200%, 09/02/25 | 3000000 | &nbsp;&nbsp; 2980171 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| International Flavors & Fragrances, Inc. |  |  |
| 2.300%, 11/01/30 (144A) | 3437000 | &nbsp;&nbsp; 3037445 |
| Syensqo Finance America LLC |  |  |
| 5.650%, 06/04/29 (144A) | 1900000 | &nbsp;&nbsp; 1971087 |
|  |  | &nbsp;&nbsp; 5008532 |
| **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 2.450%, 10/29/26 | 7450000 | &nbsp;&nbsp; 7258360 |
| 4.450%, 10/01/25 | 3000000 | &nbsp;&nbsp; 2997122 |
| 6.100%, 01/15/27 | 4900000 | &nbsp;&nbsp; 5008739 |
| Air Lease Corp. |  |  |
| 5.300%, 06/25/26 | 5000000 | &nbsp;&nbsp; 5033218 |
| Ally Financial, Inc. |  |  |
| 6.848%, SOFR + 2.820%, 01/03/30 (a) | 7000000 | &nbsp;&nbsp; 7390462 |
| American Express Co. |  |  |
| 5.645%, SOFR + 0.750%, 04/23/27 (a) | 7700000 | &nbsp;&nbsp; 7771279 |
| 6.338%, SOFR + 1.330%, 10/30/26 (a) | 5000000 | &nbsp;&nbsp; 5029300 |
| Aviation Capital Group LLC |  |  |
| 4.125%, 08/01/25 (144A) | 10500000 | &nbsp;&nbsp; 10490383 |
| 5.375%, 07/15/29 (144A) | 3200000 | &nbsp;&nbsp; 3258742 |
| 6.750%, 10/25/28 (144A) | 1900000 | &nbsp;&nbsp; 2019470 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.750%, 03/01/29 (144A) | 7900000 | &nbsp;&nbsp; 8115453 |
| 6.375%, 05/04/28 (144A) | 6300000 | &nbsp;&nbsp; 6569336 |
| BGC Group, Inc. |  |  |
| 8.000%, 05/25/28 | 4000000 | &nbsp;&nbsp; 4278862 |
| Blue Owl Finance LLC |  |  |
| 3.125%, 06/10/31 | 13000000 | &nbsp;&nbsp; 11543371 |
| Cantor Fitzgerald LP |  |  |
| 7.200%, 12/12/28 (144A) | 3300000 | &nbsp;&nbsp; 3503031 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** | **Diversified Financial Services—(Continued)** |
| Capital One Financial Corp. |  |  |
| 4.927%, SOFR + 2.057%, 05/10/28 (a) | 10775000 | &nbsp;&nbsp; $10853878 |
| Nomura Holdings, Inc. |  |  |
| 2.172%, 07/14/28 | 500000 | &nbsp;&nbsp; 466750 |
| 2.679%, 07/16/30 | 9600000 | &nbsp;&nbsp; 8709248 |
| 5.591%, SOFR + 1.250%, 07/02/27 (a) | 2900000 | &nbsp;&nbsp; 2919897 |
| 5.709%, 01/09/26 | 5100000 | &nbsp;&nbsp; 5126160 |
| 5.842%, 01/18/28 | 4700000 | &nbsp;&nbsp; 4844871 |
|  |  | &nbsp;&nbsp; 123187932 |
| **Electric — 4.7%** | **Electric — 4.7%** | **Electric — 4.7%** |
| Abu Dhabi National Energy Co. PJSC |  |  |
| 4.375%, 10/09/31 (144A) | 7000000 | &nbsp;&nbsp; 6888952 |
| AES Corp. |  |  |
| 2.450%, 01/15/31 | 5000000 | &nbsp;&nbsp; 4371216 |
| Alliant Energy Finance LLC |  |  |
| 5.950%, 03/30/29 (144A) | 3800000 | &nbsp;&nbsp; 3987008 |
| Ameren Corp. |  |  |
| 5.000%, 01/15/29 | 7200000 | &nbsp;&nbsp; 7329855 |
| American Electric Power Co., Inc. |  |  |
| 5.200%, 01/15/29 | 1700000 | &nbsp;&nbsp; 1743418 |
| Consumers Securitization Funding LLC |  |  |
| 5.210%, 09/01/31 | 7700000 | &nbsp;&nbsp; 7903530 |
| DTE Energy Co. |  |  |
| 5.100%, 03/01/29 | 3000000 | &nbsp;&nbsp; 3059092 |
| Duke Energy Progress LLC |  |  |
| 2.000%, 08/15/31 | 12600000 | &nbsp;&nbsp; 10939038 |
| Edison International |  |  |
| 5.750%, 06/15/27 | 5519000 | &nbsp;&nbsp; 5556486 |
| 6.250%, 03/15/30 | 6200000 | &nbsp;&nbsp; 6297090 |
| Enel Finance International NV |  |  |
| 5.125%, 06/26/29 (144A) | 7800000 | &nbsp;&nbsp; 7945200 |
| Eversource Energy |  |  |
| 5.950%, 02/01/29 | 5700000 | &nbsp;&nbsp; 5953605 |
| FirstEnergy Corp. |  |  |
| 3.900%, 07/15/27 | 1300000 | &nbsp;&nbsp; 1285424 |
| Florida Power & Light Co. |  |  |
| 4.400%, 05/15/28 | 4400000 | &nbsp;&nbsp; 4432864 |
| 4.450%, 05/15/26 | 6900000 | &nbsp;&nbsp; 6907347 |
| Georgia Power Co. |  |  |
| 4.650%, 05/16/28 | 5200000 | &nbsp;&nbsp; 5271459 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 4.800%, 03/15/28 | 3600000 | &nbsp;&nbsp; 3657338 |
| Pacific Gas & Electric Co. |  |  |
| 3.150%, 01/01/26 | 10900000 | &nbsp;&nbsp; 10795757 |
| 3.300%, 12/01/27 | 1600000 | &nbsp;&nbsp; 1547929 |
| 3.450%, 07/01/25 | 3600000 | &nbsp;&nbsp; 3600000 |
| 4.550%, 07/01/30 | 5000000 | &nbsp;&nbsp; 4880114 |
| 5.450%, 06/15/27 | 5000000 | &nbsp;&nbsp; 5057872 |
| 5.550%, 05/15/29 | 5700000 | &nbsp;&nbsp; 5791912 |
| 6.000%, 08/15/35 | 2200000 | &nbsp;&nbsp; 2224677 |
| PacifiCorp |  |  |
| 5.450%, 02/15/34 | 7900000 | &nbsp;&nbsp; 8011704 |
| Pinnacle West Capital Corp. |  |  |
| 4.900%, 05/15/28 | 3000000 | &nbsp;&nbsp; 3041997 |
| 5.150%, 05/15/30 | 1000000 | &nbsp;&nbsp; 1023679 |

---

*See accompanying notes to financial statements.*

**BHFTI-401**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric—(Continued)** | **Electric—(Continued)** | **Electric—(Continued)** |
| ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 <br> Subsidiaries<br>|  |  |
| 4.500%, 07/14/28 (144A) | 13100000 | &nbsp;&nbsp; $12428965 |
| Southern California Edison Co. |  |  |
| 4.125%, 03/01/48 | 800000 | &nbsp;&nbsp; 580238 |
| 4.650%, 10/01/43 | 400000 | &nbsp;&nbsp; 323367 |
| 5.250%, 03/15/30 | 6300000 | &nbsp;&nbsp; 6365094 |
| 5.850%, 11/01/27 | 3000000 | &nbsp;&nbsp; 3073999 |
| WEC Energy Group, Inc. |  |  |
| 1.375%, 10/15/27 | 4525000 | &nbsp;&nbsp; 4240343 |
| 1.800%, 10/15/30 | 1711000 | &nbsp;&nbsp; 1497395 |
|  |  | &nbsp;&nbsp; 168013964 |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
| Flex Ltd. |  |  |
| 4.875%, 06/15/29 | 8160000 | &nbsp;&nbsp; 8211791 |
| Honeywell International, Inc. |  |  |
| 4.125%, 11/02/34 (EUR) | 1760000 | &nbsp;&nbsp; 2165471 |
|  |  | &nbsp;&nbsp; 10377262 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Republic Services, Inc. |  |  |
| 4.875%, 04/01/29 | 3800000 | &nbsp;&nbsp; 3880851 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| Mars, Inc. |  |  |
| 4.800%, 03/01/30 (144A) | 7400000 | &nbsp;&nbsp; 7497680 |
| Mondelez International, Inc. |  |  |
| 4.625%, 07/03/31 (CAD) | 10700000 | &nbsp;&nbsp; 8133650 |
|  |  | &nbsp;&nbsp; 15631330 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| National Fuel Gas Co. |  |  |
| 5.500%, 10/01/26 | 6400000 | &nbsp;&nbsp; 6466860 |
| Southern California Gas Co. |  |  |
| 2.950%, 04/15/27 | 12500000 | &nbsp;&nbsp; 12244493 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.750%, 01/15/36 | 2900000 | &nbsp;&nbsp; 2900000 |
|  |  | &nbsp;&nbsp; 21611353 |
| **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
| Centene Corp. |  |  |
| 3.000%, 10/15/30 | 3900000 | &nbsp;&nbsp; 3484732 |
| Fresenius Medical Care U.S. Finance III, Inc. |  |  |
| 1.875%, 12/01/26 (144A) | 12100000 | &nbsp;&nbsp; 11632694 |
| HCA, Inc. |  |  |
| 3.125%, 03/15/27 | 7300000 | &nbsp;&nbsp; 7147589 |
| 3.375%, 03/15/29 | 5200000 | &nbsp;&nbsp; 4995926 |
|  |  | &nbsp;&nbsp; 27260941 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Athene Global Funding |  |  |
| 5.339%, 01/15/27 (144A) | 7800000 | &nbsp;&nbsp; 7892225 |
| Corebridge Global Funding |  |  |
| 5.750%, 07/02/26 (144A) | 2600000 | &nbsp;&nbsp; 2633046 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Essent Group Ltd. |  |  |
| 6.250%, 07/01/29 | 2900000 | &nbsp;&nbsp; $3003474 |
| F&G Annuities & Life, Inc. |  |  |
| 6.500%, 06/04/29 | 4100000 | &nbsp;&nbsp; 4227421 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.650%, 03/15/30 | 2900000 | &nbsp;&nbsp; 2932706 |
| 4.850%, 11/15/31 | 800000 | &nbsp;&nbsp; 812348 |
| MassMutual Global Funding II |  |  |
| 5.050%, 12/07/27 (144A) | 7900000 | &nbsp;&nbsp; 8058558 |
| 5.325%, SOFR + 0.980%, 07/10/26 (144A) (a) | 3800000 | &nbsp;&nbsp; 3826083 |
| New York Life Global Funding |  |  |
| 4.927%, SOFR + 0.580%, 01/16/26 (144A) (a) | 7800000 | &nbsp;&nbsp; 7815189 |
| Pacific Life Global Funding II |  |  |
| 5.500%, 07/18/28 (144A) | 5500000 | &nbsp;&nbsp; 5692602 |
| RGA Global Funding |  |  |
| 5.448%, 05/24/29 (144A) | 6000000 | &nbsp;&nbsp; 6188970 |
|  |  | &nbsp;&nbsp; 53082622 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Expedia Group, Inc. |  |  |
| 2.950%, 03/15/31 | 2561000 | &nbsp;&nbsp; 2334190 |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| Abu Dhabi Developmental Holding Co. PJSC |  |  |
| 4.375%, 10/02/31 (144A) | 5300000 | &nbsp;&nbsp; 5219349 |
| Credit Opportunities Partners LLC |  |  |
| 6.740%, 03/20/30 (f) (g) | 1500000 | &nbsp;&nbsp; 1516500 |
| FS KKR Capital Corp. |  |  |
| 6.875%, 08/15/29 | 7400000 | &nbsp;&nbsp; 7588557 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.150%, 01/15/31 | 4500000 | &nbsp;&nbsp; 4556100 |
|  |  | &nbsp;&nbsp; 18880506 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| Choice Hotels International, Inc. |  |  |
| 3.700%, 12/01/29 | 2500000 | &nbsp;&nbsp; 2359672 |
| Hyatt Hotels Corp. |  |  |
| 4.850%, 03/15/26 | 2700000 | &nbsp;&nbsp; 2700299 |
| Las Vegas Sands Corp. |  |  |
| 6.000%, 08/15/29 | 7800000 | &nbsp;&nbsp; 8016850 |
|  |  | &nbsp;&nbsp; 13076821 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 3.500%, 06/01/41 | 13300000 | &nbsp;&nbsp; 9649065 |
| Paramount Global |  |  |
| 2.900%, 01/15/27 | 300000 | &nbsp;&nbsp; 292008 |
|  |  | &nbsp;&nbsp; 9941073 |
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
| Adnoc Murban Rsc Ltd. |  |  |
| 4.250%, 09/11/29 (144A) | 3900000 | &nbsp;&nbsp; 3877882 |
| Harbour Energy PLC |  |  |
| 6.327%, 04/01/35 (144A) | 3700000 | &nbsp;&nbsp; 3678263 |

---

*See accompanying notes to financial statements.*

**BHFTI-402**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Petroleos Mexicanos |  |  |
| 10.000%, 02/07/33 | 3000000 | &nbsp;&nbsp; $3211917 |
| Pioneer Natural Resources Co. |  |  |
| 5.100%, 03/29/26 | 4000000 | &nbsp;&nbsp; 4019101 |
|  |  | &nbsp;&nbsp; 14787163 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| AbbVie, Inc. |  |  |
| 3.200%, 05/14/26 | 1300000 | &nbsp;&nbsp; 1287571 |
| Bayer U.S. Finance LLC |  |  |
| 6.125%, 11/21/26 (144A) | 3900000 | &nbsp;&nbsp; 3963632 |
| 6.250%, 01/21/29 (144A) | 7900000 | &nbsp;&nbsp; 8295563 |
| 6.375%, 11/21/30 (144A) | 6900000 | &nbsp;&nbsp; 7332648 |
| Bristol-Myers Squibb Co. |  |  |
| 4.900%, 02/22/29 | 7800000 | &nbsp;&nbsp; 7986033 |
| CVS Health Corp. |  |  |
| 3.750%, 04/01/30 | 3900000 | &nbsp;&nbsp; 3741261 |
| CVS Pass-Through Trust |  |  |
| 6.943%, 01/10/30 | 381942 | &nbsp;&nbsp; 394246 |
|  |  | &nbsp;&nbsp; 33000954 |
| **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 5.125%, 06/30/27 | 9000000 | &nbsp;&nbsp; 9084367 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.927%, 08/15/30 (144A) | 3000000 | &nbsp;&nbsp; 3166890 |
| Enbridge, Inc. |  |  |
| 5.900%, 11/15/26 | 2700000 | &nbsp;&nbsp; 2748004 |
| Energy Transfer LP |  |  |
| 5.950%, 12/01/25 | 1800000 | &nbsp;&nbsp; 1802992 |
| 6.050%, 12/01/26 | 3800000 | &nbsp;&nbsp; 3880027 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.853%, 02/23/36 (144A) | 6700000 | &nbsp;&nbsp; 6766980 |
| MPLX LP |  |  |
| 5.000%, 03/01/33 | 1500000 | &nbsp;&nbsp; 1479129 |
| ONEOK, Inc. |  |  |
| 5.375%, 06/01/29 | 1900000 | &nbsp;&nbsp; 1940528 |
| Venture Global LNG, Inc. |  |  |
| 9.875%, 02/01/32 (144A) | 3800000 | &nbsp;&nbsp; 4103859 |
| Western Midstream Operating LP |  |  |
| 6.350%, 01/15/29 | 1000000 | &nbsp;&nbsp; 1046885 |
|  |  | &nbsp;&nbsp; 36019661 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Logicor Financing SARL |  |  |
| 1.625%, 07/15/27 (EUR) | 4500000 | &nbsp;&nbsp; 5170552 |
| Ontario Teachers' Cadillac Fairview Properties Trust |  |  |
| 3.875%, 03/20/27 (144A) | 1700000 | &nbsp;&nbsp; 1680198 |
|  |  | &nbsp;&nbsp; 6850750 |
| **Real Estate Investment Trusts — 3.9%** | **Real Estate Investment Trusts — 3.9%** | **Real Estate Investment Trusts — 3.9%** |
| American Homes 4 Rent LP |  |  |
| 4.250%, 02/15/28 | 1900000 | &nbsp;&nbsp; 1888575 |
| American Tower Corp. |  |  |
| 5.800%, 11/15/28 | 1200000 | &nbsp;&nbsp; 1251930 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Boston Properties LP |  |  |
| 2.450%, 10/01/33 | 1811000 | &nbsp;&nbsp; $1447327 |
| Brixmor Operating Partnership LP |  |  |
| 4.125%, 06/15/26 | 5500000 | &nbsp;&nbsp; 5479054 |
| Crown Castle, Inc. |  |  |
| 2.900%, 03/15/27 | 12500000 | &nbsp;&nbsp; 12160576 |
| EPR Properties |  |  |
| 3.750%, 08/15/29 | 2500000 | &nbsp;&nbsp; 2380406 |
| Equinix, Inc. |  |  |
| 1.000%, 09/15/25 | 2900000 | &nbsp;&nbsp; 2877026 |
| Extra Space Storage LP |  |  |
| 2.400%, 10/15/31 | 13500000 | &nbsp;&nbsp; 11729588 |
| Goodman U.S. Finance Three LLC |  |  |
| 3.700%, 03/15/28 (144A) | 10800000 | &nbsp;&nbsp; 10586126 |
| Hudson Pacific Properties LP |  |  |
| 4.650%, 04/01/29 | 2400000 | &nbsp;&nbsp; 2156312 |
| Kilroy Realty LP |  |  |
| 2.650%, 11/15/33 | 13100000 | &nbsp;&nbsp; 10291090 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.750%, 01/15/28 | 8900000 | &nbsp;&nbsp; 8938067 |
| Piedmont Operating Partnership LP |  |  |
| 3.150%, 08/15/30 | 12900000 | &nbsp;&nbsp; 11573413 |
| Prologis LP |  |  |
| 2.250%, 01/15/32 | 6200000 | &nbsp;&nbsp; 5374500 |
| SBA Tower Trust |  |  |
| 2.328%, 07/15/52 (144A) | 13000000 | &nbsp;&nbsp; 12290503 |
| Starwood Property Trust, Inc. |  |  |
| 4.375%, 01/15/27 (144A) | 13300000 | &nbsp;&nbsp; 13175330 |
| Sun Communities Operating LP |  |  |
| 2.700%, 07/15/31 | 13200000 | &nbsp;&nbsp; 11698209 |
| UDR, Inc. |  |  |
| 3.500%, 07/01/27 | 1000000 | &nbsp;&nbsp; 986133 |
| Welltower OP LLC |  |  |
| 4.250%, 04/01/26 | 1102000 | &nbsp;&nbsp; 1098957 |
| Weyerhaeuser Co. |  |  |
| 4.750%, 05/15/26 | 12000000 | &nbsp;&nbsp; 12023569 |
|  |  | &nbsp;&nbsp; 139406691 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| CK Hutchison International 23 Ltd. |  |  |
| 4.750%, 04/21/28 (144A) | 2700000 | &nbsp;&nbsp; 2719874 |
| Walgreens Boots Alliance, Inc. |  |  |
| 3.450%, 06/01/26 | 1500000 | &nbsp;&nbsp; 1467643 |
|  |  | &nbsp;&nbsp; 4187517 |
| **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** |
| Nationwide Building Society |  |  |
| 6.557%, SOFR + 1.910%, 10/18/27 (144A) (a) | 7500000 | &nbsp;&nbsp; 7689433 |
| **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
| Broadcom, Inc. |  |  |
| 3.137%, 11/15/35 (144A) | 8769000 | &nbsp;&nbsp; 7396118 |
| 3.187%, 11/15/36 (144A) | 8600000 | &nbsp;&nbsp; 7129318 |
| 4.300%, 11/15/32 | 12400000 | &nbsp;&nbsp; 12027940 |
|  |  | &nbsp;&nbsp; 26553376 |

---

*See accompanying notes to financial statements.*

**BHFTI-403**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Shipbuilding — 0.4%** | **Shipbuilding — 0.4%** | **Shipbuilding — 0.4%** |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.043%, 08/16/28 | 13800000 | &nbsp;&nbsp; $12848169 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Oracle Corp. |  |  |
| 3.600%, 04/01/40 | 6400000 | &nbsp;&nbsp; 5122413 |
| 3.600%, 04/01/50 | 10600000 | &nbsp;&nbsp; 7413032 |
| VMware LLC |  |  |
| 1.400%, 08/15/26 | 13500000 | &nbsp;&nbsp; 13056950 |
|  |  | &nbsp;&nbsp; 25592395 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| T-Mobile USA, Inc. |  |  |
| 2.550%, 02/15/31 | 8900000 | &nbsp;&nbsp; 7967520 |
| 4.200%, 10/01/29 | 6700000 | &nbsp;&nbsp; 6653014 |
|  |  | &nbsp;&nbsp; 14620534 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.750%, 10/10/27 (144A) (GBP) † | 14981 | &nbsp;&nbsp; 22530 |
| Total Corporate Bonds & Notes <br>(Cost $1,614,520,895) <br>|  | &nbsp;&nbsp; 1584979852 |
| **U.S. Treasury & Government Agencies—17.9%** | **U.S. Treasury & Government Agencies—17.9%** | **U.S. Treasury & Government Agencies—17.9%** |
| **U.S. Treasury — 17.9%** | **U.S. Treasury — 17.9%** | **U.S. Treasury — 17.9%** |
| U.S. Treasury Bonds |  |  |
| 1.375%, 11/15/40 | 54600000 | &nbsp;&nbsp; 34784039 |
| 1.375%, 08/15/50 | 34100000 | &nbsp;&nbsp; 16812899 |
| 1.875%, 02/15/41 (h) | 9600000 | &nbsp;&nbsp; 6603000 |
| 2.000%, 02/15/50 (h) | 2000000 | &nbsp;&nbsp; 1174375 |
| 2.250%, 08/15/49 | 18500000 | &nbsp;&nbsp; 11605137 |
| 2.750%, 08/15/42 | 39000000 | &nbsp;&nbsp; 29842617 |
| 2.750%, 11/15/42 (h) | 2800000 | &nbsp;&nbsp; 2132922 |
| 2.750%, 08/15/47 (h) | 3200000 | &nbsp;&nbsp; 2280750 |
| 2.875%, 05/15/43 (i) | 83700000 | &nbsp;&nbsp; 64511121 |
| 2.875%, 08/15/45 (h) | 3100000 | &nbsp;&nbsp; 2317855 |
| 2.875%, 05/15/49 | 21100000 | &nbsp;&nbsp; 15146668 |
| 3.000%, 02/15/48 | 9900000 | &nbsp;&nbsp; 7355777 |
| 3.000%, 08/15/48 (h) | 3000000 | &nbsp;&nbsp; 2218711 |
| 3.000%, 02/15/49 | 16500000 | &nbsp;&nbsp; 12157149 |
| 3.125%, 08/15/44 (i) | 116300000 | &nbsp;&nbsp; 91699824 |
| 3.125%, 05/15/48 | 3400000 | &nbsp;&nbsp; 2579617 |
| 3.250%, 05/15/42 | 14500000 | &nbsp;&nbsp; 11993652 |
| 3.375%, 05/15/44 | 12200000 | &nbsp;&nbsp; 10034977 |
| 3.375%, 11/15/48 | 6500000 | &nbsp;&nbsp; 5141856 |
| 3.875%, 02/15/43 | 14400000 | &nbsp;&nbsp; 12890250 |
| 4.250%, 05/15/39 | 9600000 | &nbsp;&nbsp; 9346125 |
| 4.250%, 08/15/54 (i) | 11300000 | &nbsp;&nbsp; 10319195 |
| 4.375%, 11/15/39 | 57100000 | &nbsp;&nbsp; 55973613 |
| 4.500%, 08/15/39 | 15100000 | &nbsp;&nbsp; 15043375 |
| 4.500%, 11/15/54 | 5100000 | &nbsp;&nbsp; 4860141 |
| 4.625%, 02/15/40 | 12800000 | &nbsp;&nbsp; 12874500 |
| 4.625%, 05/15/44 (h) | 900000 | &nbsp;&nbsp; 882598 |
| 4.625%, 05/15/54 | 17000000 | &nbsp;&nbsp; 16511250 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** | **U.S. Treasury—(Continued)** |
| U.S. Treasury Bonds |  |  |
| 4.625%, 02/15/55 (i) | 19600000 | &nbsp;&nbsp; $19079375 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.125%, 02/15/51 (j) | 29568720 | &nbsp;&nbsp; 16093098 |
| 0.125%, 02/15/52 (j) | 3917718 | &nbsp;&nbsp; 2089960 |
| 0.250%, 02/15/50 (j) | 11603052 | &nbsp;&nbsp; 6734765 |
| 0.625%, 02/15/43 (j) | 1674192 | &nbsp;&nbsp; 1243908 |
| 0.750%, 02/15/45 (j) | 24382485 | &nbsp;&nbsp; 17793381 |
| 0.875%, 02/15/47 (j) | 7175520 | &nbsp;&nbsp; 5196694 |
| 1.000%, 02/15/46 (j) | 2572106 | &nbsp;&nbsp; 1948213 |
| 1.000%, 02/15/49 (j) | 2804362 | &nbsp;&nbsp; 2033616 |
| 1.375%, 02/15/44 (j) | 7156812 | &nbsp;&nbsp; 6007194 |
| 1.500%, 02/15/53 (j) | 4532136 | &nbsp;&nbsp; 3587603 |
| 2.125%, 02/15/54 (j) | 12855345 | &nbsp;&nbsp; 11756257 |
| 2.375%, 02/15/55 (i) (j) | 2541300 | &nbsp;&nbsp; 2455489 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 0.125%, 10/15/25 (j) (k) | 4481297 | &nbsp;&nbsp; 4465723 |
| 0.125%, 07/15/31 (j) (k) (l) | 14241682 | &nbsp;&nbsp; 13105006 |
| 0.125%, 01/15/32 (j) (k) (l) | 19092810 | &nbsp;&nbsp; 17304007 |
| 1.250%, 04/15/28 (j) (k) (l) | 24916787 | &nbsp;&nbsp; 24869900 |
| U.S. Treasury STRIPS Coupon |  |  |
| Zero Coupon, 08/15/40 | 4100000 | &nbsp;&nbsp; 1968949 |
| Zero Coupon, 05/15/41 | 1000000 | &nbsp;&nbsp; 461262 |
| Zero Coupon, 08/15/41 | 1600000 | &nbsp;&nbsp; 727174 |
| Zero Coupon, 11/15/41 | 300000 | &nbsp;&nbsp; 134243 |
| Zero Coupon, 02/15/42 | 21300000 | &nbsp;&nbsp; 9386568 |
| Total U.S. Treasury & Government Agencies <br>(Cost $793,059,334) <br>|  | &nbsp;&nbsp; 637536378 |
| **Non-Agency Mortgage-Backed Securities—11.8%** | **Non-Agency Mortgage-Backed Securities—11.8%** | **Non-Agency Mortgage-Backed Securities—11.8%** |
| **Collateralized Mortgage Obligations — 5.8%** | **Collateralized Mortgage Obligations — 5.8%** | **Collateralized Mortgage Obligations — 5.8%** |
| Adjustable Rate Mortgage Trust |  |  |
| 5.107%, 11/25/35 (a) | 106632 | &nbsp;&nbsp; 74810 |
| American Home Mortgage Investment Trust |  |  |
| 4.794%, 1M TSFR + 0.474%, 12/25/46 (a) | 8788205 | &nbsp;&nbsp; 7374648 |
| Banc of America Alternative Loan Trust |  |  |
| 10.665%, -4x 1M TSFR + 27.942%, 11/25/46 (a) | 300442 | &nbsp;&nbsp; 277690 |
| Banc of America Funding Trust |  |  |
| 5.078%, 01/20/47 (a) | 41488 | &nbsp;&nbsp; 36070 |
| 5.490%, 05/25/35 (a) | 144660 | &nbsp;&nbsp; 134772 |
| 6.249%, 02/20/36 (a) | 316211 | &nbsp;&nbsp; 300909 |
| Banc of America Mortgage Trust |  |  |
| 6.000%, 05/25/37 | 3965528 | &nbsp;&nbsp; 3143297 |
| Bayview MSR Opportunity Master Fund Trust |  |  |
| 3.000%, 11/25/51 (144A) (a) | 10411483 | &nbsp;&nbsp; 8855861 |
| BCAP LLC Trust |  |  |
| 4.854%, 1M TSFR + 0.534%, 05/25/47 (a) | 3259408 | &nbsp;&nbsp; 3108466 |
| 5.250%, 02/26/36 (144A) (a) | 1878168 | &nbsp;&nbsp; 708735 |
| Bear Stearns ALT-A Trust |  |  |
| 4.608%, 11/25/36 (a) | 1383599 | &nbsp;&nbsp; 794775 |
| 4.608%, 11/25/36 (a) | 1221584 | &nbsp;&nbsp; 624404 |
| 4.714%, 05/25/36 (a) | 962845 | &nbsp;&nbsp; 458090 |
| 4.905%, 09/25/35 (a) | 326839 | &nbsp;&nbsp; 186922 |
| 5.467%, 05/25/35 (a) | 215704 | &nbsp;&nbsp; 205718 |

---

*See accompanying notes to financial statements.*

**BHFTI-404**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Bear Stearns ARM Trust |  |  |
| 6.464%, 10/25/35 (a) | 382345 | &nbsp;&nbsp; $382613 |
| Bear Stearns Structured Products, Inc. Trust |  |  |
| 4.120%, 12/26/46 (a) | 256339 | &nbsp;&nbsp; 201388 |
| 5.062%, 01/26/36 (a) | 246224 | &nbsp;&nbsp; 172884 |
| Chase Home Lending Mortgage Trust |  |  |
| 3.250%, 09/25/63 (144A) (a) | 6437260 | &nbsp;&nbsp; 5759480 |
| Chase Mortgage Finance Trust |  |  |
| 4.669%, 03/25/37 (a) | 400048 | &nbsp;&nbsp; 371922 |
| 4.745%, 12/25/35 (a) | 81111 | &nbsp;&nbsp; 73099 |
| 4.897%, 09/25/36 (a) | 674835 | &nbsp;&nbsp; 560737 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates |  |  |
| 4.684%, 1M TSFR + 0.364%, 08/25/35 (144A) (a) | 6066 | &nbsp;&nbsp; 5855 |
| CHL Mortgage Pass-Through Trust |  |  |
| 4.300%, 09/20/36 (a) | 1003274 | &nbsp;&nbsp; 887281 |
| 4.834%, 1M TSFR + 0.514%, 04/25/46 (a) | 1065545 | &nbsp;&nbsp; 960991 |
| 5.074%, 1M TSFR + 0.754%, 03/25/35 (a) | 179215 | &nbsp;&nbsp; 177020 |
| 5.750%, 06/25/37 | 878634 | &nbsp;&nbsp; 401899 |
| Citicorp Mortgage Securities Trust |  |  |
| 6.000%, 05/25/37 | 642474 | &nbsp;&nbsp; 562947 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.118%, 10/25/46 (a) | 397007 | &nbsp;&nbsp; 350649 |
| 6.080%, 1Y H15 + 2.100%, 09/25/35 (a) | 174730 | &nbsp;&nbsp; 176025 |
| 6.180%, 1Y H15 + 2.150%, 09/25/35 (a) | 30410 | &nbsp;&nbsp; 29695 |
| 7.230%, 1Y H15 + 2.400%, 10/25/35 (a) | 344349 | &nbsp;&nbsp; 356719 |
| CitiMortgage Alternative Loan Trust |  |  |
| 5.084%, 1M TSFR + 0.764%, 10/25/36 (a) | 3178296 | &nbsp;&nbsp; 2448271 |
| Countrywide Alternative Loan Trust |  |  |
| 0.566%, -1x 1M TSFR + 4.886%, 05/25/35 (a) (b) | 334808 | &nbsp;&nbsp; 18690 |
| 4.954%, 1M TSFR + 0.634%, 06/25/46 (a) | 3673550 | &nbsp;&nbsp; 3191735 |
| 5.500%, 02/25/36 | 1257271 | &nbsp;&nbsp; 850518 |
| 5.879%, 12M MTA + 1.480%, 01/25/36 (a) | 314540 | &nbsp;&nbsp; 297094 |
| 6.000%, 03/25/35 | 5990774 | &nbsp;&nbsp; 4744163 |
| 6.000%, 1M TSFR + 6.000%, 08/25/36 (a) | 1398301 | &nbsp;&nbsp; 1327096 |
| 6.000%, 02/25/37 | 7445457 | &nbsp;&nbsp; 2903462 |
| 6.000%, 04/25/37 | 2526663 | &nbsp;&nbsp; 1144677 |
| 6.000%, 07/25/37 | 3787109 | &nbsp;&nbsp; 1933643 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| 5.063%, 03/25/32 (144A) (a) | 17419 | &nbsp;&nbsp; 16714 |
| CSFB Mortgage-Backed Pass-Through Certificates |  |  |
| 6.000%, 11/25/35 | 754004 | &nbsp;&nbsp; 559344 |
| CSMC Trust |  |  |
| 3.494%, 10/27/36 (144A) (a) | 6651129 | &nbsp;&nbsp; 5917536 |
| DSLA Mortgage Loan Trust |  |  |
| 5.274%, 07/19/44 (a) | 123483 | &nbsp;&nbsp; 116694 |
| First Horizon Mortgage Pass-Through Trust |  |  |
| 6.432%, 08/25/35 (a) | 53428 | &nbsp;&nbsp; 38209 |
| Gemgarto PLC |  |  |
| 5.124%, SONIA + 0.885%, 12/16/67 (144A) (GBP) (a) | 1153338 | &nbsp;&nbsp; 1584136 |
| GreenPoint MTA Trust |  |  |
| 4.874%, 1M TSFR + 0.554%, 06/25/45 (a) | 11259 | &nbsp;&nbsp; 10261 |
| GS Mortgage-Backed Securities Corp. Trust |  |  |
| 2.500%, 06/25/52 (144A) (a) | 10118632 | &nbsp;&nbsp; 8238782 |
| GS Mortgage-Backed Securities Trust |  |  |
| 2.500%, 01/25/52 (144A) (a) | 10727151 | &nbsp;&nbsp; 8737334 |
| 3.000%, 08/26/52 (144A) (a) | 12351778 | &nbsp;&nbsp; 10521072 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| GSR Mortgage Loan Trust |  |  |
| 4.537%, 04/25/36 (a) | 734245 | &nbsp;&nbsp; $445707 |
| 4.729%, 01/25/36 (a) | 1002181 | &nbsp;&nbsp; 942928 |
| 5.293%, 09/25/35 (a) | 5461 | &nbsp;&nbsp; 5244 |
| 6.000%, 03/25/32 | 34 | &nbsp;&nbsp; 35 |
| HarborView Mortgage Loan Trust |  |  |
| 4.872%, 1M TSFR + 0.554%, 05/19/35 (a) | 260483 | &nbsp;&nbsp; 250124 |
| IndyMac ARM Trust |  |  |
| 6.622%, 01/25/32 (a) | 182 | &nbsp;&nbsp; 178 |
| 6.636%, 01/25/32 (a) | 4058 | &nbsp;&nbsp; 3917 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| 4.674%, 1M TSFR + 0.354%, 07/25/36 (a) | 1748469 | &nbsp;&nbsp; 1707157 |
| 4.854%, 1M TSFR + 0.534%, 05/25/46 (a) | 2691518 | &nbsp;&nbsp; 2436628 |
| JP Morgan Alternative Loan Trust |  |  |
| 4.794%, 1M TSFR + 0.474%, 05/25/36 (a) | 702796 | &nbsp;&nbsp; 580824 |
| JP Morgan Mortgage Trust |  |  |
| 3.000%, 03/25/52 (144A) (a) | 10424403 | &nbsp;&nbsp; 8892912 |
| 4.337%, 12/26/37 (144A) (a) | 3764367 | &nbsp;&nbsp; 3284663 |
| 5.750%, 01/25/36 | 182325 | &nbsp;&nbsp; 77773 |
| Lehman Mortgage Trust |  |  |
| 5.034%, 1M TSFR + 0.714%, 08/25/36 (a) | 2601657 | &nbsp;&nbsp; 1796331 |
| Lehman XS Trust |  |  |
| 4.834%, 1M TSFR + 0.514%, 03/25/47 (a) | 8454475 | &nbsp;&nbsp; 7186497 |
| MASTR Alternative Loan Trust |  |  |
| 4.834%, 1M TSFR + 0.514%, 03/25/36 (a) | 609692 | &nbsp;&nbsp; 56264 |
| 6.500%, 02/25/35 | 1812332 | &nbsp;&nbsp; 1880859 |
| MASTR Asset Securitization Trust |  |  |
| 6.000%, 06/25/36 | 150349 | &nbsp;&nbsp; 82385 |
| MetLife Securitization Trust |  |  |
| 3.750%, 03/25/57 (144A) (a) | 2761335 | &nbsp;&nbsp; 2680327 |
| Mill City Mortgage Loan Trust |  |  |
| 3.250%, 08/25/59 (144A) (a) | 8400000 | &nbsp;&nbsp; 7503153 |
| Morgan Stanley Re-REMICS Trust |  |  |
| 3.277%, 03/26/37 (144A) (e) | 993374 | &nbsp;&nbsp; 1031372 |
| MortgageIT Mortgage Loan Trust |  |  |
| 4.894%, 1M TSFR + 0.574%, 04/25/36 (a) | 1185106 | &nbsp;&nbsp; 1122196 |
| New Residential Mortgage Loan Trust |  |  |
| 6.864%, 10/25/63 (144A) (e) | 5067626 | &nbsp;&nbsp; 5118114 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |
| 5.476%, 05/25/35 (e) | 542573 | &nbsp;&nbsp; 249657 |
| OBX Trust |  |  |
| 5.084%, 1M TSFR + 0.764%, 06/25/57 (144A) (a) | 3399968 | &nbsp;&nbsp; 3333488 |
| 6.120%, 11/25/62 (144A) (a) | 5308648 | &nbsp;&nbsp; 5302317 |
| PRKCM Trust |  |  |
| 5.335%, 08/25/57 (144A) (a) | 5435306 | &nbsp;&nbsp; 5416308 |
| PRPM Trust |  |  |
| 6.250%, 08/25/68 (144A) (e) | 4243697 | &nbsp;&nbsp; 4264228 |
| RBSSP Resecuritization Trust |  |  |
| 4.661%, 1M TSFR + 0.354%, 06/27/36 (144A) (a) | 1861349 | &nbsp;&nbsp; 1847844 |
| Reperforming Loan Trust REMICS |  |  |
| 4.774%, 1M TSFR + 0.454%, 06/25/35 (144A) (a) | 360111 | &nbsp;&nbsp; 346445 |
| Residential Asset Securitization Trust |  |  |
| 6.000%, 06/25/36 | 2853764 | &nbsp;&nbsp; 1078825 |
| Sequoia Mortgage Trust |  |  |
| 5.072%, 1M TSFR + 0.754%, 04/19/27 (a) | 50384 | &nbsp;&nbsp; 49177 |
| 5.132%, 1M TSFR + 0.814%, 07/20/33 (a) | 32872 | &nbsp;&nbsp; 32653 |

---

*See accompanying notes to financial statements.*

**BHFTI-405**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| Structured Adjustable Rate Mortgage Loan Trust |  |  |
| 3.972%, 01/25/35 (a) | 70034 | &nbsp;&nbsp; $69503 |
| 4.728%, 08/25/35 (a) | 33317 | &nbsp;&nbsp; 28998 |
| 4.750%, 10/25/36 (a) | 5041851 | &nbsp;&nbsp; 2124278 |
| 5.207%, 04/25/35 (a) | 1068197 | &nbsp;&nbsp; 980551 |
| Structured Asset Mortgage Investments II Trust |  |  |
| 4.932%, 1M TSFR + 0.614%, 07/19/35 (a) | 119516 | &nbsp;&nbsp; 116558 |
| Towd Point Mortgage Funding - Granite 6 PLC |  |  |
| 5.223%, SONIA + 0.925%, 07/20/53 (144A) (GBP) (a) | 5948859 | &nbsp;&nbsp; 8179418 |
| Towd Point Mortgage Trust |  |  |
| 3.750%, 07/25/62 (144A) (a) | 4672702 | &nbsp;&nbsp; 4441608 |
| UWM Mortgage Trust |  |  |
| 2.500%, 11/25/51 (144A) (a) | 19122153 | &nbsp;&nbsp; 15888538 |
| 2.500%, 12/25/51 (144A) (a) | 10563175 | &nbsp;&nbsp; 8571029 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 4.036%, 06/25/37 (a) | 2639222 | &nbsp;&nbsp; 2316097 |
| 4.934%, 1M TSFR + 0.614%, 02/25/45 (a) | 3076082 | &nbsp;&nbsp; 3063283 |
| 5.799%, 12M MTA + 1.400%, 06/25/42 (a) | 17541 | &nbsp;&nbsp; 16358 |
| Wells Fargo Mortgage-Backed Securities Trust |  |  |
| 6.920%, 09/25/33 (a) | 40124 | &nbsp;&nbsp; 39356 |
|  |  | &nbsp;&nbsp; 207157907 |
| **Commercial Mortgage-Backed Securities — 6.0%** | **Commercial Mortgage-Backed Securities — 6.0%** | **Commercial Mortgage-Backed Securities — 6.0%** |
| 1211 Avenue of the Americas Trust |  |  |
| 3.901%, 08/10/35 (144A) | 12100000 | &nbsp;&nbsp; 11566965 |
| 225 Liberty Street Trust |  |  |
| 3.597%, 02/10/36 (144A) | 11600000 | &nbsp;&nbsp; 11066813 |
| Arbor Multifamily Mortgage Securities Trust |  |  |
| 2.756%, 05/15/53 (144A) | 7500000 | &nbsp;&nbsp; 6920224 |
| AREIT Trust |  |  |
| 5.551%, SOFR30A + 1.250%, 01/20/37 (144A) (a) | 6887465 | &nbsp;&nbsp; 6876662 |
| 6.556%, 1M TSFR + 2.242%, 06/17/39 (144A) (a) | 9491445 | &nbsp;&nbsp; 9505444 |
| Benchmark Mortgage Trust |  |  |
| 2.955%, 01/15/55 (a) | 12646000 | &nbsp;&nbsp; 11948419 |
| 3.458%, 03/15/55 | 13000000 | &nbsp;&nbsp; 11883895 |
| 4.016%, 03/15/52 | 13000000 | &nbsp;&nbsp; 12654183 |
| 4.591%, 05/15/55 (a) | 11000000 | &nbsp;&nbsp; 10602953 |
| COMM Mortgage Trust |  |  |
| 3.545%, 02/10/36 (144A) | 11600000 | &nbsp;&nbsp; 11396339 |
| CSAIL Commercial Mortgage Trust |  |  |
| 3.314%, 11/15/49 | 10413 | &nbsp;&nbsp; 10394 |
| DBGS Mortgage Trust |  |  |
| 3.843%, 04/10/37 (144A) | 12550000 | &nbsp;&nbsp; 11828857 |
| DC Office Trust |  |  |
| 2.965%, 09/15/45 (144A) | 1000000 | &nbsp;&nbsp; 910339 |
| DOLP Trust |  |  |
| 2.956%, 05/10/41 (144A) | 13200000 | &nbsp;&nbsp; 11746495 |
| Extended Stay America Trust |  |  |
| 5.507%, 1M TSFR + 1.194%, 07/15/38 (144A) (a) | 12008188 | &nbsp;&nbsp; 12011941 |
| GS Mortgage Securities Corp. Trust |  |  |
| 2.856%, 05/10/34 (144A) | 7552013 | &nbsp;&nbsp; 6577865 |
| GS Mortgage Securities Trust |  |  |
| 3.278%, 11/10/49 (a) | 417919 | &nbsp;&nbsp; 415190 |
| 3.722%, 10/10/49 (144A) (a) | 13346000 | &nbsp;&nbsp; 11936018 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 5.809%, 1M TSFR + 1.497%, 12/15/31 (144A) (a) | 3431009 | &nbsp;&nbsp; 3415370 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 7.236%, 10/05/40 (144A) | 5800000 | &nbsp;&nbsp; $6168273 |
| Manhattan West Mortgage Trust |  |  |
| 2.130%, 09/10/39 (144A) | 12300000 | &nbsp;&nbsp; 11632061 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| 2.952%, 11/15/49 | 1399627 | &nbsp;&nbsp; 1391491 |
| Morgan Stanley Capital I Trust |  |  |
| 2.509%, 04/05/42 (144A) (a) | 7500000 | &nbsp;&nbsp; 6541300 |
| 3.127%, 11/15/52 | 800000 | &nbsp;&nbsp; 746827 |
| NYO Commercial Mortgage Trust |  |  |
| 5.522%, 1M TSFR + 1.209%, 11/15/38 (144A) (a) | 14000000 | &nbsp;&nbsp; 13965311 |
| Ready Capital Mortgage Financing LLC |  |  |
| 5.634%, 1M TSFR + 1.314%, 11/25/36 (144A) (a) | 2353056 | &nbsp;&nbsp; 2353140 |
| 6.693%, 1M TSFR + 2.374%, 10/25/39 (144A) (a) | 461632 | &nbsp;&nbsp; 461692 |
| SG Commercial Mortgage Securities Trust |  |  |
| 2.632%, 03/15/37 (144A) | 7100000 | &nbsp;&nbsp; 6626796 |
|  |  | &nbsp;&nbsp; 213161257 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $463,235,295) <br>|  | &nbsp;&nbsp; 420319164 |
| **Asset-Backed Securities—8.5%** | **Asset-Backed Securities—8.5%** | **Asset-Backed Securities—8.5%** |
| **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** | **Asset-Backed - Automobile — 0.4%** |
| Citizens Auto Receivables Trust |  |  |
| 5.840%, 01/18/28 (144A) | 4310182 | &nbsp;&nbsp; 4337774 |
| Ford Credit Auto Lease Trust |  |  |
| 5.050%, 06/15/27 | 1400000 | &nbsp;&nbsp; 1409580 |
| Huntington Auto Trust |  |  |
| 5.500%, 03/15/27 (144A) | 1280571 | &nbsp;&nbsp; 1282088 |
| Hyundai Auto Lease Securitization Trust |  |  |
| 5.020%, 03/15/27 (144A) | 1300000 | &nbsp;&nbsp; 1303553 |
| Toyota Auto Loan Extended Note Trust |  |  |
| 4.930%, 06/25/36 (144A) | 3900000 | &nbsp;&nbsp; 3978216 |
|  |  | &nbsp;&nbsp; 12311211 |
| **Asset-Backed - Home Equity — 0.7%** | **Asset-Backed - Home Equity — 0.7%** | **Asset-Backed - Home Equity — 0.7%** |
| ABFC Trust |  |  |
| 5.134%, 1M TSFR + 0.814%, 06/25/34 (a) | 839602 | &nbsp;&nbsp; 842586 |
| 5.259%, 1M TSFR + 0.939%, 07/25/35 (a) | 4190483 | &nbsp;&nbsp; 3953068 |
| Accredited Mortgage Loan Trust |  |  |
| 5.014%, 1M TSFR + 0.404%, 07/25/34 (a) | 2132467 | &nbsp;&nbsp; 2110766 |
| ACE Securities Corp. Home Equity Loan Trust |  |  |
| 4.734%, 1M TSFR + 0.414%, 04/25/36 (a) | 1172221 | &nbsp;&nbsp; 1140515 |
| 4.734%, 1M TSFR + 0.414%, 07/25/36 (a) | 7509204 | &nbsp;&nbsp; 2487554 |
| Asset-Backed Securities Corp. Home Equity Loan Trust |  |  |
| 4.514%, 1M TSFR + 0.194%, 05/25/37 (a) | 16562 | &nbsp;&nbsp; 11696 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| 4.934%, 1M TSFR + 0.614%, 04/25/37 (a) | 122350 | &nbsp;&nbsp; 122644 |
| 5.439%, 1M TSFR + 1.119%, 06/25/35 (a) | 1015230 | &nbsp;&nbsp; 992362 |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| 5.234%, 1M TSFR + 0.914%, 10/27/32 (a) | 1575 | &nbsp;&nbsp; 1571 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| 4.754%, 1M TSFR + 0.434%, 12/25/36 (144A) (a) | 5143728 | &nbsp;&nbsp; 2802241 |
| HSI Asset Securitization Corp. Trust |  |  |
| 4.774%, 1M TSFR + 0.454%, 12/25/36 (a) | 8166849 | &nbsp;&nbsp; 1931864 |

---

*See accompanying notes to financial statements.*

**BHFTI-406**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** | **Asset-Backed - Home Equity—(Continued)** |
| IXIS Real Estate Capital Trust |  |  |
| 5.379%, 1M TSFR + 1.059%, 02/25/35 (a) | 910942 | &nbsp;&nbsp; $923365 |
| MASTR Asset-Backed Securities Trust |  |  |
| 4.534%, 1M TSFR + 0.214%, 08/25/36 (a) | 4512954 | &nbsp;&nbsp; 1509353 |
| 4.754%, 1M TSFR + 0.434%, 08/25/36 (a) | 2921962 | &nbsp;&nbsp; 983478 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| 4.934%, 1M TSFR + 0.614%, 07/25/37 (a) | 8223656 | &nbsp;&nbsp; 1718256 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 4.494%, 1M TSFR + 0.174%, 05/25/37 (a) | 81760 | &nbsp;&nbsp; 73568 |
| NovaStar Mortgage Funding Trust |  |  |
| 4.634%, 1M TSFR + 0.314%, 09/25/37 (a) | 1998501 | &nbsp;&nbsp; 1964322 |
| Option One Mortgage Corp. Asset Back Certificates |  |  |
| 5.074%, 1M TSFR + 0.754%, 08/25/33 (a) | 5975 | &nbsp;&nbsp; 6213 |
| Option One Mortgage Loan Trust |  |  |
| 4.714%, 1M TSFR + 0.254%, 01/25/37 (a) | 3659910 | &nbsp;&nbsp; 2345452 |
| Renaissance Home Equity Loan Trust |  |  |
| 3.733%, 1M TSFR + 0.994%, 08/25/33 (a) | 52404 | &nbsp;&nbsp; 47658 |
| Residential Asset Securities Corporation Trust |  |  |
| 4.724%, 1M TSFR + 0.404%, 06/25/33 (a) | 426944 | &nbsp;&nbsp; 405356 |
|  |  | &nbsp;&nbsp; 26373888 |
| **Asset-Backed - Other — 7.3%** | **Asset-Backed - Other — 7.3%** | **Asset-Backed - Other — 7.3%** |
| Anchorage Capital CLO 6 Ltd. |  |  |
| 5.712%, 3M TSFR + 1.440%, 04/22/34 (144A) (a) | 9800000 | &nbsp;&nbsp; 9815121 |
| Arbour CLO DAC |  |  |
| 3.473%, 3M EURIBOR + 1.330%, 05/15/38 (144A) <br> (EUR) (a)<br>| 5500000 | &nbsp;&nbsp; 6484598 |
| ARES European CLO X DAC |  |  |
| 3.059%, 3M EURIBOR + 0.780%, 10/15/31 (144A) <br> (EUR) (a)<br>| 5441951 | &nbsp;&nbsp; 6400516 |
| Argent Securities, Inc. Asset-Backed Pass-Through <br> Certificates<br>|  |  |
| 5.194%, 1M TSFR + 0.874%, 02/25/36 (a) | 3349019 | &nbsp;&nbsp; 2699179 |
| Capital Four U.S. CLO II Ltd. |  |  |
| 6.170%, 3M TSFR + 1.900%, 01/20/37 (144A) (a) | 8200000 | &nbsp;&nbsp; 8224797 |
| Catamaran CLO Ltd. |  |  |
| 5.634%, 3M TSFR + 1.362%, 04/22/30 (144A) (a) | 1888356 | &nbsp;&nbsp; 1888497 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 4.276%, 10/25/46 (a) | 429255 | &nbsp;&nbsp; 437956 |
| 4.388%, 10/25/32 (a) | 547 | &nbsp;&nbsp; 22009 |
| 4.574%, 1M TSFR + 0.254%, 07/25/37 (a) | 4767449 | &nbsp;&nbsp; 4437741 |
| 4.714%, 1M TSFR + 0.394%, 02/25/37 (a) | 1348959 | &nbsp;&nbsp; 1272168 |
| 4.714%, 1M TSFR + 0.394%, 04/25/47 (a) | 1174274 | &nbsp;&nbsp; 1138500 |
| 4.874%, 1M TSFR + 0.554%, 09/25/37 (a) | 1568052 | &nbsp;&nbsp; 1627942 |
| Dewolf Park CLO Ltd. |  |  |
| 5.438%, 3M TSFR + 1.182%, 10/15/30 (144A) (a) | 1216270 | &nbsp;&nbsp; 1217067 |
| Dryden 54 Senior Loan Fund |  |  |
| 5.420%, 3M TSFR + 1.150%, 10/19/29 (144A) (a) | 3656459 | &nbsp;&nbsp; 3655735 |
| First Franklin Mortgage Loan Trust |  |  |
| 4.714%, 1M TSFR + 0.394%, 12/25/36 (a) | 4206523 | &nbsp;&nbsp; 1692035 |
| 4.744%, 1M TSFR + 0.424%, 10/25/36 (a) | 16312000 | &nbsp;&nbsp; 13286543 |
| 5.364%, 1M TSFR + 1.044%, 10/25/34 (a) | 2303561 | &nbsp;&nbsp; 2272146 |
| 5.859%, 1M TSFR + 1.539%, 10/25/34 (a) | 1178836 | &nbsp;&nbsp; 1182860 |
| GoodLeap Sustainable Home Solutions Trust |  |  |
| 4.000%, 04/20/49 (144A) | 9096516 | &nbsp;&nbsp; 7926007 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| GreenSky Home Improvement Issuer Trust |  |  |
| 5.120%, 03/25/60 (144A) | 6982566 | &nbsp;&nbsp; $6995179 |
| GSAMP Trust |  |  |
| 4.604%, 1M TSFR + 0.284%, 12/25/36 (a) | 2128920 | &nbsp;&nbsp; 1048075 |
| 5.754%, 1M TSFR + 1.434%, 12/25/34 (a) | 3389558 | &nbsp;&nbsp; 2966426 |
| Harvest CLO XX DAC |  |  |
| 2.916%, 3M EURIBOR + 0.680%, 10/20/31 (144A) <br> (EUR) (a)<br>| 7808791 | &nbsp;&nbsp; 9175705 |
| Harvest CLO XXV DAC |  |  |
| 3.186%, 3M EURIBOR + 0.950%, 10/21/34 (144A) <br> (EUR) (a)<br>| 9060000 | &nbsp;&nbsp; 10629544 |
| Henley CLO VII DAC |  |  |
| 3.148%, 3M EURIBOR + 0.990%, 04/25/34 (144A) <br> (EUR) (a)<br>| 6300000 | &nbsp;&nbsp; 7416644 |
| Home Equity Loan Trust |  |  |
| 4.664%, 1M TSFR + 0.344%, 04/25/37 (a) | 3733235 | &nbsp;&nbsp; 3597334 |
| Home Equity Mortgage Loan Asset-Backed Trust |  |  |
| 4.654%, 1M TSFR + 0.334%, 04/25/37 (a) | 1848349 | &nbsp;&nbsp; 1421086 |
| ICG U.S. CLO Ltd. |  |  |
| 5.420%, 3M TSFR + 1.150%, 10/20/34 (144A) (a) | 2600000 | &nbsp;&nbsp; 2590450 |
| KKR CLO 41 Ltd. |  |  |
| 5.586%, 3M TSFR + 1.330%, 04/15/35 (144A) (a) | 6000000 | &nbsp;&nbsp; 6005466 |
| KREF Ltd. |  |  |
| 5.768%, 1M TSFR + 1.450%, 02/17/39 (144A) (a) | 9601726 | &nbsp;&nbsp; 9598692 |
| Long Beach Mortgage Loan Trust |  |  |
| 4.754%, 1M TSFR + 0.434%, 05/25/36 (a) | 26623654 | &nbsp;&nbsp; 7712210 |
| 4.954%, 1M TSFR + 0.634%, 08/25/45 (a) | 385561 | &nbsp;&nbsp; 378933 |
| 5.214%, 1M TSFR + 0.894%, 08/25/35 (a) | 5512458 | &nbsp;&nbsp; 5420737 |
| Marathon CLO XIII Ltd. |  |  |
| 5.456%, 3M TSFR + 1.200%, 04/15/32 (144A) (a) | 6418658 | &nbsp;&nbsp; 6418729 |
| Marble Point CLO XIV Ltd. |  |  |
| 5.470%, 3M TSFR + 1.200%, 01/20/32 (144A) (a) | 6611086 | &nbsp;&nbsp; 6604369 |
| Merrill Lynch First Franklin Mortgage Loan Trust |  |  |
| 5.684%, 1M TSFR + 1.364%, 10/25/37 (a) | 8299285 | &nbsp;&nbsp; 7055808 |
| MF1 LLC |  |  |
| 6.953%, 1M TSFR + 2.635%, 09/17/37 (144A) (a) | 8498389 | &nbsp;&nbsp; 8501661 |
| MF1 Ltd. |  |  |
| 6.128%, 1M TSFR + 1.814%, 12/15/35 (144A) (a) | 1910174 | &nbsp;&nbsp; 1911369 |
| MMAF Equipment Finance LLC |  |  |
| 5.200%, 09/13/27 (144A) | 4290482 | &nbsp;&nbsp; 4302185 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 4.684%, 1M TSFR + 0.364%, 07/25/36 (a) | 2277410 | &nbsp;&nbsp; 2065748 |
| 4.734%, 1M TSFR + 0.414%, 06/25/36 (a) | 137937 | &nbsp;&nbsp; 119127 |
| 5.054%, 1M TSFR + 0.734%, 12/25/35 (a) | 529419 | &nbsp;&nbsp; 520367 |
| Park Place Securities, Inc. |  |  |
| 5.169%, 1M TSFR + 0.849%, 09/25/35 (a) | 3015332 | &nbsp;&nbsp; 2955628 |
| Park Place Securities, Inc. Asset-Backed Pass-Through <br> Certificates<br>|  |  |
| 5.484%, 1M TSFR + 1.164%, 10/25/34 (a) | 1650625 | &nbsp;&nbsp; 1630767 |
| 6.234%, 1M TSFR + 1.914%, 12/25/34 (a) | 2228763 | &nbsp;&nbsp; 2198747 |
| Romark Credit Funding III Ltd. |  |  |
| 5.539%, 09/15/42 (144A) | 5700000 | &nbsp;&nbsp; 5709912 |
| Saxon Asset Securities Trust |  |  |
| 4.834%, 1M TSFR + 0.514%, 09/25/47 (a) | 1472446 | &nbsp;&nbsp; 1367397 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| 4.934%, 1M TSFR + 0.614%, 03/25/36 (a) | 12915748 | &nbsp;&nbsp; 8035687 |
| 4.934%, 1M TSFR + 0.614%, 05/25/36 (a) | 5991869 | &nbsp;&nbsp; 3068242 |

---

*See accompanying notes to financial statements.*

**BHFTI-407**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Soundview Home Loan Trust |  |  |
| 4.654%, 1M TSFR + 0.334%, 02/25/37 (a) | 1976635 | &nbsp;&nbsp; $522576 |
| Specialty Underwriting & Residential Finance Trust |  |  |
| 4.704%, 1M TSFR + 0.384%, 04/25/37 (a) | 2254878 | &nbsp;&nbsp; 1653589 |
| Starwood Ltd. |  |  |
| 5.654%, SOFR30A + 1.350%, 11/15/38 (144A) (a) | 9764679 | &nbsp;&nbsp; 9739759 |
| Structured Asset Investment Loan Trust |  |  |
| 4.584%, 1M TSFR + 0.264%, 09/25/36 (a) | 161028 | &nbsp;&nbsp; 159961 |
| 5.064%, 1M TSFR + 0.744%, 11/25/35 (a) | 2748197 | &nbsp;&nbsp; 2693750 |
| Structured Asset Securities Corp. Mortgage Loan Trust |  |  |
| 6.234%, 1M TSFR + 1.914%, 08/25/37 (a) | 26702 | &nbsp;&nbsp; 26554 |
| Sunrun Demeter Issuer LLC |  |  |
| 2.270%, 01/30/57 (144A) | 11036657 | &nbsp;&nbsp; 9766119 |
| Toro European CLO 7 DAC |  |  |
| 2.953%, 3M EURIBOR + 0.810%, 02/15/34 (144A) <br> (EUR) (a)<br>| 14793999 | &nbsp;&nbsp; 17372823 |
| U.S. Small Business Administration |  |  |
| 6.220%, 12/01/28 | 230849 | &nbsp;&nbsp; 236802 |
| Venture XXVII CLO Ltd. |  |  |
| 5.581%, 3M TSFR + 1.312%, 07/20/30 (144A) (a) | 3192147 | &nbsp;&nbsp; 3192252 |
| Venture XXVIII CLO Ltd. |  |  |
| 5.521%, 3M TSFR + 1.252%, 07/20/30 (144A) (a) | 2258329 | &nbsp;&nbsp; 2258553 |
|  |  | &nbsp;&nbsp; 260726379 |
| **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** | **Asset-Backed - Student Loan — 0.1%** |
| Nelnet Student Loan Trust |  |  |
| 6.502%, SOFR30A + 2.200%, 02/20/41 (144A) (a) | 2088446 | &nbsp;&nbsp; 2133421 |
| 6.640%, 02/20/41 (144A) | 2198365 | &nbsp;&nbsp; 2275090 |
|  |  | &nbsp;&nbsp; 4408511 |
| Total Asset-Backed Securities <br>(Cost $311,702,058) <br>|  | &nbsp;&nbsp; 303819989 |
| **Foreign Government—7.3%** | **Foreign Government—7.3%** | **Foreign Government—7.3%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Korea Development Bank |  |  |
| 5.051%, SOFR + 0.700%, 10/23/26 (a) | 1700000 | &nbsp;&nbsp; 1704958 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| CPPIB Capital, Inc. |  |  |
| 4.300%, 06/02/34 (CAD) | 5400000 | &nbsp;&nbsp; 4137231 |
| **Regional Government — 0.5%** | **Regional Government — 0.5%** | **Regional Government — 0.5%** |
| Province of British Columbia |  |  |
| 4.150%, 06/18/34 (CAD) | 2500000 | &nbsp;&nbsp; 1893446 |
| Province of Ontario |  |  |
| 3.800%, 12/02/34 (CAD) | 6100000 | &nbsp;&nbsp; 4476663 |
| Province of Quebec |  |  |
| 4.450%, 09/01/34 (CAD) | 16400000 | &nbsp;&nbsp; 12671386 |
|  |  | &nbsp;&nbsp; 19041495 |
| **Sovereign — 6.6%** | **Sovereign — 6.6%** | **Sovereign — 6.6%** |
| Brazil Government International Bonds |  |  |
| 6.125%, 03/15/34 | 7800000 | &nbsp;&nbsp; 7718570 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Brazil Letras do Tesouro Nacional |  |  |
| Zero Coupon, 10/01/25 (BRL) | 34500000 | &nbsp;&nbsp; $6124314 |
| Chile Government International Bonds |  |  |
| 4.340%, 03/07/42 | 12500000 | &nbsp;&nbsp; 10807625 |
| European Union |  |  |
| 2.875%, 10/05/29 (EUR) | 15200000 | &nbsp;&nbsp; 18267602 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 1.300%, 05/15/28 (144A) (EUR) (j) | 26693062 | &nbsp;&nbsp; 31906896 |
| Ivory Coast Government International Bonds |  |  |
| 5.875%, 10/17/31 (144A) (EUR) | 4900000 | &nbsp;&nbsp; 5452365 |
| Japan Bank for International Cooperation |  |  |
| 2.875%, 07/21/27 | 11200000 | &nbsp;&nbsp; 10968304 |
| Japan Government Forty Year Bonds |  |  |
| 2.200%, 03/20/64 (JPY) | 724000000 | &nbsp;&nbsp; 4042042 |
| Japan Government Thirty Year Bonds |  |  |
| 2.300%, 12/20/54 (JPY) | 1270000000 | &nbsp;&nbsp; 7917734 |
| 2.400%, 03/20/55 (JPY) | 1394800000 | &nbsp;&nbsp; 8887764 |
| Japan Government Twenty Year Bonds |  |  |
| 2.000%, 12/20/44 (JPY) | 1670000000 | &nbsp;&nbsp; 10978129 |
| 2.400%, 03/20/45 (JPY) | 923600000 | &nbsp;&nbsp; 6455419 |
| Mexico Government International Bonds |  |  |
| 6.000%, 05/07/36 | 2400000 | &nbsp;&nbsp; 2368560 |
| Mexico Udibonos |  |  |
| 4.000%, 08/24/34 (MXN) (j) | 8500847 | &nbsp;&nbsp; 420687 |
| Peru Government International Bonds |  |  |
| 6.150%, 08/12/32 (144A) (PEN) | 58400000 | &nbsp;&nbsp; 17010211 |
| 6.950%, 08/12/31 (PEN) | 7920000 | &nbsp;&nbsp; 2424761 |
| 6.950%, 08/12/31 (144A) (PEN) | 1680000 | &nbsp;&nbsp; 514343 |
| Qatar Government International Bonds |  |  |
| 5.103%, 04/23/48 | 1500000 | &nbsp;&nbsp; 1413523 |
| Republic of Poland Government International Bonds |  |  |
| 5.125%, 09/18/34 | 3900000 | &nbsp;&nbsp; 3914595 |
| Republic of South Africa Government Bonds |  |  |
| 8.500%, 01/31/37 (ZAR) | 63800000 | &nbsp;&nbsp; 3136209 |
| 8.875%, 02/28/35 (ZAR) | 173300000 | &nbsp;&nbsp; 9149846 |
| 10.500%, 12/21/26 (ZAR) | 299000000 | &nbsp;&nbsp; 17526406 |
| Republic of South Africa Government International Bonds |  |  |
| 7.100%, 11/19/36 (144A) | 3000000 | &nbsp;&nbsp; 2976413 |
| Romania Government International Bonds |  |  |
| 5.250%, 03/10/30 (144A) (EUR) | 2600000 | &nbsp;&nbsp; 3122011 |
| 5.375%, 03/22/31 (144A) (EUR) | 3050000 | &nbsp;&nbsp; 3602227 |
| 5.625%, 05/30/37 (144A) (EUR) | 4100000 | &nbsp;&nbsp; 4540756 |
| Saudi Government International Bonds |  |  |
| 4.750%, 01/18/28 (144A) | 6000000 | &nbsp;&nbsp; 6043181 |
| 4.750%, 01/16/30 (144A) | 7800000 | &nbsp;&nbsp; 7866577 |
| 5.000%, 01/18/53 (144A) | 6000000 | &nbsp;&nbsp; 5102975 |
| U.K. Gilts |  |  |
| 4.375%, 07/31/54 (GBP) | 12954000 | &nbsp;&nbsp; 15402166 |
|  |  | &nbsp;&nbsp; 236062211 |
| Total Foreign Government <br>(Cost $257,812,144) <br>|  | &nbsp;&nbsp; 260945895 |
| **Municipals—1.1%** | **Municipals—1.1%** | **Municipals—1.1%** |
| Empire State Development Corp. |  |  |
| 1.346%, 03/15/26 | 8100000 | &nbsp;&nbsp; 7937357 |

---

*See accompanying notes to financial statements.*

**BHFTI-408**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Municipals—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| Louisiana Local Government Environmental Facilities & <br> Community Development Authority<br>|  |  |
| 5.048%, 12/01/34 | 5900000 | &nbsp;&nbsp; $6031349 |
| Sales Tax Securitization Corp. |  |  |
| 3.007%, 01/01/33 | 10100000 | &nbsp;&nbsp; 9017560 |
| 3.057%, 01/01/34 | 2000000 | &nbsp;&nbsp; 1753553 |
| State of Illinois, General Obligation Unlimited |  |  |
| 6.725%, 04/01/35 | 4400000 | &nbsp;&nbsp; 4652991 |
| Texas Natural Gas Securitization Finance Corp. |  |  |
| 5.169%, 04/01/41 | 5900000 | &nbsp;&nbsp; 5959620 |
| Tobacco Settlement Finance Authority |  |  |
| 1.820%, 06/01/26 | 2250000 | &nbsp;&nbsp; 2196226 |
| Total Municipals <br>(Cost $38,848,690) <br>|  | &nbsp;&nbsp; 37548656 |
| **Floating Rate Loans (m)—0.2%** | **Floating Rate Loans (m)—0.2%** | **Floating Rate Loans (m)—0.2%** |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
| Stepstone Group MidCo 2 GmbH |  |  |
| USD Term Loan B, 8.608% - 8.651%, 3M TSFR + <br> 4.500%, 12/19/31 (n)<br>| 900000 | &nbsp;&nbsp; 894375 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| Castlelake LP |  |  |
| First Lien Term Loan, 2.950%, 05/13/31 (g) | 5523322 | &nbsp;&nbsp; 5217341 |
| Total Floating Rate Loans <br>(Cost $6,409,330) <br>|  | &nbsp;&nbsp; 6111716 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—2.9%** | **Short-Term Investments—2.9%** | **Short-Term Investments—2.9%** |
| **Repurchase Agreements—2.9%** | **Repurchase Agreements—2.9%** | **Repurchase Agreements—2.9%** |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due <br> on 07/01/25, with a maturity value of $37,604,637; <br> collateralized by U.S. Treasury Bond at 3.250%, <br> maturing at 05/15/42, with a market value of <br> $38,277,948<br>| 37600000 | &nbsp;&nbsp; 37600000 |
| Repurchase Agreement dated 06/27/25 at 4.470%, due <br> on 07/01/25, with a maturity value of $100,012; <br> collateralized by U.S. Treasury Inflation-Indexed Bond at <br> 1.250%, maturing at 04/15/28, with a market value of <br> $101,935<br>| 100000 | &nbsp;&nbsp; 100000 |
| Repurchase Agreement dated 06/30/25 at 4.470%, due <br> on 07/02/25, with a maturity value of $49,806,184; <br> collateralized by U.S. Treasury Bond at 3.000%, <br> maturing 11/15/44, with a market value of <br> $50,540,975<br>| 49800000 | &nbsp;&nbsp; 49800000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due <br> on 07/01/25, with a maturity value of $13,780,260; <br> collateralized by U.S. Treasury Note at 3.750%, <br> maturing 06/30/27, with a market value of <br> $14,054,599<br>| 13779016 | &nbsp;&nbsp; $13779016 |
| Total Short-Term Investments <br>(Cost $101,279,016) <br>|  | &nbsp;&nbsp; 101279016 |
| Total Purchased Options—0.0% (o) <br>(Cost $1,588,452) <br>|  | &nbsp;&nbsp; 819537 |
| Total Investments—144.0% <br>(Cost $5,348,300,857) <br>|  | &nbsp;&nbsp; 5126898115 |
| Other assets and liabilities (net)—(44.0)%  |  | &nbsp;&nbsp; (1566196713)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $3560701402 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to <br> legal restrictions on resale. These securities generally may be resold in transactions exempt <br> from registration or to the public if the securities are subsequently registered. Disposal of <br> these securities may involve time-consuming negotiations and prompt sale at an acceptable <br> price may be difficult. As of June 30, 2025, the market value of restricted securities was <br> $971,119, which is 0.0% of net assets. See details shown in the Restricted Securities table <br> that follows.<br>|
| (a) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. <br> Maturity date shown for callable securities reflects the earliest possible call date. For <br> securities based on a published reference index and spread, the index and spread are <br> indicated in the description above. For certain variable rate securities, the coupon rate is <br> determined by the issuer/agent based on current market conditions. For certain asset- and <br> mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (b) | Interest only security. |
| (c) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (d) | Non-income producing; security is in default and/or issuer is in bankruptcy. |
| (e) | Security is a "step up" bond where coupon increases or steps up at a predetermined date. <br> Rate shown is current coupon rate.<br>|
| (f) | Security was valued in good faith under procedures subject to oversight by the Board of <br> Trustees. As of June 30, 2025, these securities represent 0.0% of net assets.<br>|
| (g) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. <br> Level 3.<br>|
| (h) | All or a portion of the security was pledged as collateral against open OTC derivative <br> contracts. As of June 30, 2025, the market value of securities pledged was $6,649,023.<br>|
| (i) | All or a portion of the security was pledged as collateral against open reverse repurchase <br> agreements. As of June 30, 2025, the market value of securities pledged was <br> $100,903,708.<br>|
| (j) | Principal amount of security is adjusted for inflation. |
| (k) | All or a portion of the security was pledged as collateral against open centrally cleared swap <br> contracts. As of June 30, 2025, the market value of securities pledged was $47,873,770.<br>|
| (l) | All or a portion of the security was pledged as collateral against open futures contracts. As of <br> June 30, 2025, the market value of securities pledged was $9,016,365.<br>|
| (m) | Floating rate loans ("Senior Loans") often require prepayments from excess cash flows or <br> permit the borrowers to repay at their election. The degree to which borrowers repay, <br> whether as a contractual requirement or at their election, cannot be predicted with accuracy. <br>|

---

*See accompanying notes to financial statements.*

**BHFTI-409**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

---

| | |
|:---|:---|
|  | As a result, the actual remaining maturity may be substantially less than the stated maturities <br> shown. However, Senior Loans will generally have an expected average life of approximately <br> two to four years. Senior Loans typically have rates of interest which are determined <br> periodically by reference to a base lending rate, plus a spread. These base rates are primarily <br> the Secured Overnight Financing Rate and secondarily, the prime rate offered by one or more <br> major United States banks. Base lending rates may be subject to a floor, or a minimum rate.<br>|
| (n) | The stated interest rates represent the range of rates applicable to the underlying contracts  |

---

---

| | |
|:---|:---|
|  | within the loan tranche as of June 30, 2025. |
| (o) | For a breakout of open positions, see details shown in the Purchased Options table <br> that follows.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $1,118,660,181, which is 31.4% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Principal** <br>**Amount** | **Principal** <br>**Amount** | **Cost** | **Value** |
| British Airways Pass-Through Trust, 4.125%, 03/20/33 | 10/01/19 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 991990 | &nbsp;&nbsp; $1029516 | &nbsp;&nbsp; $948589 |
| Thames Water Super Senior Issuer PLC, 9.750%, 10/10/27 | 04/08/25-05/20/25 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 14981 | &nbsp;&nbsp; 7624 | &nbsp;&nbsp; 22530 |
|  |  |  |  |  | &nbsp;&nbsp; $971119 |

---

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **Settlement** <br>**Date**<br>| **Maturity** <br>**Date**<br>| **Principal Amount** | **Principal Amount** | **Net Closing** <br>**Amount**<br>|
| Deutsche Bank Securities, Inc. | 4.400<br> %<br>| &nbsp;&nbsp; 06/27/25 | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (8569500)<br>| &nbsp;&nbsp; $(8569500)<br>|
| Deutsche Bank Securities, Inc. | 4.430<br> %<br>| &nbsp;&nbsp; 06/27/25 | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (2465625)<br>| &nbsp;&nbsp; (2465625)<br>|
| Deutsche Bank Securities, Inc. | 4.440<br> %<br>| &nbsp;&nbsp; 06/11/25 | &nbsp;&nbsp; 07/09/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (39195000)<br>| &nbsp;&nbsp; (39195000)<br>|
| JPMorgan Securities LLC | 4.440<br> %<br>| &nbsp;&nbsp; 06/09/25 | &nbsp;&nbsp; 07/07/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (31903875)<br>| &nbsp;&nbsp; (31903875)<br>|
| JPMorgan Securities LLC | 4.450<br> %<br>| &nbsp;&nbsp; 06/10/25 | &nbsp;&nbsp; 07/08/25 | &nbsp;&nbsp; USD | &nbsp;&nbsp; (17273500)<br>| &nbsp;&nbsp; (17273500)<br>|
| Total |  |  |  |  |  | &nbsp;&nbsp; $(99407500)<br>|

---

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

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under a Master Repurchase Agreement ("MRA") on a net basis as of June 30, 2025 :

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Reverse** <br>**Repurchase** <br>**Agreements** <br>| **Collateral** <br>**Pledged/** <br>**(Received)**<sup>(a)</sup> <br>| **Net** <br>**Amount** <sup>(b)</sup> <br>|
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; $(50230125)<br>| &nbsp;&nbsp; $50230125 | &nbsp;&nbsp; $— |
| JPMorgan Securities LLC | &nbsp;&nbsp; (49177375)<br>| &nbsp;&nbsp; 48742719 | &nbsp;&nbsp; (434656)<br>|
|  | &nbsp;&nbsp; $(99407500)<br>| &nbsp;&nbsp; $98972844 | &nbsp;&nbsp; $(434656)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Collateral with a value of $100,903,708 has been pledged and $1,827,254 has been received in connection with open reverse repurchase agreements. In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net amount represents the net amount payable due to the counterparty in the event of default.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13832992698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $258420353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13 <br>,951641767<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $290295992 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13720143930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13774539959 |

---

*See accompanying notes to financial statements.*

**BHFTI-410**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Reverse Repurchase Agreement |  |  |  |  |  |
| U.S. Treasury | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(99407500)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(99407500)<br>|
| Total Borrowings | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(99407500)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(99407500)<br>|
| Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | Gross amount of recognized liabilities for secured borrowings transactions | &nbsp;&nbsp;&nbsp; $(99407500)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 11880103 | JPMC | 07/02/25 | USD | 7786291 | &nbsp;&nbsp; $32601 |
| BRL | &nbsp;&nbsp; 826870 | BNP | 07/02/25 | USD | 150000 | &nbsp;&nbsp; 2191 |
| BRL | &nbsp;&nbsp; 401378 | BNP | 07/02/25 | USD | 70392 | &nbsp;&nbsp; 3485 |
| BRL | &nbsp;&nbsp; 304738250 | CBNA | 07/02/25 | USD | 52615465 | &nbsp;&nbsp; 3473738 |
| BRL | &nbsp;&nbsp; 3517838 | GSBU | 07/02/25 | USD | 630000 | &nbsp;&nbsp; 17483 |
| BRL | &nbsp;&nbsp; 151423870 | GSBU | 07/02/25 | USD | 27748048 | &nbsp;&nbsp; 122573 |
| BRL | &nbsp;&nbsp; 157337120 | GSBU | 09/03/25 | USD | 28098674 | &nbsp;&nbsp; 417799 |
| CAD | &nbsp;&nbsp; 92680 | BNP | 07/02/25 | USD | 67317 | &nbsp;&nbsp; 743 |
| CNH | &nbsp;&nbsp; 15122000 | BOA | 08/20/25 | USD | 2114318 | &nbsp;&nbsp; 6183 |
| CNH | &nbsp;&nbsp; 17156000 | BOA | 08/20/25 | USD | 2399455 | &nbsp;&nbsp; 6265 |
| CNH | &nbsp;&nbsp; 15221000 | BOA | 08/20/25 | USD | 2123855 | &nbsp;&nbsp; 10528 |
| CNH | &nbsp;&nbsp; 3298000 | BBP | 08/20/25 | USD | 454310 | &nbsp;&nbsp; 8156 |
| CNH | &nbsp;&nbsp; 10519000 | BBP | 08/20/25 | USD | 1442572 | &nbsp;&nbsp; 32467 |
| CNH | &nbsp;&nbsp; 17355000 | BNP | 08/20/25 | USD | 2433139 | &nbsp;&nbsp; 486 |
| CNH | &nbsp;&nbsp; 1095000 | BNP | 08/20/25 | USD | 151428 | &nbsp;&nbsp; 2119 |
| CNH | &nbsp;&nbsp; 12254000 | DBAG | 08/20/25 | USD | 1693352 | &nbsp;&nbsp; 24980 |
| CNH | &nbsp;&nbsp; 17350000 | JPMC | 08/20/25 | USD | 2427516 | &nbsp;&nbsp; 5409 |
| CNH | &nbsp;&nbsp; 15152000 | JPMC | 08/20/25 | USD | 2118785 | &nbsp;&nbsp; 5922 |
| CNY | &nbsp;&nbsp; 956428 | CBNA | 07/03/25 | USD | 133410 | &nbsp;&nbsp; 77 |
| CNY | &nbsp;&nbsp; 956147 | CBNA | 08/05/25 | USD | 133852 | &nbsp;&nbsp; (99)<br>|
| DKK | &nbsp;&nbsp; 7212860 | DBAG | 07/02/25 | USD | 1132612 | &nbsp;&nbsp; 6185 |
| EUR | &nbsp;&nbsp; 126032290 | DBAG | 07/02/25 | USD | 146210059 | &nbsp;&nbsp; 2249758 |
| EUR | &nbsp;&nbsp; 903219 | JPMC | 08/04/25 | USD | 1061230 | &nbsp;&nbsp; 5038 |
| EUR | &nbsp;&nbsp; 904000 | MSIP | 07/02/25 | USD | 1059866 | &nbsp;&nbsp; 5001 |
| GBP | &nbsp;&nbsp; 22897000 | BBP | 07/02/25 | USD | 31153887 | &nbsp;&nbsp; 275673 |
| IDR | &nbsp;&nbsp; 29840533110 | BBP | 07/16/25 | USD | 1837539 | &nbsp;&nbsp; (442)<br>|
| IDR | &nbsp;&nbsp; 5695501000 | BNP | 07/14/25 | USD | 350000 | &nbsp;&nbsp; 663 |
| IDR | &nbsp;&nbsp; 11082629110 | BNP | 07/16/25 | USD | 678359 | &nbsp;&nbsp; 3930 |
| IDR | &nbsp;&nbsp; 56288716284 | BNP | 07/16/25 | USD | 3450121 | &nbsp;&nbsp; 15228 |
| IDR | &nbsp;&nbsp; 42418191290 | CBNA | 07/16/25 | USD | 2604820 | &nbsp;&nbsp; 6606 |
| IDR | &nbsp;&nbsp; 35413793140 | GSBU | 07/16/25 | USD | 2173292 | &nbsp;&nbsp; 6916 |
| ILS | &nbsp;&nbsp; 4425260 | BBP | 07/02/25 | USD | 1310721 | &nbsp;&nbsp; 3075 |
| INR | &nbsp;&nbsp; 88632789 | BNP | 08/20/25 | USD | 1019703 | &nbsp;&nbsp; 11682 |
| INR | &nbsp;&nbsp; 138113037 | CBNA | 08/20/25 | USD | 1611061 | &nbsp;&nbsp; (3894)<br>|
| INR | &nbsp;&nbsp; 138304781 | CBNA | 08/20/25 | USD | 1611127 | &nbsp;&nbsp; (1728)<br>|
| INR | &nbsp;&nbsp; 43463633 | CBNA | 08/20/25 | USD | 503970 | &nbsp;&nbsp; 1799 |
| INR | &nbsp;&nbsp; 139073582 | CBNA | 08/20/25 | USD | 1615022 | &nbsp;&nbsp; 3323 |
| INR | &nbsp;&nbsp; 80704226 | CBNA | 08/20/25 | USD | 935262 | &nbsp;&nbsp; 3862 |
| INR | &nbsp;&nbsp; 156952306 | CBNA | 08/20/25 | USD | 1817840 | &nbsp;&nbsp; 8553 |
| INR | &nbsp;&nbsp; 99227145 | CBNA | 08/20/25 | USD | 1142742 | &nbsp;&nbsp; 11925 |
| INR | &nbsp;&nbsp; 139796308 | DBAG | 08/20/25 | USD | 1627052 | &nbsp;&nbsp; (297)<br>|
| INR | &nbsp;&nbsp; 139806558 | DBAG | 08/20/25 | USD | 1626963 | &nbsp;&nbsp; (89)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-411**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| INR | &nbsp;&nbsp; 99961997 | DBAG | 08/20/25 | USD | 1148314 | &nbsp;&nbsp; $14905 |
| INR | &nbsp;&nbsp; 98853411 | JPMC | 08/20/25 | USD | 1140112 | &nbsp;&nbsp; 10206 |
| INR | &nbsp;&nbsp; 590508 | SG | 08/20/25 | USD | 6848 | &nbsp;&nbsp; 23 |
| JPY | &nbsp;&nbsp; 93027512 | MSIP | 07/02/25 | USD | 644458 | &nbsp;&nbsp; 1544 |
| JPY | &nbsp;&nbsp; 1489574904 | MSIP | 07/02/25 | USD | 10213761 | &nbsp;&nbsp; 130150 |
| JPY | &nbsp;&nbsp; 2610877937 | SG | 07/02/25 | USD | 18087135 | &nbsp;&nbsp; 43332 |
| KRW | &nbsp;&nbsp; 1580523161 | BBP | 07/08/25 | USD | 1157638 | &nbsp;&nbsp; 13906 |
| KRW | &nbsp;&nbsp; 27583243 | BBP | 07/16/25 | USD | 20070 | &nbsp;&nbsp; 386 |
| KRW | &nbsp;&nbsp; 34269360 | BNP | 07/16/25 | USD | 25226 | &nbsp;&nbsp; 189 |
| KRW | &nbsp;&nbsp; 186629681 | CBNA | 07/16/25 | USD | 137374 | &nbsp;&nbsp; 1033 |
| KRW | &nbsp;&nbsp; 4495567320 | CBNA | 07/16/25 | USD | 3281436 | &nbsp;&nbsp; 52528 |
| KRW | &nbsp;&nbsp; 374361424 | JPMC | 07/16/25 | USD | 273223 | &nbsp;&nbsp; 4408 |
| KRW | &nbsp;&nbsp; 1960642089 | JPMC | 07/16/25 | USD | 1440547 | &nbsp;&nbsp; 13488 |
| KRW | &nbsp;&nbsp; 1577262021 | UBSA | 07/16/25 | USD | 1163570 | &nbsp;&nbsp; 6146 |
| MXN | &nbsp;&nbsp; 33255000 | BOA | 08/18/25 | USD | 1753290 | &nbsp;&nbsp; 10287 |
| MXN | &nbsp;&nbsp; 33303000 | GSBU | 12/17/25 | USD | 1720232 | &nbsp;&nbsp; 22104 |
| MXN | &nbsp;&nbsp; 221459257 | UBSA | 09/17/25 | USD | 11424111 | &nbsp;&nbsp; 282656 |
| MYR | &nbsp;&nbsp; 1436390 | GSBU | 07/16/25 | USD | 339331 | &nbsp;&nbsp; 1977 |
| NOK | &nbsp;&nbsp; 4734506 | MSIP | 07/02/25 | USD | 469364 | &nbsp;&nbsp; 357 |
| NOK | &nbsp;&nbsp; 492927 | SG | 07/02/25 | USD | 49096 | &nbsp;&nbsp; (191)<br>|
| NZD | &nbsp;&nbsp; 3212925 | SG | 07/02/25 | USD | 1950246 | &nbsp;&nbsp; 8192 |
| PEN | &nbsp;&nbsp; 362 | CBNA | 07/07/25 | USD | 100 | &nbsp;&nbsp; 2 |
| PEN | &nbsp;&nbsp; 206598 | CBNA | 07/07/25 | USD | 56711 | &nbsp;&nbsp; 1601 |
| PEN | &nbsp;&nbsp; 972611 | CBNA | 07/07/25 | USD | 268900 | &nbsp;&nbsp; 5616 |
| PEN | &nbsp;&nbsp; 889053 | CBNA | 07/07/25 | USD | 245087 | &nbsp;&nbsp; 5845 |
| PLN | &nbsp;&nbsp; 5774872 | BBP | 07/10/25 | USD | 1541366 | &nbsp;&nbsp; 60529 |
| PLN | &nbsp;&nbsp; 7143572 | JPMC | 07/10/25 | USD | 1902038 | &nbsp;&nbsp; 79521 |
| PLN | &nbsp;&nbsp; 11185154 | JPMC | 07/18/25 | USD | 3036143 | &nbsp;&nbsp; 65911 |
| PLN | &nbsp;&nbsp; 11822265 | JPMC | 07/18/25 | USD | 3188485 | &nbsp;&nbsp; 90263 |
| PLN | &nbsp;&nbsp; 66659 | MSIP | 07/18/25 | USD | 18076 | &nbsp;&nbsp; 411 |
| SGD | &nbsp;&nbsp; 10479253 | BOA | 07/02/25 | USD | 8183720 | &nbsp;&nbsp; 57926 |
| SGD | &nbsp;&nbsp; 4767953 | GSBU | 07/02/25 | USD | 3740451 | &nbsp;&nbsp; 9414 |
| SGD | &nbsp;&nbsp; 6861580 | JPMC | 07/02/25 | USD | 5358935 | &nbsp;&nbsp; 37510 |
| THB | &nbsp;&nbsp; 13106320 | BOA | 07/16/25 | USD | 400000 | &nbsp;&nbsp; 3573 |
| THB | &nbsp;&nbsp; 13587564 | BBP | 07/16/25 | USD | 410000 | &nbsp;&nbsp; 8392 |
| THB | &nbsp;&nbsp; 13680347 | BBP | 07/16/25 | USD | 410000 | &nbsp;&nbsp; 11249 |
| THB | &nbsp;&nbsp; 11054998 | GSBU | 07/16/25 | USD | 340000 | &nbsp;&nbsp; 408 |
| THB | &nbsp;&nbsp; 16051028 | GSBU | 07/16/25 | USD | 490000 | &nbsp;&nbsp; 4247 |
| THB | &nbsp;&nbsp; 11864988 | GSBU | 07/16/25 | USD | 360000 | &nbsp;&nbsp; 5350 |
| TRY | &nbsp;&nbsp; 39719974 | BBP | 07/01/25 | USD | 980377 | &nbsp;&nbsp; 17167 |
| TRY | &nbsp;&nbsp; 78796 | BBP | 07/02/25 | USD | 1978 | &nbsp;&nbsp; 1 |
| TRY | &nbsp;&nbsp; 291292367 | BBP | 07/07/25 | USD | 7179640 | &nbsp;&nbsp; 105475 |
| TRY | &nbsp;&nbsp; 69330702 | BBP | 07/08/25 | USD | 1525562 | &nbsp;&nbsp; 206927 |
| TRY | &nbsp;&nbsp; 9611093 | BBP | 07/10/25 | USD | 235851 | &nbsp;&nbsp; 3926 |
| TRY | &nbsp;&nbsp; 9591749 | BBP | 07/11/25 | USD | 235138 | &nbsp;&nbsp; 3964 |
| TRY | &nbsp;&nbsp; 9248716 | BBP | 07/14/25 | USD | 225898 | &nbsp;&nbsp; 4099 |
| TRY | &nbsp;&nbsp; 210394223 | BBP | 07/18/25 | USD | 5162035 | &nbsp;&nbsp; 53335 |
| TRY | &nbsp;&nbsp; 9693840 | BBP | 07/21/25 | USD | 235139 | &nbsp;&nbsp; 4583 |
| TRY | &nbsp;&nbsp; 8985266 | BBP | 07/23/25 | USD | 217503 | &nbsp;&nbsp; 4343 |
| TRY | &nbsp;&nbsp; 4830377 | BBP | 07/24/25 | USD | 117296 | &nbsp;&nbsp; 1871 |
| TRY | &nbsp;&nbsp; 44255435 | BBP | 07/25/25 | USD | 1082384 | &nbsp;&nbsp; 8548 |
| TRY | &nbsp;&nbsp; 14255083 | BBP | 07/29/25 | USD | 346342 | &nbsp;&nbsp; 3945 |
| TRY | &nbsp;&nbsp; 84016597 | BBP | 08/04/25 | USD | 2036766 | &nbsp;&nbsp; 17997 |
| TRY | &nbsp;&nbsp; 31381980 | BBP | 08/05/25 | USD | 758001 | &nbsp;&nbsp; 8728 |
| TRY | &nbsp;&nbsp; 19351245 | BBP | 08/07/25 | USD | 466340 | &nbsp;&nbsp; 5507 |
| TRY | &nbsp;&nbsp; 45794196 | BBP | 08/08/25 | USD | 1101484 | &nbsp;&nbsp; 14014 |
| TRY | &nbsp;&nbsp; 69577324 | BBP | 08/11/25 | USD | 1670123 | &nbsp;&nbsp; 19643 |
| TRY | &nbsp;&nbsp; 40169067 | BBP | 08/13/25 | USD | 963634 | &nbsp;&nbsp; 9980 |
| TRY | &nbsp;&nbsp; 14694083 | BBP | 08/14/25 | USD | 351714 | &nbsp;&nbsp; 4086 |

---

*See accompanying notes to financial statements.*

**BHFTI-412**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| TRY | &nbsp;&nbsp; 41415370 | BBP | 08/15/25 | USD | 995418 | &nbsp;&nbsp; $6412 |
| TWD | &nbsp;&nbsp; 109032000 | BBP | 08/20/25 | USD | 3696000 | &nbsp;&nbsp; 51000 |
| TWD | &nbsp;&nbsp; 16955334 | BNP | 07/14/25 | USD | 570000 | &nbsp;&nbsp; 10983 |
| TWD | &nbsp;&nbsp; 18393770 | BNP | 07/16/25 | USD | 633765 | &nbsp;&nbsp; (3396)<br>|
| TWD | &nbsp;&nbsp; 113850274 | BNP | 08/20/25 | USD | 3855000 | &nbsp;&nbsp; 57585 |
| TWD | &nbsp;&nbsp; 19347908 | BNP | 08/20/25 | USD | 591009 | &nbsp;&nbsp; 73903 |
| TWD | &nbsp;&nbsp; 169857385 | CBNA | 07/16/25 | USD | 5820622 | &nbsp;&nbsp; 532 |
| TWD | &nbsp;&nbsp; 17289149 | CBNA | 07/16/25 | USD | 581226 | &nbsp;&nbsp; 11287 |
| TWD | &nbsp;&nbsp; 17278999 | CBNA | 07/16/25 | USD | 580514 | &nbsp;&nbsp; 11652 |
| TWD | &nbsp;&nbsp; 25730565 | CBNA | 07/16/25 | USD | 866962 | &nbsp;&nbsp; 14846 |
| TWD | &nbsp;&nbsp; 25764826 | CBNA | 07/16/25 | USD | 867123 | &nbsp;&nbsp; 15859 |
| TWD | &nbsp;&nbsp; 65134080 | CBNA | 07/16/25 | USD | 2197729 | &nbsp;&nbsp; 34470 |
| TWD | &nbsp;&nbsp; 50761388 | CBNA | 07/16/25 | USD | 1601322 | &nbsp;&nbsp; 138313 |
| TWD | &nbsp;&nbsp; 77405148 | DBAG | 07/16/25 | USD | 2604568 | &nbsp;&nbsp; 48171 |
| TWD | &nbsp;&nbsp; 19422480 | GSBU | 07/16/25 | USD | 597155 | &nbsp;&nbsp; 68469 |
| TWD | &nbsp;&nbsp; 13455149 | JPMC | 07/16/25 | USD | 453066 | &nbsp;&nbsp; 8053 |
| TWD | &nbsp;&nbsp; 133708387 | JPMC | 07/16/25 | USD | 4496818 | &nbsp;&nbsp; 85479 |
| TWD | &nbsp;&nbsp; 35122590 | JPMC | 08/20/25 | USD | 1191000 | &nbsp;&nbsp; 16025 |
| ZAR | &nbsp;&nbsp; 15695000 | GSBU | 07/23/25 | USD | 867889 | &nbsp;&nbsp; 17251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| AUD | &nbsp;&nbsp; 11880103 | BBP | 07/02/25 | USD | 7656192 | &nbsp;&nbsp; (162700)<br>|
| AUD | &nbsp;&nbsp; 11880103 | JPMC | 08/05/25 | USD | 7791162 | &nbsp;&nbsp; (32649)<br>|
| BRL | &nbsp;&nbsp; 1228248 | BNP | 07/02/25 | USD | 225073 | &nbsp;&nbsp; (994)<br>|
| BRL | &nbsp;&nbsp; 154834854 | CBNA | 07/02/25 | USD | 27069740 | &nbsp;&nbsp; (1428696)<br>|
| BRL | &nbsp;&nbsp; 149903396 | CBNA | 07/02/25 | USD | 27469425 | &nbsp;&nbsp; (121343)<br>|
| BRL | &nbsp;&nbsp; 154941708 | GSBU | 07/02/25 | USD | 28098674 | &nbsp;&nbsp; (419429)<br>|
| BRL | &nbsp;&nbsp; 25000000 | GSBU | 10/02/25 | USD | 4115396 | &nbsp;&nbsp; (381169)<br>|
| BRL | &nbsp;&nbsp; 3200000 | GSBU | 10/02/25 | USD | 526467 | &nbsp;&nbsp; (49093)<br>|
| BRL | &nbsp;&nbsp; 1600000 | GSBU | 10/02/25 | USD | 264502 | &nbsp;&nbsp; (23278)<br>|
| BRL | &nbsp;&nbsp; 4700000 | MSIP | 10/02/25 | USD | 772899 | &nbsp;&nbsp; (72455)<br>|
| CAD | &nbsp;&nbsp; 11534000 | BNP | 07/02/25 | USD | 8443640 | &nbsp;&nbsp; (26344)<br>|
| CAD | &nbsp;&nbsp; 71259217 | BNP | 08/05/25 | USD | 52201242 | &nbsp;&nbsp; (216978)<br>|
| CAD | &nbsp;&nbsp; 53569118 | CBNA | 07/02/25 | USD | 38752070 | &nbsp;&nbsp; (586368)<br>|
| CAD | &nbsp;&nbsp; 6055000 | JPMC | 07/02/25 | USD | 4447088 | &nbsp;&nbsp; 604 |
| CAD | &nbsp;&nbsp; 278000 | MSIP | 07/02/25 | USD | 201755 | &nbsp;&nbsp; (2395)<br>|
| CHF | &nbsp;&nbsp; 5659078 | BBP | 08/04/25 | USD | 7125516 | &nbsp;&nbsp; (36359)<br>|
| CHF | &nbsp;&nbsp; 5555000 | CBNA | 07/02/25 | USD | 6825653 | &nbsp;&nbsp; (175419)<br>|
| CHF | &nbsp;&nbsp; 139000 | JPMC | 07/02/25 | USD | 169601 | &nbsp;&nbsp; (5584)<br>|
| CNH | &nbsp;&nbsp; 8713000 | BBP | 08/20/25 | USD | 1216457 | &nbsp;&nbsp; (5333)<br>|
| CNH | &nbsp;&nbsp; 10134000 | BNP | 08/20/25 | USD | 1413159 | &nbsp;&nbsp; (7894)<br>|
| CNH | &nbsp;&nbsp; 31070163 | BNP | 08/20/25 | USD | 4349949 | &nbsp;&nbsp; (6902)<br>|
| CNH | &nbsp;&nbsp; 16768000 | CBNA | 08/20/25 | USD | 2332671 | &nbsp;&nbsp; (18641)<br>|
| CNH | &nbsp;&nbsp; 78374023 | DBAG | 08/20/25 | USD | 10966348 | &nbsp;&nbsp; (23743)<br>|
| CNH | &nbsp;&nbsp; 6326218 | JPMC | 07/16/25 | USD | 875153 | &nbsp;&nbsp; (9577)<br>|
| CNH | &nbsp;&nbsp; 6382941 | JPMC | 07/16/25 | USD | 885806 | &nbsp;&nbsp; (6857)<br>|
| CNH | &nbsp;&nbsp; 14945135 | JPMC | 08/20/25 | USD | 2066200 | &nbsp;&nbsp; (29499)<br>|
| CNH | &nbsp;&nbsp; 23192116 | JPMC | 08/20/25 | USD | 3223993 | &nbsp;&nbsp; (28149)<br>|
| CNH | &nbsp;&nbsp; 33224449 | JPMC | 08/20/25 | USD | 4647036 | &nbsp;&nbsp; (11902)<br>|
| CNH | &nbsp;&nbsp; 45443092 | MSIP | 08/20/25 | USD | 6347524 | &nbsp;&nbsp; (24788)<br>|
| CNY | &nbsp;&nbsp; 958556 | CBNA | 07/03/25 | USD | 133852 | &nbsp;&nbsp; 69 |
| DKK | &nbsp;&nbsp; 7195350 | DBAG | 08/04/25 | USD | 1132612 | &nbsp;&nbsp; (6208)<br>|
| DKK | &nbsp;&nbsp; 7207039 | JPMC | 07/02/25 | USD | 1091499 | &nbsp;&nbsp; (46380)<br>|
| EUR | &nbsp;&nbsp; 126033071 | BOA | 07/02/25 | USD | 143305777 | &nbsp;&nbsp; (5154960)<br>|
| EUR | &nbsp;&nbsp; 125756019 | DBAG | 08/04/25 | USD | 146210059 | &nbsp;&nbsp; (2247518)<br>|
| GBP | &nbsp;&nbsp; 22897000 | BBP | 08/04/25 | USD | 31158123 | &nbsp;&nbsp; (276016)<br>|
| GBP | &nbsp;&nbsp; 22897000 | JPMC | 07/02/25 | USD | 30846380 | &nbsp;&nbsp; (583179)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-413**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| IDR | &nbsp;&nbsp; 41373172655 | BOA | 07/16/25 | USD | 2535929 | &nbsp;&nbsp; $(11161)<br>|
| IDR | &nbsp;&nbsp; 33619368243 | BBP | 07/16/25 | USD | 2058711 | &nbsp;&nbsp; (11026)<br>|
| IDR | &nbsp;&nbsp; 401318690 | BNP | 07/16/25 | USD | 24652 | &nbsp;&nbsp; (55)<br>|
| IDR | &nbsp;&nbsp; 1963693688 | GSBU | 07/16/25 | USD | 120376 | &nbsp;&nbsp; (516)<br>|
| ILS | &nbsp;&nbsp; 4425234 | BBP | 07/09/25 | USD | 1310721 | &nbsp;&nbsp; (3075)<br>|
| ILS | &nbsp;&nbsp; 4850204 | BBP | 07/18/25 | USD | 1352765 | &nbsp;&nbsp; (87285)<br>|
| ILS | &nbsp;&nbsp; 4537005 | DBAG | 07/02/25 | USD | 1309022 | &nbsp;&nbsp; (37950)<br>|
| ILS | &nbsp;&nbsp; 686562 | UBSA | 07/18/25 | USD | 191338 | &nbsp;&nbsp; (12506)<br>|
| JPY | &nbsp;&nbsp; 381476067 | BBP | 07/02/25 | USD | 2661668 | &nbsp;&nbsp; 12620 |
| JPY | &nbsp;&nbsp; 23849726 | BNP | 08/04/25 | USD | 165947 | &nbsp;&nbsp; (283)<br>|
| JPY | &nbsp;&nbsp; 738736029 | JPMC | 07/02/25 | USD | 5149250 | &nbsp;&nbsp; 19317 |
| JPY | &nbsp;&nbsp; 1874232452 | MSIP | 07/02/25 | USD | 12973699 | &nbsp;&nbsp; (41352)<br>|
| JPY | &nbsp;&nbsp; 1484099306 | MSIP | 08/04/25 | USD | 10213761 | &nbsp;&nbsp; (130225)<br>|
| JPY | &nbsp;&nbsp; 92685240 | MSIP | 08/04/25 | USD | 644458 | &nbsp;&nbsp; (1547)<br>|
| JPY | &nbsp;&nbsp; 2601297181 | SG | 08/04/25 | USD | 18087135 | &nbsp;&nbsp; (43581)<br>|
| JPY | &nbsp;&nbsp; 1222957055 | UBSA | 07/02/25 | USD | 8449162 | &nbsp;&nbsp; (43300)<br>|
| KRW | &nbsp;&nbsp; 15331557232 | BOA | 07/16/25 | USD | 11246823 | &nbsp;&nbsp; (123235)<br>|
| KRW | &nbsp;&nbsp; 66568615 | BBP | 07/16/25 | USD | 48437 | &nbsp;&nbsp; (931)<br>|
| KRW | &nbsp;&nbsp; 5086063305 | CBNA | 07/16/25 | USD | 3700543 | &nbsp;&nbsp; (71340)<br>|
| KRW | &nbsp;&nbsp; 136429572 | GSBU | 07/14/25 | USD | 100000 | &nbsp;&nbsp; (1165)<br>|
| KRW | &nbsp;&nbsp; 1578024974 | UBSA | 07/08/25 | USD | 1163570 | &nbsp;&nbsp; (6123)<br>|
| MXN | &nbsp;&nbsp; 3429000 | BOA | 09/17/25 | USD | 178629 | &nbsp;&nbsp; (2634)<br>|
| MXN | &nbsp;&nbsp; 6348 | DBAG | 09/17/25 | USD | 329 | &nbsp;&nbsp; (6)<br>|
| NOK | &nbsp;&nbsp; 350528 | BBP | 07/02/25 | USD | 34413 | &nbsp;&nbsp; (364)<br>|
| NOK | &nbsp;&nbsp; 1565000 | BNP | 07/02/25 | USD | 154667 | &nbsp;&nbsp; (601)<br>|
| NOK | &nbsp;&nbsp; 4733637 | MSIP | 08/04/25 | USD | 469364 | &nbsp;&nbsp; (360)<br>|
| NOK | &nbsp;&nbsp; 492832 | SG | 08/04/25 | USD | 49096 | &nbsp;&nbsp; 191 |
| NOK | &nbsp;&nbsp; 3311724 | UBSA | 07/02/25 | USD | 326114 | &nbsp;&nbsp; (2450)<br>|
| NZD | &nbsp;&nbsp; 3212925 | JPMC | 07/02/25 | USD | 1916156 | &nbsp;&nbsp; (42281)<br>|
| NZD | &nbsp;&nbsp; 3212925 | SG | 08/04/25 | USD | 1952347 | &nbsp;&nbsp; (8154)<br>|
| PEN | &nbsp;&nbsp; 14798941 | BOA | 10/31/25 | USD | 4005777 | &nbsp;&nbsp; (157195)<br>|
| PEN | &nbsp;&nbsp; 3621228 | BBP | 09/17/25 | USD | 991303 | &nbsp;&nbsp; (28747)<br>|
| PEN | &nbsp;&nbsp; 21761628 | BNP | 08/25/25 | USD | 5870890 | &nbsp;&nbsp; (263538)<br>|
| PEN | &nbsp;&nbsp; 20766506 | CBNA | 08/14/25 | USD | 5576922 | &nbsp;&nbsp; (278898)<br>|
| SEK | &nbsp;&nbsp; 1730000 | BNP | 07/02/25 | USD | 180421 | &nbsp;&nbsp; (2437)<br>|
| SEK | &nbsp;&nbsp; 1155000 | BNP | 07/02/25 | USD | 120090 | &nbsp;&nbsp; (1991)<br>|
| SEK | &nbsp;&nbsp; 3845000 | CBNA | 07/02/25 | USD | 405020 | &nbsp;&nbsp; (1390)<br>|
| SGD | &nbsp;&nbsp; 769807 | BOA | 07/02/25 | USD | 597226 | &nbsp;&nbsp; (8206)<br>|
| SGD | &nbsp;&nbsp; 10454768 | BOA | 08/05/25 | USD | 8183720 | &nbsp;&nbsp; (59330)<br>|
| SGD | &nbsp;&nbsp; 8154751 | BOA | 08/05/25 | USD | 6413257 | &nbsp;&nbsp; (16347)<br>|
| SGD | &nbsp;&nbsp; 746244 | DBAG | 07/02/25 | USD | 579274 | &nbsp;&nbsp; (7626)<br>|
| SGD | &nbsp;&nbsp; 4756488 | GSBU | 08/05/25 | USD | 3740451 | &nbsp;&nbsp; (9797)<br>|
| SGD | &nbsp;&nbsp; 28763866 | JPMC | 07/02/25 | USD | 22392783 | &nbsp;&nbsp; (229211)<br>|
| SGD | &nbsp;&nbsp; 6845777 | JPMC | 08/05/25 | USD | 5358935 | &nbsp;&nbsp; (38610)<br>|
| THB | &nbsp;&nbsp; 3502658 | BNP | 07/16/25 | USD | 105976 | &nbsp;&nbsp; (1879)<br>|
| THB | &nbsp;&nbsp; 78796878 | CBNA | 07/16/25 | USD | 2379492 | &nbsp;&nbsp; (46842)<br>|
| THB | &nbsp;&nbsp; 43630006 | CBNA | 07/16/25 | USD | 1306581 | &nbsp;&nbsp; (36886)<br>|
| THB | &nbsp;&nbsp; 12662843 | UBSA | 07/16/25 | USD | 381101 | &nbsp;&nbsp; (8817)<br>|
| TRY | &nbsp;&nbsp; 12584979 | BBP | 07/29/25 | USD | 306518 | &nbsp;&nbsp; (2730)<br>|
| TWD | &nbsp;&nbsp; 1162005 | BOA | 08/20/25 | USD | 35642 | &nbsp;&nbsp; (4292)<br>|
| TWD | &nbsp;&nbsp; 85153869 | BNP | 07/16/25 | USD | 2616657 | &nbsp;&nbsp; (301637)<br>|
| TWD | &nbsp;&nbsp; 61937757 | BNP | 07/16/25 | USD | 1908596 | &nbsp;&nbsp; (214062)<br>|
| TWD | &nbsp;&nbsp; 130769601 | BNP | 08/20/25 | USD | 3997970 | &nbsp;&nbsp; (496065)<br>|
| TWD | &nbsp;&nbsp; 94556850 | BNP | 08/20/25 | USD | 2909173 | &nbsp;&nbsp; (340373)<br>|
| TWD | &nbsp;&nbsp; 87037935 | CBNA | 07/16/25 | USD | 2675456 | &nbsp;&nbsp; (307406)<br>|
| TWD | &nbsp;&nbsp; 63335329 | CBNA | 07/16/25 | USD | 1946324 | &nbsp;&nbsp; (224230)<br>|
| TWD | &nbsp;&nbsp; 63260767 | CBNA | 07/16/25 | USD | 1946066 | &nbsp;&nbsp; (221933)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-414**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Forward Foreign Currency Exchange Contracts — (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **Counterparty**  | **Settlement**<br> **Date**<br>| **In Exchange**<br> **for** | **In Exchange**<br> **for** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| TWD | &nbsp;&nbsp; 110174249 | CBNA | 08/20/25 | USD | 3368522 | &nbsp;&nbsp; $(417732)<br>|
| TWD | &nbsp;&nbsp; 97663206 | CBNA | 08/20/25 | USD | 2993600 | &nbsp;&nbsp; (362699)<br>|
| TWD | &nbsp;&nbsp; 95423889 | CBNA | 08/20/25 | USD | 2923526 | &nbsp;&nbsp; (355816)<br>|
| TWD | &nbsp;&nbsp; 38811493 | CBNA | 08/20/25 | USD | 1216334 | &nbsp;&nbsp; (117464)<br>|
| TWD | &nbsp;&nbsp; 47214854 | GSBU | 07/16/25 | USD | 1451514 | &nbsp;&nbsp; (166578)<br>|
| TWD | &nbsp;&nbsp; 85755714 | JPMC | 07/16/25 | USD | 2633775 | &nbsp;&nbsp; (305144)<br>|
| TWD | &nbsp;&nbsp; 62978593 | JPMC | 07/16/25 | USD | 1938817 | &nbsp;&nbsp; (219512)<br>|
| TWD | &nbsp;&nbsp; 147646234 | JPMC | 08/20/25 | USD | 4513657 | &nbsp;&nbsp; (560361)<br>|
| TWD | &nbsp;&nbsp; 103863420 | JPMC | 08/20/25 | USD | 3203288 | &nbsp;&nbsp; (366087)<br>|
| TWD | &nbsp;&nbsp; 49359861 | JPMC | 08/20/25 | USD | 1513317 | &nbsp;&nbsp; (182987)<br>|
| TWD | &nbsp;&nbsp; 43407100 | JPMC | 08/20/25 | USD | 1323710 | &nbsp;&nbsp; (168021)<br>|
| ZAR | &nbsp;&nbsp; 98582787 | BBP | 07/23/25 | USD | 5468255 | &nbsp;&nbsp; (91452)<br>|
| ZAR | &nbsp;&nbsp; 67949534 | BBP | 07/23/25 | USD | 3748795 | &nbsp;&nbsp; (83309)<br>|
| ZAR | &nbsp;&nbsp; 67949534 | BBP | 07/23/25 | USD | 3748795 | &nbsp;&nbsp; (83309)<br>|
| ZAR | &nbsp;&nbsp; 807512 | GSBU | 07/23/25 | USD | 44646 | &nbsp;&nbsp; (894)<br>|
| ZAR | &nbsp;&nbsp; 84207678 | JPMC | 07/23/25 | USD | 4711926 | &nbsp;&nbsp; (37078)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(10692122)<br>|

---

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Canada Government Bond 10 Year Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 315 | CAD | 38430000 | &nbsp;&nbsp; $244065 |
| U.K. Long Gilt Bond Futures | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 148 | GBP | 13768440 | &nbsp;&nbsp; 456571 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 238 | USD | 49509578 | &nbsp;&nbsp; 191206 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 3045 | USD | 331905000 | &nbsp;&nbsp; 3454664 |
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 3789 | USD | 424841625 | &nbsp;&nbsp; 7347018 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 109 | USD | 12984625 | &nbsp;&nbsp; 601034 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Euro-Bobl Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (2)<br>| EUR | (235360)<br>| &nbsp;&nbsp; 1258 |
| Euro-Bund Futures | &nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp; (91)<br>| EUR | (11843650)<br>| &nbsp;&nbsp; 109753 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (752)<br>| USD | (85927750)<br>| &nbsp;&nbsp; (1667898)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $10737671 |

---

**Purchased Options** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Options** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| USD Call/EUR Put | USD | 1.100 | 12/17/25 | GSBU | 1816000 | EUR | 1816000 | $207702 | $133794 | $(73908)<br>|
| USD Call/EUR Put | USD | 1.110 | 11/24/25 | MSIP | 19672000 | EUR | 19672000 | 92282 | 59809 | (32473)<br>|
| USD Call/EUR Put | USD | 1.110 | 11/26/25 | BNP | 3449000 | EUR | 3449000 | 14514 | 10709 | (3805)<br>|
| USD Call/SEK Put | SEK | 10.200 | 11/26/25 | BBP | 7362000 | USD | 7362000 | 45940 | 40816 | (5124)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $360438 | $245128 | $(115310)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Paid**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - OTC - 1 Yr. IRS | 3.450% | 12M SOFR | Pay | 07/17/25 | MSCS | 280300000 | USD | 280300000 | $266285 | $12703 | $(253582)<br>|
| Call - OTC - 1 Yr. IRS | 3.500% | 12M SOFR | Pay | 07/21/25 | CBNA | 200500000 | USD | 200500000 | 170425 | 21907 | (148518)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-415**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Purchased Options — (Continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating** <br> **Rate**<br>| **Expiration**<br> **Date**<br>| **Counterparty** | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Premiums**<br> **Paid**<br>| **Market**<br> **Value**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| Call - OTC - 1 Yr. IRS | 3.650% | 12M SOFR | Pay | 08/04/25 | MSCS | 414000000 | USD | 414000000 | $507150 | $259300 | $(247850)<br>|
| Call - OTC - 1 Yr. IRS | 3.650% | 12M SOFR | Pay | 08/12/25 | JPMC | 274300000 | USD | 274300000 | 233154 | 227106 | (6048)<br>|
| Call - OTC - 1 Yr. IRS | 3.700% | 12M SOFR | Pay | 08/13/25 | JPMC | 51000000 | USD | 51000000 | 51000 | 53393 | 2393 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $1228014 | $574409 | $(653605)<br>|

---

**Written Options** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions** | **Strike** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/Receive** <br>**Floating** <br> **Rate**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - OTC - 10 Yr. IRS | 2.380% | 6M EURIBOR | Receive | 07/03/25 | CBNA | (1200000)<br>| EUR | (1200000)<br>| $(3172)<br>| $— | $3172 |
| Call - OTC - 10 Yr. IRS | 2.460% | 6M EURIBOR | Receive | 07/16/25 | CBNA | (1600000)<br>| EUR | (1600000)<br>| (4907)<br>| (1475)<br>| 3432 |
| Call - OTC - 10 Yr. IRS | 3.525% | 12M SOFR | Receive | 07/28/25 | GSBU | (2500000)<br>| USD | (2500000)<br>| (8200)<br>| (8023)<br>| 177 |
| Call - OTC - 10 Yr. IRS | 3.555% | 12M SOFR | Receive | 07/24/25 | BOA | (2500000)<br>| USD | (2500000)<br>| (7938)<br>| (8309)<br>| (371)<br>|
| Call - OTC - 10 Yr. IRS | 3.555% | 12M SOFR | Receive | 07/30/25 | GSBU | (2400000)<br>| USD | (2400000)<br>| (7380)<br>| (103)<br>| 7277 |
| Call - OTC - 10 Yr. IRS | 3.564% | 12M SOFR | Receive | 07/24/25 | CBNA | (2500000)<br>| USD | (2500000)<br>| (8375)<br>| (8828)<br>| (453)<br>|
| Call - OTC - 10 Yr. IRS | 3.583% | 12M SOFR | Receive | 07/23/25 | GSBU | (1300000)<br>| USD | (1300000)<br>| (4550)<br>| (5014)<br>| (464)<br>|
| Call - OTC - 10 Yr. IRS | 3.605% | 12M SOFR | Receive | 07/23/25 | CBNA | (2500000)<br>| USD | (2500000)<br>| (9000)<br>| (11146)<br>| (2146)<br>|
| Call - OTC - 10 Yr. IRS | 3.653% | 12M SOFR | Receive | 07/14/25 | GSBU | (2500000)<br>| USD | (2500000)<br>| (7469)<br>| (10882)<br>| (3413)<br>|
| Call - OTC - 10 Yr. IRS | 3.664% | 12M SOFR | Receive | 07/14/25 | MSCS | (2500000)<br>| USD | (2500000)<br>| (7437)<br>| (11906)<br>| (4469)<br>|
| Call - OTC - 10 Yr. IRS | 3.669% | 12M SOFR | Receive | 07/07/25 | MSCS | (2800000)<br>| USD | (2800000)<br>| (10514)<br>| (9098)<br>| 1416 |
| Call - OTC - 10 Yr. IRS | 3.680% | 12M SOFR | Receive | 07/07/25 | GSBU | (1400000)<br>| USD | (1400000)<br>| (5026)<br>| (5128)<br>| (102)<br>|
| Call - OTC - 10 Yr. IRS | 3.697% | 12M SOFR | Receive | 07/16/25 | MSCS | (2500000)<br>| USD | (2500000)<br>| (7219)<br>| (16228)<br>| (9009)<br>|
| Call - OTC - 10 Yr. IRS | 3.700% | 12M SOFR | Receive | 07/21/25 | BOA | (2500000)<br>| USD | (2500000)<br>| (7938)<br>| (18865)<br>| (10927)<br>|
| Call - OTC - 10 Yr. IRS | 3.725% | 12M SOFR | Receive | 07/03/25 | MSCS | (2800000)<br>| USD | (2800000)<br>| (10535)<br>| (12280)<br>| (1745)<br>|
| Call - OTC - 10 Yr. IRS | 3.770% | 12M SOFR | Receive | 07/09/25 | BOA | (2500000)<br>| USD | (2500000)<br>| (8000)<br>| (21866)<br>| (13866)<br>|
| Call - OTC - 10 Yr. IRS | 3.772% | 12M SOFR | Receive | 07/10/25 | JPMC | (2700000)<br>| USD | (2700000)<br>| (8843)<br>| (24515)<br>| (15672)<br>|
| Call - OTC - 10 Yr. IRS | 3.489% | 12M SOFR | Receive | 07/21/25 | CBNA | (23900000)<br>| USD | (23900000)<br>| (170714)<br>| (41673)<br>| 129041 |
| Call - OTC - 10 Yr. IRS | 3.515% | 12M SOFR | Receive | 07/17/25 | MSCS | (33400000)<br>| USD | (33400000)<br>| (266639)<br>| (54292)<br>| 212347 |
| Call - OTC - 10 Yr. IRS | 3.708% | 12M SOFR | Receive | 08/04/25 | MSCS | (49200000)<br>| USD | (49200000)<br>| (506471)<br>| (493720)<br>| 12751 |
| Call - OTC - 10 Yr. IRS | 3.739% | 12M SOFR | Receive | 08/12/25 | JPMC | (32200000)<br>| USD | (32200000)<br>| (232937)<br>| (404161)<br>| (171224)<br>|
| Call - OTC - 10 Yr. IRS | 3.757% | 12M SOFR | Receive | 08/13/25 | JPMC | (6000000)<br>| USD | (6000000)<br>| (51064)<br>| (81166)<br>| (30102)<br>|
| Put - OTC - 10 Yr. IRS | 2.640% | 6M EURIBOR | Pay | 07/03/25 | CBNA | (1200000)<br>| EUR | (1200000)<br>| (3172)<br>| (1237)<br>| 1935 |
| Put - OTC - 10 Yr. IRS | 2.720% | 6M EURIBOR | Pay | 07/16/25 | CBNA | (1600000)<br>| EUR | (1600000)<br>| (4906)<br>| (2592)<br>| 2314 |
| Put - OTC - 10 Yr. IRS | 3.875% | 12M SOFR | Pay | 07/28/25 | GSBU | (2500000)<br>| USD | (2500000)<br>| (8200)<br>| (6593)<br>| 1607 |
| Put - OTC - 10 Yr. IRS | 3.905% | 12M SOFR | Pay | 07/24/25 | BOA | (2500000)<br>| USD | (2500000)<br>| (7937)<br>| (4356)<br>| 3581 |
| Put - OTC - 10 Yr. IRS | 3.905% | 12M SOFR | Pay | 07/30/25 | GSBU | (2400000)<br>| USD | (2400000)<br>| (7380)<br>| (56)<br>| 7324 |
| Put - OTC - 10 Yr. IRS | 3.914% | 12M SOFR | Pay | 07/24/25 | CBNA | (2500000)<br>| USD | (2500000)<br>| (7625)<br>| (4060)<br>| 3565 |
| Put - OTC - 10 Yr. IRS | 3.933% | 12M SOFR | Pay | 07/23/25 | GSBU | (1300000)<br>| USD | (1300000)<br>| (4550)<br>| (1696)<br>| 2854 |
| Put - OTC - 10 Yr. IRS | 3.955% | 12M SOFR | Pay | 07/23/25 | CBNA | (2500000)<br>| USD | (2500000)<br>| (8375)<br>| (2714)<br>| 5661 |
| Put - OTC - 10 Yr. IRS | 4.019% | 12M SOFR | Pay | 07/07/25 | MSCS | (2800000)<br>| USD | (2800000)<br>| (10514)<br>| (38)<br>| 10476 |
| Put - OTC - 10 Yr. IRS | 4.030% | 12M SOFR | Pay | 07/07/25 | GSBU | (1400000)<br>| USD | (1400000)<br>| (5025)<br>| (14)<br>| 5011 |
| Put - OTC - 10 Yr. IRS | 4.050% | 12M SOFR | Pay | 07/21/25 | BOA | (2500000)<br>| USD | (2500000)<br>| (7937)<br>| (944)<br>| 6993 |
| Put - OTC - 10 Yr. IRS | 4.053% | 12M SOFR | Pay | 07/14/25 | GSBU | (2500000)<br>| USD | (2500000)<br>| (7468)<br>| (286)<br>| 7182 |
| Put - OTC - 10 Yr. IRS | 4.064% | 12M SOFR | Pay | 07/14/25 | MSCS | (2500000)<br>| USD | (2500000)<br>| (7438)<br>| (245)<br>| 7193 |
| Put - OTC - 10 Yr. IRS | 4.075% | 12M SOFR | Pay | 07/03/25 | MSCS | (2800000)<br>| USD | (2800000)<br>| (10535)<br>|  | 10535 |
| Put - OTC - 10 Yr. IRS | 4.097% | 12M SOFR | Pay | 07/16/25 | MSCS | (2500000)<br>| USD | (2500000)<br>| (7219)<br>| (251)<br>| 6968 |
| Put - OTC - 10 Yr. IRS | 4.120% | 12M SOFR | Pay | 07/09/25 | BOA | (2500000)<br>| USD | (2500000)<br>| (8000)<br>| (13)<br>| 7987 |
| Put - OTC - 10 Yr. IRS | 4.122% | 12M SOFR | Pay | 07/10/25 | JPMC | (2700000)<br>| USD | (2700000)<br>| (8842)<br>| (24)<br>| 8818 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(1479451)<br>| $(1273797)<br>| $205654 |

---

*See accompanying notes to financial statements.*

**BHFTI-416**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Written Options — (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaptions** | **Strike** <br>**Spread**<br>| **Reference** <br>**Obligation**<br>| **Buy/Sell** <br>**Protection**<br>| **Expiration** <br>**Date**<br>| **Counterparty** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Put - OTC - 5 Yr. CDS | 0.900% | CDX.NA.IG.44.V1 | Sell | 07/16/25 | GSI | (11700000)<br>| USD | (11700000)<br>| $(13221)<br>| $(793)<br>| $12428 |
| Put - OTC - 5 Yr. CDS | 1.000% | CDX.NA.IG.44.V1 | Sell | 07/16/25 | JPMC | (2600000)<br>| USD | (2600000)<br>| (2665)<br>| (162)<br>| 2503 |
| Put - OTC - 5 Yr. CDS | 0.850% | CDX.NA.IG.44.V1 | Sell | 07/16/25 | GSI | (5900000)<br>| USD | (5900000)<br>| (8112)<br>| (423)<br>| 7689 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(23998)<br>| $(1378)<br>| $22620 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Options on Exchange-Traded Futures Contracts** | **Strike** <br>**Price** | **Strike** <br>**Price** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Premiums** <br>**Received**<br>| **Market** <br>**Value**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Call - Euro-Bobl Futures | EUR | 118.500 | 07/25/25 | (19)<br>| EUR | (19000)<br>| $(3460)<br>| $(2462)<br>| $998 |
| Call - Euro-Bund Futures | EUR | 132.500 | 07/25/25 | (12)<br>| EUR | (12000)<br>| (6353)<br>| (1979)<br>| 4374 |
| Call- U.S. Treasury Note 10 Year Futures | USD | 112.000 | 07/25/25 | (54)<br>| USD | (54000)<br>| (18493)<br>| (40500)<br>| (22007)<br>|
| Call- U.S. Treasury Note 10 Year Futures | USD | 112.500 | 07/25/25 | (50)<br>| USD | (50000)<br>| (21029)<br>| (26562)<br>| (5533)<br>|
| Call- U.S. Treasury Note 10 Year Futures | USD | 113.250 | 07/25/25 | (49)<br>| USD | (49000)<br>| (12545)<br>| (14547)<br>| (2002)<br>|
| Put - Euro-Bobl Futures | EUR | 117.250 | 07/25/25 | (19)<br>| EUR | (19000)<br>| (4192)<br>| (4029)<br>| 163 |
| Put - Euro-Bund Futures | EUR | 129.000 | 07/25/25 | (12)<br>| EUR | (12000)<br>| (5484)<br>| (4806)<br>| 678 |
| Put- U.S. Treasury Note 10 Year Futures | USD | 108.500 | 07/25/25 | (54)<br>| USD | (54000)<br>| (17907)<br>| (1687)<br>| 16220 |
| Put- U.S. Treasury Note 10 Year Futures | USD | 109.000 | 07/25/25 | (50)<br>| USD | (50000)<br>| (23374)<br>| (1563)<br>| 21811 |
| Put- U.S. Treasury Note 10 Year Futures | USD | 110.750 | 07/25/25 | (49)<br>| USD | (49000)<br>| (10299)<br>| (9953)<br>| 346 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $(123136)<br>| $(108088)<br>| $15048 |

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 12M SONIA | Annually | 3.500<br> %<br>| Annually | 03/19/30 | GBP | 13920000 | $(121696)<br>| $(356980)<br>| $235284 |
| Pay | 1-Day CDI | Maturity | 11.496<br> %<br>| Maturity | 01/04/27 | BRL | 22200000 | (138438)<br>|  | (138438)<br>|
| Pay | 1-Day CDI | Maturity | 11.528<br> %<br>| Maturity | 01/04/27 | BRL | 23900000 | (146542)<br>|  | (146542)<br>|
| Pay | 1-Day CDI | Maturity | 11.548<br> %<br>| Maturity | 01/04/27 | BRL | 190300000 | (1149130)<br>|  | (1149130)<br>|
| Pay | 1-Day CDI | Maturity | 13.291<br> %<br>| Maturity | 01/02/29 | BRL | 85700000 | 131583 | (885)<br>| 132468 |
| Pay | 1-Day CDI | Maturity | 13.320<br> %<br>| Maturity | 01/02/29 | BRL | 7500000 | 12853 |  | 12853 |
| Pay | 1-Day CDI | Maturity | 13.354<br> %<br>| Maturity | 01/02/29 | BRL | 10300000 | 12686 |  | 12686 |
| Pay | 1-Day CDI | Maturity | 13.926<br> %<br>| Maturity | 01/04/27 | BRL | 13400000 | (7044)<br>|  | (7044)<br>|
| Pay | 1-Day CDI | Maturity | 13.927<br> %<br>| Maturity | 01/04/27 | BRL | 129800000 | (67658)<br>| 1168 | (68826)<br>|
| Pay | 1-Day CDI | Maturity | 14.009<br> %<br>| Maturity | 01/04/27 | BRL | 8600000 | (1999)<br>|  | (1999)<br>|
| Pay | 3M NZDBB | Semi-Annually | 3.750<br> %<br>| Semi-Annually | 06/15/27 | NZD | 41800000 | 269300 | (252472)<br>| 521772 |
| Pay | 3M NZDBB | Semi-Annually | 4.250<br> %<br>| Semi-Annually | 12/21/27 | NZD | 2900000 | 41938 | 982 | 40956 |
| Pay | 6M BBSW | Semi-Annually | 4.000<br> %<br>| Semi-Annually | 03/19/35 | AUD | 13400000 | (34788)<br>| (14160)<br>| (20628)<br>|
| Pay | 6M BBSW | Semi-Annually | 4.500<br> %<br>| Semi-Annually | 03/20/34 | AUD | 11800000 | 306529 | (282284)<br>| 588813 |
| Pay | 6M BBSW | Semi-Annually | 4.500<br> %<br>| Semi-Annually | 09/18/34 | AUD | 21100000 | 532253 | 89014 | 443239 |
| Pay | 6M BBSW | Semi-Annually | 4.500<br> %<br>| Semi-Annually | 09/20/33 | AUD | 22600000 | 602855 | (228050)<br>| 830905 |
| Pay | 6M EURIBOR | Annually | 0.650<br> %<br>| Annually | 04/12/27 | EUR | 27000000 | (750086)<br>|  | (750086)<br>|
| Pay | 6M EURIBOR | Annually | 1.000<br> %<br>| Annually | 05/13/27 | EUR | 23700000 | (508350)<br>|  | (508350)<br>|
| Pay | 6M EURIBOR | Annually | 1.000<br> %<br>| Annually | 05/18/27 | EUR | 9200000 | (201061)<br>| (158849)<br>| (42212)<br>|
| Pay | 6M EURIBOR | Annually | 2.250<br> %<br>| Annually | 09/17/35 | EUR | 36000000 | (1389088)<br>| (1705877)<br>| 316789 |
| Pay | 6M EURIBOR | Annually | 2.460<br> %<br>| Annually | 03/13/35 | EUR | 1800000 | (23921)<br>|  | (23921)<br>|
| Pay | 6M EURIBOR | Annually | 2.610<br> %<br>| Annually | 03/24/35 | EUR | 1200000 | 1948 |  | 1948 |
| Receive | 12M ESTR | Annually | 2.050<br> %<br>| Annually | 10/05/29 | EUR | 3000000 | (8395)<br>|  | (8395)<br>|
| Receive | 12M ESTR | Annually | 2.056<br> %<br>| Annually | 10/05/29 | EUR | 4300000 | (13345)<br>|  | (13345)<br>|
| Receive | 12M SOFR | Annually | 1.750<br> %<br>| Annually | 06/15/32 | USD | 57000000 | 6271619 | 6117780 | 153839 |
| Receive | 12M SOFR | Annually | 1.750<br> %<br>| Annually | 12/21/52 | USD | 62900000 | 23178960 | 10755985 | 12422975 |
| Receive | 12M SOFR | Annually | 3.250<br> %<br>| Annually | 06/18/30 | USD | 45500000 | 365323 | 646429 | (281106)<br>|
| Receive | 12M SOFR | Annually | 3.250<br> %<br>| Annually | 06/18/55 | USD | 25400000 | 2962629 | 2366035 | 596594 |

---

*See accompanying notes to financial statements.*

**BHFTI-417**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Centrally Cleared Interest Rate Swap Contracts — (Continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** <br>| **Floating**<br> **Rate Index** <br>| **Payment**<br> **Frequency** <br>| **Fixed**<br> **Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Notional**<br> **Amount**  | **Notional**<br> **Amount**  | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Receive | 12M SOFR | Annually | 3.500<br> %<br>| Annually | 06/20/54 | USD | 63100000 | $4613699 | $1724615 | $2889084 |
| Receive | 12M SOFR | Annually | 3.500<br> %<br>| Annually | 12/18/25 | USD | 35800000 | 123856 | 12066 | 111790 |
| Receive | 12M SOFR | Annually | 3.500<br> %<br>| Annually | 12/18/54 | USD | 9200000 | 672091 | 215845 | 456246 |
| Receive | 12M SOFR | Annually | 3.585<br> %<br>| Annually | 10/31/30 | USD | 58300000 | (393426)<br>|  | (393426)<br>|
| Receive | 12M SOFR | Annually | 3.642<br> %<br>| Annually | 02/15/55 | USD | 3100000 | 148857 |  | 148857 |
| Receive | 12M SOFR | Annually | 3.655<br> %<br>| Annually | 02/15/55 | USD | 1600000 | 73152 |  | 73152 |
| Receive | 12M SOFR | Annually | 3.655<br> %<br>| Annually | 05/31/28 | USD | 63500000 | (437608)<br>|  | (437608)<br>|
| Receive | 12M SOFR | Annually | 3.667<br> %<br>| Annually | 05/31/28 | USD | 23000000 | (165850)<br>|  | (165850)<br>|
| Receive | 12M SOFR | Annually | 3.694<br> %<br>| Annually | 04/30/31 | USD | 27750000 | (318958)<br>|  | (318958)<br>|
| Receive | 12M SOFR | Annually | 3.717<br> %<br>| Annually | 08/15/33 | USD | 20800000 | (178817)<br>|  | (178817)<br>|
| Receive | 12M SOFR | Annually | 3.722<br> %<br>| Annually | 10/31/30 | USD | 3200000 | (42802)<br>|  | (42802)<br>|
| Receive | 12M SOFR | Annually | 3.727<br> %<br>| Annually | 10/31/30 | USD | 7300000 | (99391)<br>|  | (99391)<br>|
| Receive | 12M SOFR | Annually | 3.732<br> %<br>| Annually | 10/31/30 | USD | 5400000 | (74811)<br>|  | (74811)<br>|
| Receive | 12M SOFR | Annually | 3.739<br> %<br>| Annually | 10/31/30 | USD | 8000000 | (113695)<br>|  | (113695)<br>|
| Receive | 12M SOFR | Annually | 3.750<br> %<br>| Annually | 05/15/32 | USD | 67167000 | (1007947)<br>| (72506)<br>| (935441)<br>|
| Receive | 12M SOFR | Annually | 3.750<br> %<br>| Annually | 12/18/29 | USD | 60700000 | (844474)<br>| (1004972)<br>| 160498 |
| Receive | 12M SOFR | Annually | 3.753<br> %<br>| Annually | 08/15/33 | USD | 11300000 | (125790)<br>|  | (125790)<br>|
| Receive | 12M SOFR | Annually | 3.763<br> %<br>| Annually | 08/15/33 | USD | 13400000 | (158729)<br>|  | (158729)<br>|
| Receive | 12M SOFR | Annually | 3.765<br> %<br>| Annually | 12/17/54 | USD | 4600000 | 123406 |  | 123406 |
| Receive | 12M SOFR | Annually | 3.807<br> %<br>| Annually | 02/15/55 | USD | 1600000 | 30591 |  | 30591 |
| Receive | 12M SOFR | Annually | 3.899<br> %<br>| Annually | 03/11/35 | USD | 580000 | (10514)<br>|  | (10514)<br>|
| Receive | 12M SOFR | Annually | 3.900<br> %<br>| Annually | 02/15/35 | USD | 15300000 | (299894)<br>| (43703)<br>| (256191)<br>|
| Receive | 12M SOFR | Annually | 3.930<br> %<br>| Annually | 03/24/35 | USD | 5700000 | (117331)<br>|  | (117331)<br>|
| Receive | 12M SOFR | Annually | 4.095<br> %<br>| Annually | 02/18/35 | USD | 4430000 | (151430)<br>|  | (151430)<br>|
| Receive | 12M TONA | Annually | 1.250<br> %<br>| Annually | 06/18/32 | JPY | 7670000000 | (850875)<br>| (1409244)<br>| 558369 |
| Receive | 6M CORRA | Semi-Annually | 2.740<br> %<br>| Semi-Annually | 06/01/34 | CAD | 2800000 | 25444 |  | 25444 |
| Receive | 6M CORRA | Semi-Annually | 3.000<br> %<br>| Semi-Annually | 06/01/33 | CAD | 3900000 | (34881)<br>| 13284 | (48165)<br>|
| Receive | 6M CORRA | Semi-Annually | 3.000<br> %<br>| Semi-Annually | 06/01/34 | CAD | 3300000 | (19567)<br>| (3356)<br>| (16211)<br>|
| Receive | 6M CORRA | Semi-Annually | 3.000<br> %<br>| Semi-Annually | 06/01/34 | CAD | 2000000 | (11859)<br>| 717 | (12576)<br>|
| Receive | 6M CORRA | Semi-Annually | 3.500<br> %<br>| Semi-Annually | 06/01/32 | CAD | 43550000 | (1498510)<br>| (310210)<br>| (1188300)<br>|
| Receive | 6M CORRA | Semi-Annually | 3.750<br> %<br>| Semi-Annually | 12/20/33 | CAD | 10900000 | (532340)<br>| (34930)<br>| (497410)<br>|
| Receive | 6M EURIBOR | Annually | 2.250<br> %<br>| Annually | 09/17/55 | EUR | 29100000 | 3565902 | 1727680 | 1838222 |
| Receive | 6M EURIBOR | Annually | 2.350<br> %<br>| Annually | 04/29/30 | EUR | 2400000 | (12343)<br>|  | (12343)<br>|
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $32004091 | $17793122 | $14210969 |

---

**Centrally Cleared Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| CDX.NA.IG.44.V1 | 1.000% | Quarterly | 06/20/30 | 0.510% | USD | 2700000 | $59692 | $42118 | $17574 |

---

**Centrally Cleared Credit Default Swap Contracts on Corporate Issues—Sell Protection (a)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| AES Corp. <br>1.375%, due 01/15/26<br>| 5.000<br> %<br>| Quarterly | 12/20/28 | 0.875<br> %<br>| USD | 3800000 | $511719 | $315712 | $196007 |
| AT&T, Inc. <br>3.800%, due 02/15/27<br>| 1.000<br> %<br>| Quarterly | 06/20/28 | 0.431<br> %<br>| USD | 21100000 | 340554 | (73354)<br>| 413908 |
| Barclays Bank PLC <br>1.500%, due 04/04/17<br>| 1.000<br> %<br>| Quarterly | 12/20/25 | 0.234<br> %<br>| EUR | 9300000 | 39219 | 24397 | 14822 |

---

*See accompanying notes to financial statements.*

**BHFTI-418**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Centrally Cleared Credit Default Swap Contracts on Corporate Issues—Sell Protection (a) — (Continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal**<br> **Receive Rate** <br>| **Payment**<br> **Frequency** <br>| **Maturity**<br> **Date** <br>| **Implied**<br> **Credit Spread** <sup>(b)</sup><br>| **Notional**<br> **Amount** <sup>(c)</sup> | **Notional**<br> **Amount** <sup>(c)</sup> | **Market**<br> **Value** <br>| **Upfront**<br> **Premiums**<br> **Paid/(Received)** <br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** <br>|
| Boeing Co. <br>2.600%, due 10/30/25<br>| 1.000<br> %<br>| Quarterly | 12/20/27 | 0.473<br> %<br>| USD | 3400000 | $42478 | $(71382)<br>| $113860 |
| Boeing Co. <br>2.600%, due 10/30/25<br>| 1.000<br> %<br>| Quarterly | 12/20/29 | 0.685<br> %<br>| USD | 400000 | 5184 | (6272)<br>| 11456 |
| Boeing Co. <br>2.600%, due 10/30/25<br>| 1.000<br> %<br>| Quarterly | 06/20/30 | 0.742<br> %<br>| USD | 14600000 | 170107 | 24601 | 145506 |
| General Electric Co. <br>2.700%, due 10/09/22<br>| 1.000<br> %<br>| Quarterly | 06/20/26 | 0.089<br> %<br>| USD | 4700000 | 41289 | 9603 | 31686 |
| General Electric Co. <br>2.700%, due 10/09/22<br>| 1.000<br> %<br>| Quarterly | 12/20/26 | 0.107<br> %<br>| USD | 500000 | 6520 | 1632 | 4888 |
| T-Mobile USA, Inc. <br>4.750%, due 02/01/28<br>| 5.000<br> %<br>| Quarterly | 06/20/28 | 0.263<br> %<br>| USD | 7000000 | 938000 | 717377 | 220623 |
| Verizon Communications, Inc. <br>4.125%, due 03/16/27<br>| 1.000<br> %<br>| Quarterly | 12/20/27 | 0.382<br> %<br>| USD | 500000 | 7414 | (4262)<br>| 11676 |
| Verizon Communications, Inc. <br>4.125%, due 03/16/27<br>| 1.000<br> %<br>| Quarterly | 06/20/28 | 0.416<br> %<br>| USD | 4900000 | 80551 | 2242 | 78309 |
| Verizon Communications, Inc. <br>4.125%, due 03/16/27<br>| 1.000<br> %<br>| Quarterly | 12/20/28 | 0.462<br> %<br>| USD | 1200000 | 21266 | (1972)<br>| 23238 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | $2204301 | $938322 | $1265979 |

---

**OTC Credit Default Swap Contracts on Corporate and Sovereign Issues—Sell Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Colombia Government International Bond <br>10.375%, due 01/28/33<br>| 1.000% | Quarterly | 12/20/26 | BBP | 1.051<br> %<br>| USD | 2400000 | $(1758)<br>| $(33379)<br>| $31621 |
| Colombia Government International Bond <br>10.375%, due 01/28/33<br>| 1.000% | Quarterly | 12/20/26 | CBNA | 1.051<br> %<br>| USD | 1700000 | (1245)<br>| (25173)<br>| 23928 |
| Colombia Government International Bond <br>10.375%, due 01/28/33<br>| 1.000% | Quarterly | 12/20/26 | JPMC | 1.051<br> %<br>| USD | 3200000 | (2344)<br>| (24452)<br>| 22108 |
| Colombia Government International Bond <br>10.375%, due 01/28/33<br>| 1.000% | Quarterly | 06/20/27 | BNP | 1.165<br> %<br>| USD | 2400000 | (7484)<br>| (43275)<br>| 35791 |
| Colombia Government International Bond <br>10.375%, due 01/28/33<br>| 1.000% | Quarterly | 06/20/27 | CBNA | 1.165<br> %<br>| USD | 400000 | (1247)<br>| (5451)<br>| 4204 |
| Colombia Government International Bond <br>10.375%, due 01/28/33<br>| 1.000% | Quarterly | 06/20/27 | GSI | 1.165<br> %<br>| USD | 3200000 | (9978)<br>| (44493)<br>| 34515 |
| Colombia Government International Bond <br>10.375%, due 01/28/33<br>| 1.000% | Quarterly | 06/20/27 | JPMC | 1.165<br> %<br>| USD | 1300000 | (4054)<br>| (18917)<br>| 14863 |
| Colombia Government International Bond <br>10.375%, due 01/28/33<br>| 1.000% | Quarterly | 12/20/27 | BNP | 1.339<br> %<br>| USD | 500000 | (3972)<br>| (21174)<br>| 17202 |
| Colombia Government International Bond <br>10.375%, due 01/28/33<br>| 1.000% | Quarterly | 12/20/27 | GSI | 1.339<br> %<br>| USD | 1400000 | (11123)<br>| (59274)<br>| 48151 |
| Petroleos Mexicanos <br>1.350%, due 12/31/99 (d)<br>| 4.850% | Monthly | 07/06/26 | DBAG | 0.000<br> %<br>| USD | 1835280 | 4547 |  | 4547 |
| Republic of South Africa <br>5.875%, due 09/16/25<br>| 1.000% | Quarterly | 12/20/26 | CBNA | 0.750<br> %<br>| USD | 3100000 | 11130 | (44895)<br>| 56025 |
| Republic of South Africa <br>5.875%, due 09/16/25<br>| 1.000% | Quarterly | 12/20/26 | MSCS | 0.750<br> %<br>| USD | 31300000 | 112377 | (451582)<br>| 563959 |
| SoftBank Group Corp. <br>2.840%, due 12/14/29<br>| 1.000% | Quarterly | 06/20/26 | GSI | 1.490<br> %<br>| USD | 2100000 | (9814)<br>| (13839)<br>| 4025 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $75035 | $(785904)<br>| $860939 |

---

*See accompanying notes to financial statements.*

**BHFTI-419**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**OTC Credit Default Swap Contracts on Credit Indices—Sell Protection (a)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation**  | **Fixed Deal** <br>**Receive Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Implied** <br>**Credit Spread** <sup>(b)</sup> <br>| **Notional** <br>**Amount** <sup>(c)</sup>  | **Notional** <br>**Amount** <sup>(c)</sup>  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| ITRX.EUR.XOVER.42.V2 | 5.000% | Quarterly | 12/20/29 | BNP | 0.464<br> %<br>| EUR | 14372446 | $3093976 | $2638250 | $455726 |
| ITRX.EUR.XOVER.42.V2 | 5.000% | Quarterly | 12/20/29 | JPMC | 0.464<br> %<br>| EUR | 24118147 | 5191947 | 4476354 | 715593 |
| Totals | Totals | Totals | Totals | Totals | Totals | Totals | Totals | $8285923 | $7114604 | $1171319 |

---

**OTC Total Return Swap Contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Counterparty**  | **Underlying Reference** <br>**Instrument** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <sup>(1)</sup> <br>|
| Receive<br> 12M FEDL | Monthly | 09/24/25 | JPMC | iShares iBoxx $ IG Corporate Bond ETF | USD | 129324000 | $(2208000)<br>| $— | $(2208000)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Credit | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $8413977 | OTC swap contracts at market value (a) <br>| &nbsp;&nbsp; $2261019 |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 1283553 |  |  |
|  |  |  | Written options at value | &nbsp;&nbsp; 1378 |
| Foreign Exchange | Investments at market value (d) <br>| &nbsp;&nbsp; 245128 |  |  |
|  | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 9059237 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 19751359 |
| Interest Rate | Investments at market value (d) <br>| &nbsp;&nbsp; 574409 |  |  |
|  | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 22726780 | Unrealized depreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 8515811 |
|  | Unrealized appreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 12405569 | Unrealized depreciation on futures contracts (c) (e) <br>| &nbsp;&nbsp; 1667898 |
|  |  |  | Written options at value (f) <br>| &nbsp;&nbsp; 1381885 |
| Total |  | &nbsp;&nbsp; $54708653 |  | &nbsp;&nbsp; $33579350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes OTC swap interest receivable of $392,320.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes exchange traded written options with a value of $108,088 that are not subject to a master netting agreement.

*See accompanying notes to financial statements.*

**BHFTI-420**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

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

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $94762 | &nbsp;&nbsp;&nbsp;&nbsp; $(94762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 1022820 | &nbsp;&nbsp;&nbsp;&nbsp; (874836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (147984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 3287872 | &nbsp;&nbsp;&nbsp;&nbsp; (1896885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1390987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 3836573 | &nbsp;&nbsp;&nbsp;&nbsp; (3836573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 2348546 | &nbsp;&nbsp;&nbsp;&nbsp; (2323437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25109 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 827785 | &nbsp;&nbsp;&nbsp;&nbsp; (827785)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 5952201 | &nbsp;&nbsp;&nbsp;&nbsp; (5627494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (324707)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 197272 | &nbsp;&nbsp;&nbsp;&nbsp; (197272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 384380 | &nbsp;&nbsp;&nbsp;&nbsp; (384380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Societe Generale Paris | &nbsp;&nbsp; 51738 | &nbsp;&nbsp;&nbsp;&nbsp; (51738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 288802 | &nbsp;&nbsp;&nbsp;&nbsp; (73196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 215606 |
|  | &nbsp;&nbsp; $18292751 | &nbsp;&nbsp;&nbsp;&nbsp; $(16188358)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1863678)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $240715 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| Bank of America NA | &nbsp;&nbsp; $5591713 | &nbsp;&nbsp;&nbsp;&nbsp; $(94762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4962309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $534642 |
| Barclays Bank PLC | &nbsp;&nbsp; 874836 | &nbsp;&nbsp;&nbsp;&nbsp; (874836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 1896885 | &nbsp;&nbsp;&nbsp;&nbsp; (1896885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank NA | &nbsp;&nbsp; 4855041 | &nbsp;&nbsp;&nbsp;&nbsp; (3836573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1018468)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 2323437 | &nbsp;&nbsp;&nbsp;&nbsp; (2323437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 1089714 | &nbsp;&nbsp;&nbsp;&nbsp; (827785)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (261929)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 32131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32131)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 5627494 | &nbsp;&nbsp;&nbsp;&nbsp; (5627494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 273122 | &nbsp;&nbsp;&nbsp;&nbsp; (197272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75850 |
| Morgan Stanley Capital Services LLC | &nbsp;&nbsp; 598058 | &nbsp;&nbsp;&nbsp;&nbsp; (384380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 213678 |
| Societe Generale Paris | &nbsp;&nbsp; 51926 | &nbsp;&nbsp;&nbsp;&nbsp; (51738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
| UBS AG | &nbsp;&nbsp; 73196 | &nbsp;&nbsp;&nbsp;&nbsp; (73196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $23287553 | &nbsp;&nbsp;&nbsp;&nbsp; $(16188358)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(6274837)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $824358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $(823332)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(47500)<br>| &nbsp;&nbsp;&nbsp; $(870832)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10619315)<br>| &nbsp;&nbsp;&nbsp; (10619315)<br>|
| Futures contracts | &nbsp;&nbsp; 4606870 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4606870 |
| Swap contracts | &nbsp;&nbsp; 4500151 | &nbsp;&nbsp;&nbsp; 6005 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4506156 |
| Written options | &nbsp;&nbsp; 2503106 | &nbsp;&nbsp;&nbsp; 40063 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2543169 |
|  | &nbsp;&nbsp; $10786795 | &nbsp;&nbsp;&nbsp; $46068 | &nbsp;&nbsp;&nbsp; $(10666815)<br>| &nbsp;&nbsp;&nbsp; $166048 |

---

*See accompanying notes to financial statements.*

**BHFTI-421**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Credit** | **Foreign** <br>**Exchange**<br>| **Total** |
| Purchased options | &nbsp;&nbsp; $(204444)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(69340)<br>| &nbsp;&nbsp;&nbsp; $(273784)<br>|
| Forward foreign currency transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19336722)<br>| &nbsp;&nbsp;&nbsp; (19336722)<br>|
| Futures contracts | &nbsp;&nbsp; 13869626 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13869626 |
| Swap contracts | &nbsp;&nbsp; (6851316)<br>| &nbsp;&nbsp;&nbsp; (1300961)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8152277)<br>|
| Written options | &nbsp;&nbsp; 27416 | &nbsp;&nbsp;&nbsp; 22620 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50036 |
|  | &nbsp;&nbsp; $6841282 | &nbsp;&nbsp;&nbsp; $(1278341)<br>| &nbsp;&nbsp;&nbsp; $(19406062)<br>| &nbsp;&nbsp;&nbsp; $(13843121)<br>|

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Purchased options | &nbsp;&nbsp; $1528583512 |
| Forward foreign currency transactions | &nbsp;&nbsp; 1686482737 |
| Futures contracts long | &nbsp;&nbsp; 879541783 |
| Futures contracts short | &nbsp;&nbsp; (114301805)<br>|
| Swap contracts | &nbsp;&nbsp; 1413875552 |
| Written options | &nbsp;&nbsp; (293618440)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1773537912 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1773537912 |
| Corporate Bonds & Notes |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 17408525 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17408525 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 21111716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21111716 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 14532833 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14532833 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 135526066 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135526066 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 596842789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 596842789 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 2711202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2711202 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 2980171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2980171 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 5008532 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5008532 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 123187932 | &nbsp;&nbsp; — | &nbsp;&nbsp; 123187932 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 168013964 | &nbsp;&nbsp; — | &nbsp;&nbsp; 168013964 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 10377262 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10377262 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 3880851 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3880851 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 15631330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15631330 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 21611353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21611353 |
| Healthcare-Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 27260941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27260941 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 53082622 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53082622 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 2334190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2334190 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 17364006 | &nbsp;&nbsp; 1516500 | &nbsp;&nbsp; 18880506 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 13076821 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13076821 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 9941073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9941073 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 14787163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14787163 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 33000954 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33000954 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 36019661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36019661 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 6850750 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6850750 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 139406691 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139406691 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 4187517 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4187517 |
| Savings & Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 7689433 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7689433 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 26553376 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26553376 |
| Shipbuilding | &nbsp;&nbsp; — | &nbsp;&nbsp; 12848169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12848169 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 25592395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25592395 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 14620534 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14620534 |

---

*See accompanying notes to financial statements.*

**BHFTI-422**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Water | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22530 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22530 |
| Total Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1583463352 | &nbsp;&nbsp; 1516500 | &nbsp;&nbsp; 1584979852 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 637536378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 637536378 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 420319164 | &nbsp;&nbsp; — | &nbsp;&nbsp; 420319164 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 303819989 | &nbsp;&nbsp; — | &nbsp;&nbsp; 303819989 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 260945895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 260945895 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 37548656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37548656 |
| Floating Rate Loans |  |  |  |  |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 894375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 894375 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5217341 | &nbsp;&nbsp; 5217341 |
| Total Floating Rate Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 894375 | &nbsp;&nbsp; 5217341 | &nbsp;&nbsp; 6111716 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 101279016 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101279016 |
| Total Purchased Options at Value | &nbsp;&nbsp; — | &nbsp;&nbsp; 819537 | &nbsp;&nbsp; — | &nbsp;&nbsp; 819537 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5120164274 | &nbsp;&nbsp; $6733841 | &nbsp;&nbsp; $5126898115 |
| Reverse Repurchase Agreements (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(99407500)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(99407500)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9059237 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9059237 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (19751359)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19751359)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10692122)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10692122)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $12405569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12405569 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (1667898)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1667898)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $10737671 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10737671 |
| Written Options |  |  |  |  |
| Credit Default Swaptions at Value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1378)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1378)<br>|
| Interest Rate Swaptions at Value | &nbsp;&nbsp; — | &nbsp;&nbsp; (1273797)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1273797)<br>|
| Options on Exchange-Traded Futures Contracts at Value | &nbsp;&nbsp; (108088)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (108088)<br>|
| Total Written Options | &nbsp;&nbsp; $(108088)<br>| &nbsp;&nbsp; $(1275175)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1383263)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24010333 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24010333 |
| Centrally Cleared Swap Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8515811)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8515811)<br>|
| Total Centrally Cleared Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15494522 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15494522 |
| OTC Swap Contracts |  |  |  |  |
| OTC Swap Contracts at Value (Assets) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8409430 | &nbsp;&nbsp; $4547 | &nbsp;&nbsp; $8413977 |
| OTC Swap Contracts at Value (Liabilities) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2261019)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2261019)<br>|
| Total OTC Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6148411 | &nbsp;&nbsp; $4547 | &nbsp;&nbsp; $6152958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-423**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $5126898115 |
| Cash denominated in foreign currencies (b) | &nbsp;&nbsp; 6338666 |
| Cash collateral (c) | &nbsp;&nbsp; 12264000 |
| OTC swap contracts at market value (d) | &nbsp;&nbsp; 8413977 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 9059237 |
| Unrealized appreciation on unfunded commitments (e) | &nbsp;&nbsp; 1069 |
| Receivable for: |  |
| TBA securities sold | &nbsp;&nbsp; 1824179664 |
| Premiums on written options | &nbsp;&nbsp; 57092 |
| Fund shares sold | &nbsp;&nbsp; 1865754 |
| Principal paydowns | &nbsp;&nbsp; 8542 |
| Interest | &nbsp;&nbsp; 32914080 |
| Interest on OTC swap contracts | &nbsp;&nbsp; 392320 |
| Variation margin on futures contracts | &nbsp;&nbsp; 2788935 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 288332 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 6668521 |
| Prepaid expenses | &nbsp;&nbsp; 28119 |
| Total Assets | &nbsp;&nbsp; 7032166423 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 6218893 |
| Due to Broker | &nbsp;&nbsp; 99831 |
| Written options at value (f) | &nbsp;&nbsp; 1383263 |
| Reverse repurchase agreements | &nbsp;&nbsp; 99407500 |
| OTC swap contracts at market value (g) | &nbsp;&nbsp; 2261019 |
| Cash collateral (h) | &nbsp;&nbsp; 22973048 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 19751359 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 52436324 |
| TBA securities purchased | &nbsp;&nbsp; 3263491853 |
| Fund shares redeemed | &nbsp;&nbsp; 406989 |
| Interest on reverse repurchase agreements | &nbsp;&nbsp; 227858 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1310026 |
| Distribution and service fees | &nbsp;&nbsp; 385892 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 887065 |
| Total Liabilities | &nbsp;&nbsp; 3471465021 |
| Commitments and contingent liabilitites (e) | &nbsp;&nbsp; — |
| **Net Assets**  | &nbsp;&nbsp; $3560701402 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $4262363545 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (701662143)<br>|
| **Net Assets**  | &nbsp;&nbsp; $3560701402 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1648537631 |
| Class B | &nbsp;&nbsp; 1895882608 |
| Class E | &nbsp;&nbsp; 16281163 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 169112602 |
| Class B | &nbsp;&nbsp; 198699847 |
| Class E | &nbsp;&nbsp; 1682423 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $9.75 |
| Class B | 9.54 |
| Class E | 9.68 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $5,348,300,857.

(b) Identified cost of cash denominated in foreign currencies was $6,238,281.

(c) Includes collateral of $4,532,000 for futures contracts and $7,732,000 for centrally cleared swap contracts. 

(d) Net premium paid on OTC swap contracts was $6,618,127.

(e) See Note 8 of the Notes to Financial Statements.

(f) Premiums received on written options were $1,626,585.

(g) Net premium received on OTC swap contracts was $289,427.

(h) Includes collateral of $3,410,000 for OTC derivatives contracts, $1,158,000 for reverse repurchase agreements and $18,405,048 for TBA securities. 

**Statement of Operations**

------

**Six Months Ended June 30, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest (a) | &nbsp;&nbsp; $84584747 |
| Total investment income | &nbsp;&nbsp; 84584747 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 8603213 |
| Administration fees | &nbsp;&nbsp; 83421 |
| Custodian and accounting fees | &nbsp;&nbsp; 202649 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 2392713 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 12498 |
| Interest expense | &nbsp;&nbsp; 1551618 |
| Audit and tax services | &nbsp;&nbsp; 65823 |
| Legal | &nbsp;&nbsp; 22746 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 85516 |
| Insurance | &nbsp;&nbsp; 16168 |
| Miscellaneous | &nbsp;&nbsp; 19042 |
| Total expenses | &nbsp;&nbsp; 13075442 |
| Less management fee waiver | &nbsp;&nbsp; (536399)<br>|
| Net expenses | &nbsp;&nbsp; 12539043 |
| **Net Investment Income** | &nbsp;&nbsp; 72045704 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (13599021)<br>|
| Purchased options | &nbsp;&nbsp; (870832)<br>|
| Futures contracts | &nbsp;&nbsp; 4606870 |
| Written options | &nbsp;&nbsp; 2543169 |
| Swap contracts | &nbsp;&nbsp; 4506156 |
| Foreign currency transactions | &nbsp;&nbsp; 919161 |
| Forward foreign currency transactions | &nbsp;&nbsp; (10619315)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (12513812)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 118631428 |
| Unfunded commitments | &nbsp;&nbsp; 28061 |
| Purchased options | &nbsp;&nbsp; (273784)<br>|
| Futures contracts | &nbsp;&nbsp; 13869626 |
| Written options | &nbsp;&nbsp; 50036 |
| Swap contracts | &nbsp;&nbsp; (8152277)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 831853 |
| Forward foreign currency transactions | &nbsp;&nbsp; (19336722)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 105648221 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 93134409 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $165180113 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $32,753.

*See accompanying notes to financial statements.*

**BHFTI-424**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $72045704 | &nbsp;&nbsp; $166579423 |
| Net realized gain (loss) | &nbsp;&nbsp; (12513812)<br>| &nbsp;&nbsp; (63324703)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 105648221 | &nbsp;&nbsp; (756891)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 165180113 | &nbsp;&nbsp; 102497829 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (95200617)<br>| &nbsp;&nbsp; (56680185)<br>|
| Class B | &nbsp;&nbsp; (106749248)<br>| &nbsp;&nbsp; (58200005)<br>|
| Class E | &nbsp;&nbsp; (925350)<br>| &nbsp;&nbsp; (552552)<br>|
| **Total distributions** | &nbsp;&nbsp; (202875215)<br>| &nbsp;&nbsp; (115432742)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (61929368)<br>| &nbsp;&nbsp; (271000232)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (99624470)<br>| &nbsp;&nbsp; (283935145)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 3660325872 | &nbsp;&nbsp; 3944261017 |
| End of period | &nbsp;&nbsp; $3560701402 | &nbsp;&nbsp; $3660325872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**June 30, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2760489 | &nbsp;&nbsp; $27818347 | &nbsp;&nbsp; 1610505 | &nbsp;&nbsp; $15918731 |
| Reinvestments | &nbsp;&nbsp; 9906412 | &nbsp;&nbsp; 95200617 | &nbsp;&nbsp; 5861446 | &nbsp;&nbsp; 56680185 |
| Redemptions | &nbsp;&nbsp; (13023416)<br>| &nbsp;&nbsp; (131235869)<br>| &nbsp;&nbsp; (28071171)<br>| &nbsp;&nbsp; (278325309)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (356515)<br>| &nbsp;&nbsp; $(8216905)<br>| &nbsp;&nbsp; (20599220)<br>| &nbsp;&nbsp; $(205726393)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2559195 | &nbsp;&nbsp; $24956162 | &nbsp;&nbsp; 10757520 | &nbsp;&nbsp; $104132282 |
| Reinvestments | &nbsp;&nbsp; 11356303 | &nbsp;&nbsp; 106749248 | &nbsp;&nbsp; 6145724 | &nbsp;&nbsp; 58200005 |
| Redemptions | &nbsp;&nbsp; (18668932)<br>| &nbsp;&nbsp; (184277421)<br>| &nbsp;&nbsp; (23201898)<br>| &nbsp;&nbsp; (225452946)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (4753434)<br>| &nbsp;&nbsp; $(52572011)<br>| &nbsp;&nbsp; (6298654)<br>| &nbsp;&nbsp; $(63120659)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 21955 | &nbsp;&nbsp; $216293 | &nbsp;&nbsp; 98429 | &nbsp;&nbsp; $967729 |
| Reinvestments | &nbsp;&nbsp; 96997 | &nbsp;&nbsp; 925350 | &nbsp;&nbsp; 57558 | &nbsp;&nbsp; 552552 |
| Redemptions | &nbsp;&nbsp; (229315)<br>| &nbsp;&nbsp; (2282095)<br>| &nbsp;&nbsp; (374329)<br>| &nbsp;&nbsp; (3673461)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (110363)<br>| &nbsp;&nbsp; $(1140452)<br>| &nbsp;&nbsp; (218342)<br>| &nbsp;&nbsp; $(2153180)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(61929368)<br>|  | &nbsp;&nbsp; $(271000232)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-425**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $12.53 | &nbsp;&nbsp; $12.00 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Total income (loss) from investment operations | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.51)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.51)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $12.53 |
| **Total Return (%)** (b) | 4.80 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp; (14.34)<br>| &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.82 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.60 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.51 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.57 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net ratio of expenses to average net assets excluding interest expense (%) (e) (f) | 0.48 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Ratio of net investment income (loss) to average net assets (%) | 4.18 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 279 <br>(c)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 603 <br>(g)<br>| &nbsp;&nbsp; 524 <br>(g)<br>| &nbsp;&nbsp; 423 <br>(g)<br>| &nbsp;&nbsp; 326 <br>(g)<br>| &nbsp;&nbsp; 504 <br>(g)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1648.5 | &nbsp;&nbsp;&nbsp;&nbsp; $1674.9 | &nbsp;&nbsp; $1886.1 | &nbsp;&nbsp; $1857.1 | &nbsp;&nbsp; $2488.0 | &nbsp;&nbsp; $2424.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $11.78 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Total income (loss) from investment operations | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.48)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.48)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $12.29 |
| **Total Return (%)** (b) | 4.63 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.51 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.85 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.76 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.82 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net ratio of expenses to average net assets excluding interest expense (%) (e) (f) | 0.73 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Ratio of net investment income (loss) to average net assets (%) | 3.93 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 279 <br>(c)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 603 <br>(g)<br>| &nbsp;&nbsp; 524 <br>(g)<br>| &nbsp;&nbsp; 423 <br>(g)<br>| &nbsp;&nbsp; 326 <br>(g)<br>| &nbsp;&nbsp; 504 <br>(g)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1895.9 | &nbsp;&nbsp;&nbsp;&nbsp; $1967.8 | &nbsp;&nbsp; $2038.4 | &nbsp;&nbsp; $2038.5 | &nbsp;&nbsp; $2738.3 | &nbsp;&nbsp; $2765.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.*

**BHFTI-426**

------

**Brighthouse Funds Trust I**

**PIMCO Total Return Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $11.52 | &nbsp;&nbsp; $12.42 | &nbsp;&nbsp; $11.90 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Total income (loss) from investment operations | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.49)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp;&nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $11.52 | &nbsp;&nbsp; $12.42 |
| **Total Return (%)** (b) | 4.65 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp; (14.45)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.63 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.75 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Gross ratio of expenses to average net assets excluding interest expense (%) | 0.66 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.72 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net ratio of expenses to average net assets excluding interest expense (%) (e) (f) | 0.63 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Ratio of net investment income (loss) to average net assets (%) | 4.03 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 279 <br>(c)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 603 <br>(g)<br>| &nbsp;&nbsp; 524 <br>(g)<br>| &nbsp;&nbsp; 423 <br>(g)<br>| &nbsp;&nbsp; 326 <br>(g)<br>| &nbsp;&nbsp; 504 <br>(g)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $16.3 | &nbsp;&nbsp;&nbsp;&nbsp; $17.6 | &nbsp;&nbsp; $19.8 | &nbsp;&nbsp; $19.4 | &nbsp;&nbsp; $77.2 | &nbsp;&nbsp; $35.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the six months ended June 30, 2025 and for each of the years ended December 31, 2024 through 2020 (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 10%, 30%, 24%, 23%, 28%, and 34% for the six months ended June 30, 2025,and for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTI-427**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—57.2% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| Airbus SE | 1318 | &nbsp;&nbsp; $275784 |
| ATI, Inc. (a) | 2849 | &nbsp;&nbsp; 245983 |
| Axon Enterprise, Inc. (a) | 449 | &nbsp;&nbsp; 371745 |
| BAE Systems PLC | 8539 | &nbsp;&nbsp; 221068 |
| Curtiss-Wright Corp.  | 144 | &nbsp;&nbsp; 70351 |
| General Dynamics Corp.  | 803 | &nbsp;&nbsp; 234203 |
| General Electric Co.  | 9554 | &nbsp;&nbsp; 2459104 |
| HEICO Corp. (b) | 782 | &nbsp;&nbsp; 256496 |
| Howmet Aerospace, Inc.  | 11405 | &nbsp;&nbsp; 2122813 |
| Kongsberg Gruppen ASA | 10115 | &nbsp;&nbsp; 392343 |
| Rheinmetall AG | 18 | &nbsp;&nbsp; 38083 |
| Rolls-Royce Holdings PLC | 16934 | &nbsp;&nbsp; 224990 |
| RTX Corp.  | 10496 | &nbsp;&nbsp; 1532626 |
| Saab AB - Class B | 1899 | &nbsp;&nbsp; 106065 |
| Safran SA | 1399 | &nbsp;&nbsp; 455632 |
| TransDigm Group, Inc.  | 638 | &nbsp;&nbsp; 970168 |
|  |  | &nbsp;&nbsp; 9977454 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| DSV AS | 909 | &nbsp;&nbsp; 218359 |
| FedEx Corp. (b) | 959 | &nbsp;&nbsp; 217990 |
| United Parcel Service, Inc. - Class B | 1302 | &nbsp;&nbsp; 131424 |
|  |  | &nbsp;&nbsp; 567773 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Aptiv PLC (a) | 796 | &nbsp;&nbsp; 54303 |
| Niterra Co. Ltd.  | 1200 | &nbsp;&nbsp; 39989 |
| Sumitomo Electric Industries Ltd.  | 3800 | &nbsp;&nbsp; 81014 |
|  |  | &nbsp;&nbsp; 175306 |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| Ferrari NV | 1012 | &nbsp;&nbsp; 496178 |
| Ford Motor Co. (b) | 10353 | &nbsp;&nbsp; 112330 |
| General Motors Co.  | 3996 | &nbsp;&nbsp; 196643 |
| Honda Motor Co. Ltd.  | 12700 | &nbsp;&nbsp; 122463 |
| Mercedes-Benz Group AG | 2071 | &nbsp;&nbsp; 121174 |
| Rivian Automotive, Inc. - Class A (a) (b) | 3100 | &nbsp;&nbsp; 42594 |
| Stellantis NV | 9181 | &nbsp;&nbsp; 92065 |
| Suzuki Motor Corp.  | 9800 | &nbsp;&nbsp; 118062 |
| Tesla, Inc. (a) | 10093 | &nbsp;&nbsp; 3206143 |
| Toyota Motor Corp.  | 34900 | &nbsp;&nbsp; 599483 |
|  |  | &nbsp;&nbsp; 5107135 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| ABN AMRO Bank NV | 3447 | &nbsp;&nbsp; 94379 |
| ANZ Group Holdings Ltd.  | 11046 | &nbsp;&nbsp; 212012 |
| Banco Bilbao Vizcaya Argentaria SA | 13382 | &nbsp;&nbsp; 205817 |
| Banco Santander SA | 84652 | &nbsp;&nbsp; 700798 |
| Bank of America Corp.  | 27180 | &nbsp;&nbsp; 1286158 |
| Bank of Montreal | 2317 | &nbsp;&nbsp; 256771 |
| Bank of Nova Scotia (b) | 3081 | &nbsp;&nbsp; 170369 |
| Barclays PLC | 81925 | &nbsp;&nbsp; 379451 |
| BNP Paribas SA | 5451 | &nbsp;&nbsp; 490968 |
| CaixaBank SA | 15195 | &nbsp;&nbsp; 131646 |
| Citigroup, Inc.  | 7989 | &nbsp;&nbsp; 680024 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Citizens Financial Group, Inc.  | 1725 | &nbsp;&nbsp; $77194 |
| Commerzbank AG | 3143 | &nbsp;&nbsp; 99168 |
| Commonwealth Bank of Australia | 3579 | &nbsp;&nbsp; 435222 |
| Danske Bank AS | 2467 | &nbsp;&nbsp; 100581 |
| DBS Group Holdings Ltd.  | 15120 | &nbsp;&nbsp; 534633 |
| Erste Group Bank AG | 2590 | &nbsp;&nbsp; 220138 |
| Eurobank Ergasias Services & Holdings SA - Class A | 14032 | &nbsp;&nbsp; 48324 |
| Fifth Third Bancorp | 1586 | &nbsp;&nbsp; 65232 |
| First Citizens BancShares, Inc. - Class A (b) | 25 | &nbsp;&nbsp; 48912 |
| First Horizon Corp.  | 2033 | &nbsp;&nbsp; 43100 |
| HSBC Holdings PLC | 79780 | &nbsp;&nbsp; 966005 |
| Huntington Bancshares, Inc.  | 3486 | &nbsp;&nbsp; 58425 |
| ING Groep NV | 16411 | &nbsp;&nbsp; 360137 |
| Intesa Sanpaolo SpA | 99391 | &nbsp;&nbsp; 572921 |
| JPMorgan Chase & Co.  | 16725 | &nbsp;&nbsp; 4848745 |
| KBC Group NV | 989 | &nbsp;&nbsp; 101726 |
| KeyCorp | 3249 | &nbsp;&nbsp; 56598 |
| Lloyds Banking Group PLC | 287425 | &nbsp;&nbsp; 302686 |
| M&T Bank Corp.  | 517 | &nbsp;&nbsp; 100293 |
| Mediobanca Banca di Credito Finanziario SpA | 3336 | &nbsp;&nbsp; 77585 |
| Mitsubishi UFJ Financial Group, Inc.  | 54700 | &nbsp;&nbsp; 748932 |
| Mizuho Financial Group, Inc.  | 19690 | &nbsp;&nbsp; 542049 |
| National Australia Bank Ltd.  | 7810 | &nbsp;&nbsp; 202337 |
| National Bank of Canada | 1177 | &nbsp;&nbsp; 121456 |
| NatWest Group PLC | 19797 | &nbsp;&nbsp; 139004 |
| Nordea Bank Abp | 10426 | &nbsp;&nbsp; 155255 |
| NU Holdings Ltd. - Class A (a) | 3609 | &nbsp;&nbsp; 49516 |
| Oversea-Chinese Banking Corp. Ltd.  | 16500 | &nbsp;&nbsp; 211841 |
| PNC Financial Services Group, Inc.  | 1882 | &nbsp;&nbsp; 350842 |
| Popular, Inc.  | 411 | &nbsp;&nbsp; 45296 |
| Regions Financial Corp.  | 3395 | &nbsp;&nbsp; 79850 |
| Resona Holdings, Inc.  | 7000 | &nbsp;&nbsp; 64249 |
| Royal Bank of Canada | 6334 | &nbsp;&nbsp; 834781 |
| Societe Generale SA | 3380 | &nbsp;&nbsp; 193675 |
| Standard Chartered PLC | 16460 | &nbsp;&nbsp; 272784 |
| Sumitomo Mitsui Financial Group, Inc.  | 19600 | &nbsp;&nbsp; 491372 |
| Toronto-Dominion Bank | 6103 | &nbsp;&nbsp; 448890 |
| Truist Financial Corp.  | 6890 | &nbsp;&nbsp; 296201 |
| U.S. Bancorp | 16340 | &nbsp;&nbsp; 739385 |
| UniCredit SpA | 9580 | &nbsp;&nbsp; 642531 |
| United Overseas Bank Ltd.  | 4700 | &nbsp;&nbsp; 133159 |
| Wells Fargo & Co.  | 13673 | &nbsp;&nbsp; 1095481 |
| Westpac Banking Corp.  | 8704 | &nbsp;&nbsp; 193988 |
|  |  | &nbsp;&nbsp; 21778892 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Anheuser-Busch InBev SA | 3646 | &nbsp;&nbsp; 250675 |
| Coca-Cola Co.  | 28444 | &nbsp;&nbsp; 2012413 |
| Diageo PLC | 6311 | &nbsp;&nbsp; 158744 |
| Keurig Dr. Pepper, Inc.  | 4345 | &nbsp;&nbsp; 143646 |
| Kirin Holdings Co. Ltd.  | 14000 | &nbsp;&nbsp; 196053 |
| Monster Beverage Corp. (a) | 8496 | &nbsp;&nbsp; 532189 |
| PepsiCo, Inc.  | 4576 | &nbsp;&nbsp; 604215 |
| Pernod Ricard SA | 864 | &nbsp;&nbsp; 86306 |
|  |  | &nbsp;&nbsp; 3984241 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-428**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| AbbVie, Inc.  | 8608 | &nbsp;&nbsp; $1597817 |
| Alnylam Pharmaceuticals, Inc. (a) | 343 | &nbsp;&nbsp; 111849 |
| Amgen, Inc.  | 1903 | &nbsp;&nbsp; 531337 |
| Argenx SE (a) | 163 | &nbsp;&nbsp; 89863 |
| Biogen, Inc. (a) | 231 | &nbsp;&nbsp; 29011 |
| CSL Ltd.  | 1590 | &nbsp;&nbsp; 250624 |
| Exelixis, Inc. (a) | 3476 | &nbsp;&nbsp; 153205 |
| Gilead Sciences, Inc.  | 4052 | &nbsp;&nbsp; 449245 |
| Halozyme Therapeutics, Inc. (a) | 1247 | &nbsp;&nbsp; 64869 |
| Incyte Corp. (a) | 706 | &nbsp;&nbsp; 48078 |
| Regeneron Pharmaceuticals, Inc.  | 180 | &nbsp;&nbsp; 94500 |
| Vertex Pharmaceuticals, Inc. (a) | 959 | &nbsp;&nbsp; 426947 |
|  |  | &nbsp;&nbsp; 3847345 |
| **Broadline Retail — 2.0%** | **Broadline Retail — 2.0%** | **Broadline Retail — 2.0%** |
| Amazon.com, Inc. (a) | 45864 | &nbsp;&nbsp; 10062103 |
| Dollarama, Inc.  | 2166 | &nbsp;&nbsp; 305189 |
| eBay, Inc.  | 1964 | &nbsp;&nbsp; 146239 |
| MercadoLibre, Inc. (a) | 268 | &nbsp;&nbsp; 700453 |
| Next PLC | 433 | &nbsp;&nbsp; 73974 |
| Prosus NV | 6843 | &nbsp;&nbsp; 383324 |
| Wesfarmers Ltd.  | 4534 | &nbsp;&nbsp; 252918 |
|  |  | &nbsp;&nbsp; 11924200 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Allegion PLC | 1129 | &nbsp;&nbsp; 162711 |
| Armstrong World Industries, Inc.  | 855 | &nbsp;&nbsp; 138886 |
| Assa Abloy AB - Class B | 5691 | &nbsp;&nbsp; 177956 |
| Carrier Global Corp.  | 6683 | &nbsp;&nbsp; 489129 |
| Cie de Saint-Gobain SA | 5075 | &nbsp;&nbsp; 597014 |
| Daikin Industries Ltd.  | 900 | &nbsp;&nbsp; 106325 |
| Sanwa Holdings Corp.  | 3600 | &nbsp;&nbsp; 119349 |
| Trane Technologies PLC (b) | 1439 | &nbsp;&nbsp; 629433 |
|  |  | &nbsp;&nbsp; 2420803 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| Ameriprise Financial, Inc.  | 599 | &nbsp;&nbsp; 319704 |
| Bank of New York Mellon Corp.  | 5470 | &nbsp;&nbsp; 498372 |
| Blackrock, Inc.  | 1249 | &nbsp;&nbsp; 1310513 |
| Blackstone, Inc.  | 2747 | &nbsp;&nbsp; 410896 |
| Brookfield Asset Management Ltd. - Class A | 2220 | &nbsp;&nbsp; 122872 |
| Brookfield Corp.  | 3680 | &nbsp;&nbsp; 227759 |
| Charles Schwab Corp.  | 6539 | &nbsp;&nbsp; 596618 |
| CME Group, Inc.  | 747 | &nbsp;&nbsp; 205888 |
| Coinbase Global, Inc. - Class A (a) (b) | 885 | &nbsp;&nbsp; 310184 |
| Deutsche Bank AG | 7754 | &nbsp;&nbsp; 230052 |
| Deutsche Boerse AG | 573 | &nbsp;&nbsp; 186971 |
| Euronext NV | 597 | &nbsp;&nbsp; 102157 |
| Futu Holdings Ltd. (ADR) | 571 | &nbsp;&nbsp; 70570 |
| Goldman Sachs Group, Inc.  | 1281 | &nbsp;&nbsp; 906628 |
| Hong Kong Exchanges & Clearing Ltd.  | 6000 | &nbsp;&nbsp; 321033 |
| Intercontinental Exchange, Inc.  | 2659 | &nbsp;&nbsp; 487847 |
| KKR & Co., Inc.  | 615 | &nbsp;&nbsp; 81814 |
| London Stock Exchange Group PLC | 1662 | &nbsp;&nbsp; 242849 |
| Macquarie Group Ltd.  | 1518 | &nbsp;&nbsp; 228557 |
| Moody's Corp.  | 2127 | &nbsp;&nbsp; 1066882 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Capital Markets—(Continued)** | **Capital Markets—(Continued)** | **Capital Markets—(Continued)** |
| Morgan Stanley | 10295 | &nbsp;&nbsp; $1450154 |
| MSCI, Inc.  | 362 | &nbsp;&nbsp; 208780 |
| Nomura Holdings, Inc.  | 22000 | &nbsp;&nbsp; 144479 |
| Robinhood Markets, Inc. - Class A (a) | 3661 | &nbsp;&nbsp; 342779 |
| S&P Global, Inc.  | 2366 | &nbsp;&nbsp; 1247568 |
| SBI Holdings, Inc.  | 1600 | &nbsp;&nbsp; 55587 |
| State Street Corp.  | 1293 | &nbsp;&nbsp; 137498 |
| Stifel Financial Corp.  | 398 | &nbsp;&nbsp; 41304 |
| Swissquote Group Holding SA | 114 | &nbsp;&nbsp; 64751 |
| Tradeweb Markets, Inc. - Class A | 698 | &nbsp;&nbsp; 102187 |
| UBS Group AG | 14008 | &nbsp;&nbsp; 475966 |
|  |  | &nbsp;&nbsp; 12199219 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Air Liquide SA | 2950 | &nbsp;&nbsp; 609310 |
| Air Products & Chemicals, Inc. (b) | 484 | &nbsp;&nbsp; 136517 |
| BASF SE | 2600 | &nbsp;&nbsp; 128244 |
| Corteva, Inc.  | 4284 | &nbsp;&nbsp; 319286 |
| Dow, Inc.  | 2721 | &nbsp;&nbsp; 72052 |
| DuPont de Nemours, Inc.  | 1666 | &nbsp;&nbsp; 114271 |
| Ecolab, Inc.  | 2986 | &nbsp;&nbsp; 804548 |
| Givaudan SA | 31 | &nbsp;&nbsp; 150363 |
| International Flavors & Fragrances, Inc.  | 603 | &nbsp;&nbsp; 44351 |
| Linde PLC | 2180 | &nbsp;&nbsp; 1022812 |
| Novonesis (Novozymes) - B Shares | 1900 | &nbsp;&nbsp; 136431 |
| RPM International, Inc.  | 720 | &nbsp;&nbsp; 79085 |
| Sherwin-Williams Co.  | 2566 | &nbsp;&nbsp; 881062 |
| Shin-Etsu Chemical Co. Ltd.  | 5700 | &nbsp;&nbsp; 187831 |
| Sika AG | 503 | &nbsp;&nbsp; 136497 |
| Toray Industries, Inc.  | 13200 | &nbsp;&nbsp; 90160 |
|  |  | &nbsp;&nbsp; 4912820 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| Brambles Ltd.  | 8270 | &nbsp;&nbsp; 127482 |
| Cintas Corp.  | 4663 | &nbsp;&nbsp; 1039243 |
| Copart, Inc. (a) | 1417 | &nbsp;&nbsp; 69532 |
| Japan Elevator Service Holdings Co. Ltd.  | 5000 | &nbsp;&nbsp; 144250 |
| Republic Services, Inc.  | 2017 | &nbsp;&nbsp; 497412 |
| Rollins, Inc.  | 4050 | &nbsp;&nbsp; 228501 |
| Veralto Corp.  | 904 | &nbsp;&nbsp; 91259 |
| Waste Connections, Inc.  | 2857 | &nbsp;&nbsp; 533557 |
| Waste Management, Inc.  | 2522 | &nbsp;&nbsp; 577084 |
|  |  | &nbsp;&nbsp; 3308320 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| Accton Technology Corp.  | 3000 | &nbsp;&nbsp; 74587 |
| Arista Networks, Inc. (a) | 15060 | &nbsp;&nbsp; 1540788 |
| Cisco Systems, Inc.  | 19120 | &nbsp;&nbsp; 1326546 |
| Motorola Solutions, Inc.  | 1384 | &nbsp;&nbsp; 581917 |
| Nokia OYJ | 24441 | &nbsp;&nbsp; 126387 |
| Telefonaktiebolaget LM Ericsson - B Shares | 11673 | &nbsp;&nbsp; 100042 |
|  |  | &nbsp;&nbsp; 3750267 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| ACS Actividades de Construccion y Servicios SA | 1608 | &nbsp;&nbsp; 111671 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-429**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Construction & Engineering—(Continued)** | **Construction & Engineering—(Continued)** | **Construction & Engineering—(Continued)** |
| Eiffage SA | 677 | &nbsp;&nbsp; $95210 |
| EMCOR Group, Inc.  | 246 | &nbsp;&nbsp; 131583 |
| HOCHTIEF AG | 1100 | &nbsp;&nbsp; 216714 |
| MasTec, Inc. (a) | 433 | &nbsp;&nbsp; 73796 |
| Obayashi Corp.  | 6100 | &nbsp;&nbsp; 92311 |
| Quanta Services, Inc.  | 491 | &nbsp;&nbsp; 185637 |
| Stantec, Inc.  | 591 | &nbsp;&nbsp; 64306 |
| Taisei Corp.  | 1900 | &nbsp;&nbsp; 110576 |
| Vinci SA | 3179 | &nbsp;&nbsp; 469259 |
|  |  | &nbsp;&nbsp; 1551063 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Amrize Ltd. (a) | 2617 | &nbsp;&nbsp; 130545 |
| CRH PLC | 3582 | &nbsp;&nbsp; 328828 |
| Heidelberg Materials AG | 898 | &nbsp;&nbsp; 210980 |
| Holcim AG | 2617 | &nbsp;&nbsp; 195066 |
| James Hardie Industries PLC (a) | 4161 | &nbsp;&nbsp; 114862 |
| Vulcan Materials Co.  | 490 | &nbsp;&nbsp; 127802 |
|  |  | &nbsp;&nbsp; 1108083 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| American Express Co.  | 5622 | &nbsp;&nbsp; 1793306 |
| Capital One Financial Corp.  | 3409 | &nbsp;&nbsp; 725299 |
| Synchrony Financial | 942 | &nbsp;&nbsp; 62869 |
|  |  | &nbsp;&nbsp; 2581474 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Costco Wholesale Corp.  | 2284 | &nbsp;&nbsp; 2261023 |
| Dollar General Corp.  | 521 | &nbsp;&nbsp; 59592 |
| Dollar Tree, Inc. (a) | 366 | &nbsp;&nbsp; 36249 |
| Kesko OYJ - B Shares | 4382 | &nbsp;&nbsp; 108170 |
| Koninklijke Ahold Delhaize NV | 14026 | &nbsp;&nbsp; 586394 |
| Kroger Co. (b) | 4103 | &nbsp;&nbsp; 294308 |
| Loblaw Cos. Ltd.  | 1987 | &nbsp;&nbsp; 328674 |
| Metro, Inc.  | 2203 | &nbsp;&nbsp; 173053 |
| Seven & i Holdings Co. Ltd.  | 9200 | &nbsp;&nbsp; 148381 |
| Sysco Corp.  | 1871 | &nbsp;&nbsp; 141710 |
| Target Corp.  | 869 | &nbsp;&nbsp; 85727 |
| Walmart, Inc.  | 21140 | &nbsp;&nbsp; 2067069 |
| Woolworths Group Ltd.  | 5985 | &nbsp;&nbsp; 122552 |
|  |  | &nbsp;&nbsp; 6412902 |
| **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| International Paper Co.  | 3225 | &nbsp;&nbsp; 151027 |
| Packaging Corp. of America | 368 | &nbsp;&nbsp; 69349 |
|  |  | &nbsp;&nbsp; 220376 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Frontdoor, Inc. (a) | 716 | &nbsp;&nbsp; 42201 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc.  | 31797 | &nbsp;&nbsp; 920205 |
| Cellnex Telecom SA (a) | 1327 | &nbsp;&nbsp; 51679 |
| Deutsche Telekom AG | 22060 | &nbsp;&nbsp; 807665 |
| Koninklijke KPN NV | 66949 | &nbsp;&nbsp; 326773 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Diversified Telecommunication Services—(Continued)** | **Diversified Telecommunication Services—(Continued)** | **Diversified Telecommunication Services—(Continued)** |
| Nippon Telegraph & Telephone Corp.  | 40900 | &nbsp;&nbsp; $43678 |
| Singapore Telecommunications Ltd.  | 78900 | &nbsp;&nbsp; 237098 |
| Telstra Group Ltd.  | 56190 | &nbsp;&nbsp; 178994 |
| Verizon Communications, Inc.  | 18861 | &nbsp;&nbsp; 816115 |
|  |  | &nbsp;&nbsp; 3382207 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Constellation Energy Corp. (b) | 1448 | &nbsp;&nbsp; 467357 |
| Duke Energy Corp.  | 2486 | &nbsp;&nbsp; 293348 |
| Edison International | 1717 | &nbsp;&nbsp; 88597 |
| Endesa SA (b) | 3541 | &nbsp;&nbsp; 112167 |
| Enel SpA | 19634 | &nbsp;&nbsp; 186350 |
| Eversource Energy | 1641 | &nbsp;&nbsp; 104401 |
| Exelon Corp.  | 6915 | &nbsp;&nbsp; 300249 |
| Hydro One Ltd.  | 7948 | &nbsp;&nbsp; 286402 |
| Iberdrola SA | 40436 | &nbsp;&nbsp; 777320 |
| NextEra Energy, Inc.  | 16641 | &nbsp;&nbsp; 1155218 |
| NRG Energy, Inc.  | 1012 | &nbsp;&nbsp; 162507 |
| Redeia Corp. SA | 7305 | &nbsp;&nbsp; 156433 |
| Southern Co. (b) | 5338 | &nbsp;&nbsp; 490189 |
| Terna - Rete Elettrica Nazionale | 30524 | &nbsp;&nbsp; 313969 |
|  |  | &nbsp;&nbsp; 4894507 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| ABB Ltd.  | 13003 | &nbsp;&nbsp; 777341 |
| Acuity, Inc. (b) | 248 | &nbsp;&nbsp; 73988 |
| Eaton Corp. PLC | 2198 | &nbsp;&nbsp; 784664 |
| Emerson Electric Co. (b) | 6269 | &nbsp;&nbsp; 835846 |
| Fujikura Ltd.  | 4000 | &nbsp;&nbsp; 210190 |
| Furukawa Electric Co. Ltd.  | 1400 | &nbsp;&nbsp; 67886 |
| GE Vernova, Inc.  | 3381 | &nbsp;&nbsp; 1789056 |
| HD Hyundai Electric Co. Ltd.  | 664 | &nbsp;&nbsp; 249376 |
| Legrand SA | 807 | &nbsp;&nbsp; 107794 |
| Nexans SA | 584 | &nbsp;&nbsp; 76438 |
| NIDEC Corp.  | 5000 | &nbsp;&nbsp; 96785 |
| nVent Electric PLC | 982 | &nbsp;&nbsp; 71932 |
| Prysmian SpA | 1514 | &nbsp;&nbsp; 106767 |
| Rockwell Automation, Inc.  | 427 | &nbsp;&nbsp; 141837 |
| Schneider Electric SE (b) | 3365 | &nbsp;&nbsp; 897305 |
| Siemens Energy AG (a) | 1899 | &nbsp;&nbsp; 219453 |
| Vertiv Holdings Co. - Class A | 1754 | &nbsp;&nbsp; 225231 |
| Vestas Wind Systems AS | 3305 | &nbsp;&nbsp; 49661 |
|  |  | &nbsp;&nbsp; 6781550 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Amphenol Corp. - Class A | 3669 | &nbsp;&nbsp; 362314 |
| CDW Corp.  | 579 | &nbsp;&nbsp; 103404 |
| Celestica, Inc. (a) | 942 | &nbsp;&nbsp; 147178 |
| Coherent Corp. (a) | 418 | &nbsp;&nbsp; 37290 |
| Corning, Inc.  | 6231 | &nbsp;&nbsp; 327688 |
| Delta Electronics, Inc.  | 5000 | &nbsp;&nbsp; 70392 |
| Jabil, Inc.  | 323 | &nbsp;&nbsp; 70446 |
| Keyence Corp.  | 900 | &nbsp;&nbsp; 361385 |
| Keysight Technologies, Inc. (a) | 762 | &nbsp;&nbsp; 124861 |
| Murata Manufacturing Co. Ltd.  | 6600 | &nbsp;&nbsp; 97627 |
| TE Connectivity PLC | 1779 | &nbsp;&nbsp; 300064 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-430**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** | **Electronic Equipment, Instruments & Components—(Continued)** |
| Yokogawa Electric Corp.  | 7300 | &nbsp;&nbsp; $194519 |
| Zebra Technologies Corp. - Class A (a) | 302 | &nbsp;&nbsp; 93125 |
|  |  | &nbsp;&nbsp; 2290293 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Baker Hughes Co.  | 3251 | &nbsp;&nbsp; 124644 |
| Schlumberger NV | 2524 | &nbsp;&nbsp; 85311 |
|  |  | &nbsp;&nbsp; 209955 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Capcom Co. Ltd.  | 2900 | &nbsp;&nbsp; 99006 |
| Electronic Arts, Inc.  | 792 | &nbsp;&nbsp; 126482 |
| Liberty Media Corp.-Liberty Formula One - Class C (a) | 5171 | &nbsp;&nbsp; 540370 |
| Live Nation Entertainment, Inc. (a) (b) | 2821 | &nbsp;&nbsp; 426761 |
| Netflix, Inc. (a) | 3164 | &nbsp;&nbsp; 4237007 |
| Nintendo Co. Ltd.  | 5100 | &nbsp;&nbsp; 489177 |
| ROBLOX Corp. - Class A (a) | 824 | &nbsp;&nbsp; 86685 |
| Sea Ltd. (ADR) (a) | 2526 | &nbsp;&nbsp; 404008 |
| Spotify Technology SA (a) | 956 | &nbsp;&nbsp; 733577 |
| Take-Two Interactive Software, Inc. (a) | 637 | &nbsp;&nbsp; 154695 |
| Tencent Music Entertainment Group (ADR) (b) | 1848 | &nbsp;&nbsp; 36018 |
| Walt Disney Co.  | 9695 | &nbsp;&nbsp; 1202277 |
| Warner Bros Discovery, Inc. (a) | 8403 | &nbsp;&nbsp; 96298 |
|  |  | &nbsp;&nbsp; 8632361 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Adyen NV (a) | 43 | &nbsp;&nbsp; 78953 |
| Apollo Global Management, Inc. (b) | 1277 | &nbsp;&nbsp; 181168 |
| Berkshire Hathaway, Inc. - Class B (a) | 7774 | &nbsp;&nbsp; 3776376 |
| Block, Inc. (a) | 2596 | &nbsp;&nbsp; 176346 |
| Fidelity National Information Services, Inc.  | 1652 | &nbsp;&nbsp; 134489 |
| Fiserv, Inc. (a) | 2364 | &nbsp;&nbsp; 407577 |
| Global Payments, Inc.  | 879 | &nbsp;&nbsp; 70355 |
| Mastercard, Inc. - Class A | 4258 | &nbsp;&nbsp; 2392741 |
| MGIC Investment Corp.  | 1651 | &nbsp;&nbsp; 45964 |
| PayPal Holdings, Inc. (a) | 3973 | &nbsp;&nbsp; 295273 |
| Radian Group, Inc.  | 1222 | &nbsp;&nbsp; 44016 |
| Shift4 Payments, Inc. - Class A (a) (b) | 356 | &nbsp;&nbsp; 35283 |
| Toast, Inc. - Class A (a) | 2236 | &nbsp;&nbsp; 99033 |
| Visa, Inc. - Class A (b) | 10912 | &nbsp;&nbsp; 3874306 |
|  |  | &nbsp;&nbsp; 11611880 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Ajinomoto Co., Inc.  | 4900 | &nbsp;&nbsp; 130776 |
| Archer-Daniels-Midland Co.  | 1677 | &nbsp;&nbsp; 88512 |
| Conagra Brands, Inc.  | 3289 | &nbsp;&nbsp; 67326 |
| Danone SA | 2291 | &nbsp;&nbsp; 187182 |
| General Mills, Inc. (b) | 1566 | &nbsp;&nbsp; 81134 |
| Mondelez International, Inc. - Class A (b) | 4498 | &nbsp;&nbsp; 303345 |
| Nestle SA (b) | 8938 | &nbsp;&nbsp; 887739 |
|  |  | &nbsp;&nbsp; 1746014 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Atmos Energy Corp. (b) | 1216 | &nbsp;&nbsp; 187398 |
| Hong Kong & China Gas Co. Ltd.  | 52857 | &nbsp;&nbsp; 44411 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Gas Utilities—(Continued)** | **Gas Utilities—(Continued)** | **Gas Utilities—(Continued)** |
| Italgas SpA | 41221 | &nbsp;&nbsp; $350431 |
|  |  | &nbsp;&nbsp; 582240 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Canadian National Railway Co.  | 1728 | &nbsp;&nbsp; 180052 |
| Canadian Pacific Kansas City Ltd.  | 3277 | &nbsp;&nbsp; 260331 |
| CSX Corp.  | 6337 | &nbsp;&nbsp; 206776 |
| Norfolk Southern Corp.  | 603 | &nbsp;&nbsp; 154350 |
| Old Dominion Freight Line, Inc. (b) | 841 | &nbsp;&nbsp; 136494 |
| TFI International, Inc.  | 575 | &nbsp;&nbsp; 51616 |
| Uber Technologies, Inc. (a) | 13854 | &nbsp;&nbsp; 1292578 |
| Union Pacific Corp.  | 2479 | &nbsp;&nbsp; 570369 |
|  |  | &nbsp;&nbsp; 2852566 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| Abbott Laboratories | 6696 | &nbsp;&nbsp; 910723 |
| Align Technology, Inc. (a) | 166 | &nbsp;&nbsp; 31429 |
| Baxter International, Inc.  | 1354 | &nbsp;&nbsp; 40999 |
| Becton Dickinson & Co.  | 869 | &nbsp;&nbsp; 149685 |
| Boston Scientific Corp. (a) | 16620 | &nbsp;&nbsp; 1785154 |
| Dexcom, Inc. (a) | 1112 | &nbsp;&nbsp; 97067 |
| Edwards Lifesciences Corp. (a) | 1194 | &nbsp;&nbsp; 93383 |
| EssilorLuxottica SA | 1611 | &nbsp;&nbsp; 442559 |
| GE HealthCare Technologies, Inc.  | 1456 | &nbsp;&nbsp; 107846 |
| Hoya Corp.  | 2200 | &nbsp;&nbsp; 261173 |
| IDEXX Laboratories, Inc. (a) (b) | 1195 | &nbsp;&nbsp; 640926 |
| Intuitive Surgical, Inc. (a) | 2202 | &nbsp;&nbsp; 1196589 |
| Koninklijke Philips NV | 4062 | &nbsp;&nbsp; 97523 |
| Medtronic PLC | 5325 | &nbsp;&nbsp; 464180 |
| Olympus Corp.  | 6000 | &nbsp;&nbsp; 71193 |
| ResMed, Inc.  | 1052 | &nbsp;&nbsp; 271416 |
| Solventum Corp. (a) | 273 | &nbsp;&nbsp; 20704 |
| Stryker Corp.  | 3095 | &nbsp;&nbsp; 1224475 |
| Sysmex Corp.  | 3000 | &nbsp;&nbsp; 52204 |
| Zimmer Biomet Holdings, Inc. (b) | 880 | &nbsp;&nbsp; 80265 |
|  |  | &nbsp;&nbsp; 8039493 |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| Cardinal Health, Inc.  | 2123 | &nbsp;&nbsp; 356664 |
| Cencora, Inc.  | 1258 | &nbsp;&nbsp; 377211 |
| Centene Corp. (a) | 1568 | &nbsp;&nbsp; 85111 |
| Cigna Group | 1219 | &nbsp;&nbsp; 402977 |
| CVS Health Corp.  | 2574 | &nbsp;&nbsp; 177554 |
| Elevance Health, Inc.  | 853 | &nbsp;&nbsp; 331783 |
| HCA Healthcare, Inc.  | 1714 | &nbsp;&nbsp; 656633 |
| Hims & Hers Health, Inc. (a) (b) | 2116 | &nbsp;&nbsp; 105483 |
| Humana, Inc.  | 320 | &nbsp;&nbsp; 78234 |
| McKesson Corp.  | 879 | &nbsp;&nbsp; 644114 |
| Quest Diagnostics, Inc.  | 1645 | &nbsp;&nbsp; 295491 |
| UnitedHealth Group, Inc.  | 4280 | &nbsp;&nbsp; 1335232 |
|  |  | &nbsp;&nbsp; 4846487 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| CareTrust REIT, Inc.  | 2099 | &nbsp;&nbsp; 64229 |
| Omega Healthcare Investors, Inc.  | 6223 | &nbsp;&nbsp; 228073 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-431**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** | **Health Care REITs—(Continued)** |
| Sabra Health Care REIT, Inc.  | 6872 | &nbsp;&nbsp; $126720 |
| Ventas, Inc.  | 6261 | &nbsp;&nbsp; 395382 |
| Welltower, Inc.  | 5066 | &nbsp;&nbsp; 778796 |
|  |  | &nbsp;&nbsp; 1593200 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| Veeva Systems, Inc. - Class A (a) (b) | 2110 | &nbsp;&nbsp; 607638 |
| **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| Airbnb, Inc. - Class A (a) | 956 | &nbsp;&nbsp; 126517 |
| Amadeus IT Group SA | 1360 | &nbsp;&nbsp; 115054 |
| Aristocrat Leisure Ltd.  | 3599 | &nbsp;&nbsp; 154387 |
| Booking Holdings, Inc.  | 322 | &nbsp;&nbsp; 1864135 |
| Chipotle Mexican Grill, Inc. (a) | 5904 | &nbsp;&nbsp; 331510 |
| Compass Group PLC | 3972 | &nbsp;&nbsp; 134532 |
| Delivery Hero SE (a) | 1027 | &nbsp;&nbsp; 27807 |
| DoorDash, Inc. - Class A (a) | 369 | &nbsp;&nbsp; 90962 |
| Evolution AB | 551 | &nbsp;&nbsp; 43822 |
| Flutter Entertainment PLC (a) | 370 | &nbsp;&nbsp; 105072 |
| Galaxy Entertainment Group Ltd.  | 9000 | &nbsp;&nbsp; 40048 |
| Hilton Worldwide Holdings, Inc.  | 721 | &nbsp;&nbsp; 192031 |
| InterContinental Hotels Group PLC | 865 | &nbsp;&nbsp; 98766 |
| Las Vegas Sands Corp. (b) | 1351 | &nbsp;&nbsp; 58782 |
| McDonald's Corp.  | 2576 | &nbsp;&nbsp; 752630 |
| Oriental Land Co. Ltd. (b) | 3900 | &nbsp;&nbsp; 89890 |
| Royal Caribbean Cruises Ltd. (b) | 1404 | &nbsp;&nbsp; 439649 |
| Starbucks Corp.  | 4260 | &nbsp;&nbsp; 390344 |
| Texas Roadhouse, Inc.  | 1771 | &nbsp;&nbsp; 331903 |
| Yum! Brands, Inc.  | 963 | &nbsp;&nbsp; 142697 |
|  |  | &nbsp;&nbsp; 5530538 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| DR Horton, Inc.  | 1741 | &nbsp;&nbsp; 224450 |
| Garmin Ltd.  | 868 | &nbsp;&nbsp; 181169 |
| Lennar Corp. - Class A (b) | 1192 | &nbsp;&nbsp; 131847 |
| NVR, Inc. (a) | 9 | &nbsp;&nbsp; 66471 |
| PulteGroup, Inc.  | 497 | &nbsp;&nbsp; 52414 |
| SharkNinja, Inc. (a) | 660 | &nbsp;&nbsp; 65333 |
| Sony Group Corp.  | 23900 | &nbsp;&nbsp; 623062 |
| Sumitomo Forestry Co. Ltd.  | 5400 | &nbsp;&nbsp; 54680 |
|  |  | &nbsp;&nbsp; 1399426 |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
| Clorox Co. (b) | 372 | &nbsp;&nbsp; 44666 |
| Colgate-Palmolive Co.  | 9744 | &nbsp;&nbsp; 885729 |
| Essity AB - Class B | 3141 | &nbsp;&nbsp; 86986 |
| Kimberly-Clark Corp. (b) | 2155 | &nbsp;&nbsp; 277823 |
| Procter & Gamble Co.  | 15666 | &nbsp;&nbsp; 2495907 |
| Reckitt Benckiser Group PLC | 1972 | &nbsp;&nbsp; 134149 |
|  |  | &nbsp;&nbsp; 3925260 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Meridian Energy Ltd.  | 18225 | &nbsp;&nbsp; 65549 |
| Orsted AS (a) | 929 | &nbsp;&nbsp; 39888 |
| RWE AG | 3302 | &nbsp;&nbsp; 137988 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Independent Power and Renewable Electricity Producers—(Continued)** | **Independent Power and Renewable Electricity Producers—(Continued)** | **Independent Power and Renewable Electricity Producers—(Continued)** |
| Vistra Corp.  | 1233 | &nbsp;&nbsp; $238968 |
|  |  | &nbsp;&nbsp; 482393 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 3M Co.  | 2505 | &nbsp;&nbsp; 381361 |
| Hitachi Ltd.  | 30300 | &nbsp;&nbsp; 877756 |
| Honeywell International, Inc.  | 1439 | &nbsp;&nbsp; 335114 |
| Lifco AB - B Shares | 5051 | &nbsp;&nbsp; 204521 |
| Sekisui Chemical Co. Ltd.  | 10700 | &nbsp;&nbsp; 193438 |
| Siemens AG | 4085 | &nbsp;&nbsp; 1047702 |
|  |  | &nbsp;&nbsp; 3039892 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| Prologis, Inc. (b) | 3738 | &nbsp;&nbsp; 392939 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Aflac, Inc. (b) | 2406 | &nbsp;&nbsp; 253737 |
| AIA Group Ltd.  | 50600 | &nbsp;&nbsp; 455034 |
| Allianz SE | 1815 | &nbsp;&nbsp; 735384 |
| Allstate Corp.  | 751 | &nbsp;&nbsp; 151184 |
| American International Group, Inc.  | 1324 | &nbsp;&nbsp; 113321 |
| Aon PLC - Class A | 1009 | &nbsp;&nbsp; 359971 |
| ASR Nederland NV | 1487 | &nbsp;&nbsp; 98767 |
| Assurant, Inc.  | 405 | &nbsp;&nbsp; 79983 |
| AXA SA | 10756 | &nbsp;&nbsp; 528672 |
| Axis Capital Holdings Ltd.  | 701 | &nbsp;&nbsp; 72778 |
| Chubb Ltd.  | 3641 | &nbsp;&nbsp; 1054871 |
| Dai-ichi Life Holdings, Inc.  | 12300 | &nbsp;&nbsp; 92976 |
| Fairfax Financial Holdings Ltd.  | 50 | &nbsp;&nbsp; 90251 |
| Generali | 5112 | &nbsp;&nbsp; 181963 |
| Globe Life, Inc.  | 560 | &nbsp;&nbsp; 69602 |
| Great-West Lifeco, Inc.  | 2119 | &nbsp;&nbsp; 80590 |
| Hannover Rueck SE | 327 | &nbsp;&nbsp; 102899 |
| Hartford Insurance Group, Inc.  | 1399 | &nbsp;&nbsp; 177491 |
| Loews Corp.  | 3076 | &nbsp;&nbsp; 281946 |
| Manulife Financial Corp.  | 14846 | &nbsp;&nbsp; 474680 |
| Markel Group, Inc. (a) | 117 | &nbsp;&nbsp; 233691 |
| Marsh & McLennan Cos., Inc.  | 2020 | &nbsp;&nbsp; 441653 |
| MS&AD Insurance Group Holdings, Inc.  | 4900 | &nbsp;&nbsp; 109301 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 741 | &nbsp;&nbsp; 480565 |
| NN Group NV | 1564 | &nbsp;&nbsp; 103955 |
| Poste Italiane SpA | 4330 | &nbsp;&nbsp; 93054 |
| Primerica, Inc.  | 266 | &nbsp;&nbsp; 72796 |
| Progressive Corp.  | 2475 | &nbsp;&nbsp; 660478 |
| Prudential Financial, Inc.  | 527 | &nbsp;&nbsp; 56621 |
| Prudential PLC | 7472 | &nbsp;&nbsp; 93807 |
| Sun Life Financial, Inc.  | 2215 | &nbsp;&nbsp; 147385 |
| Swiss Re AG | 628 | &nbsp;&nbsp; 108981 |
| T&D Holdings, Inc.  | 5200 | &nbsp;&nbsp; 113742 |
| Tokio Marine Holdings, Inc. (b) | 4300 | &nbsp;&nbsp; 181394 |
| Unum Group | 923 | &nbsp;&nbsp; 74541 |
| Willis Towers Watson PLC | 326 | &nbsp;&nbsp; 99919 |
| Zurich Insurance Group AG | 934 | &nbsp;&nbsp; 654960 |
|  |  | &nbsp;&nbsp; 9182943 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-432**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Interactive Media & Services — 3.2%** | **Interactive Media & Services — 3.2%** | **Interactive Media & Services — 3.2%** |
| Alphabet, Inc. - Class A | 32265 | &nbsp;&nbsp; $5686061 |
| Alphabet, Inc. - Class C | 28111 | &nbsp;&nbsp; 4986610 |
| Bilibili, Inc. (ADR) (a) (b) | 3020 | &nbsp;&nbsp; 64779 |
| Cargurus, Inc. (a) (b) | 1189 | &nbsp;&nbsp; 39796 |
| Meta Platforms, Inc. - Class A | 11466 | &nbsp;&nbsp; 8462940 |
| Pinterest, Inc. - Class A (a) | 3426 | &nbsp;&nbsp; 122856 |
| Snap, Inc. - Class A (a) | 3562 | &nbsp;&nbsp; 30954 |
| Tencent Holdings Ltd.  | 1100 | &nbsp;&nbsp; 70650 |
|  |  | &nbsp;&nbsp; 19464646 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Accenture PLC - Class A | 2247 | &nbsp;&nbsp; 671606 |
| Cloudflare, Inc. - Class A (a) | 1885 | &nbsp;&nbsp; 369140 |
| Cognizant Technology Solutions Corp. - Class A | 1350 | &nbsp;&nbsp; 105341 |
| Fujitsu Ltd.  | 3700 | &nbsp;&nbsp; 89895 |
| Gartner, Inc. (a) | 1388 | &nbsp;&nbsp; 561057 |
| International Business Machines Corp.  | 5212 | &nbsp;&nbsp; 1536393 |
| MongoDB, Inc. (a) | 188 | &nbsp;&nbsp; 39478 |
| NEC Corp.  | 2700 | &nbsp;&nbsp; 79079 |
| Okta, Inc. (a) | 1723 | &nbsp;&nbsp; 172248 |
| SCSK Corp.  | 1400 | &nbsp;&nbsp; 42159 |
| Shopify, Inc. - Class A (a) | 4521 | &nbsp;&nbsp; 521438 |
| Snowflake, Inc. - Class A (a) | 4279 | &nbsp;&nbsp; 957512 |
| Twilio, Inc. - Class A (a) | 428 | &nbsp;&nbsp; 53226 |
| VeriSign, Inc.  | 2397 | &nbsp;&nbsp; 692254 |
|  |  | &nbsp;&nbsp; 5890826 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Shimano, Inc. (b) | 700 | &nbsp;&nbsp; 101606 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| Agilent Technologies, Inc.  | 1285 | &nbsp;&nbsp; 151643 |
| Danaher Corp.  | 2235 | &nbsp;&nbsp; 441502 |
| Illumina, Inc. (a) (b) | 488 | &nbsp;&nbsp; 46560 |
| IQVIA Holdings, Inc. (a) | 496 | &nbsp;&nbsp; 78165 |
| Lonza Group AG (b) | 152 | &nbsp;&nbsp; 108605 |
| Mettler-Toledo International, Inc. (a) | 29 | &nbsp;&nbsp; 34067 |
| Thermo Fisher Scientific, Inc.  | 1936 | &nbsp;&nbsp; 784970 |
| West Pharmaceutical Services, Inc.  | 256 | &nbsp;&nbsp; 56013 |
|  |  | &nbsp;&nbsp; 1701525 |
| **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| Atlas Copco AB - A Shares | 15014 | &nbsp;&nbsp; 243219 |
| Caterpillar, Inc.  | 2019 | &nbsp;&nbsp; 783796 |
| Cummins, Inc.  | 449 | &nbsp;&nbsp; 147047 |
| Daimler Truck Holding AG | 3678 | &nbsp;&nbsp; 174080 |
| Deere & Co. (b) | 1974 | &nbsp;&nbsp; 1003759 |
| Ebara Corp.  | 7800 | &nbsp;&nbsp; 149542 |
| ESCO Technologies, Inc.  | 368 | &nbsp;&nbsp; 70608 |
| FANUC Corp. (b) | 3900 | &nbsp;&nbsp; 106088 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd.  | 137 | &nbsp;&nbsp; 37188 |
| Illinois Tool Works, Inc. (b) | 1977 | &nbsp;&nbsp; 488813 |
| IMI PLC | 1609 | &nbsp;&nbsp; 46261 |
| Komatsu Ltd.  | 10700 | &nbsp;&nbsp; 350235 |
| Konecranes OYJ | 886 | &nbsp;&nbsp; 70382 |
| Otis Worldwide Corp.  | 3896 | &nbsp;&nbsp; 385782 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Parker-Hannifin Corp.  | 1354 | &nbsp;&nbsp; $945728 |
| Pentair PLC | 1025 | &nbsp;&nbsp; 105227 |
| Sulzer AG | 782 | &nbsp;&nbsp; 141718 |
| Techtronic Industries Co. Ltd.  | 8000 | &nbsp;&nbsp; 88124 |
| Volvo AB - B Shares | 7779 | &nbsp;&nbsp; 218408 |
| Yangzijiang Shipbuilding Holdings Ltd.  | 84700 | &nbsp;&nbsp; 148030 |
|  |  | &nbsp;&nbsp; 5704035 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| Mitsui OSK Lines Ltd. (b) | 3100 | &nbsp;&nbsp; 103369 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications, Inc. - Class A (a) | 268 | &nbsp;&nbsp; 109561 |
| Comcast Corp. - Class A | 9244 | &nbsp;&nbsp; 329919 |
| Trade Desk, Inc. - Class A (a) | 4668 | &nbsp;&nbsp; 336049 |
|  |  | &nbsp;&nbsp; 775529 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| Agnico Eagle Mines Ltd.  | 2813 | &nbsp;&nbsp; 335143 |
| Alamos Gold, Inc. - Class A | 2688 | &nbsp;&nbsp; 71496 |
| Anglo American PLC | 5552 | &nbsp;&nbsp; 163902 |
| B2Gold Corp.  | 18368 | &nbsp;&nbsp; 66364 |
| BHP Group Ltd.  | 11089 | &nbsp;&nbsp; 266519 |
| Carpenter Technology Corp.  | 366 | &nbsp;&nbsp; 101155 |
| Evolution Mining Ltd.  | 5490 | &nbsp;&nbsp; 28634 |
| Franco-Nevada Corp.  | 1383 | &nbsp;&nbsp; 227059 |
| Freeport-McMoRan, Inc.  | 4822 | &nbsp;&nbsp; 209034 |
| Gold Fields Ltd. (ADR) | 3137 | &nbsp;&nbsp; 74253 |
| Kinross Gold Corp.  | 4474 | &nbsp;&nbsp; 69915 |
| Mitsui Mining & Smelting Co. Ltd.  | 1600 | &nbsp;&nbsp; 55688 |
| Newmont Corp.  | 3334 | &nbsp;&nbsp; 194239 |
| Northern Star Resources Ltd.  | 3150 | &nbsp;&nbsp; 38961 |
| Nucor Corp. (b) | 1562 | &nbsp;&nbsp; 202341 |
| Rio Tinto Ltd.  | 893 | &nbsp;&nbsp; 62970 |
| Rio Tinto PLC | 6151 | &nbsp;&nbsp; 358434 |
| Steel Dynamics, Inc.  | 2361 | &nbsp;&nbsp; 302232 |
| Valterra Platinum Ltd. (a) | 645 | &nbsp;&nbsp; 28331 |
|  |  | &nbsp;&nbsp; 2856670 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| CenterPoint Energy, Inc.  | 3211 | &nbsp;&nbsp; 117972 |
| Consolidated Edison, Inc.  | 2678 | &nbsp;&nbsp; 268737 |
| Dominion Energy, Inc.  | 2475 | &nbsp;&nbsp; 139887 |
| E.ON SE | 16667 | &nbsp;&nbsp; 306889 |
| Engie SA | 6522 | &nbsp;&nbsp; 153583 |
| National Grid PLC | 24328 | &nbsp;&nbsp; 355709 |
| NiSource, Inc.  | 4422 | &nbsp;&nbsp; 178384 |
| Sempra | 3207 | &nbsp;&nbsp; 242994 |
| WEC Energy Group, Inc.  | 2062 | &nbsp;&nbsp; 214861 |
|  |  | &nbsp;&nbsp; 1979016 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Nippon Building Fund, Inc.  | 198 | &nbsp;&nbsp; 182660 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| BP PLC | 64318 | &nbsp;&nbsp; 320848 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-433**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** | **Oil, Gas & Consumable Fuels—(Continued)** |
| Cameco Corp.  | 2256 | &nbsp;&nbsp; $167541 |
| Canadian Natural Resources Ltd.  | 7278 | &nbsp;&nbsp; 228749 |
| Cenovus Energy, Inc.  | 3269 | &nbsp;&nbsp; 44483 |
| Cheniere Energy, Inc.  | 960 | &nbsp;&nbsp; 233779 |
| Chevron Corp.  | 7202 | &nbsp;&nbsp; 1031254 |
| ConocoPhillips | 9642 | &nbsp;&nbsp; 865273 |
| Coterra Energy, Inc.  | 29233 | &nbsp;&nbsp; 741934 |
| Enbridge, Inc.  | 12276 | &nbsp;&nbsp; 556668 |
| Eni SpA | 13052 | &nbsp;&nbsp; 211401 |
| EOG Resources, Inc. (b) | 3541 | &nbsp;&nbsp; 423539 |
| Equinor ASA | 3987 | &nbsp;&nbsp; 100669 |
| Exxon Mobil Corp.  | 16195 | &nbsp;&nbsp; 1745821 |
| Gaztransport Et Technigaz SA | 1405 | &nbsp;&nbsp; 278890 |
| Hess Corp.  | 1080 | &nbsp;&nbsp; 149623 |
| Hess Midstream LP - Class A | 3332 | &nbsp;&nbsp; 128315 |
| Inpex Corp. (b) | 11300 | &nbsp;&nbsp; 158554 |
| Keyera Corp.  | 5027 | &nbsp;&nbsp; 164423 |
| Kinder Morgan, Inc.  | 9380 | &nbsp;&nbsp; 275772 |
| Marathon Petroleum Corp. (b) | 1031 | &nbsp;&nbsp; 171259 |
| Occidental Petroleum Corp.  | 1154 | &nbsp;&nbsp; 48480 |
| OMV AG | 1559 | &nbsp;&nbsp; 84751 |
| Phillips 66 Co.  | 1082 | &nbsp;&nbsp; 129083 |
| Repsol SA | 7114 | &nbsp;&nbsp; 104211 |
| Shell PLC | 33488 | &nbsp;&nbsp; 1174069 |
| Suncor Energy, Inc.  | 4423 | &nbsp;&nbsp; 165682 |
| TC Energy Corp.  | 3727 | &nbsp;&nbsp; 181950 |
| Texas Pacific Land Corp.  | 32 | &nbsp;&nbsp; 33805 |
| TotalEnergies SE | 9325 | &nbsp;&nbsp; 573556 |
| Valero Energy Corp.  | 727 | &nbsp;&nbsp; 97723 |
| Williams Cos., Inc.  | 8124 | &nbsp;&nbsp; 510268 |
| Woodside Energy Group Ltd.  | 6195 | &nbsp;&nbsp; 95475 |
|  |  | &nbsp;&nbsp; 11197848 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| UPM-Kymmene OYJ | 4104 | &nbsp;&nbsp; 112049 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Estee Lauder Cos., Inc. - Class A (b) | 584 | &nbsp;&nbsp; 47187 |
| Kao Corp.  | 3000 | &nbsp;&nbsp; 134277 |
| L'Oreal SA | 967 | &nbsp;&nbsp; 414052 |
| Shiseido Co. Ltd.  | 2400 | &nbsp;&nbsp; 42720 |
| Unilever PLC | 10862 | &nbsp;&nbsp; 661595 |
|  |  | &nbsp;&nbsp; 1299831 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| Astellas Pharma, Inc.  | 9300 | &nbsp;&nbsp; 91191 |
| AstraZeneca PLC | 5961 | &nbsp;&nbsp; 831308 |
| Bayer AG | 1388 | &nbsp;&nbsp; 41737 |
| Bristol-Myers Squibb Co.  | 25682 | &nbsp;&nbsp; 1188820 |
| Chugai Pharmaceutical Co. Ltd.  | 2700 | &nbsp;&nbsp; 141139 |
| Daiichi Sankyo Co. Ltd.  | 4400 | &nbsp;&nbsp; 102457 |
| Eli Lilly & Co.  | 4350 | &nbsp;&nbsp; 3390955 |
| GSK PLC | 17152 | &nbsp;&nbsp; 326964 |
| Johnson & Johnson | 8572 | &nbsp;&nbsp; 1309373 |
| Merck & Co., Inc.  | 8233 | &nbsp;&nbsp; 651724 |
| Novartis AG | 7883 | &nbsp;&nbsp; 953646 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** | **Pharmaceuticals—(Continued)** |
| Novo Nordisk AS - Class B (b) | 12089 | &nbsp;&nbsp; $843546 |
| Orion OYJ - Class B | 4917 | &nbsp;&nbsp; 370110 |
| Pfizer, Inc.  | 18878 | &nbsp;&nbsp; 457603 |
| Recordati Industria Chimica e Farmaceutica SpA | 1366 | &nbsp;&nbsp; 85944 |
| Richter Gedeon Nyrt | 1753 | &nbsp;&nbsp; 51671 |
| Roche Holding AG (b) | 2350 | &nbsp;&nbsp; 768239 |
| Sandoz Group AG | 2419 | &nbsp;&nbsp; 132912 |
| Sanofi SA | 3322 | &nbsp;&nbsp; 321429 |
| Takeda Pharmaceutical Co. Ltd.  | 5400 | &nbsp;&nbsp; 166691 |
| Zoetis, Inc.  | 1585 | &nbsp;&nbsp; 247181 |
|  |  | &nbsp;&nbsp; 12474640 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Automatic Data Processing, Inc.  | 1856 | &nbsp;&nbsp; 572390 |
| Bureau Veritas SA | 4540 | &nbsp;&nbsp; 156624 |
| Experian PLC | 3158 | &nbsp;&nbsp; 162689 |
| Leidos Holdings, Inc.  | 1352 | &nbsp;&nbsp; 213291 |
| MEITEC Group Holdings, Inc.  | 2800 | &nbsp;&nbsp; 61747 |
| Paychex, Inc. (b) | 3589 | &nbsp;&nbsp; 522056 |
| Paycom Software, Inc. (b) | 147 | &nbsp;&nbsp; 34016 |
| Recruit Holdings Co. Ltd.  | 6800 | &nbsp;&nbsp; 400379 |
| RELX PLC | 8943 | &nbsp;&nbsp; 485112 |
| SS&C Technologies Holdings, Inc.  | 2012 | &nbsp;&nbsp; 166594 |
| Verisk Analytics, Inc.  | 488 | &nbsp;&nbsp; 152012 |
| Wolters Kluwer NV | 361 | &nbsp;&nbsp; 60368 |
|  |  | &nbsp;&nbsp; 2987278 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc. - Class A (a) | 2883 | &nbsp;&nbsp; 403966 |
| CK Asset Holdings Ltd.  | 25500 | &nbsp;&nbsp; 112564 |
| CoStar Group, Inc. (a) | 1351 | &nbsp;&nbsp; 108620 |
| Mitsubishi Estate Co. Ltd.  | 2600 | &nbsp;&nbsp; 48646 |
| Mitsui Fudosan Co. Ltd.  | 15300 | &nbsp;&nbsp; 147805 |
| Vonovia SE | 1587 | &nbsp;&nbsp; 55901 |
|  |  | &nbsp;&nbsp; 877502 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| Equity LifeStyle Properties, Inc.  | 2865 | &nbsp;&nbsp; 176685 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Agree Realty Corp. (b) | 1625 | &nbsp;&nbsp; 118722 |
| CapitaLand Integrated Commercial Trust | 48600 | &nbsp;&nbsp; 82957 |
| Kimco Realty Corp.  | 7043 | &nbsp;&nbsp; 148044 |
| Simon Property Group, Inc.  | 2426 | &nbsp;&nbsp; 390004 |
|  |  | &nbsp;&nbsp; 739727 |
| **Semiconductors & Semiconductor Equipment — 6.0%** | **Semiconductors & Semiconductor Equipment — 6.0%** | **Semiconductors & Semiconductor Equipment — 6.0%** |
| Advanced Micro Devices, Inc. (a) | 12190 | &nbsp;&nbsp; 1729761 |
| Advantest Corp.  | 3800 | &nbsp;&nbsp; 281488 |
| Analog Devices, Inc.  | 2042 | &nbsp;&nbsp; 486037 |
| Applied Materials, Inc.  | 3360 | &nbsp;&nbsp; 615115 |
| ASM International NV | 86 | &nbsp;&nbsp; 55063 |
| ASML Holding NV | 1517 | &nbsp;&nbsp; 1214582 |
| Broadcom, Inc.  | 22700 | &nbsp;&nbsp; 6257255 |
| First Solar, Inc. (a) (b) | 2417 | &nbsp;&nbsp; 400110 |
| Infineon Technologies AG | 3605 | &nbsp;&nbsp; 153395 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-434**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** | **Semiconductors & Semiconductor Equipment—(Continued)** |
| Intel Corp.  | 16209 | &nbsp;&nbsp; $363082 |
| KLA Corp.  | 949 | &nbsp;&nbsp; 850057 |
| Lam Research Corp.  | 8240 | &nbsp;&nbsp; 802082 |
| Lasertec Corp.  | 200 | &nbsp;&nbsp; 26948 |
| Marvell Technology, Inc.  | 3746 | &nbsp;&nbsp; 289940 |
| Microchip Technology, Inc.  | 1502 | &nbsp;&nbsp; 105696 |
| Micron Technology, Inc.  | 4378 | &nbsp;&nbsp; 539589 |
| Monolithic Power Systems, Inc.  | 104 | &nbsp;&nbsp; 76064 |
| NVIDIA Corp.  | 120175 | &nbsp;&nbsp; 18986448 |
| NXP Semiconductors NV | 1105 | &nbsp;&nbsp; 241431 |
| QUALCOMM, Inc.  | 4292 | &nbsp;&nbsp; 683544 |
| Rambus, Inc. (a) | 724 | &nbsp;&nbsp; 46350 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 700 | &nbsp;&nbsp; 158543 |
| Texas Instruments, Inc.  | 7493 | &nbsp;&nbsp; 1555697 |
| Tokyo Electron Ltd.  | 1800 | &nbsp;&nbsp; 343655 |
|  |  | &nbsp;&nbsp; 36261932 |
| **Software — 5.7%** | **Software — 5.7%** | **Software — 5.7%** |
| Adobe, Inc. (a) | 2287 | &nbsp;&nbsp; 884794 |
| AppLovin Corp. - Class A (a) | 737 | &nbsp;&nbsp; 258009 |
| Atlassian Corp. - Class A (a) | 377 | &nbsp;&nbsp; 76565 |
| Autodesk, Inc. (a) | 1131 | &nbsp;&nbsp; 350124 |
| Cadence Design Systems, Inc. (a) | 2003 | &nbsp;&nbsp; 617224 |
| Constellation Software, Inc.  | 164 | &nbsp;&nbsp; 601347 |
| Crowdstrike Holdings, Inc. - Class A (a) | 1293 | &nbsp;&nbsp; 658538 |
| Datadog, Inc. - Class A (a) | 1633 | &nbsp;&nbsp; 219361 |
| Docusign, Inc. (a) (b) | 811 | &nbsp;&nbsp; 63169 |
| Fair Isaac Corp. (a) | 274 | &nbsp;&nbsp; 500861 |
| Fortinet, Inc. (a) | 10396 | &nbsp;&nbsp; 1099065 |
| Gen Digital, Inc.  | 2370 | &nbsp;&nbsp; 69678 |
| HubSpot, Inc. (a) | 143 | &nbsp;&nbsp; 79598 |
| Intuit, Inc.  | 2092 | &nbsp;&nbsp; 1647722 |
| Microsoft Corp.  | 35629 | &nbsp;&nbsp; 17722221 |
| MicroStrategy, Inc. - Class A (a) (b) | 448 | &nbsp;&nbsp; 181095 |
| Nutanix, Inc. - Class A (a) | 3123 | &nbsp;&nbsp; 238722 |
| Oracle Corp.  | 9976 | &nbsp;&nbsp; 2181053 |
| Palantir Technologies, Inc. - Class A (a) | 10088 | &nbsp;&nbsp; 1375196 |
| Palo Alto Networks, Inc. (a) (b) | 3112 | &nbsp;&nbsp; 636840 |
| Roper Technologies, Inc.  | 425 | &nbsp;&nbsp; 240907 |
| Salesforce, Inc.  | 5453 | &nbsp;&nbsp; 1486978 |
| SAP SE | 4881 | &nbsp;&nbsp; 1484740 |
| ServiceNow, Inc. (a) | 834 | &nbsp;&nbsp; 857419 |
| Synopsys, Inc. (a) | 682 | &nbsp;&nbsp; 349648 |
| Workday, Inc. - Class A (a) | 558 | &nbsp;&nbsp; 133920 |
| Zscaler, Inc. (a) (b) | 1056 | &nbsp;&nbsp; 331521 |
|  |  | &nbsp;&nbsp; 34346315 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| American Tower Corp.  | 846 | &nbsp;&nbsp; 186983 |
| Crown Castle, Inc.  | 1140 | &nbsp;&nbsp; 117112 |
| Digital Realty Trust, Inc.  | 1582 | &nbsp;&nbsp; 275790 |
| Equinix, Inc.  | 507 | &nbsp;&nbsp; 403303 |
| Public Storage | 533 | &nbsp;&nbsp; 156393 |
| SBA Communications Corp.  | 479 | &nbsp;&nbsp; 112489 |
| Weyerhaeuser Co.  | 3726 | &nbsp;&nbsp; 95721 |
|  |  | &nbsp;&nbsp; 1347791 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** |
| AutoNation, Inc. (a) (b) | 208 | &nbsp;&nbsp; $41319 |
| AutoZone, Inc. (a) | 122 | &nbsp;&nbsp; 452892 |
| Carvana Co. (a) | 169 | &nbsp;&nbsp; 56946 |
| Home Depot, Inc.  | 4988 | &nbsp;&nbsp; 1828800 |
| Industria de Diseno Textil SA | 5853 | &nbsp;&nbsp; 304997 |
| Lowe's Cos., Inc.  | 1794 | &nbsp;&nbsp; 398035 |
| O'Reilly Automotive, Inc. (a) | 10860 | &nbsp;&nbsp; 978812 |
| Ross Stores, Inc.  | 954 | &nbsp;&nbsp; 121711 |
| Sanrio Co. Ltd.  | 1400 | &nbsp;&nbsp; 67720 |
| TJX Cos., Inc.  | 8580 | &nbsp;&nbsp; 1059544 |
|  |  | &nbsp;&nbsp; 5310776 |
| **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** |
| Apple, Inc.  | 65848 | &nbsp;&nbsp; 13510034 |
| Dell Technologies, Inc. - Class C | 590 | &nbsp;&nbsp; 72334 |
| Hewlett Packard Enterprise Co.  | 1518 | &nbsp;&nbsp; 31043 |
| HP, Inc.  | 3978 | &nbsp;&nbsp; 97302 |
| Pure Storage, Inc. - Class A (a) | 1064 | &nbsp;&nbsp; 61265 |
| Xiaomi Corp. - Class B (a) | 26600 | &nbsp;&nbsp; 204999 |
|  |  | &nbsp;&nbsp; 13976977 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| adidas AG | 510 | &nbsp;&nbsp; 118881 |
| Asics Corp.  | 3900 | &nbsp;&nbsp; 99628 |
| Cie Financiere Richemont SA - Class A | 1282 | &nbsp;&nbsp; 242453 |
| Hermes International SCA | 81 | &nbsp;&nbsp; 219754 |
| Kering SA | 163 | &nbsp;&nbsp; 35557 |
| Lululemon Athletica, Inc. (a) | 322 | &nbsp;&nbsp; 76501 |
| LVMH Moet Hennessy Louis Vuitton SE | 938 | &nbsp;&nbsp; 491936 |
| NIKE, Inc. - Class B | 3893 | &nbsp;&nbsp; 276559 |
| Tapestry, Inc.  | 4051 | &nbsp;&nbsp; 355718 |
|  |  | &nbsp;&nbsp; 1916987 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Ashtead Group PLC | 1250 | &nbsp;&nbsp; 80129 |
| Fastenal Co.  | 14358 | &nbsp;&nbsp; 603036 |
| Ferguson Enterprises, Inc.  | 915 | &nbsp;&nbsp; 199818 |
| ITOCHU Corp.  | 3400 | &nbsp;&nbsp; 178686 |
| Mitsubishi Corp.  | 16700 | &nbsp;&nbsp; 333495 |
| Mitsui & Co. Ltd.  | 13600 | &nbsp;&nbsp; 277092 |
| MonotaRO Co. Ltd.  | 1800 | &nbsp;&nbsp; 35530 |
| Rexel SA | 1029 | &nbsp;&nbsp; 31754 |
| Sumitomo Corp.  | 12600 | &nbsp;&nbsp; 324698 |
| United Rentals, Inc.  | 363 | &nbsp;&nbsp; 273484 |
| WW Grainger, Inc.  | 94 | &nbsp;&nbsp; 97783 |
|  |  | &nbsp;&nbsp; 2435505 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| KDDI Corp.  | 18400 | &nbsp;&nbsp; 316119 |
| SoftBank Group Corp.  | 3400 | &nbsp;&nbsp; 246517 |
| T-Mobile U.S., Inc.  | 3808 | &nbsp;&nbsp; 907294 |
| Vodafone Group PLC | 163831 | &nbsp;&nbsp; 174957 |
|  |  | &nbsp;&nbsp; 1644887 |
| Total Common Stocks <br>(Cost $261,165,784) <br>|  | &nbsp;&nbsp; 343760268 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-435**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—35.0%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Aerospace/Defense — 0.9%** | **Aerospace/Defense — 0.9%** | **Aerospace/Defense — 0.9%** |
| Boeing Co. |  |  |
| 3.250%, 02/01/35 (b) | 2000000 | &nbsp;&nbsp; $1684466 |
| 5.805%, 05/01/50 | 500000 | &nbsp;&nbsp; 479500 |
| Howmet Aerospace, Inc. |  |  |
| 4.850%, 10/15/31 (b) | 1500000 | &nbsp;&nbsp; 1519080 |
| RTX Corp. |  |  |
| 1.900%, 09/01/31 (b) | 1000000 | &nbsp;&nbsp; 855029 |
| 6.400%, 03/15/54 (b) | 1000000 | &nbsp;&nbsp; 1096133 |
|  |  | &nbsp;&nbsp; 5634208 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| BAT Capital Corp. |  |  |
| 4.390%, 08/15/37 | 1303000 | &nbsp;&nbsp; 1165164 |
| Philip Morris International, Inc. |  |  |
| 4.375%, 04/30/30 | 1076000 | &nbsp;&nbsp; 1073397 |
|  |  | &nbsp;&nbsp; 2238561 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| Tapestry, Inc. |  |  |
| 3.050%, 03/15/32 (b) | 600000 | &nbsp;&nbsp; 535976 |
| 5.500%, 03/11/35 (b) | 555000 | &nbsp;&nbsp; 557148 |
|  |  | &nbsp;&nbsp; 1093124 |
| **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** |
| BMW U.S. Capital LLC |  |  |
| 5.400%, 03/21/35 (144A) (b) | 1073000 | &nbsp;&nbsp; 1082253 |
| Daimler Truck Finance North America LLC |  |  |
| 5.625%, 01/13/35 (144A) (b) | 1056000 | &nbsp;&nbsp; 1074713 |
| Ford Motor Credit Co. LLC |  |  |
| 2.900%, 02/16/28 (b) | 1136000 | &nbsp;&nbsp; 1065114 |
| 4.000%, 11/13/30 (b) | 200000 | &nbsp;&nbsp; 182590 |
| 6.054%, 11/05/31 | 934000 | &nbsp;&nbsp; 929182 |
| General Motors Financial Co., Inc. |  |  |
| 2.700%, 06/10/31 (b) | 480000 | &nbsp;&nbsp; 420209 |
| 5.450%, 09/06/34 (b) | 619000 | &nbsp;&nbsp; 606731 |
| 5.750%, 02/08/31 (b) | 647000 | &nbsp;&nbsp; 664807 |
| 5.950%, 04/04/34 (b) | 2000000 | &nbsp;&nbsp; 2028442 |
| Stellantis Finance U.S., Inc. |  |  |
| 6.450%, 03/18/35 (144A) | 1075000 | &nbsp;&nbsp; 1080248 |
|  |  | &nbsp;&nbsp; 9134289 |
| **Banks — 10.0%** | **Banks — 10.0%** | **Banks — 10.0%** |
| Bank of America Corp. |  |  |
| 2.884%, 3M TSFR + 1.452%, 10/22/30 (c) | 3226000 | &nbsp;&nbsp; 3019539 |
| 2.972%, SOFR + 1.330%, 02/04/33 (c) | 4836000 | &nbsp;&nbsp; 4330574 |
| 4.375%, 5Y H15 + 2.760%, 01/27/27 (c) | 1097000 | &nbsp;&nbsp; 1076407 |
| Bank of New York Mellon Corp. |  |  |
| 5.188%, SOFR + 1.418%, 03/14/35 (b) (c) | 1049000 | &nbsp;&nbsp; 1062191 |
| Barclays PLC |  |  |
| 2.667%, 1Y H15 + 1.200%, 03/10/32 (c) | 1477000 | &nbsp;&nbsp; 1311448 |
| 5.335%, SOFR + 1.910%, 09/10/35 (b) (c) | 887000 | &nbsp;&nbsp; 880342 |
| BPCE SA |  |  |
| 5.389%, SOFR + 1.581%, 05/28/31 (144A) (b) (c) | 571000 | &nbsp;&nbsp; 581417 |
| Citibank NA |  |  |
| 4.914%, 05/29/30 | 832000 | &nbsp;&nbsp; 847974 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Citibank NA |  |  |
| 5.570%, 04/30/34 | 3470000 | &nbsp;&nbsp; $3614579 |
| ING Groep NV |  |  |
| 5.066%, SOFR + 1.230%, 03/25/31 (c) | 1298000 | &nbsp;&nbsp; 1320215 |
| Intesa Sanpaolo SpA |  |  |
| 6.625%, 06/20/33 (144A) (b) | 2344000 | &nbsp;&nbsp; 2545008 |
| JPMorgan Chase & Co. |  |  |
| 1.953%, SOFR + 1.065%, 02/04/32 (c) | 2080000 | &nbsp;&nbsp; 1803796 |
| 2.739%, 3M TSFR + 1.510%, 10/15/30 (b) (c) | 6243000 | &nbsp;&nbsp; 5821229 |
| 3.650%, 5Y H15 + 2.850%, 06/01/26 (c) | 1081000 | &nbsp;&nbsp; 1063451 |
| KeyCorp |  |  |
| 2.550%, 10/01/29 (b) | 1417000 | &nbsp;&nbsp; 1308379 |
| Lloyds Banking Group PLC |  |  |
| 5.721%, 1Y H15 + 1.070%, 06/05/30 (b) (c) | 2413000 | &nbsp;&nbsp; 2506027 |
| M&T Bank Corp. |  |  |
| 5.053%, SOFR + 1.850%, 01/27/34 (b) (c) | 1000000 | &nbsp;&nbsp; 985869 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.159%, 1Y H15 + 1.170%, 04/24/31 (b) (c) | 284000 | &nbsp;&nbsp; 290743 |
| Morgan Stanley |  |  |
| 2.699%, SOFR + 1.143%, 01/22/31 (c) | 672000 | &nbsp;&nbsp; 619662 |
| 2.943%, SOFR + 1.290%, 01/21/33 (b) (c) | 4900000 | &nbsp;&nbsp; 4373221 |
| 5.192%, SOFR + 1.510%, 04/17/31 (b) (c) | 949000 | &nbsp;&nbsp; 972848 |
| PNC Financial Services Group, Inc. |  |  |
| 6.200%, 5Y H15 + 3.238%, 09/15/27 (c) | 2070000 | &nbsp;&nbsp; 2109099 |
| Truist Financial Corp. |  |  |
| 1.950%, 06/05/30 (b) | 724000 | &nbsp;&nbsp; 640804 |
| 5.711%, SOFR + 1.922%, 01/24/35 (b) (c) | 1472000 | &nbsp;&nbsp; 1525802 |
| U.S. Bancorp |  |  |
| 4.839%, SOFR + 1.600%, 02/01/34 (c) | 2159000 | &nbsp;&nbsp; 2131839 |
| UBS Group AG |  |  |
| 3.091%, SOFR + 1.730%, 05/14/32 (144A) (c) | 4426000 | &nbsp;&nbsp; 4017759 |
| 3.126%, 08/13/30 (144A) (b) | 375000 | &nbsp;&nbsp; 353861 |
| Wells Fargo & Co. |  |  |
| 3.350%, SOFR + 1.500%, 03/02/33 (b) (c) | 6744000 | &nbsp;&nbsp; 6158958 |
| 3.900%, 5Y H15 + 3.453%, 03/15/26 (c) | 1080000 | &nbsp;&nbsp; 1068931 |
| 5.389%, SOFR + 2.020%, 04/24/34 (b) (c) | 1920000 | &nbsp;&nbsp; 1964634 |
|  |  | &nbsp;&nbsp; 60306606 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Bacardi-Martini BV |  |  |
| 6.000%, 02/01/35 (144A) (b) | 771000 | &nbsp;&nbsp; 795970 |
| **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** |
| Owens Corning |  |  |
| 5.950%, 06/15/54 (b) | 1000000 | &nbsp;&nbsp; 1010997 |
| Trane Technologies Financing Ltd. |  |  |
| 5.250%, 03/03/33 | 1000000 | &nbsp;&nbsp; 1031105 |
|  |  | &nbsp;&nbsp; 2042102 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| LYB International Finance III LLC |  |  |
| 6.150%, 05/15/35 | 300000 | &nbsp;&nbsp; 311373 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| Dell International LLC/EMC Corp. |  |  |
| 5.300%, 04/01/32 (b) | 403000 | &nbsp;&nbsp; 411909 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-436**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Computers—(Continued)** | **Computers—(Continued)** | **Computers—(Continued)** |
| Hewlett Packard Enterprise Co. |  |  |
| 4.550%, 10/15/29 | 2040000 | &nbsp;&nbsp; $2029796 |
|  |  | &nbsp;&nbsp; 2441705 |
| **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 4.950%, 09/10/34 (b) | 550000 | &nbsp;&nbsp; 537995 |
| 5.375%, 12/15/31 | 1475000 | &nbsp;&nbsp; 1507413 |
| Aircastle Ltd. |  |  |
| 6.500%, 07/18/28 (144A) | 1773000 | &nbsp;&nbsp; 1851044 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.150%, 01/15/30 (144A) | 1078000 | &nbsp;&nbsp; 1085841 |
| 5.375%, 05/30/30 (144A) (b) | 286000 | &nbsp;&nbsp; 291337 |
| 5.750%, 11/15/29 (144A) | 1500000 | &nbsp;&nbsp; 1544064 |
| Capital One Financial Corp. |  |  |
| 2.359%, SOFR + 1.337%, 07/29/32 (b) (c) | 345000 | &nbsp;&nbsp; 292569 |
| 6.700%, 11/29/32 (b) | 1425000 | &nbsp;&nbsp; 1555980 |
|  |  | &nbsp;&nbsp; 8666243 |
| **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** |
| Baltimore Gas & Electric Co. |  |  |
| 5.400%, 06/01/53 (b) | 2000000 | &nbsp;&nbsp; 1907290 |
| Berkshire Hathaway Energy Co. |  |  |
| 6.500%, 09/15/37 | 345000 | &nbsp;&nbsp; 373373 |
| Commonwealth Edison Co. |  |  |
| 5.950%, 06/01/55 (b) | 313000 | &nbsp;&nbsp; 324084 |
| Edison International |  |  |
| 5.450%, 06/15/29 | 286000 | &nbsp;&nbsp; 282876 |
| 6.950%, 11/15/29 | 224000 | &nbsp;&nbsp; 232851 |
| Entergy Arkansas LLC |  |  |
| 5.450%, 06/01/34 | 978000 | &nbsp;&nbsp; 1007147 |
| Florida Power & Light Co. |  |  |
| 5.300%, 06/15/34 | 2000000 | &nbsp;&nbsp; 2061470 |
| Pacific Gas & Electric Co. |  |  |
| 3.300%, 08/01/40 | 3059000 | &nbsp;&nbsp; 2188396 |
| PG&E Energy Recovery Funding LLC |  |  |
| 2.280%, 01/15/38 | 1624000 | &nbsp;&nbsp; 1308215 |
| 2.822%, 07/15/48 | 2151000 | &nbsp;&nbsp; 1504939 |
| Virginia Electric & Power Co. |  |  |
| 5.150%, 03/15/35 (b) | 1843000 | &nbsp;&nbsp; 1848643 |
|  |  | &nbsp;&nbsp; 13039284 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| Molex Electronic Technologies LLC |  |  |
| 5.250%, 04/30/32 (144A) | 320000 | &nbsp;&nbsp; 324710 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Keysight Technologies, Inc. |  |  |
| 5.350%, 07/30/30 | 871000 | &nbsp;&nbsp; 898373 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Flutter Treasury DAC |  |  |
| 5.875%, 06/04/31 (144A) | 1068000 | &nbsp;&nbsp; 1076010 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Republic Services, Inc. |  |  |
| 5.000%, 12/15/33 (b) | 500000 | &nbsp;&nbsp; $509991 |
| 5.150%, 03/15/35 | 546000 | &nbsp;&nbsp; 556738 |
|  |  | &nbsp;&nbsp; 1066729 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| Flowers Foods, Inc. |  |  |
| 2.400%, 03/15/31 (b) | 630000 | &nbsp;&nbsp; 549942 |
| 5.750%, 03/15/35 (b) | 987000 | &nbsp;&nbsp; 1011509 |
| Kellanova |  |  |
| 5.250%, 03/01/33 (b) | 646000 | &nbsp;&nbsp; 661270 |
| Mars, Inc. |  |  |
| 5.200%, 03/01/35 (144A) | 1000000 | &nbsp;&nbsp; 1011979 |
|  |  | &nbsp;&nbsp; 3234700 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Abbott Laboratories |  |  |
| 4.900%, 11/30/46 (b) | 500000 | &nbsp;&nbsp; 473266 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.500%, 02/19/35 | 343000 | &nbsp;&nbsp; 351850 |
|  |  | &nbsp;&nbsp; 825116 |
| **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** |
| HCA, Inc. |  |  |
| 2.375%, 07/15/31 (b) | 2000000 | &nbsp;&nbsp; 1740754 |
| 4.625%, 03/15/52 (b) | 1220000 | &nbsp;&nbsp; 980414 |
| UnitedHealth Group, Inc. |  |  |
| 3.700%, 08/15/49 | 3334000 | &nbsp;&nbsp; 2427142 |
| 5.150%, 07/15/34 (b) | 1215000 | &nbsp;&nbsp; 1227269 |
|  |  | &nbsp;&nbsp; 6375579 |
| **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** |
| American International Group, Inc. |  |  |
| 5.450%, 05/07/35 (b) | 1084000 | &nbsp;&nbsp; 1111667 |
| Beacon Funding Trust |  |  |
| 6.266%, 08/15/54 (144A) | 2235000 | &nbsp;&nbsp; 2212465 |
| Belrose Funding Trust II |  |  |
| 6.792%, 05/15/55 (144A) | 694000 | &nbsp;&nbsp; 709400 |
| Hartford Insurance Group, Inc. |  |  |
| 2.900%, 09/15/51 | 3318000 | &nbsp;&nbsp; 2074884 |
| High Street Funding Trust III |  |  |
| 5.807%, 02/15/55 (144A) | 353000 | &nbsp;&nbsp; 342570 |
| Lincoln Financial Global Funding |  |  |
| 4.625%, 05/28/28 (144A) | 572000 | &nbsp;&nbsp; 575541 |
| 5.300%, 01/13/30 (144A) (b) | 637000 | &nbsp;&nbsp; 654548 |
| MassMutual Global Funding II |  |  |
| 4.350%, 09/17/31 (144A) (b) | 1516000 | &nbsp;&nbsp; 1494288 |
| Northwestern Mutual Life Insurance Co. |  |  |
| 6.170%, 05/29/55 (144A) | 404000 | &nbsp;&nbsp; 421880 |
| Omnis Funding Trust |  |  |
| 6.722%, 05/15/55 (144A) | 1375000 | &nbsp;&nbsp; 1424878 |
| Principal Life Global Funding II |  |  |
| 4.950%, 11/27/29 (144A) (b) | 605000 | &nbsp;&nbsp; 615077 |
| Prudential Financial, Inc. |  |  |
| 5.125%, 5Y H15 + 3.162%, 03/01/52 (c) | 1827000 | &nbsp;&nbsp; 1766935 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-437**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Insurance—(Continued)** | **Insurance—(Continued)** | **Insurance—(Continued)** |
| Prudential Financial, Inc. |  |  |
| 5.200%, 03/14/35 (b) | 1081000 | &nbsp;&nbsp; $1092673 |
| Unum Group |  |  |
| 4.500%, 12/15/49 | 795000 | &nbsp;&nbsp; 629279 |
| 6.000%, 06/15/54 (b) | 1010000 | &nbsp;&nbsp; 996357 |
|  |  | &nbsp;&nbsp; 16122442 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| EQT AB |  |  |
| 5.850%, 05/08/35 (144A) (b) | 946000 | &nbsp;&nbsp; 965252 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| Carnival Corp. |  |  |
| 4.000%, 08/01/28 (144A) (b) | 1000000 | &nbsp;&nbsp; 978750 |
| **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
| Ingersoll Rand, Inc. |  |  |
| 5.450%, 06/15/34 (b) | 1000000 | &nbsp;&nbsp; 1028368 |
| Regal Rexnord Corp. |  |  |
| 6.400%, 04/15/33 (b) | 500000 | &nbsp;&nbsp; 527902 |
|  |  | &nbsp;&nbsp; 1556270 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| Charter Communications Operating LLC/Charter Communications <br> Operating Capital<br>|  |  |
| 3.700%, 04/01/51 | 3269000 | &nbsp;&nbsp; 2177515 |
| 6.550%, 06/01/34 (b) | 1172000 | &nbsp;&nbsp; 1250474 |
| Comcast Corp. |  |  |
| 2.887%, 11/01/51 | 5000000 | &nbsp;&nbsp; 3042886 |
| Paramount Global |  |  |
| 4.200%, 05/19/32 (b) | 1250000 | &nbsp;&nbsp; 1140874 |
|  |  | &nbsp;&nbsp; 7611749 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| Siemens Funding BV |  |  |
| 4.600%, 05/28/30 (144A) | 300000 | &nbsp;&nbsp; 302998 |
| 5.900%, 05/28/65 (144A) | 200000 | &nbsp;&nbsp; 207168 |
|  |  | &nbsp;&nbsp; 510166 |
| **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** | **Oil & Gas — 1.4%** |
| BP Capital Markets PLC |  |  |
| 6.125%, 5Y H15 + 1.924%, 03/18/35 (b) (c) | 1059000 | &nbsp;&nbsp; 1057257 |
| Coterra Energy, Inc. |  |  |
| 5.400%, 02/15/35 (b) | 1608000 | &nbsp;&nbsp; 1591716 |
| Diamondback Energy, Inc. |  |  |
| 3.125%, 03/24/31 (b) | 1189000 | &nbsp;&nbsp; 1089059 |
| 5.550%, 04/01/35 | 1000000 | &nbsp;&nbsp; 1010856 |
| Eni SpA |  |  |
| 5.750%, 05/19/35 (144A) (b) | 432000 | &nbsp;&nbsp; 441854 |
| Expand Energy Corp. |  |  |
| 5.700%, 01/15/35 (b) | 546000 | &nbsp;&nbsp; 553785 |
| HF Sinclair Corp. |  |  |
| 6.250%, 01/15/35 (b) | 606000 | &nbsp;&nbsp; 615129 |
| Ovintiv, Inc. |  |  |
| 6.500%, 08/15/34 (b) | 1000000 | &nbsp;&nbsp; 1037821 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** | **Oil & Gas—(Continued)** |
| Ovintiv, Inc. |  |  |
| 6.500%, 02/01/38 (b) | 1087000 | &nbsp;&nbsp; $1097339 |
|  |  | &nbsp;&nbsp; 8494816 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| AbbVie, Inc. |  |  |
| 4.250%, 11/21/49 | 3705000 | &nbsp;&nbsp; 3052219 |
| Becton Dickinson & Co. |  |  |
| 4.669%, 06/06/47 (b) | 640000 | &nbsp;&nbsp; 548852 |
| CVS Health Corp. |  |  |
| 5.250%, 02/21/33 | 139000 | &nbsp;&nbsp; 139929 |
| 5.625%, 02/21/53 (b) | 2432000 | &nbsp;&nbsp; 2249675 |
| Eli Lilly & Co. |  |  |
| 4.600%, 08/14/34 (b) | 2000000 | &nbsp;&nbsp; 1981844 |
| 4.875%, 02/27/53 (b) | 1000000 | &nbsp;&nbsp; 916363 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.750%, 05/19/33 (b) | 2000000 | &nbsp;&nbsp; 1993987 |
| 5.300%, 05/19/53 (b) | 2000000 | &nbsp;&nbsp; 1888019 |
|  |  | &nbsp;&nbsp; 12770888 |
| **Pipelines — 1.6%** | **Pipelines — 1.6%** | **Pipelines — 1.6%** |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 3.700%, 11/15/29 | 1126000 | &nbsp;&nbsp; 1086253 |
| Cheniere Energy, Inc. |  |  |
| 5.650%, 04/15/34 (b) | 1045000 | &nbsp;&nbsp; 1070268 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.439%, 02/15/35 (144A) (b) | 1570000 | &nbsp;&nbsp; 1579118 |
| Enbridge, Inc. |  |  |
| 7.375%, 5Y H15 + 3.122%, 03/15/55 (c) | 500000 | &nbsp;&nbsp; 519494 |
| ONEOK, Inc. |  |  |
| 4.350%, 03/15/29 (b) | 903000 | &nbsp;&nbsp; 896110 |
| 5.050%, 11/01/34 (b) | 988000 | &nbsp;&nbsp; 961469 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.500%, 05/15/30 (b) | 1000000 | &nbsp;&nbsp; 998327 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.584%, 10/01/34 (144A) (b) | 707000 | &nbsp;&nbsp; 699548 |
| Western Midstream Operating LP |  |  |
| 5.450%, 11/15/34 | 1100000 | &nbsp;&nbsp; 1078439 |
| Williams Cos., Inc. |  |  |
| 5.100%, 09/15/45 | 1000000 | &nbsp;&nbsp; 905740 |
|  |  | &nbsp;&nbsp; 9794766 |
| **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** |
| American Tower Corp. |  |  |
| 2.100%, 06/15/30 | 750000 | &nbsp;&nbsp; 666069 |
| 5.400%, 01/31/35 | 750000 | &nbsp;&nbsp; 765632 |
| Cousins Properties LP |  |  |
| 5.250%, 07/15/30 (b) | 594000 | &nbsp;&nbsp; 605224 |
| Equinix, Inc. |  |  |
| 2.150%, 07/15/30 (b) | 824000 | &nbsp;&nbsp; 733324 |
| 3.900%, 04/15/32 (b) | 940000 | &nbsp;&nbsp; 890295 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.625%, 09/15/34 (b) | 2405000 | &nbsp;&nbsp; 2396395 |
| Healthpeak OP LLC |  |  |
| 5.375%, 02/15/35 | 532000 | &nbsp;&nbsp; 536856 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-438**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| Highwoods Realty LP |  |  |
| 4.200%, 04/15/29 (b) | 500000 | &nbsp;&nbsp; $486244 |
| 7.650%, 02/01/34 (b) | 500000 | &nbsp;&nbsp; 565288 |
| Host Hotels & Resorts LP |  |  |
| 5.500%, 04/15/35 (b) | 412000 | &nbsp;&nbsp; 407792 |
| 5.700%, 07/01/34 (b) | 500000 | &nbsp;&nbsp; 503165 |
| Kilroy Realty LP |  |  |
| 2.500%, 11/15/32 (b) | 500000 | &nbsp;&nbsp; 401882 |
| Kimco Realty OP LLC |  |  |
| 4.850%, 03/01/35 | 781000 | &nbsp;&nbsp; 764571 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.250%, 04/15/33 (b) | 339000 | &nbsp;&nbsp; 292644 |
| 3.375%, 02/01/31 (b) | 1186000 | &nbsp;&nbsp; 1085277 |
| Phillips Edison Grocery Center Operating Partnership I LP |  |  |
| 5.250%, 08/15/32 | 658000 | &nbsp;&nbsp; 664233 |
| Piedmont Operating Partnership LP |  |  |
| 3.150%, 08/15/30 | 750000 | &nbsp;&nbsp; 672873 |
| Prologis LP |  |  |
| 1.750%, 07/01/30 (b) | 1000000 | &nbsp;&nbsp; 879209 |
| 4.750%, 01/15/31 (b) | 290000 | &nbsp;&nbsp; 293541 |
| Regency Centers LP |  |  |
| 5.100%, 01/15/35 (b) | 1511000 | &nbsp;&nbsp; 1514369 |
| Trust Fibra Uno |  |  |
| 7.700%, 01/23/32 (144A) | 518000 | &nbsp;&nbsp; 539816 |
|  |  | &nbsp;&nbsp; 15664699 |
| **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
| Alimentation Couche-Tard, Inc. |  |  |
| 2.950%, 01/25/30 (144A) (b) | 447000 | &nbsp;&nbsp; 417705 |
| Lowe's Cos., Inc. |  |  |
| 2.625%, 04/01/31 (b) | 850000 | &nbsp;&nbsp; 766749 |
| Tractor Supply Co. |  |  |
| 1.750%, 11/01/30 | 632000 | &nbsp;&nbsp; 548079 |
| 5.250%, 05/15/33 (b) | 950000 | &nbsp;&nbsp; 969738 |
|  |  | &nbsp;&nbsp; 2702271 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| Broadcom, Inc. |  |  |
| 3.137%, 11/15/35 (144A) | 935000 | &nbsp;&nbsp; 788616 |
| Foundry JV Holdco LLC |  |  |
| 5.900%, 01/25/33 (144A) | 315000 | &nbsp;&nbsp; 326554 |
| Intel Corp. |  |  |
| 3.250%, 11/15/49 | 1000000 | &nbsp;&nbsp; 633353 |
|  |  | &nbsp;&nbsp; 1748523 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Fiserv, Inc. |  |  |
| 5.625%, 08/21/33 (b) | 750000 | &nbsp;&nbsp; 779842 |
| Oracle Corp. |  |  |
| 3.600%, 04/01/50 | 1000000 | &nbsp;&nbsp; 699343 |
| 4.700%, 09/27/34 | 839000 | &nbsp;&nbsp; 814598 |
| 5.500%, 08/03/35 | 772000 | &nbsp;&nbsp; 789104 |
| Synopsys, Inc. |  |  |
| 5.150%, 04/01/35 (b) | 456000 | &nbsp;&nbsp; 459620 |
|  |  | &nbsp;&nbsp; 3542507 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
| AT&T, Inc. |  |  |
| 3.500%, 06/01/41 (b) | 2658000 | &nbsp;&nbsp; $2085108 |
| 3.550%, 09/15/55 | 1000000 | &nbsp;&nbsp; 674748 |
| 4.850%, 03/01/39 | 1000000 | &nbsp;&nbsp; 946547 |
| Rogers Communications, Inc. |  |  |
| 4.550%, 03/15/52 (b) | 1914000 | &nbsp;&nbsp; 1558550 |
| 5.300%, 02/15/34 (b) | 650000 | &nbsp;&nbsp; 650691 |
| T-Mobile USA, Inc. |  |  |
| 3.875%, 04/15/30 | 559000 | &nbsp;&nbsp; 542911 |
| Verizon Communications, Inc. |  |  |
| 3.550%, 03/22/51 (b) | 2187000 | &nbsp;&nbsp; 1563657 |
|  |  | &nbsp;&nbsp; 8022212 |
| Total Corporate Bonds & Notes <br>(Cost $214,605,740) <br>|  | &nbsp;&nbsp; 209989993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Preferred Stocks—0.0%** | **Preferred Stocks—0.0%** | **Preferred Stocks—0.0%** |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Henkel AG & Co. KGaA | 1693 | &nbsp;&nbsp; 132936 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| Sartorius AG | 172 | &nbsp;&nbsp; 43776 |
| Total Preferred Stocks <br>(Cost $194,147) <br>|  | &nbsp;&nbsp; 176712 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Constellation Software, Inc., Expires 03/31/40 (a) <br>(Cost $0)<br>| 208 | &nbsp;&nbsp; 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.7%** | **Short-Term Investments—3.7%** | **Short-Term Investments—3.7%** |
| **Repurchase Agreement—1.3%** | **Repurchase Agreement—1.3%** | **Repurchase Agreement—1.3%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $7,675,066; collateralized <br> by U.S. Treasury Notes at 3.750%, maturing 06/30/27, with a <br> market value of $7,828,163<br>| 7674373 | &nbsp;&nbsp; 7674373 |
| **U.S. Treasury—2.4%** | **U.S. Treasury—2.4%** | **U.S. Treasury—2.4%** |
| U.S. Treasury Bills |  |  |
| 4.265%, 11/20/25 (d) | 15000000 | &nbsp;&nbsp; 14755104 |
| Total Short-Term Investments <br>(Cost $22,427,855) <br>|  | &nbsp;&nbsp; 22429477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—9.6%** | **Securities Lending Reinvestments (e)—9.6%** | **Securities Lending Reinvestments (e)—9.6%** |
| **Certificates of Deposit—0.8%** | **Certificates of Deposit—0.8%** | **Certificates of Deposit—0.8%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 05/14/26 (c) | 2000000 | &nbsp;&nbsp; 1999997 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.630%, SOFR + 0.240%, 12/03/25 (c) | 1500000 | &nbsp;&nbsp; 1499545 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-439**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 1000000 | &nbsp;&nbsp; $1000001 |
|  |  | &nbsp;&nbsp; 4499543 |
| **Repurchase Agreements—8.5%** | **Repurchase Agreements—8.5%** | **Repurchase Agreements—8.5%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $2,000,245; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $2,040,000<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $5,000,619; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,565,370<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $2,000,252; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,226,148<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Barclays Capital, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.370%, due on <br> 07/01/25 with a maturity value of $4,000,486; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.375% - <br> 4.250%, maturity dates ranging from 07/31/27 - 05/15/39, <br> and an aggregate market value of $4,080,000<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $10,001,217; collateralized <br> by U.S. Government Agency Obligation with rates ranging from <br> 1.020% - 7.000%, maturity dates ranging from 01/25/30 - <br> 04/20/74, and an aggregate market value of $10,201,241<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $4,099,613; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $4,182,270<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $7,398,060; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $7,545,105<br>| 7397160 | &nbsp;&nbsp; 7397160 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by various Common Stock with an aggregate market value of <br> $1,100,000<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $4,000,504; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,460,420<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $2,000,252; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,230,210<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $3,002,660; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,369<br>| 3000000 | &nbsp;&nbsp; $3000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,000,243; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $2,040,001<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $3,000,370; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,337,856<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $1,900,234; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,090,257<br>| 1900000 | &nbsp;&nbsp; 1900000 |
|  |  | &nbsp;&nbsp; 51297160 |
| **Time Deposit—0.3%** | **Time Deposit—0.3%** | **Time Deposit—0.3%** |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| Total Securities Lending Reinvestments <br>(Cost $57,797,160) <br>|  | &nbsp;&nbsp; 57796703 |
| Total Investments—105.5% <br>(Cost $556,190,686) <br>|  | &nbsp;&nbsp; 634153153 |
| Other assets and liabilities (net)—(5.5)%  |  | &nbsp;&nbsp; (33171769)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $600981384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $85,899,476 and the collateral received consisted of cash in the amount of $57,797,160 and non-cash collateral with a value of $30,428,622. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities. 

(c) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

(d) The rate shown represents current yield to maturity.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2025. 

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified 

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-440**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $34,414,240, which is 5.7% of net assets.<br>

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $128402443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $192434919 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(8874441)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8874441)<br>|
| Corporate Bonds & Notes | &nbsp;&nbsp; (48922719)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (48922719)<br>|
| Total Borrowings | &nbsp;&nbsp; $(57797160)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(57797160)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(57797160)<br>|

---

**Investments in Derivative Instruments**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy**  | **Contracts to Buy**  | **Counterparty**  | **Settlement** <br>**Date**<br>| **In Exchange** <br>**for** | **In Exchange** <br>**for** | **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| AUD | &nbsp;&nbsp; 4475000 | JPMC | 07/24/25 | USD | 2911019 | &nbsp;&nbsp; $35344 |
| CAD | &nbsp;&nbsp; 3855181 | UBSA | 07/24/25 | USD | 2826561 | &nbsp;&nbsp; 7613 |
| CHF | &nbsp;&nbsp; 166000 | JPMC | 07/24/25 | USD | 204199 | &nbsp;&nbsp; 5592 |
| CHF | &nbsp;&nbsp; 1458000 | JPMC | 07/24/25 | USD | 1792849 | &nbsp;&nbsp; 49775 |
| CHF | &nbsp;&nbsp; 13902000 | JPMC | 07/24/25 | USD | 17101042 | &nbsp;&nbsp; 468342 |
| DKK | &nbsp;&nbsp; 4585000 | GSI | 07/24/25 | USD | 709718 | &nbsp;&nbsp; 15364 |
| EUR | &nbsp;&nbsp; 19000 | JPMC | 07/24/25 | USD | 21913 | &nbsp;&nbsp; 501 |
| EUR | &nbsp;&nbsp; 3409103 | JPMC | 07/24/25 | USD | 3931732 | &nbsp;&nbsp; 89857 |
| EUR | &nbsp;&nbsp; 5006000 | JPMC | 07/24/25 | USD | 5773439 | &nbsp;&nbsp; 131948 |
| GBP | &nbsp;&nbsp; 3280161 | JPMC | 07/24/25 | USD | 4415583 | &nbsp;&nbsp; 87367 |
| JPY | &nbsp;&nbsp; 820309344 | JPMC | 07/24/25 | USD | 5675330 | &nbsp;&nbsp; 35073 |
| NOK | &nbsp;&nbsp; 2079000 | JPMC | 07/24/25 | USD | 209677 | &nbsp;&nbsp; (3389)<br>|
| SEK | &nbsp;&nbsp; 15641000 | JPMC | 07/24/25 | USD | 1644121 | &nbsp;&nbsp; 11453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** |  |  |  |  |  |
| JPY | &nbsp;&nbsp; 2,364,723,000 | JPMC | 07/24/25 | USD | 16,360,394 | &nbsp;&nbsp; (101,107)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cross Currency** <br> **Contracts to Buy** | **Cross Currency** <br> **Contracts to Buy** |  |  |  |  |
| JPY | &nbsp;&nbsp; 2366512667 | JPMC | 07/24/25<br> CHF | 13314617 | &nbsp;&nbsp; (353088)<br>|
| JPY | &nbsp;&nbsp; 851444000 | UBSA | 07/24/25<br> HKD | 46404042 | &nbsp;&nbsp; 2347 |
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $482992 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-441**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Health Care Select Sector E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 90 | USD | 12348900 | &nbsp;&nbsp; $(56052)<br>|
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 55 | USD | 3392125 | &nbsp;&nbsp; 76276 |
| MSCI World Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 202 | USD | 26150920 | &nbsp;&nbsp; 682544 |
| Nikkei 225 Index Futures | &nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp; 18 | JPY | 729180000 | &nbsp;&nbsp; 297122 |
| S&P TSX 60 Index Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 31 | CAD | 9920000 | &nbsp;&nbsp; 104937 |
| SPI 200 Index Futures | &nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp; 19 | AUD | 4055075 | &nbsp;&nbsp; (966)<br>|
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 111 | USD | 12817031 | &nbsp;&nbsp; 84647 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 20 | USD | 4160469 | &nbsp;&nbsp; 14780 |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 247 | USD | 28223609 | &nbsp;&nbsp; 480581 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 17 | USD | 2025125 | &nbsp;&nbsp; 18092 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| Consumer Staples Select Sector E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (151)<br>| USD | (12434850)<br>| &nbsp;&nbsp; (41607)<br>|
| Euro STOXX 50 Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (92)<br>| EUR | (4900840)<br>| &nbsp;&nbsp; (2242)<br>|
| FTSE 100 Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (112)<br>| GBP | (9844240)<br>| &nbsp;&nbsp; 135006 |
| S&P 500 Index E-Mini Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (344)<br>| USD | (107564500)<br>| &nbsp;&nbsp; (2867404)<br>|
| TOPIX Index Futures | &nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp; (16)<br>| JPY | (456880000)<br>| &nbsp;&nbsp; (71639)<br>|
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; (126)<br>| USD | (13734000)<br>| &nbsp;&nbsp; (41548)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (1162)<br>| USD | (130289250)<br>| &nbsp;&nbsp; (1846217)<br>|
| Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | Net Unrealized Depreciation | &nbsp;&nbsp; $(3033690)<br>|

---

**Centrally Cleared Interest Rate Swap Contracts** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Floating Rate** <br>| **Floating** <br>**Rate Index** <br>| **Payment** <br>**Frequency** <br>| **Fixed** <br>**Rate** <br>| **Payment** <br>**Frequency** <br>| **Maturity** <br>**Date** <br>| **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Market** <br>**Value** <br>| **Upfront** <br>**Premiums** <br>**Paid/(Received)** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| Pay | 3M SOFR | Quarterly | 3.740<br> %<br>| Quarterly | 07/24/35 | USD | 165000000 | $1369275 | $211828 | $1157447 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $1295885 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; $3039910 |
| Foreign Exchange | &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; 940576 | &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br>contracts <br>| &nbsp;&nbsp; 457584 |
| Interest Rate | Unrealized appreciation on centrally cleared swap contracts (b) (c) <br>| &nbsp;&nbsp; 1157447 |  |  |
|  | Unrealized appreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 598100 | Unrealized depreciation on futures contracts (a) (b) <br>| &nbsp;&nbsp; 1887765 |
| Total |  | &nbsp;&nbsp; $3992008 |  | &nbsp;&nbsp; $5385259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial instrument not subject to a master netting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.

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

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-442**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

The following table presents the Portfolio's derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Received†** <br>| **Net** <br>**Amount\*** <br>|
| Goldman Sachs International | &nbsp;&nbsp; $15364 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15364 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 915252 | &nbsp;&nbsp;&nbsp;&nbsp; (457584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 457668 |
| UBS AG | &nbsp;&nbsp; 9960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9960 |
|  | &nbsp;&nbsp; $940576 | &nbsp;&nbsp;&nbsp;&nbsp; $(457584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $482992 |

---

The following table presents the Portfolio's derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities** <br>**subject to an MNA** <br>**by Counterparty**<br>| **Financial** <br>**Instruments** <br>**available for offset**<br>| **Collateral** <br>**Pledged†** <br>| **Net** <br>**Amount\*\*** <br>|
| JPMorgan Chase Bank NA | &nbsp;&nbsp; $457584 | &nbsp;&nbsp;&nbsp;&nbsp; $(457584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $940705 | &nbsp;&nbsp;&nbsp; $940705 |
| Futures contracts | &nbsp;&nbsp; 2897238 | &nbsp;&nbsp;&nbsp; (30635655)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27738417)<br>|
| Swap contracts | &nbsp;&nbsp; (1544014)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1544014)<br>|
|  | &nbsp;&nbsp; $1353224 | &nbsp;&nbsp;&nbsp; $(30635655)<br>| &nbsp;&nbsp;&nbsp; $940705 | &nbsp;&nbsp;&nbsp; $(28341726)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** | **Equity** | **Foreign** <br>**Exchange**<br>| **Total** |
| Forward foreign currency transactions | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1512556 | &nbsp;&nbsp;&nbsp; $1512556 |
| Futures contracts | &nbsp;&nbsp; (1586485)<br>| &nbsp;&nbsp;&nbsp; (770805)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2357290)<br>|
| Swap contracts | &nbsp;&nbsp; 7097798 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7097798 |
|  | &nbsp;&nbsp; $5511313 | &nbsp;&nbsp;&nbsp; $(770805)<br>| &nbsp;&nbsp;&nbsp; $1512556 | &nbsp;&nbsp;&nbsp; $6253064 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Forward foreign currency transactions | &nbsp;&nbsp; $83247608 |
| Futures contracts long | &nbsp;&nbsp; 93242698 |
| Futures contracts short | &nbsp;&nbsp; (193054728)<br>|
| Swap contracts | &nbsp;&nbsp; 177700000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-443**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $8263489 | &nbsp;&nbsp; $1713965 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9977454 |
| Air Freight & Logistics | &nbsp;&nbsp; 349414 | &nbsp;&nbsp; 218359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 567773 |
| Automobile Components | &nbsp;&nbsp; 54303 | &nbsp;&nbsp; 121003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 175306 |
| Automobiles | &nbsp;&nbsp; 3557710 | &nbsp;&nbsp; 1549425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5107135 |
| Banks | &nbsp;&nbsp; 11753519 | &nbsp;&nbsp; 10025373 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21778892 |
| Beverages | &nbsp;&nbsp; 3292463 | &nbsp;&nbsp; 691778 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3984241 |
| Biotechnology | &nbsp;&nbsp; 3506858 | &nbsp;&nbsp; 340487 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3847345 |
| Broadline Retail | &nbsp;&nbsp; 11213984 | &nbsp;&nbsp; 710216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11924200 |
| Building Products | &nbsp;&nbsp; 1420159 | &nbsp;&nbsp; 1000644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2420803 |
| Capital Markets | &nbsp;&nbsp; 10146817 | &nbsp;&nbsp; 2052402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12199219 |
| Chemicals | &nbsp;&nbsp; 3473984 | &nbsp;&nbsp; 1438836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4912820 |
| Commercial Services & Supplies | &nbsp;&nbsp; 3036588 | &nbsp;&nbsp; 271732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3308320 |
| Communications Equipment | &nbsp;&nbsp; 3449251 | &nbsp;&nbsp; 301016 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3750267 |
| Construction & Engineering | &nbsp;&nbsp; 455322 | &nbsp;&nbsp; 1095741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1551063 |
| Construction Materials | &nbsp;&nbsp; 587175 | &nbsp;&nbsp; 520908 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1108083 |
| Consumer Finance | &nbsp;&nbsp; 2581474 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2581474 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 5447405 | &nbsp;&nbsp; 965497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6412902 |
| Containers & Packaging | &nbsp;&nbsp; 220376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 220376 |
| Diversified Consumer Services | &nbsp;&nbsp; 42201 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42201 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 1736320 | &nbsp;&nbsp; 1645887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3382207 |
| Electric Utilities | &nbsp;&nbsp; 3348268 | &nbsp;&nbsp; 1546239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4894507 |
| Electrical Equipment | &nbsp;&nbsp; 3922554 | &nbsp;&nbsp; 2858996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6781550 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1566370 | &nbsp;&nbsp; 723923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2290293 |
| Energy Equipment & Services | &nbsp;&nbsp; 209955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 209955 |
| Entertainment | &nbsp;&nbsp; 8044178 | &nbsp;&nbsp; 588183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8632361 |
| Financial Services | &nbsp;&nbsp; 11532927 | &nbsp;&nbsp; 78953 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11611880 |
| Food Products | &nbsp;&nbsp; 540317 | &nbsp;&nbsp; 1205697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1746014 |
| Gas Utilities | &nbsp;&nbsp; 187398 | &nbsp;&nbsp; 394842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 582240 |
| Ground Transportation | &nbsp;&nbsp; 2852566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2852566 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 7114841 | &nbsp;&nbsp; 924652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8039493 |
| Health Care Providers & Services | &nbsp;&nbsp; 4846487 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4846487 |
| Health Care REITs | &nbsp;&nbsp; 1593200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1593200 |
| Health Care Technology | &nbsp;&nbsp; 607638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 607638 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 4721160 | &nbsp;&nbsp; 809378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5530538 |
| Household Durables | &nbsp;&nbsp; 721684 | &nbsp;&nbsp; 677742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1399426 |
| Household Products | &nbsp;&nbsp; 3704125 | &nbsp;&nbsp; 221135 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3925260 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 238968 | &nbsp;&nbsp; 243425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 482393 |
| Industrial Conglomerates | &nbsp;&nbsp; 716475 | &nbsp;&nbsp; 2323417 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3039892 |
| Industrial REITs | &nbsp;&nbsp; 392939 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 392939 |
| Insurance | &nbsp;&nbsp; 5047489 | &nbsp;&nbsp; 4135454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9182943 |
| Interactive Media & Services | &nbsp;&nbsp; 19393996 | &nbsp;&nbsp; 70650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19464646 |
| IT Services | &nbsp;&nbsp; 5679693 | &nbsp;&nbsp; 211133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5890826 |
| Leisure Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 101606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101606 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 1592920 | &nbsp;&nbsp; 108605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1701525 |
| Machinery | &nbsp;&nbsp; 3930760 | &nbsp;&nbsp; 1773275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5704035 |
| Marine Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 103369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103369 |
| Media | &nbsp;&nbsp; 775529 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 775529 |
| Metals & Mining | &nbsp;&nbsp; 1881562 | &nbsp;&nbsp; 975108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2856670 |
| Multi-Utilities | &nbsp;&nbsp; 1162835 | &nbsp;&nbsp; 816181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1979016 |
| Office REITs | &nbsp;&nbsp; — | &nbsp;&nbsp; 182660 | &nbsp;&nbsp; — | &nbsp;&nbsp; 182660 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 8095424 | &nbsp;&nbsp; 3102424 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11197848 |
| Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 112049 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112049 |
| Personal Care Products | &nbsp;&nbsp; 47187 | &nbsp;&nbsp; 1252644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1299831 |
| Pharmaceuticals | &nbsp;&nbsp; 7245656 | &nbsp;&nbsp; 5228984 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12474640 |
| Professional Services | &nbsp;&nbsp; 1660359 | &nbsp;&nbsp; 1326919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2987278 |
| Real Estate Management & Development | &nbsp;&nbsp; 512586 | &nbsp;&nbsp; 364916 | &nbsp;&nbsp; — | &nbsp;&nbsp; 877502 |
| Residential REITs | &nbsp;&nbsp; 176685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 176685 |
| Retail REITs | &nbsp;&nbsp; 656770 | &nbsp;&nbsp; 82957 | &nbsp;&nbsp; — | &nbsp;&nbsp; 739727 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 34186801 | &nbsp;&nbsp; 2075131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36261932 |
| Software | &nbsp;&nbsp; 32861575 | &nbsp;&nbsp; 1484740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34346315 |
| Specialized REITs | &nbsp;&nbsp; 1347791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1347791 |

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-444**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Specialty Retail | &nbsp;&nbsp; $4938059 | &nbsp;&nbsp; $372717 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5310776 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 13771978 | &nbsp;&nbsp; 204999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13976977 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 708778 | &nbsp;&nbsp; 1208209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1916987 |
| Trading Companies & Distributors | &nbsp;&nbsp; 1019813 | &nbsp;&nbsp; 1415692 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2435505 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 907294 | &nbsp;&nbsp; 737593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1644887 |
| Total Common Stocks | &nbsp;&nbsp; 279052402 | &nbsp;&nbsp; 64707866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 343760268 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 209989993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 209989993 |
| Total Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 176712 | &nbsp;&nbsp; — | &nbsp;&nbsp; 176712 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 22429477 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22429477 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 57796703 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57796703 |
| Total Investments | &nbsp;&nbsp; $279052402 | &nbsp;&nbsp; $355100751 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $634153153 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(57797160)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(57797160)<br>|
| Forward Contracts |  |  |  |  |
| Forward Foreign Currency Exchange Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $940576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $940576 |
| Forward Foreign Currency Exchange Contracts (Unrealized Depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; (457584)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (457584)<br>|
| Total Forward Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $482992 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $482992 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $1893985 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1893985 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (4927675)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4927675)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $(3033690)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3033690)<br>|
| Centrally Cleared Swap Contracts |  |  |  |  |
| Centrally Cleared Swap Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1157447 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1157447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Consolidated Schedule of Investments for additional detailed categorizations.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-445**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $634153153 |
| Cash | &nbsp;&nbsp; 154609 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 180039 |
| Cash collateral (d) | &nbsp;&nbsp; 20177140 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 940576 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2436153 |
| Fund shares sold | &nbsp;&nbsp; 13245 |
| Dividends and interest | &nbsp;&nbsp; 3057011 |
| Variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 582868 |
| Prepaid expenses | &nbsp;&nbsp; 4462 |
| Total Assets | &nbsp;&nbsp; 661699256 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 457584 |
| Collateral for securities loaned | &nbsp;&nbsp; 57797160 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 447061 |
| Fund shares redeemed | &nbsp;&nbsp; 433327 |
| Variation margin on futures contracts | &nbsp;&nbsp; 440561 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 308651 |
| Distribution and service fees | &nbsp;&nbsp; 121289 |
| Deferred trustees' fees | &nbsp;&nbsp; 281384 |
| Other expenses | &nbsp;&nbsp; 430855 |
| Total Liabilities | &nbsp;&nbsp; 60717872 |
| **Net Assets**  | &nbsp;&nbsp; $600981384 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $539584831 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 61396553 |
| **Net Assets**  | &nbsp;&nbsp; $600981384 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $600981384 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 51026648 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $11.78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $556,190,686.

(b) Includes securities loaned at value of $85,899,476.

(c) Identified cost of cash denominated in foreign currencies was $177,153.

(d) Includes collateral of $12,506,880 for futures contracts and $7,670,260 for centrally cleared swap contracts. 

**Consolidated§ Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $3435463 |
| Interest | &nbsp;&nbsp; 5904842 |
| Securities lending income | &nbsp;&nbsp; 109726 |
| Total investment income | &nbsp;&nbsp; 9450031 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1949616 |
| Administration fees | &nbsp;&nbsp; 33324 |
| Custodian and accounting fees | &nbsp;&nbsp; 101729 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 748009 |
| Audit and tax services | &nbsp;&nbsp; 52487 |
| Legal | &nbsp;&nbsp; 27000 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 23391 |
| Insurance | &nbsp;&nbsp; 4370 |
| Miscellaneous | &nbsp;&nbsp; 20196 |
| Total expenses | &nbsp;&nbsp; 2980157 |
| Less management fee waiver | &nbsp;&nbsp; (44880)<br>|
| Net expenses | &nbsp;&nbsp; 2935277 |
| **Net Investment Income** | &nbsp;&nbsp; 6514754 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 9624908 |
| Futures contracts | &nbsp;&nbsp; (27738417)<br>|
| Swap contracts | &nbsp;&nbsp; (1544014)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 78468 |
| Forward foreign currency transactions | &nbsp;&nbsp; 940705 |
| Net realized gain (loss) | &nbsp;&nbsp; (18638350)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 22028384 |
| Futures contracts | &nbsp;&nbsp; (2357290)<br>|
| Swap contracts | &nbsp;&nbsp; 7097798 |
| Foreign currency transactions | &nbsp;&nbsp; 69746 |
| Forward foreign currency transactions | &nbsp;&nbsp; 1512556 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28351194 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 9712844 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $16227598 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $176,081.

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-446**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $6514754 | &nbsp;&nbsp; $20654221 |
| Net realized gain (loss) | &nbsp;&nbsp; (18638350)<br>| &nbsp;&nbsp; 101905968 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28351194 | &nbsp;&nbsp; (17069333)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 16227598 | &nbsp;&nbsp; 105490856 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (39430634)<br>| &nbsp;&nbsp; (18384023)<br>|
| **Total distributions** | &nbsp;&nbsp; (39430634)<br>| &nbsp;&nbsp; (18384023)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 8128002 | &nbsp;&nbsp; (526432067)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (15075034)<br>| &nbsp;&nbsp; (439325234)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 616056418 | &nbsp;&nbsp; 1055381652 |
| End of period | &nbsp;&nbsp; $600981384 | &nbsp;&nbsp; $616056418 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 710015 | &nbsp;&nbsp; $8791006 | &nbsp;&nbsp; 2926200 | &nbsp;&nbsp; $35274607 |
| Reinvestments | &nbsp;&nbsp; 3428751 | &nbsp;&nbsp; 39430634 | &nbsp;&nbsp; 1542284 | &nbsp;&nbsp; 18384023 |
| Redemptions | &nbsp;&nbsp; (3286796)<br>| &nbsp;&nbsp; (40093638)<br>| &nbsp;&nbsp; (46938887)<br>| &nbsp;&nbsp; (580090697)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 851970 | &nbsp;&nbsp; $8128002 | &nbsp;&nbsp; (42470403)<br>| &nbsp;&nbsp; $(526432067)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $8128002 |  | &nbsp;&nbsp; $(526432067)<br>|

---

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-447**

------

**Brighthouse Funds Trust I**

**Schroders Global Multi-Asset Portfolio**

**Consolidated§ Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp; $13.78 | &nbsp;&nbsp; $12.43 | &nbsp;&nbsp; $13.12 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Total income (loss) from investment operations | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.67)<br>|
| Total distributions | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.89)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp; $13.78 | &nbsp;&nbsp; $12.43 |
| **Total Return (%)** (b) | 2.79 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp; (20.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.00 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Net ratio of expenses to average net assets (%) (e) | 0.98 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Ratio of net investment income (loss) to average net assets (%) | 2.18 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 22 <br>(c)<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 138 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $601.0 | &nbsp;&nbsp; $616.1 | &nbsp;&nbsp; $1055.4 | &nbsp;&nbsp; $1058.7 | &nbsp;&nbsp; $1515.9 | &nbsp;&nbsp; $1606.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

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

*See accompanying notes to consolidated financial statements.*

**BHFTI-448**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Common Stocks—97.2% of Net Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Brazil — 3.2%** | **Brazil — 3.2%** | **Brazil — 3.2%** |
| Ambev SA (ADR) | 1027300 | &nbsp;&nbsp; $2475793 |
| B3 SA - Brasil Bolsa Balcao | 1534400 | &nbsp;&nbsp; 4117640 |
| Banco Bradesco SA | 867100 | &nbsp;&nbsp; 2315735 |
| BB Seguridade Participacoes SA | 283800 | &nbsp;&nbsp; 1870026 |
| Cia De Sanena Do Parana | 156600 | &nbsp;&nbsp; 1097881 |
| Cia Energetica de Minas Gerais (ADR) | 27600 | &nbsp;&nbsp; 54096 |
| Cogna Educacao SA | 513300 | &nbsp;&nbsp; 265479 |
| CSN Mineracao SA | 288100 | &nbsp;&nbsp; 263013 |
| Embraer SA | 70800 | &nbsp;&nbsp; 1003535 |
| Itau Unibanco Holding SA | 59070 | &nbsp;&nbsp; 358675 |
| Itau Unibanco Holding SA (ADR) | 873340 | &nbsp;&nbsp; 5929979 |
| Kepler Weber SA | 241400 | &nbsp;&nbsp; 361671 |
| Lojas Renner SA | 341000 | &nbsp;&nbsp; 1235184 |
| NU Holdings Ltd. - Class A (a) | 232400 | &nbsp;&nbsp; 3188528 |
| Petroleo Brasileiro SA - Petrobras | 120700 | &nbsp;&nbsp; 757333 |
| Petroleo Brasileiro SA - Petrobras (ADR) | 55000 | &nbsp;&nbsp; 688050 |
| Rede D'Or Sao Luiz SA | 384200 | &nbsp;&nbsp; 2504715 |
| Telefonica Brasil SA | 526400 | &nbsp;&nbsp; 2992858 |
| TIM SA | 59500 | &nbsp;&nbsp; 241478 |
| Vale SA | 233500 | &nbsp;&nbsp; 2262755 |
| Vale SA (ADR) (b) | 186800 | &nbsp;&nbsp; 1813828 |
| Vibra Energia SA | 206200 | &nbsp;&nbsp; 822052 |
| WEG SA | 31300 | &nbsp;&nbsp; 246455 |
| YDUQS Participacoes SA | 43300 | &nbsp;&nbsp; 131420 |
|  |  | &nbsp;&nbsp; 36998179 |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| Cencosud SA | 771602 | &nbsp;&nbsp; 2625497 |
| Enel Chile SA | 6509336 | &nbsp;&nbsp; 481968 |
| SMU SA | 2503908 | &nbsp;&nbsp; 448842 |
|  |  | &nbsp;&nbsp; 3556307 |
| **China — 27.8%** | **China — 27.8%** | **China — 27.8%** |
| 3SBio, Inc. (b) | 437000 | &nbsp;&nbsp; 1319073 |
| AAC Technologies Holdings, Inc.  | 353500 | &nbsp;&nbsp; 1834520 |
| Agricultural Bank of China Ltd. - Class H | 354000 | &nbsp;&nbsp; 252910 |
| Alibaba Group Holding Ltd.  | 2215100 | &nbsp;&nbsp; 31435644 |
| Alibaba Health Information Technology Ltd. (a) (b) | 404000 | &nbsp;&nbsp; 244610 |
| Andon Health Co. Ltd. - Class A | 53400 | &nbsp;&nbsp; 272416 |
| ANE Cayman, Inc. (a) | 544000 | &nbsp;&nbsp; 546728 |
| Anhui Anfu Battery Technology Co. Ltd. - Class A | 51200 | &nbsp;&nbsp; 212140 |
| Anhui Conch Cement Co. Ltd. - Class H | 529501 | &nbsp;&nbsp; 1347896 |
| Anker Innovations Technology Co. Ltd. - Class A | 74020 | &nbsp;&nbsp; 1168233 |
| ANTA Sports Products Ltd.  | 226800 | &nbsp;&nbsp; 2735907 |
| BAIC Motor Corp. Ltd. - Class H (a) | 1158500 | &nbsp;&nbsp; 286388 |
| Baidu, Inc. - Class A (a) | 290500 | &nbsp;&nbsp; 3096391 |
| Bank of Changsha Co. Ltd. - Class A | 479900 | &nbsp;&nbsp; 666814 |
| Bank of China Ltd. - Class H | 5804000 | &nbsp;&nbsp; 3377056 |
| Bank of Guiyang Co. Ltd. - Class A | 1401300 | &nbsp;&nbsp; 1220335 |
| Bank of Hangzhou Co. Ltd. - Class A | 242800 | &nbsp;&nbsp; 570661 |
| Bank of Jiangsu Co. Ltd. - Class A | 435500 | &nbsp;&nbsp; 726054 |
| Bank of Nanjing Co. Ltd. - Class A | 203102 | &nbsp;&nbsp; 329592 |
| Bank of Ningbo Co. Ltd. - Class A | 85400 | &nbsp;&nbsp; 327047 |
| Baoshan Iron & Steel Co. Ltd. - Class A | 158500 | &nbsp;&nbsp; 145773 |
| Beijing Jingneng Clean Energy Co. Ltd. - Class H | 646000 | &nbsp;&nbsp; 194568 |
| Beijing Jingneng Power Co. Ltd. - Class A | 1734600 | &nbsp;&nbsp; 1086958 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| BeOne Medicines Ltd. (a) | 137900 | &nbsp;&nbsp; $2593114 |
| BeOne Medicines Ltd. - Class A (a) | 37911 | &nbsp;&nbsp; 1243065 |
| Bilibili, Inc. - Class Z (a) (b) | 21920 | &nbsp;&nbsp; 469727 |
| Binjiang Service Group Co. Ltd.  | 35500 | &nbsp;&nbsp; 106878 |
| BOC Aviation Ltd.  | 214500 | &nbsp;&nbsp; 1778369 |
| BYD Co. Ltd. - Class A | 29100 | &nbsp;&nbsp; 1355076 |
| BYD Co. Ltd. - Class H (b) | 556500 | &nbsp;&nbsp; 8709736 |
| CGN New Energy Holdings Co. Ltd. (b) | 2152000 | &nbsp;&nbsp; 680889 |
| China Conch Venture Holdings Ltd. (b) | 654500 | &nbsp;&nbsp; 755594 |
| China Construction Bank Corp. - Class A | 200700 | &nbsp;&nbsp; 264446 |
| China Construction Bank Corp. - Class H | 10206000 | &nbsp;&nbsp; 10312211 |
| China East Education Holdings Ltd.  | 1389000 | &nbsp;&nbsp; 1182344 |
| China Feihe Ltd.  | 1444000 | &nbsp;&nbsp; 1051496 |
| China Foods Ltd.  | 466000 | &nbsp;&nbsp; 182392 |
| China Hongqiao Group Ltd. (b) | 1523000 | &nbsp;&nbsp; 3497361 |
| China International Marine Containers Group Co. Ltd. - Class A | 173850 | &nbsp;&nbsp; 191374 |
| China Mengniu Dairy Co. Ltd.  | 230000 | &nbsp;&nbsp; 472484 |
| China Merchants Bank Co. Ltd. - Class A | 377400 | &nbsp;&nbsp; 2424869 |
| China Merchants Bank Co. Ltd. - Class H | 874500 | &nbsp;&nbsp; 6120670 |
| China Merchants Port Group Co. Ltd. - Class A | 63400 | &nbsp;&nbsp; 176166 |
| China National Building Material Co. Ltd. - Class H | 1280000 | &nbsp;&nbsp; 612504 |
| China Overseas Land & Investment Ltd.  | 715500 | &nbsp;&nbsp; 1243115 |
| China Pacific Insurance Group Co. Ltd. - Class A | 61000 | &nbsp;&nbsp; 319347 |
| China Pacific Insurance Group Co. Ltd. - Class H | 791600 | &nbsp;&nbsp; 2716107 |
| China Petroleum & Chemical Corp. - Class H | 192000 | &nbsp;&nbsp; 100650 |
| China Reinsurance Group Corp. - Class H | 3144000 | &nbsp;&nbsp; 490002 |
| China Resources Land Ltd.  | 989000 | &nbsp;&nbsp; 3356108 |
| China State Construction Engineering Corp. Ltd. - Class A (a) | 551700 | &nbsp;&nbsp; 444053 |
| China Tower Corp. Ltd. - Class H | 395600 | &nbsp;&nbsp; 566021 |
| China Water Affairs Group Ltd. (b) | 230000 | &nbsp;&nbsp; 184549 |
| CITIC Ltd.  | 107000 | &nbsp;&nbsp; 147238 |
| CMOC Group Ltd. - Class H | 138000 | &nbsp;&nbsp; 139668 |
| Contemporary Amperex Technology Co. Ltd. - Class A | 56420 | &nbsp;&nbsp; 1986190 |
| COSCO SHIPPING Holdings Co. Ltd. - Class A | 338890 | &nbsp;&nbsp; 711393 |
| COSCO SHIPPING Holdings Co. Ltd. - Class H (b) | 943700 | &nbsp;&nbsp; 1640673 |
| Dongfeng Motor Group Co. Ltd. - Class H | 220000 | &nbsp;&nbsp; 96422 |
| Dongyue Group Ltd.  | 113000 | &nbsp;&nbsp; 151198 |
| Eastern Air Logistics Co. Ltd. - Class A | 160800 | &nbsp;&nbsp; 293413 |
| Far East Horizon Ltd. (b) | 681000 | &nbsp;&nbsp; 591709 |
| Foxconn Industrial Internet Co. Ltd. - Class A | 64300 | &nbsp;&nbsp; 191891 |
| Fufeng Group Ltd. (b) | 483000 | &nbsp;&nbsp; 424619 |
| Fuyao Glass Industry Group Co. Ltd. - Class H | 63600 | &nbsp;&nbsp; 454713 |
| Gansu Shangfeng Cement Co. Ltd. - Class A | 941800 | &nbsp;&nbsp; 1041047 |
| Geely Automobile Holdings Ltd.  | 1713000 | &nbsp;&nbsp; 3490006 |
| GEPIC Energy Development Co. Ltd. - Class A | 1225200 | &nbsp;&nbsp; 1093420 |
| Goldcup Electric Apparatus Co. Ltd. - Class A | 496600 | &nbsp;&nbsp; 677706 |
| Goldwind Science & Technology Co. Ltd. - Class H | 214800 | &nbsp;&nbsp; 204697 |
| Gree Electric Appliances, Inc. of Zhuhai - Class A | 123400 | &nbsp;&nbsp; 774540 |
| Guangdong Investment Ltd.  | 1582000 | &nbsp;&nbsp; 1323098 |
| Guangdong Provincial Expressway Development Co. Ltd. - <br> Class A<br>| 140220 | &nbsp;&nbsp; 260917 |
| Guodian Nanjing Automation Co. Ltd. - Class A | 378060 | &nbsp;&nbsp; 412629 |
| Haier Smart Home Co. Ltd. - Class A | 139400 | &nbsp;&nbsp; 481371 |
| Haier Smart Home Co. Ltd. - Class H (b) | 391000 | &nbsp;&nbsp; 1120989 |
| Hansoh Pharmaceutical Group Co. Ltd.  | 128000 | &nbsp;&nbsp; 486057 |
| Harbin Electric Co. Ltd. - Class H | 1210000 | &nbsp;&nbsp; 903495 |

---

*See accompanying notes to financial statements.*

**BHFTI-449**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| Hengan International Group Co. Ltd.  | 460500 | &nbsp;&nbsp; $1323070 |
| Hisense Home Appliances Group Co. Ltd. - Class A | 75000 | &nbsp;&nbsp; 269859 |
| Hisense Home Appliances Group Co. Ltd. - Class H (b) | 203000 | &nbsp;&nbsp; 553564 |
| Huadong Medicine Co. Ltd. - Class A | 61200 | &nbsp;&nbsp; 345237 |
| Industrial & Commercial Bank of China Ltd. - Class H | 6335000 | &nbsp;&nbsp; 5025891 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. <br> Ltd. - Class A<br>| 505800 | &nbsp;&nbsp; 391225 |
| Intco Medical Technology Co. Ltd. - Class A | 141520 | &nbsp;&nbsp; 467727 |
| JD Logistics, Inc. (a) | 204300 | &nbsp;&nbsp; 342918 |
| JD.com, Inc. - Class A | 408054 | &nbsp;&nbsp; 6652845 |
| Jiangsu Expressway Co. Ltd. - Class H | 766000 | &nbsp;&nbsp; 1081974 |
| Jiangsu Linyang Energy Co. Ltd. - Class A | 35400 | &nbsp;&nbsp; 28236 |
| Jiangxi Ganyue Expressway Co. Ltd. - Class A | 299300 | &nbsp;&nbsp; 211865 |
| Jilin Yatai Group Co. Ltd. - Class A (a) | 826800 | &nbsp;&nbsp; 215554 |
| JNBY Design Ltd.  | 531000 | &nbsp;&nbsp; 1170580 |
| KE Holdings, Inc. (ADR) | 54100 | &nbsp;&nbsp; 959734 |
| Kingfa Sci & Tech Co. Ltd. - Class A | 300400 | &nbsp;&nbsp; 434170 |
| Kingsoft Corp. Ltd.  | 530800 | &nbsp;&nbsp; 2766367 |
| Kuaishou Technology (a) | 354400 | &nbsp;&nbsp; 2867845 |
| Kunlun Energy Co. Ltd.  | 2356000 | &nbsp;&nbsp; 2290240 |
| Kweichow Moutai Co. Ltd. - Class A | 1200 | &nbsp;&nbsp; 236598 |
| Lenovo Group Ltd.  | 2408000 | &nbsp;&nbsp; 2897799 |
| Li Auto, Inc. - Class A (a) | 91300 | &nbsp;&nbsp; 1242138 |
| Longfor Group Holdings Ltd. (b) | 88500 | &nbsp;&nbsp; 104602 |
| Lonking Holdings Ltd.  | 858000 | &nbsp;&nbsp; 229823 |
| Meihua Holdings Group Co. Ltd. - Class A | 32900 | &nbsp;&nbsp; 49144 |
| Meituan - Class B (a) (b) | 631910 | &nbsp;&nbsp; 10112740 |
| Midea Group Co. Ltd. - Class A | 29717 | &nbsp;&nbsp; 299026 |
| MYS Group Co. Ltd. - Class A | 445600 | &nbsp;&nbsp; 221282 |
| Nanjing Iron & Steel Co. Ltd. - Class A | 314300 | &nbsp;&nbsp; 184123 |
| NetEase, Inc.  | 242200 | &nbsp;&nbsp; 6532903 |
| Newborn Town, Inc. (a) | 240000 | &nbsp;&nbsp; 301566 |
| PDD Holdings, Inc. (ADR) (a) | 68500 | &nbsp;&nbsp; 7169210 |
| PetroChina Co. Ltd. - Class H | 4312000 | &nbsp;&nbsp; 3702900 |
| PICC Property & Casualty Co. Ltd. - Class H | 1186000 | &nbsp;&nbsp; 2301176 |
| Ping An Insurance Group Co. of China Ltd. - Class A | 266500 | &nbsp;&nbsp; 2070012 |
| Ping An Insurance Group Co. of China Ltd. - Class H (b) | 1259000 | &nbsp;&nbsp; 8015401 |
| Pop Mart International Group Ltd.  | 113400 | &nbsp;&nbsp; 3852130 |
| Qifu Technology, Inc. (ADR) | 34900 | &nbsp;&nbsp; 1513264 |
| Quzhou Xin'an Development Co. Ltd. - Class A (a) | 1547500 | &nbsp;&nbsp; 640150 |
| Satellite Chemical Co. Ltd. - Class A | 475800 | &nbsp;&nbsp; 1153989 |
| SF Holding Co. Ltd. - Class A | 133200 | &nbsp;&nbsp; 908748 |
| Shandong Bohui Paper Industrial Co. Ltd. - Class A | 235700 | &nbsp;&nbsp; 145873 |
| Shandong Nanshan Aluminum Co. Ltd. - Class A | 779300 | &nbsp;&nbsp; 416055 |
| Shandong Sun Paper Industry JSC Ltd. - Class A | 77525 | &nbsp;&nbsp; 145873 |
| Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | 164400 | &nbsp;&nbsp; 128217 |
| Shanghai Bailian Group Co. Ltd. - Class A | 302900 | &nbsp;&nbsp; 386383 |
| Shanghai Zhenhua Heavy Industries Co. Ltd. - Class A | 1790920 | &nbsp;&nbsp; 1095619 |
| Shenzhen Desay Battery Technology Co. - Class A | 356800 | &nbsp;&nbsp; 1137575 |
| Shenzhen International Holdings Ltd.  | 275500 | &nbsp;&nbsp; 271639 |
| Sinopec Engineering Group Co. Ltd. - Class H | 662000 | &nbsp;&nbsp; 503876 |
| Sinotruk Hong Kong Ltd.  | 814500 | &nbsp;&nbsp; 2373587 |
| SITC International Holdings Co. Ltd.  | 88000 | &nbsp;&nbsp; 282475 |
| Star Lake Bioscience Co., Inc. Zhaoqing Guangdong - Class A | 827500 | &nbsp;&nbsp; 797142 |
| Sumec Corp. Ltd. - Class A | 295400 | &nbsp;&nbsp; 397888 |
| Sunny Optical Technology Group Co. Ltd.  | 44500 | &nbsp;&nbsp; 394160 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| Tangshan Sanyou Chemical Industries Co. Ltd. - Class A | 1460500 | &nbsp;&nbsp; $993601 |
| Tencent Holdings Ltd. (b) | 862300 | &nbsp;&nbsp; 55383030 |
| Tencent Music Entertainment Group (ADR) (b) | 89000 | &nbsp;&nbsp; 1734610 |
| Tian Di Science & Technology Co. Ltd. - Class A | 164200 | &nbsp;&nbsp; 137270 |
| Tianli International Holdings Ltd. (b) | 342122 | &nbsp;&nbsp; 197537 |
| Tianshan Aluminum Group Co. Ltd. - Class A | 166700 | &nbsp;&nbsp; 193348 |
| Tingyi Cayman Islands Holding Corp.  | 715876 | &nbsp;&nbsp; 1049468 |
| Trip.com Group Ltd.  | 54200 | &nbsp;&nbsp; 3156985 |
| Vipshop Holdings Ltd. (ADR) | 71600 | &nbsp;&nbsp; 1077580 |
| Want Want China Holdings Ltd.  | 225000 | &nbsp;&nbsp; 157219 |
| Weichai Power Co. Ltd. - Class A | 206100 | &nbsp;&nbsp; 443765 |
| Weilong Delicious Global Holdings Ltd. (b) | 350200 | &nbsp;&nbsp; 647592 |
| Western Mining Co. Ltd. - Class A | 121400 | &nbsp;&nbsp; 281784 |
| WuXi AppTec Co. Ltd. - Class A | 67091 | &nbsp;&nbsp; 654444 |
| WuXi AppTec Co. Ltd. - Class H (b) | 275900 | &nbsp;&nbsp; 2771256 |
| Wuxi Biologics Cayman, Inc. (a) | 364500 | &nbsp;&nbsp; 1193920 |
| Xiaomi Corp. - Class B (a) | 2414400 | &nbsp;&nbsp; 18607097 |
| Xinhua Winshare Publishing & Media Co. Ltd. - Class A | 242000 | &nbsp;&nbsp; 492599 |
| XPeng, Inc. - Class A (a) | 91000 | &nbsp;&nbsp; 812625 |
| Xtep International Holdings Ltd. (b) | 1576056 | &nbsp;&nbsp; 1132372 |
| Yealink Network Technology Corp. Ltd. - Class A | 43900 | &nbsp;&nbsp; 212981 |
| Yifeng Pharmacy Chain Co. Ltd. - Class A | 49600 | &nbsp;&nbsp; 169502 |
| Yongjin Technology Group Co. Ltd.  | 238200 | &nbsp;&nbsp; 590109 |
| Yum China Holdings, Inc.  | 89200 | &nbsp;&nbsp; 3988132 |
| Yunnan Aluminium Co. Ltd. - Class A | 64500 | &nbsp;&nbsp; 143863 |
| Yunnan Yuntianhua Co. Ltd. - Class A | 280500 | &nbsp;&nbsp; 860075 |
| Yutong Bus Co. Ltd. - Class A | 366700 | &nbsp;&nbsp; 1272273 |
| Zhejiang Chint Electrics Co. Ltd. - Class A | 113200 | &nbsp;&nbsp; 357652 |
| Zhejiang Expressway Co. Ltd. - Class H | 502000 | &nbsp;&nbsp; 462220 |
| Zhejiang Hailide New Material Co. Ltd. - Class A | 351500 | &nbsp;&nbsp; 250688 |
| Zhejiang Huayou Cobalt Co. Ltd. - Class A | 152900 | &nbsp;&nbsp; 790042 |
| Zhejiang Jiahua Energy Chemical Industry Co. Ltd. - Class A | 518600 | &nbsp;&nbsp; 611577 |
| Zhongsheng Group Holdings Ltd.  | 449000 | &nbsp;&nbsp; 694371 |
| Zijin Mining Group Co. Ltd. - Class H | 86000 | &nbsp;&nbsp; 218902 |
| ZTE Corp. - Class H | 405200 | &nbsp;&nbsp; 1250019 |
|  |  | &nbsp;&nbsp; 318702025 |
| **Czech Republic — 0.3%** | **Czech Republic — 0.3%** | **Czech Republic — 0.3%** |
| CEZ AS | 15226 | &nbsp;&nbsp; 894816 |
| Komercni Banka AS | 27100 | &nbsp;&nbsp; 1310314 |
| Moneta Money Bank AS | 219118 | &nbsp;&nbsp; 1511416 |
|  |  | &nbsp;&nbsp; 3716546 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Eastern Co. SAE | 241085 | &nbsp;&nbsp; 145817 |
| **Greece — 0.7%** | **Greece — 0.7%** | **Greece — 0.7%** |
| Eurobank Ergasias Services & Holdings SA - Class A | 735035 | &nbsp;&nbsp; 2531333 |
| National Bank of Greece SA | 123447 | &nbsp;&nbsp; 1578291 |
| OPAP SA | 117995 | &nbsp;&nbsp; 2679323 |
| Piraeus Financial Holdings SA | 116213 | &nbsp;&nbsp; 807419 |
| Public Power Corp. SA | 36938 | &nbsp;&nbsp; 604004 |
|  |  | &nbsp;&nbsp; 8200370 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| Orient Overseas International Ltd.  | 12000 | &nbsp;&nbsp; 204347 |

---

*See accompanying notes to financial statements.*

**BHFTI-450**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hong Kong — (Continued)** | **Hong Kong — (Continued)** | **Hong Kong — (Continued)** |
| Sino Biopharmaceutical Ltd.  | 4931000 | &nbsp;&nbsp; $3311354 |
| Wasion Holdings Ltd.  | 380000 | &nbsp;&nbsp; 404537 |
| WH Group Ltd.  | 1287000 | &nbsp;&nbsp; 1239492 |
|  |  | &nbsp;&nbsp; 5159730 |
| **Hungary — 0.2%** | **Hungary — 0.2%** | **Hungary — 0.2%** |
| Magyar Telekom Telecommunications PLC | 202330 | &nbsp;&nbsp; 1061546 |
| MOL Hungarian Oil & Gas PLC | 18743 | &nbsp;&nbsp; 163197 |
| OTP Bank Nyrt | 10332 | &nbsp;&nbsp; 825296 |
|  |  | &nbsp;&nbsp; 2050039 |
| **India — 17.8%** | **India — 17.8%** | **India — 17.8%** |
| Adani Power Ltd. (a) | 126731 | &nbsp;&nbsp; 865688 |
| Alkem Laboratories Ltd.  | 9028 | &nbsp;&nbsp; 520016 |
| Apollo Hospitals Enterprise Ltd.  | 25807 | &nbsp;&nbsp; 2178357 |
| Arvind Ltd.  | 98669 | &nbsp;&nbsp; 407512 |
| Ashok Leyland Ltd.  | 818424 | &nbsp;&nbsp; 2381926 |
| Aster DM Healthcare Ltd.  | 96166 | &nbsp;&nbsp; 668173 |
| Aurobindo Pharma Ltd. (a) | 117746 | &nbsp;&nbsp; 1559631 |
| Axis Bank Ltd.  | 192933 | &nbsp;&nbsp; 2696288 |
| Bajaj Auto Ltd.  | 17258 | &nbsp;&nbsp; 1688442 |
| Bajaj Consumer Care Ltd. (a) | 181870 | &nbsp;&nbsp; 445939 |
| Bajaj Finance Ltd.  | 150250 | &nbsp;&nbsp; 1642095 |
| Bank of Baroda | 60073 | &nbsp;&nbsp; 174105 |
| Bharat Electronics Ltd.  | 328079 | &nbsp;&nbsp; 1618149 |
| Bharat Petroleum Corp. Ltd.  | 773922 | &nbsp;&nbsp; 2992472 |
| Bharti Airtel Ltd.  | 429772 | &nbsp;&nbsp; 10083198 |
| Biocon Ltd.  | 187483 | &nbsp;&nbsp; 781580 |
| Bombay Burmah Trading Co.  | 20786 | &nbsp;&nbsp; 486673 |
| CESC Ltd.  | 373354 | &nbsp;&nbsp; 747837 |
| Chambal Fertilisers & Chemicals Ltd.  | 160458 | &nbsp;&nbsp; 1059040 |
| Chennai Petroleum Corp. Ltd.  | 31514 | &nbsp;&nbsp; 250263 |
| Cipla Ltd.  | 41042 | &nbsp;&nbsp; 720897 |
| Coal India Ltd.  | 524597 | &nbsp;&nbsp; 2398312 |
| Colgate-Palmolive India Ltd.  | 20274 | &nbsp;&nbsp; 570545 |
| Coromandel International Ltd.  | 15294 | &nbsp;&nbsp; 444682 |
| Divi's Laboratories Ltd.  | 20235 | &nbsp;&nbsp; 1613911 |
| Dr. Reddy's Laboratories Ltd.  | 186940 | &nbsp;&nbsp; 2809265 |
| EID Parry India Ltd. (a) | 93440 | &nbsp;&nbsp; 1207781 |
| Emami Ltd.  | 43771 | &nbsp;&nbsp; 291912 |
| Embassy Office Parks (REIT) | 131720 | &nbsp;&nbsp; 598803 |
| EPL Ltd.  | 208980 | &nbsp;&nbsp; 593056 |
| Finolex Cables Ltd.  | 50306 | &nbsp;&nbsp; 580547 |
| Force Motors Ltd.  | 4679 | &nbsp;&nbsp; 881210 |
| Fortis Healthcare Ltd.  | 130059 | &nbsp;&nbsp; 1201980 |
| GAIL India Ltd.  | 990889 | &nbsp;&nbsp; 2204317 |
| General Insurance Corp. of India | 187688 | &nbsp;&nbsp; 841399 |
| GHCL Ltd.  | 52656 | &nbsp;&nbsp; 376427 |
| GMR Power & Urban Infra Ltd. (a) | 113499 | &nbsp;&nbsp; 151999 |
| Godawari Power & Ispat Ltd.  | 158985 | &nbsp;&nbsp; 352251 |
| Graphite India Ltd.  | 48348 | &nbsp;&nbsp; 319486 |
| Grasim Industries Ltd.  | 18083 | &nbsp;&nbsp; 600309 |
| Great Eastern Shipping Co. Ltd.  | 70066 | &nbsp;&nbsp; 800138 |
| Gujarat Pipavav Port Ltd.  | 342759 | &nbsp;&nbsp; 648103 |
| Gujarat State Petronet Ltd.  | 95517 | &nbsp;&nbsp; 366608 |
| HCL Technologies Ltd.  | 233215 | &nbsp;&nbsp; 4711625 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **India — (Continued)** | **India — (Continued)** | **India — (Continued)** |
| HDFC Asset Management Co. Ltd.  | 14577 | &nbsp;&nbsp; $884329 |
| HDFC Bank Ltd.  | 463978 | &nbsp;&nbsp; 10815881 |
| HDFC Bank Ltd. (ADR) | 55900 | &nbsp;&nbsp; 4285853 |
| Hero MotoCorp Ltd.  | 51121 | &nbsp;&nbsp; 2525686 |
| Hindalco Industries Ltd.  | 456132 | &nbsp;&nbsp; 3686722 |
| Hindustan Aeronautics Ltd.  | 47160 | &nbsp;&nbsp; 2683452 |
| Hindustan Petroleum Corp. Ltd.  | 334833 | &nbsp;&nbsp; 1706179 |
| Hindustan Unilever Ltd.  | 51422 | &nbsp;&nbsp; 1377808 |
| ICICI Bank Ltd.  | 582333 | &nbsp;&nbsp; 9827049 |
| ICICI Bank Ltd. (ADR) | 31800 | &nbsp;&nbsp; 1069752 |
| Indian Hotels Co. Ltd.  | 72682 | &nbsp;&nbsp; 646185 |
| Indian Oil Corp. Ltd.  | 1319033 | &nbsp;&nbsp; 2261533 |
| Indus Towers Ltd. (a) | 661249 | &nbsp;&nbsp; 3258757 |
| Infosys Ltd.  | 301370 | &nbsp;&nbsp; 5636867 |
| Infosys Ltd. (ADR) (b) | 194300 | &nbsp;&nbsp; 3600379 |
| InterGlobe Aviation Ltd. (a) | 38871 | &nbsp;&nbsp; 2708468 |
| ITC Ltd.  | 486792 | &nbsp;&nbsp; 2365529 |
| Jindal Saw Ltd.  | 35040 | &nbsp;&nbsp; 98360 |
| JSW Steel Ltd.  | 109667 | &nbsp;&nbsp; 1303032 |
| Karur Vysya Bank Ltd.  | 403255 | &nbsp;&nbsp; 1260621 |
| Kaveri Seed Co. Ltd.  | 19487 | &nbsp;&nbsp; 268703 |
| KCP Ltd.  | 154561 | &nbsp;&nbsp; 370536 |
| Kotak Mahindra Bank Ltd.  | 51855 | &nbsp;&nbsp; 1306401 |
| Larsen & Toubro Ltd.  | 36372 | &nbsp;&nbsp; 1557358 |
| LG Balakrishnan & Bros Ltd.  | 9678 | &nbsp;&nbsp; 146458 |
| LT Foods Ltd.  | 102998 | &nbsp;&nbsp; 582925 |
| Lupin Ltd.  | 75156 | &nbsp;&nbsp; 1699919 |
| Mahindra & Mahindra Ltd.  | 178128 | &nbsp;&nbsp; 6604950 |
| Maruti Suzuki India Ltd.  | 2018 | &nbsp;&nbsp; 291849 |
| Max Healthcare Institute Ltd.  | 69479 | &nbsp;&nbsp; 1034218 |
| Mphasis Ltd.  | 55947 | &nbsp;&nbsp; 1860477 |
| Muthoot Finance Ltd.  | 104413 | &nbsp;&nbsp; 3199664 |
| National Aluminium Co. Ltd.  | 510073 | &nbsp;&nbsp; 1147059 |
| Nava Ltd.  | 140377 | &nbsp;&nbsp; 993552 |
| NMDC Ltd.  | 1575423 | &nbsp;&nbsp; 1286126 |
| NTPC Ltd.  | 1040391 | &nbsp;&nbsp; 4063153 |
| Oil & Natural Gas Corp. Ltd.  | 912825 | &nbsp;&nbsp; 2596762 |
| Oil India Ltd.  | 79722 | &nbsp;&nbsp; 404460 |
| Oracle Financial Services Software Ltd.  | 18336 | &nbsp;&nbsp; 1920428 |
| Page Industries Ltd.  | 217 | &nbsp;&nbsp; 124878 |
| Petronet LNG Ltd.  | 604773 | &nbsp;&nbsp; 2132212 |
| Power Finance Corp. Ltd.  | 183405 | &nbsp;&nbsp; 914004 |
| Power Grid Corp. of India Ltd.  | 1142170 | &nbsp;&nbsp; 3984881 |
| PTC India Ltd.  | 165335 | &nbsp;&nbsp; 347587 |
| Raymond Ltd. (a) | 14542 | &nbsp;&nbsp; 121284 |
| Raymond Realty Ltd. (a) | 14542 | &nbsp;&nbsp; 175382 |
| REC Ltd.  | 251480 | &nbsp;&nbsp; 1181174 |
| Reliance Industries Ltd.  | 655276 | &nbsp;&nbsp; 11463903 |
| Reliance Infrastructure Ltd. (a) | 270076 | &nbsp;&nbsp; 1292027 |
| Shriram Finance Ltd.  | 168376 | &nbsp;&nbsp; 1389136 |
| State Bank of India | 318055 | &nbsp;&nbsp; 3041378 |
| Sun Pharmaceutical Industries Ltd.  | 226086 | &nbsp;&nbsp; 4422030 |
| Sun TV Network Ltd.  | 41003 | &nbsp;&nbsp; 286768 |
| Surya Roshni Ltd.  | 57810 | &nbsp;&nbsp; 234410 |
| Tata Consultancy Services Ltd.  | 64049 | &nbsp;&nbsp; 2584999 |
| Tata Motors Ltd.  | 365066 | &nbsp;&nbsp; 2931557 |

---

*See accompanying notes to financial statements.*

**BHFTI-451**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **India — (Continued)** | **India — (Continued)** | **India — (Continued)** |
| Tech Mahindra Ltd.  | 110227 | &nbsp;&nbsp; $2167165 |
| TVS Motor Co. Ltd.  | 69430 | &nbsp;&nbsp; 2355238 |
| UltraTech Cement Ltd.  | 2697 | &nbsp;&nbsp; 380153 |
| United Spirits Ltd.  | 47100 | &nbsp;&nbsp; 785284 |
| UPL Ltd.  | 210296 | &nbsp;&nbsp; 1621455 |
| Varun Beverages Ltd.  | 26044 | &nbsp;&nbsp; 139085 |
| Vedanta Ltd.  | 582908 | &nbsp;&nbsp; 3138360 |
| Welspun Corp. Ltd. (a) | 119583 | &nbsp;&nbsp; 1296936 |
| Wipro Ltd.  | 1053738 | &nbsp;&nbsp; 3275985 |
| Zydus Lifesciences Ltd.  | 28340 | &nbsp;&nbsp; 327752 |
|  |  | &nbsp;&nbsp; 203985410 |
| **Indonesia — 1.0%** | **Indonesia — 1.0%** | **Indonesia — 1.0%** |
| Alamtri Resources Indonesia Tbk. PT | 2012000 | &nbsp;&nbsp; 227372 |
| Aneka Tambang Tbk. PT | 3370000 | &nbsp;&nbsp; 632551 |
| Astra International Tbk. PT | 10062500 | &nbsp;&nbsp; 2789671 |
| Bank Central Asia Tbk. PT | 3446300 | &nbsp;&nbsp; 1846528 |
| Bank Mandiri Persero Tbk. PT | 2859800 | &nbsp;&nbsp; 860305 |
| Bank Rakyat Indonesia Persero Tbk. PT | 6858200 | &nbsp;&nbsp; 1586018 |
| Bukit Asam Tbk. PT | 1336300 | &nbsp;&nbsp; 202899 |
| Erajaya Swasembada Tbk. PT | 5590200 | &nbsp;&nbsp; 183196 |
| Indofood Sukses Makmur Tbk. PT | 3224300 | &nbsp;&nbsp; 1615942 |
| Perusahaan Gas Negara Tbk. PT | 4422900 | &nbsp;&nbsp; 440730 |
| Saratoga Investama Sedaya Tbk. PT (a) | 2526400 | &nbsp;&nbsp; 251827 |
| Timah Tbk. PT | 2225600 | &nbsp;&nbsp; 142361 |
| United Tractors Tbk. PT | 355400 | &nbsp;&nbsp; 470889 |
|  |  | &nbsp;&nbsp; 11250289 |
| **Kuwait — 0.5%** | **Kuwait — 0.5%** | **Kuwait — 0.5%** |
| Ali Alghanim Sons Automotive Co. KSCC | 95622 | &nbsp;&nbsp; 353690 |
| Boursa Kuwait Securities Co. KPSC | 60648 | &nbsp;&nbsp; 602951 |
| Commercial Real Estate Co. KSC | 983191 | &nbsp;&nbsp; 630813 |
| Gulf Cables & Electrical Industries Group Co. KSCP | 82040 | &nbsp;&nbsp; 542120 |
| Kuwait Finance House KSCP | 565202 | &nbsp;&nbsp; 1486233 |
| Kuwait Telecommunications Co.  | 78122 | &nbsp;&nbsp; 143265 |
| Mobile Telecommunications Co. KSCP | 78647 | &nbsp;&nbsp; 124335 |
| National Bank of Kuwait SAKP | 445773 | &nbsp;&nbsp; 1460322 |
| National Industries Group Holding SAK | 387615 | &nbsp;&nbsp; 323987 |
| National Investments Co. KSCP | 622624 | &nbsp;&nbsp; 510374 |
|  |  | &nbsp;&nbsp; 6178090 |
| **Malaysia — 1.0%** | **Malaysia — 1.0%** | **Malaysia — 1.0%** |
| Aeon Co. M Bhd.  | 934700 | &nbsp;&nbsp; 310717 |
| Alliance Bank Malaysia Bhd.  | 650900 | &nbsp;&nbsp; 670934 |
| AMMB Holdings Bhd.  | 820854 | &nbsp;&nbsp; 994523 |
| CIMB Group Holdings Bhd.  | 2155923 | &nbsp;&nbsp; 3519320 |
| Eco World Development Group Bhd.  | 367700 | &nbsp;&nbsp; 171508 |
| KPJ Healthcare Bhd.  | 1026400 | &nbsp;&nbsp; 648535 |
| Malayan Banking Bhd.  | 1529967 | &nbsp;&nbsp; 3545430 |
| RHB Bank Bhd.  | 564700 | &nbsp;&nbsp; 850474 |
| Ta Ann Holdings Bhd.  | 201000 | &nbsp;&nbsp; 178088 |
| Tenaga Nasional Bhd.  | 102000 | &nbsp;&nbsp; 348427 |
| United Plantations Bhd.  | 129750 | &nbsp;&nbsp; 678432 |
|  |  | &nbsp;&nbsp; 11916388 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Mexico — 2.0%** | **Mexico — 2.0%** | **Mexico — 2.0%** |
| Arca Continental SAB de CV | 264800 | &nbsp;&nbsp; $2805417 |
| Banco del Bajio SA | 395200 | &nbsp;&nbsp; 954065 |
| Cemex SAB de CV (ADR) | 141600 | &nbsp;&nbsp; 981288 |
| Coca-Cola Femsa SAB de CV | 185200 | &nbsp;&nbsp; 1794015 |
| FIBRA Macquarie Mexico (REIT) | 110600 | &nbsp;&nbsp; 177059 |
| Fibra Uno Administracion SA de CV (REIT) | 1948100 | &nbsp;&nbsp; 2693049 |
| Fomento Economico Mexicano SAB de CV | 136200 | &nbsp;&nbsp; 1401159 |
| Gruma SAB de CV - Class B | 71015 | &nbsp;&nbsp; 1224791 |
| Grupo Financiero Banorte SAB de CV - Class O | 503200 | &nbsp;&nbsp; 4617549 |
| Grupo Mexico SAB de CV - Series B | 434100 | &nbsp;&nbsp; 2619938 |
| Industrias Penoles SAB de CV (a) | 6900 | &nbsp;&nbsp; 192918 |
| Kimberly-Clark de Mexico SAB de CV - Class A | 222800 | &nbsp;&nbsp; 408448 |
| Promotora y Operadora de Infraestructura SAB de CV | 124055 | &nbsp;&nbsp; 1399185 |
| Regional SAB de CV | 135100 | &nbsp;&nbsp; 1115964 |
| Wal-Mart de Mexico SAB de CV | 46000 | &nbsp;&nbsp; 152185 |
|  |  | &nbsp;&nbsp; 22537030 |
| **Monaco — 0.0%** | **Monaco — 0.0%** | **Monaco — 0.0%** |
| Costamare Bulkers Holdings Ltd. (a) | 3170 | &nbsp;&nbsp; 27484 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Credicorp Ltd.  | 10500 | &nbsp;&nbsp; 2346960 |
| Intercorp Financial Services, Inc.  | 11678 | &nbsp;&nbsp; 445282 |
|  |  | &nbsp;&nbsp; 2792242 |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |
| DMCI Holdings, Inc.  | 2448600 | &nbsp;&nbsp; 474170 |
| GT Capital Holdings, Inc.  | 46970 | &nbsp;&nbsp; 479074 |
| International Container Terminal Services, Inc.  | 262460 | &nbsp;&nbsp; 1920224 |
| Metropolitan Bank & Trust Co.  | 548990 | &nbsp;&nbsp; 706629 |
| PLDT, Inc.  | 13505 | &nbsp;&nbsp; 291778 |
| Semirara Mining & Power Corp.  | 438900 | &nbsp;&nbsp; 257115 |
|  |  | &nbsp;&nbsp; 4128990 |
| **Poland — 0.9%** | **Poland — 0.9%** | **Poland — 0.9%** |
| Asseco Poland SA | 5431 | &nbsp;&nbsp; 305575 |
| Bank Handlowy w Warszawie SA (a) | 26282 | &nbsp;&nbsp; 873196 |
| Bank Polska Kasa Opieki SA | 41368 | &nbsp;&nbsp; 2133316 |
| Cyfrowy Polsat SA (a) | 78027 | &nbsp;&nbsp; 382202 |
| Enea SA (a) | 48148 | &nbsp;&nbsp; 261760 |
| ORLEN SA | 74243 | &nbsp;&nbsp; 1694363 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 206676 | &nbsp;&nbsp; 4323531 |
| Rainbow Tours SA | 4929 | &nbsp;&nbsp; 186988 |
| Santander Bank Polska SA | 4056 | &nbsp;&nbsp; 557904 |
|  |  | &nbsp;&nbsp; 10718835 |
| **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** |
| Ooredoo QPSC | 499090 | &nbsp;&nbsp; 1751983 |
| Qatar Islamic Bank QPSC | 317645 | &nbsp;&nbsp; 1934687 |
| Qatar National Bank QPSC | 781757 | &nbsp;&nbsp; 3725763 |
| Vodafone Qatar QSC | 518770 | &nbsp;&nbsp; 339333 |
|  |  | &nbsp;&nbsp; 7751766 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Gazprom PJSC (a) (c) (d) | 595658 | &nbsp;&nbsp; 0 |

---

*See accompanying notes to financial statements.*

**BHFTI-452**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Russia — (Continued)** | **Russia — (Continued)** | **Russia — (Continued)** |
| LUKOIL PJSC (a) (c) (d) | 284391 | &nbsp;&nbsp; $0 |
| Mobile TeleSystems PJSC (a) (c) (d) | 253200 | &nbsp;&nbsp; 0 |
| Novatek PJSC (a) (c) (d) | 928138 | &nbsp;&nbsp; 0 |
| Novolipetsk Steel PJSC (GDR) (a) (c) (d) | 19696 | &nbsp;&nbsp; 0 |
| PhosAgro PJSC (a) (c) (d) | 287 | &nbsp;&nbsp; 0 |
| PhosAgro PJSC (GDR) (a) (c) (d) | 44560 | &nbsp;&nbsp; 0 |
| Rosneft Oil Co. PJSC (a) (c) (d) | 77745 | &nbsp;&nbsp; 0 |
| Sberbank of Russia PJSC † (a) (c) (d) | 2524904 | &nbsp;&nbsp; 0 |
| Severstal PAO (GDR) (a) (c) (d) | 30364 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Saudi Arabia — 3.4%** | **Saudi Arabia — 3.4%** | **Saudi Arabia — 3.4%** |
| Al Babtain Power & Telecommunication Co.  | 92777 | &nbsp;&nbsp; 1354525 |
| Al Rajhi Bank | 244480 | &nbsp;&nbsp; 6178982 |
| Alinma Bank | 322354 | &nbsp;&nbsp; 2310171 |
| Arab National Bank | 460422 | &nbsp;&nbsp; 2666699 |
| Arriyadh Development Co.  | 18892 | &nbsp;&nbsp; 177731 |
| Banque Saudi Fransi | 521534 | &nbsp;&nbsp; 2482218 |
| East Pipes Integrated Co. for Industry | 8385 | &nbsp;&nbsp; 282637 |
| Etihad Etisalat Co.  | 189929 | &nbsp;&nbsp; 3003476 |
| Mobile Telecommunications Co. Saudi Arabia | 269903 | &nbsp;&nbsp; 776949 |
| Riyad Bank | 392935 | &nbsp;&nbsp; 3011411 |
| Riyadh Cables Group Co.  | 28741 | &nbsp;&nbsp; 1086494 |
| Riyadh Cement Co.  | 52204 | &nbsp;&nbsp; 447128 |
| SABIC Agri-Nutrients Co.  | 90860 | &nbsp;&nbsp; 2595947 |
| Saudi Arabian Mining Co. (a) | 14077 | &nbsp;&nbsp; 201205 |
| Saudi Arabian Oil Co.  | 457207 | &nbsp;&nbsp; 2964270 |
| Saudi Awwal Bank | 158165 | &nbsp;&nbsp; 1421343 |
| Saudi Investment Bank | 270595 | &nbsp;&nbsp; 1047645 |
| Saudi National Bank | 268823 | &nbsp;&nbsp; 2593745 |
| Saudi Telecom Co.  | 435563 | &nbsp;&nbsp; 4940649 |
|  |  | &nbsp;&nbsp; 39543225 |
| **South Africa — 2.8%** | **South Africa — 2.8%** | **South Africa — 2.8%** |
| Capitec Bank Holdings Ltd.  | 2934 | &nbsp;&nbsp; 590088 |
| Clicks Group Ltd.  | 24066 | &nbsp;&nbsp; 505263 |
| FirstRand Ltd.  | 263289 | &nbsp;&nbsp; 1128904 |
| Gold Fields Ltd.  | 151884 | &nbsp;&nbsp; 3597872 |
| Harmony Gold Mining Co. Ltd.  | 181164 | &nbsp;&nbsp; 2512049 |
| Investec Ltd.  | 76543 | &nbsp;&nbsp; 571601 |
| Kumba Iron Ore Ltd. (b) | 47886 | &nbsp;&nbsp; 771835 |
| Life Healthcare Group Holdings Ltd.  | 436124 | &nbsp;&nbsp; 351894 |
| Momentum Group Ltd.  | 569619 | &nbsp;&nbsp; 1103695 |
| Naspers Ltd. - N Shares | 24085 | &nbsp;&nbsp; 7503993 |
| Nedbank Group Ltd.  | 123742 | &nbsp;&nbsp; 1699113 |
| Netcare Ltd.  | 345466 | &nbsp;&nbsp; 272405 |
| Old Mutual Ltd.  | 1439388 | &nbsp;&nbsp; 984808 |
| Omnia Holdings Ltd.  | 163785 | &nbsp;&nbsp; 735683 |
| Resilient REIT Ltd. (REIT) | 180501 | &nbsp;&nbsp; 616469 |
| Reunert Ltd.  | 21613 | &nbsp;&nbsp; 70335 |
| Shoprite Holdings Ltd.  | 146148 | &nbsp;&nbsp; 2291584 |
| Standard Bank Group Ltd.  | 333370 | &nbsp;&nbsp; 4298024 |
| Sun International Ltd.  | 129444 | &nbsp;&nbsp; 320177 |
| Telkom SA SOC Ltd. (a) | 60484 | &nbsp;&nbsp; 184926 |
| Vodacom Group Ltd.  | 262850 | &nbsp;&nbsp; 2031434 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **South Africa — (Continued)** | **South Africa — (Continued)** | **South Africa — (Continued)** |
| Wilson Bayly Holmes-Ovcon Ltd.  | 37027 | &nbsp;&nbsp; $386406 |
|  |  | &nbsp;&nbsp; 32528558 |
| **South Korea — 10.7%** | **South Korea — 10.7%** | **South Korea — 10.7%** |
| Alteogen, Inc. (a) | 3679 | &nbsp;&nbsp; 1016045 |
| BNK Financial Group, Inc.  | 42541 | &nbsp;&nbsp; 391908 |
| Celltrion, Inc.  | 1265 | &nbsp;&nbsp; 149578 |
| Chong Kun Dang Pharmaceutical Corp.  | 61 | &nbsp;&nbsp; 3747 |
| Coway Co. Ltd.  | 38286 | &nbsp;&nbsp; 2746723 |
| Doosan Bobcat, Inc.  | 15149 | &nbsp;&nbsp; 653618 |
| DoubleUGames Co. Ltd.  | 19697 | &nbsp;&nbsp; 832452 |
| Hana Financial Group, Inc.  | 79325 | &nbsp;&nbsp; 5061506 |
| Hankook Tire & Technology Co. Ltd.  | 60527 | &nbsp;&nbsp; 1780018 |
| Hanwha Aerospace Co. Ltd.  | 1958 | &nbsp;&nbsp; 1230531 |
| HD Hyundai Co. Ltd.  | 14327 | &nbsp;&nbsp; 1375607 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd.  | 5811 | &nbsp;&nbsp; 1577388 |
| HMM Co. Ltd.  | 43558 | &nbsp;&nbsp; 726083 |
| Hyundai Glovis Co. Ltd.  | 28108 | &nbsp;&nbsp; 2807092 |
| Hyundai Mobis Co. Ltd.  | 19984 | &nbsp;&nbsp; 4239731 |
| Hyundai Motor Co.  | 1356 | &nbsp;&nbsp; 203863 |
| Kangwon Land, Inc.  | 86285 | &nbsp;&nbsp; 1169928 |
| KB Financial Group, Inc.  | 77369 | &nbsp;&nbsp; 6356803 |
| Kia Corp.  | 41137 | &nbsp;&nbsp; 2945369 |
| Korea Electric Power Corp.  | 129821 | &nbsp;&nbsp; 3756488 |
| Korea Electric Terminal Co. Ltd.  | 12430 | &nbsp;&nbsp; 599549 |
| Korea Investment Holdings Co. Ltd.  | 25973 | &nbsp;&nbsp; 2686290 |
| Krafton, Inc. (a) | 797 | &nbsp;&nbsp; 214425 |
| KT&G Corp.  | 36567 | &nbsp;&nbsp; 3456989 |
| LS Corp.  | 2362 | &nbsp;&nbsp; 343657 |
| Meritz Financial Group, Inc.  | 18834 | &nbsp;&nbsp; 1569782 |
| Mirae Asset Securities Co. Ltd.  | 227524 | &nbsp;&nbsp; 3618800 |
| NAVER Corp.  | 18122 | &nbsp;&nbsp; 3518390 |
| NH Investment & Securities Co. Ltd.  | 87066 | &nbsp;&nbsp; 1290254 |
| NICE Information Service Co. Ltd.  | 85991 | &nbsp;&nbsp; 1041406 |
| Orion Holdings Corp.  | 11829 | &nbsp;&nbsp; 192903 |
| POSCO Holdings, Inc.  | 2741 | &nbsp;&nbsp; 531496 |
| Samsung Card Co. Ltd.  | 22303 | &nbsp;&nbsp; 816544 |
| Samsung Electro-Mechanics Co. Ltd.  | 13535 | &nbsp;&nbsp; 1351396 |
| Samsung Electronics Co. Ltd.  | 625022 | &nbsp;&nbsp; 27710124 |
| Samsung Fire & Marine Insurance Co. Ltd.  | 4993 | &nbsp;&nbsp; 1606847 |
| Samsung Securities Co. Ltd.  | 26253 | &nbsp;&nbsp; 1432380 |
| Shinhan Financial Group Co. Ltd.  | 105003 | &nbsp;&nbsp; 4776525 |
| SK Hynix, Inc.  | 85225 | &nbsp;&nbsp; 18460465 |
| SK Square Co. Ltd. (a) | 22089 | &nbsp;&nbsp; 2998484 |
| SK Telecom Co. Ltd.  | 57890 | &nbsp;&nbsp; 2431624 |
| Woori Financial Group, Inc.  | 167686 | &nbsp;&nbsp; 2790456 |
| Youngone Corp.  | 6018 | &nbsp;&nbsp; 281309 |
|  |  | &nbsp;&nbsp; 122744573 |
| **Taiwan — 18.7%** | **Taiwan — 18.7%** | **Taiwan — 18.7%** |
| Acter Group Corp. Ltd.  | 83000 | &nbsp;&nbsp; 1124361 |
| Advancetek Enterprise Co. Ltd.  | 267000 | &nbsp;&nbsp; 657448 |
| Arcadyan Technology Corp.  | 54000 | &nbsp;&nbsp; 370787 |
| ASE Technology Holding Co. Ltd.  | 796000 | &nbsp;&nbsp; 3988082 |
| Asia Cement Corp.  | 304000 | &nbsp;&nbsp; 444012 |
| Asustek Computer, Inc.  | 192000 | &nbsp;&nbsp; 4234800 |

---

*See accompanying notes to financial statements.*

**BHFTI-453**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Taiwan — (Continued)** | **Taiwan — (Continued)** | **Taiwan — (Continued)** |
| Bizlink Holding, Inc.  | 13000 | &nbsp;&nbsp; $375140 |
| Cathay Financial Holding Co. Ltd.  | 2225703 | &nbsp;&nbsp; 4786863 |
| China Airlines Ltd.  | 860000 | &nbsp;&nbsp; 636171 |
| Compal Electronics, Inc.  | 2277000 | &nbsp;&nbsp; 2250775 |
| CTBC Financial Holding Co. Ltd.  | 3796000 | &nbsp;&nbsp; 5681023 |
| Delta Electronics, Inc.  | 424000 | &nbsp;&nbsp; 5969268 |
| Depo Auto Parts Ind Co. Ltd.  | 56000 | &nbsp;&nbsp; 367287 |
| E.Sun Financial Holding Co. Ltd.  | 2915000 | &nbsp;&nbsp; 3279319 |
| Elite Material Co. Ltd.  | 24000 | &nbsp;&nbsp; 721087 |
| Eva Airways Corp.  | 1817000 | &nbsp;&nbsp; 2482910 |
| Evergreen International Storage & Transport Corp.  | 153000 | &nbsp;&nbsp; 177721 |
| Evergreen Marine Corp. Taiwan Ltd.  | 100800 | &nbsp;&nbsp; 686971 |
| Far Eastern New Century Corp.  | 1301000 | &nbsp;&nbsp; 1468010 |
| Far EasTone Telecommunications Co. Ltd.  | 48000 | &nbsp;&nbsp; 147272 |
| First Financial Holding Co. Ltd.  | 2487396 | &nbsp;&nbsp; 2474596 |
| Fitipower Integrated Technology, Inc. (a) | 33000 | &nbsp;&nbsp; 246941 |
| FSP Technology, Inc.  | 226000 | &nbsp;&nbsp; 433418 |
| Fubon Financial Holding Co. Ltd.  | 1739312 | &nbsp;&nbsp; 5199968 |
| Fusheng Precision Co. Ltd.  | 51000 | &nbsp;&nbsp; 516171 |
| Hon Hai Precision Industry Co. Ltd.  | 2003000 | &nbsp;&nbsp; 10981169 |
| KGI Financial Holding Co. Ltd.  | 4928000 | &nbsp;&nbsp; 2523069 |
| Kindom Development Co. Ltd.  | 143100 | &nbsp;&nbsp; 246996 |
| Kung Long Batteries Industrial Co. Ltd.  | 7000 | &nbsp;&nbsp; 33484 |
| Largan Precision Co. Ltd.  | 15000 | &nbsp;&nbsp; 1222665 |
| Lite-On Technology Corp.  | 506000 | &nbsp;&nbsp; 1914886 |
| MediaTek, Inc.  | 244000 | &nbsp;&nbsp; 10388877 |
| Namchow Holdings Co. Ltd.  | 128000 | &nbsp;&nbsp; 179049 |
| Nan Pao Resins Chemical Co. Ltd.  | 55000 | &nbsp;&nbsp; 564130 |
| Nien Made Enterprise Co. Ltd.  | 59000 | &nbsp;&nbsp; 825183 |
| Novatek Microelectronics Corp.  | 104000 | &nbsp;&nbsp; 1941172 |
| Pixart Imaging, Inc.  | 48000 | &nbsp;&nbsp; 377308 |
| Posiflex Technology, Inc.  | 50000 | &nbsp;&nbsp; 494648 |
| Pou Chen Corp. (a) | 499000 | &nbsp;&nbsp; 528918 |
| President Chain Store Corp.  | 55000 | &nbsp;&nbsp; 483092 |
| Primax Electronics Ltd.  | 82000 | &nbsp;&nbsp; 204730 |
| Quanta Computer, Inc.  | 106000 | &nbsp;&nbsp; 991283 |
| Realtek Semiconductor Corp.  | 192000 | &nbsp;&nbsp; 3728227 |
| Sercomm Corp.  | 158000 | &nbsp;&nbsp; 515073 |
| Shinkong Insurance Co. Ltd.  | 130000 | &nbsp;&nbsp; 437105 |
| Sinon Corp.  | 249000 | &nbsp;&nbsp; 357151 |
| SinoPac Financial Holdings Co. Ltd.  | 249000 | &nbsp;&nbsp; 206364 |
| Sinyi Realty, Inc.  | 181000 | &nbsp;&nbsp; 155571 |
| Syncmold Enterprise Corp.  | 174000 | &nbsp;&nbsp; 416529 |
| Taiwan FU Hsing Industrial Co. Ltd.  | 302000 | &nbsp;&nbsp; 477031 |
| Taiwan Paiho Ltd.  | 131000 | &nbsp;&nbsp; 242276 |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 3235000 | &nbsp;&nbsp; 116802926 |
| Tung Ho Steel Enterprise Corp.  | 178000 | &nbsp;&nbsp; 387744 |
| Uni-President Enterprises Corp.  | 529000 | &nbsp;&nbsp; 1467413 |
| United Microelectronics Corp.  | 104000 | &nbsp;&nbsp; 157667 |
| Voltronic Power Technology Corp.  | 24000 | &nbsp;&nbsp; 1035627 |
| Wan Hai Lines Ltd.  | 111671 | &nbsp;&nbsp; 340384 |
| Wowprime Corp.  | 25000 | &nbsp;&nbsp; 212739 |
| Yang Ming Marine Transport Corp.  | 492123 | &nbsp;&nbsp; 1200640 |
| Yuanta Financial Holding Co. Ltd.  | 3236204 | &nbsp;&nbsp; 3784940 |
|  |  | &nbsp;&nbsp; 214546467 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Thailand — 1.1%** | **Thailand — 1.1%** | **Thailand — 1.1%** |
| Charoen Pokphand Foods PCL (NVDR) | 2725400 | &nbsp;&nbsp; $1927942 |
| CP ALL PCL (NVDR) | 26600 | &nbsp;&nbsp; 35993 |
| Delta Electronics Thailand PCL (NVDR) | 50800 | &nbsp;&nbsp; 149711 |
| Kasikornbank PCL (NVDR) | 502700 | &nbsp;&nbsp; 2374330 |
| PTG Energy PCL (NVDR) | 269300 | &nbsp;&nbsp; 47235 |
| PTT PCL (NVDR) | 2901300 | &nbsp;&nbsp; 2677994 |
| SCB X PCL (NVDR) | 298600 | &nbsp;&nbsp; 1079549 |
| Siam City Cement PCL (NVDR) | 41300 | &nbsp;&nbsp; 181061 |
| Tisco Financial Group PCL (NVDR) | 741800 | &nbsp;&nbsp; 2207906 |
| TMBThanachart Bank PCL | 33857600 | &nbsp;&nbsp; 1968420 |
|  |  | &nbsp;&nbsp; 12650141 |
| **Turkey — 0.6%** | **Turkey — 0.6%** | **Turkey — 0.6%** |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 339104 | &nbsp;&nbsp; 1289607 |
| BIM Birlesik Magazalar AS | 139232 | &nbsp;&nbsp; 1741350 |
| Dogan Sirketler Grubu Holding AS | 1304869 | &nbsp;&nbsp; 512622 |
| Ford Otomotiv Sanayi AS | 136959 | &nbsp;&nbsp; 308494 |
| Logo Yazilim Sanayi Ve Ticaret AS (b) | 118574 | &nbsp;&nbsp; 475438 |
| Migros Ticaret AS | 72767 | &nbsp;&nbsp; 909165 |
| Pegasus Hava Tasimaciligi AS (a) | 141562 | &nbsp;&nbsp; 919297 |
| Turk Telekomunikasyon AS (a) | 96662 | &nbsp;&nbsp; 142808 |
| Turkcell Iletisim Hizmetleri AS | 277106 | &nbsp;&nbsp; 673183 |
|  |  | &nbsp;&nbsp; 6971964 |
| **United Arab Emirates — 1.7%** | **United Arab Emirates — 1.7%** | **United Arab Emirates — 1.7%** |
| Abu Dhabi Commercial Bank PJSC | 688519 | &nbsp;&nbsp; 2526252 |
| Abu Dhabi Islamic Bank PJSC | 444837 | &nbsp;&nbsp; 2603682 |
| Aldar Properties PJSC | 205432 | &nbsp;&nbsp; 499021 |
| Dubai Islamic Bank PJSC | 717654 | &nbsp;&nbsp; 1772485 |
| Emaar Development PJSC | 640021 | &nbsp;&nbsp; 2361572 |
| Emaar Properties PJSC | 1412509 | &nbsp;&nbsp; 5231628 |
| Emirates NBD Bank PJSC | 582572 | &nbsp;&nbsp; 3615999 |
| First Abu Dhabi Bank PJSC | 86711 | &nbsp;&nbsp; 391960 |
| TECOM Group PJSC | 49500 | &nbsp;&nbsp; 43426 |
|  |  | &nbsp;&nbsp; 19046025 |
| **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |
| Anglogold Ashanti PLC | 106364 | &nbsp;&nbsp; 4847182 |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| JBS NV (BDR) (a) | 200050 | &nbsp;&nbsp; 2879739 |
| Titan SA | 21688 | &nbsp;&nbsp; 982478 |
|  |  | &nbsp;&nbsp; 3862217 |
| Total Common Stocks <br>(Cost $986,437,412) <br>|  | &nbsp;&nbsp; 1116555889 |
| **Preferred Stocks—1.5%** | **Preferred Stocks—1.5%** | **Preferred Stocks—1.5%** |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| Banco Bradesco SA | 588100 | &nbsp;&nbsp; 1821745 |
| Cia Energetica de Minas Gerais | 675203 | &nbsp;&nbsp; 1342179 |
| Itau Unibanco Holding SA | 118030 | &nbsp;&nbsp; 802711 |
| Itausa SA | 1873726 | &nbsp;&nbsp; 3776352 |
| Marcopolo SA | 441700 | &nbsp;&nbsp; 647132 |
| Petroleo Brasileiro SA - Petrobras | 600600 | &nbsp;&nbsp; 3468890 |

---

*See accompanying notes to financial statements.*

**BHFTI-454**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Preferred Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Brazil — (continued)** | **Brazil — (continued)** | **Brazil — (continued)** |
| Petroleo Brasileiro SA - Petrobras (ADR) | 18100 | &nbsp;&nbsp; $208874 |
|  |  | &nbsp;&nbsp; 12067883 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Embotelladora Andina SA | 239575 | &nbsp;&nbsp; 977458 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA | 45469 | &nbsp;&nbsp; 523831 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| Samsung Electronics Co. Ltd.  | 105548 | &nbsp;&nbsp; 3870641 |
| Total Preferred Stocks <br>(Cost $16,250,425) <br>|  | &nbsp;&nbsp; 17439813 |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| Alliance Bank Malaysia Bhd. (a) <br>(Cost $0)<br>| 76576 | &nbsp;&nbsp; 18371 |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| YTL Corp. Bhd., Expires 06/02/28 (a) <br>(Cost $0)<br>| 79600 | &nbsp;&nbsp; 15525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** | **Short-Term Investments—0.7%** |
| **Short-Term Investment Funds — 0.7%** |  |  |
| Invesco Treasury Portfolio, Institutional Class |  |  |
| 4.230% (e) | 7870021 | &nbsp;&nbsp; 7870021 |
| Total Short-Term Investments <br>(Cost $7,870,021) <br>|  | &nbsp;&nbsp; 7870021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (f)—0.4%** | **Securities Lending Reinvestments (f)—0.4%** | **Securities Lending Reinvestments (f)—0.4%** |
| **Short-Term Investment Funds — 0.4%** |  |  |
| AB Government Money Market Portfolio, <br>Institutional Class, 4.170% (e)<br>| 50000 | &nbsp;&nbsp; 50000 |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares, 4.220% (e)<br>| 700000 | &nbsp;&nbsp; 700000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class, 4.190% (e)<br>| 700000 | &nbsp;&nbsp; 700000 |
| Goldman Sachs Financial Square Government Fund, <br>Institutional Shares, 4.220% (e)<br>| 700000 | &nbsp;&nbsp; 700000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class, 4.260% (e)<br>| 700000 | &nbsp;&nbsp; 700000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Short-Term Investment Funds — (Continued)** |  |  |
| Morgan Stanley Liquidity Funds Government Portfolio, <br>Institutional Shares, 4.230% (e)<br>| 711811 | &nbsp;&nbsp; $711811 |
| RBC BlueBay U.S. Government Money Market Fund, <br>Institutional Shares, 4.250% (e)<br>| 700000 | &nbsp;&nbsp; 700000 |
|  |  | &nbsp;&nbsp; 4261811 |
| Total Securities Lending Reinvestments <br>(Cost $4,261,811) <br>|  | &nbsp;&nbsp; 4261811 |
| Total Investments—99.8% <br>(Cost $1,014,819,669) <br>|  | &nbsp;&nbsp; 1146161430 |
| Other assets and liabilities (net)—0.2%  |  | &nbsp;&nbsp; 2209034 |
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1148370464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;† Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2025, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $15,938,078 and the collateral received consisted of cash in the amount of $4,261,811 and non-cash collateral with a value of $12,600,384. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of June 30, 2025, these securities represent 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents the annualized seven-day yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ten Largest Industries as of** <br>**June 30, 2025 (Unaudited)**<br>| **% of** <br>**Net Assets**<br>|
| Banks | 18.4 |
| Semiconductors & Semiconductor Equipment | 13.6 |
| Interactive Media & Services | 5.7 |
| Technology Hardware, Storage & Peripherals | 5.5 |
| Broadline Retail | 4.7 |
| Oil, Gas & Consumable Fuels | 4.0 |
| Metals & Mining | 3.4 |
| Automobiles | 3.1 |
| Insurance | 3.1 |
| Electronic Equipment, Instruments & Components | 2.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Sberbank of Russia PJSC | 04/12/19-10/13/21 | &nbsp;&nbsp; 2524904 | &nbsp;&nbsp; $8857252 | &nbsp;&nbsp; $0 |

---

*See accompanying notes to financial statements.*

**BHFTI-455**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $493833356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $200258531 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(4261811)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(4261811)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(4261811)<br>|

---

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 208 | USD | 12828400 | &nbsp;&nbsp; $280026 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Equity | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $280026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $1313001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Equity** |
| Futures contracts | &nbsp;&nbsp; $587574 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $10956475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See accompanying notes to financial statements.*

**BHFTI-456**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Schedule of Investments as of June 30, 2025** 

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp; $36998179 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36998179 |
| Chile | &nbsp;&nbsp; 3556307 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3556307 |
| China | &nbsp;&nbsp; 16442530 | &nbsp;&nbsp; 302259495 | &nbsp;&nbsp; — | &nbsp;&nbsp; 318702025 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 3716546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3716546 |
| Egypt | &nbsp;&nbsp; — | &nbsp;&nbsp; 145817 | &nbsp;&nbsp; — | &nbsp;&nbsp; 145817 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 8200370 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8200370 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 5159730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5159730 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 2050039 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2050039 |
| India | &nbsp;&nbsp; 8955984 | &nbsp;&nbsp; 195029426 | &nbsp;&nbsp; — | &nbsp;&nbsp; 203985410 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 11250289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11250289 |
| Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp; 6178090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6178090 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 11916388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11916388 |
| Mexico | &nbsp;&nbsp; 22537030 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22537030 |
| Monaco | &nbsp;&nbsp; 27484 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27484 |
| Peru | &nbsp;&nbsp; 2792242 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2792242 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp; 4128990 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4128990 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 10718835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10718835 |
| Qatar | &nbsp;&nbsp; — | &nbsp;&nbsp; 7751766 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7751766 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Saudi Arabia | &nbsp;&nbsp; — | &nbsp;&nbsp; 39543225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39543225 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 32528558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32528558 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 122744573 | &nbsp;&nbsp; — | &nbsp;&nbsp; 122744573 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 214546467 | &nbsp;&nbsp; — | &nbsp;&nbsp; 214546467 |
| Thailand | &nbsp;&nbsp; 1968420 | &nbsp;&nbsp; 10681721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12650141 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp; 6971964 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6971964 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; 19046025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19046025 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 4847182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4847182 |
| United States | &nbsp;&nbsp; 2879739 | &nbsp;&nbsp; 982478 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3862217 |
| Total Common Stocks | &nbsp;&nbsp; 96157915 | &nbsp;&nbsp; 1020397974 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1116555889 |
| Preferred Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp; 12067883 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12067883 |
| Chile | &nbsp;&nbsp; 977458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 977458 |
| Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp; 523831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 523831 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 3870641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3870641 |
| Total Preferred Stocks | &nbsp;&nbsp; 13045341 | &nbsp;&nbsp; 4394472 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17439813 |
| Total Warrants\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 15525 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15525 |
| Total Rights\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 18371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18371 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 7870021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7870021 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 4261811 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4261811 |
| Total Investments | &nbsp;&nbsp; $121335088 | &nbsp;&nbsp; $1024826342 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1146161430 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4261811)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4261811)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $280026 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $280026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

*See accompanying notes to financial statements.*

**BHFTI-457**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1146161430 |
| Cash denominated in foreign currencies (c) | &nbsp;&nbsp; 7835596 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 522267 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 2787 |
| Dividends and interest | &nbsp;&nbsp; 5102339 |
| Variation margin on futures contracts | &nbsp;&nbsp; 71366 |
| Prepaid expenses | &nbsp;&nbsp; 9278 |
| Total Assets | &nbsp;&nbsp; 1159705063 |
| **Liabilities** |  |
| Due to custodian | &nbsp;&nbsp; 37278 |
| Collateral for securities loaned | &nbsp;&nbsp; 4261811 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 405741 |
| Foreign taxes | &nbsp;&nbsp; 4918470 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 416071 |
| Administration fees | &nbsp;&nbsp; 97033 |
| Custodian and accounting fees | &nbsp;&nbsp; 720217 |
| Distribution and service fees | &nbsp;&nbsp; 74548 |
| Deferred trustees' fees | &nbsp;&nbsp; 308700 |
| Other expenses | &nbsp;&nbsp; 94730 |
| Total Liabilities | &nbsp;&nbsp; 11334599 |
| **Net Assets**  | &nbsp;&nbsp; $1148370464 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1009545731 |
| Distributable earnings (Accumulated losses) (d) | &nbsp;&nbsp; 138824733 |
| **Net Assets**  | &nbsp;&nbsp; $1148370464 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $778581932 |
| Class B | &nbsp;&nbsp; 369788532 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 64449801 |
| Class B | &nbsp;&nbsp; 30765852 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $12.08 |
| Class B | 12.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,014,819,669.

(b) Includes securities loaned at value of $15,938,078.

(c) Identified cost of cash denominated in foreign currencies was $7,775,388.

(d) Includes foreign capital gains tax of $4,918,470.

**Statement of Operations**

------

**Six Months Ended June 30, 2025** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $14191773 |
| Interest | &nbsp;&nbsp; 8539 |
| Securities lending income | &nbsp;&nbsp; 29322 |
| Total investment income | &nbsp;&nbsp; 14229634 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1581062 |
| Administration fees | &nbsp;&nbsp; 23334 |
| Custodian and accounting fees | &nbsp;&nbsp; 114026 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 163950 |
| Audit and tax services | &nbsp;&nbsp; 39912 |
| Legal | &nbsp;&nbsp; 22723 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 8600 |
| Insurance | &nbsp;&nbsp; 1691 |
| Miscellaneous | &nbsp;&nbsp; 35831 |
| Total expenses | &nbsp;&nbsp; 2011164 |
| Less management fee waiver | &nbsp;&nbsp; (162442)<br>|
| Net expenses | &nbsp;&nbsp; 1848722 |
| **Net Investment Income** | &nbsp;&nbsp; 12380912 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments (b) | &nbsp;&nbsp; 16842395 |
| Futures contracts | &nbsp;&nbsp; 1313001 |
| Foreign currency transactions | &nbsp;&nbsp; (803796)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 17351600 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments (c) | &nbsp;&nbsp; 109089968 |
| Futures contracts | &nbsp;&nbsp; 587574 |
| Foreign currency transactions | &nbsp;&nbsp; 135900 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 109813442 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 127165042 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $139545954 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,566,166.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign capital gains tax of $798,041.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes change in foreign capital gains tax of $(1,999,582).

*See accompanying notes to financial statements.*

**BHFTI-458**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $12380912 | &nbsp;&nbsp; $9695835 |
| Net realized gain (loss) | &nbsp;&nbsp; 17351600 | &nbsp;&nbsp; 13462185 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 109813442 | &nbsp;&nbsp; 19870984 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 139545954 | &nbsp;&nbsp; 43029004 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (7458846)<br>| &nbsp;&nbsp; (13003196)<br>|
| Class B | &nbsp;&nbsp; (2658173)<br>| &nbsp;&nbsp; (238674)<br>|
| **Total distributions** | &nbsp;&nbsp; (10117019)<br>| &nbsp;&nbsp; (13241870)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 652249841 | &nbsp;&nbsp; (27198886)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 781678776 | &nbsp;&nbsp; 2588248 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 366691688 | &nbsp;&nbsp; 364103440 |
| End of period | &nbsp;&nbsp; $1148370464 | &nbsp;&nbsp; $366691688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**June 30, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 108446 | &nbsp;&nbsp; $1228002 | &nbsp;&nbsp; 3431937 | &nbsp;&nbsp; $36178852 |
| Shares issued through acquisition (a) | &nbsp;&nbsp; 36337018 | &nbsp;&nbsp; 395415800 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Reinvestments | &nbsp;&nbsp; 628908 | &nbsp;&nbsp; 7458846 | &nbsp;&nbsp; 1247788 | &nbsp;&nbsp; 13003196 |
| Redemptions | &nbsp;&nbsp; (6723759)<br>| &nbsp;&nbsp; (75514242)<br>| &nbsp;&nbsp; (7105826)<br>| &nbsp;&nbsp; (76182421)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 30350613 | &nbsp;&nbsp; $328588406 | &nbsp;&nbsp; (2426101)<br>| &nbsp;&nbsp; $(27000373)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 67116 | &nbsp;&nbsp; $744443 | &nbsp;&nbsp; 84022 | &nbsp;&nbsp; $871057 |
| Shares issued through acquisition (a) | &nbsp;&nbsp; 31349997 | &nbsp;&nbsp; 338746123 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Reinvestments | &nbsp;&nbsp; 225078 | &nbsp;&nbsp; 2658173 | &nbsp;&nbsp; 22998 | &nbsp;&nbsp; 238674 |
| Redemptions | &nbsp;&nbsp; (1620791)<br>| &nbsp;&nbsp; (18487304)<br>| &nbsp;&nbsp; (125969)<br>| &nbsp;&nbsp; (1308244)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 30021400 | &nbsp;&nbsp; $323661435 | &nbsp;&nbsp; (18949)<br>| &nbsp;&nbsp; $(198513)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $652249841 |  | &nbsp;&nbsp; $(27198886)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Note 11 of the Notes to Financial Statements

*See accompanying notes to financial statements.*

**BHFTI-459**

------

**Brighthouse Funds Trust I**

**SSGA Emerging Markets Enhanced Index Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $10.38 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Total income (loss) from investment operations | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.25)<br>|
| Total distributions | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $11.60 |
| **Total Return (%)** (b) | 15.84 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp; (20.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;14.86 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.59 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net ratio of expenses to average net assets (%) (e) | 0.54 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Ratio of net investment income (loss) to average net assets (%) | 3.75 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 30 <br>(c)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $778.6 | &nbsp;&nbsp; $358.9 | &nbsp;&nbsp; $356.7 | &nbsp;&nbsp; $352.4 | &nbsp;&nbsp; $446.3 | &nbsp;&nbsp; $390.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30,** <br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $11.44 | &nbsp;&nbsp; $11.57 | &nbsp;&nbsp; $10.37 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Total income (loss) from investment operations | 1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total distributions | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $12.02 | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $11.44 | &nbsp;&nbsp; $11.57 |
| **Total Return (%)** (b) | 15.75 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp; (20.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;14.64 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (e) | 0.79 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Ratio of net investment income (loss) to average net assets (%) | 4.66 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 30 <br>(c)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $369.8 | &nbsp;&nbsp; $7.8 | &nbsp;&nbsp; $7.4 | &nbsp;&nbsp; $6.0 | &nbsp;&nbsp; $7.0 | &nbsp;&nbsp; $2.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-460**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—99.2% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Exchange-Traded Funds — 99.2%** | **Exchange-Traded Funds — 99.2%** | **Exchange-Traded Funds — 99.2%** |
| Communication Services Select Sector SPDR Fund (a) (b) | 315547 | &nbsp;&nbsp; $34246316 |
| Consumer Staples Select Sector SPDR Fund (a) (b) | 400567 | &nbsp;&nbsp; 32433910 |
| Health Care Select Sector SPDR Fund (a) (b) | 243767 | &nbsp;&nbsp; 32857354 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 <br> ETF<br>| 3151209 | &nbsp;&nbsp; 41091765 |
| iShares 0-5 Year TIPS Bond ETF (b) | 641945 | &nbsp;&nbsp; 66062560 |
| iShares 20+ Year Treasury Bond ETF (b) | 191588 | &nbsp;&nbsp; 16907641 |
| iShares Core MSCI Emerging Markets ETF (b) | 2098939 | &nbsp;&nbsp; 125999308 |
| iShares Core S&P 500 ETF (b) | 298936 | &nbsp;&nbsp; 185609362 |
| iShares Core S&P Mid-Cap ETF (b) | 803667 | &nbsp;&nbsp; 49843427 |
| iShares Core S&P Small-Cap ETF (b) | 531929 | &nbsp;&nbsp; 58134520 |
| Schwab International Small-Cap Equity ETF (b) | 799215 | &nbsp;&nbsp; 34038567 |
| SPDR Blackstone Senior Loan ETF (a) (b) | 994088 | &nbsp;&nbsp; 41344120 |
| SPDR Bloomberg Emerging Markets Local Bond ETF (a) (b) | 1960870 | &nbsp;&nbsp; 41962618 |
| SPDR Bloomberg High Yield Bond ETF (a) (b) | 685003 | &nbsp;&nbsp; 66630242 |
| SPDR Gold Shares (a) (b) (c) | 235795 | &nbsp;&nbsp; 71877390 |
| SPDR Portfolio Developed World ex-U.S. ETF (a) (b) | 2230292 | &nbsp;&nbsp; 90304523 |
| SPDR S&P 500 ETF Trust (a) | 355412 | &nbsp;&nbsp; 219591304 |
| Vanguard Long-Term Corporate Bond ETF (b) | 779375 | &nbsp;&nbsp; 59154563 |
| Vanguard Real Estate ETF (b) | 546251 | &nbsp;&nbsp; 48649115 |
| Vanguard Total Bond Market ETF (b) | 4417717 | &nbsp;&nbsp; 325276503 |
| Total Investment Companies <br>(Cost $1,484,890,213) <br>|  | &nbsp;&nbsp; 1642015108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—0.9%** | **Short-Term Investments—0.9%** | **Short-Term Investments—0.9%** |
| **Short-Term Investment Funds—0.9%** |  |  |
| Invesco Treasury Portfolio, Institutional Class |  |  |
| 4.230% (d) | 14568536 | &nbsp;&nbsp; 14568536 |
| Total Short-Term Investments <br>(Cost $14,568,536) <br>|  | &nbsp;&nbsp; 14568536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—16.3%** | **Securities Lending Reinvestments (e)—16.3%** | **Securities Lending Reinvestments (e)—16.3%** |
| **Certificates of Deposit—1.8%** | **Certificates of Deposit—1.8%** | **Certificates of Deposit—1.8%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (f) | 1000000 | &nbsp;&nbsp; 999999 |
| Bank of Nova Scotia |  |  |
| 4.720%, SOFR + 0.330%, 08/21/25 (f) | 3000000 | &nbsp;&nbsp; 2999949 |
| Cooperatieve Rabobank UA |  |  |
| 4.740%, SOFR + 0.340%, 07/30/25 (f) | 1000000 | &nbsp;&nbsp; 1000170 |
| Credit Agricole SA |  |  |
| Zero Coupon, 08/08/25 | 8000000 | &nbsp;&nbsp; 7962240 |
| 4.500%, 09/15/25 | 2000000 | &nbsp;&nbsp; 2000540 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| Zero Coupon, 09/15/25 | 5000000 | &nbsp;&nbsp; 4953150 |
| Mizuho Bank Ltd. |  |  |
| 4.690%, SOFR+ 0.290%, 11/13/25 (f) | 2000000 | &nbsp;&nbsp; 1999992 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 12/15/25 (f) | 2000000 | &nbsp;&nbsp; 1999966 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.600%, SOFR + 0.200%, 12/08/25 (f) | 1000000 | &nbsp;&nbsp; 999707 |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (f) | 1000000 | &nbsp;&nbsp; 999769 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Truist Bank |  |  |
| 4.340%, 07/01/25 | 5000000 | &nbsp;&nbsp; $5000005 |
|  |  | &nbsp;&nbsp; 30915487 |
| **Commercial Paper—1.3%** | **Commercial Paper—1.3%** | **Commercial Paper—1.3%** |
| ANZ New Zealand International Ltd. |  |  |
| 4.570%, SOFR + 0.180%, 08/20/25 (f) | 3000000 | &nbsp;&nbsp; 3000030 |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 7000000 | &nbsp;&nbsp; 6997454 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (f) | 3000000 | &nbsp;&nbsp; 2999892 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 6000000 | &nbsp;&nbsp; 5997762 |
| 4.460%, 07/16/25 | 2000000 | &nbsp;&nbsp; 1996016 |
|  |  | &nbsp;&nbsp; 20991154 |
| **Repurchase Agreements—12.8%** | **Repurchase Agreements—12.8%** | **Repurchase Agreements—12.8%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $14,001,715; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.625%, maturity dates ranging from <br> 09/15/25 - 05/15/34, and an aggregate market value of <br> $14,280,000<br>| 14000000 | &nbsp;&nbsp; 14000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $10,001,239; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,130,740<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $10,001,217; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market value <br> of $10,201,241<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $10,249,033; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 5.000%, maturity dates ranging from <br> 07/15/25 - 07/15/26, and various Common Stock with an <br> aggregate market value of $10,455,675<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $12,223,822; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 2.000% - 4.750%, maturity dates ranging from <br> 02/15/45 - 11/15/53, and an aggregate market value of <br> $12,466,785<br>| 12222335 | &nbsp;&nbsp; 12222335 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $10,001,261; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,151,049<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $35,031,033; <br> collateralized by various Common Stock with an aggregate <br> market value of $39,029,300<br>| 35000000 | &nbsp;&nbsp; 35000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-461**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.590%, due on <br> 07/07/25 with a maturity value of $29,025,882; <br> collateralized by various Common Stock with an aggregate <br> market value of $32,339,342<br>| 29000000 | &nbsp;&nbsp; $29000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $30,003,650; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.250% - 4.750%, maturity dates ranging from <br> 08/31/25 - 02/15/48, and an aggregate market value of <br> $30,600,012<br>| 30000000 | &nbsp;&nbsp; 30000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $10,044,722; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,112,531<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $32,804,045; <br> collateralized by various Common Stock with an aggregate <br> market value of $36,493,896<br>| 32800000 | &nbsp;&nbsp; 32800000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $9,001,107; collateralized <br> by various Common Stock with an aggregate market value of <br> $9,901,219<br>| 9000000 | &nbsp;&nbsp; 9000000 |
|  |  | &nbsp;&nbsp; 212022335 |
| **Time Deposits—0.4%** | **Time Deposits—0.4%** | **Time Deposits—0.4%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—(Continued)** | **Time Deposits—(Continued)** | **Time Deposits—(Continued)** |
| National Bank of Canada |  |  |
| 4.400%, OBFR + 0.070%, 07/07/25 (f) | 2000000 | &nbsp;&nbsp; $2000000 |
|  |  | &nbsp;&nbsp; 7000000 |
| Total Securities Lending Reinvestments <br>(Cost $270,931,801) <br>|  | &nbsp;&nbsp; 270928976 |
| Total Investments—116.4% <br>(Cost $1,770,390,550) <br>|  | &nbsp;&nbsp; 1927512620 |
| Other assets and liabilities (net)—(16.4)%  |  | &nbsp;&nbsp; (272076549)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1655436071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $368,611,076 and the collateral received consisted of cash in the amount of $270,832,663 and non-cash collateral with a value of $103,407,425. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Non-income producing security.

(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(f) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| Communication Services Select Sector SPDR Fund | &nbsp;&nbsp; $32883259 | &nbsp;&nbsp; $34660061 | &nbsp;&nbsp; $(34755460)<br>| &nbsp;&nbsp; $2640805 | &nbsp;&nbsp; $(1182349)<br>| &nbsp;&nbsp; $34246316 |
| Consumer Discretionary Select Sector SPDR Fund | &nbsp;&nbsp; 33055056 | &nbsp;&nbsp; — | &nbsp;&nbsp; (32913464)<br>| &nbsp;&nbsp; (1599433)<br>| &nbsp;&nbsp; 1457841 | &nbsp;&nbsp; — |
| Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 32483893 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (49983)<br>| &nbsp;&nbsp; 32433910 |
| Energy Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 34723956 | &nbsp;&nbsp; (32927322)<br>| &nbsp;&nbsp; (1796634)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financial Select Sector SPDR Fund | &nbsp;&nbsp; 32806646 | &nbsp;&nbsp; 29159925 | &nbsp;&nbsp; (66364742)<br>| &nbsp;&nbsp; 4807819 | &nbsp;&nbsp; (409648)<br>| &nbsp;&nbsp; — |
| Health Care Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 32894635 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (37281)<br>| &nbsp;&nbsp; 32857354 |
| SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp; 42650772 | &nbsp;&nbsp; 2913488 | &nbsp;&nbsp; (4006353)<br>| &nbsp;&nbsp; (72939)<br>| &nbsp;&nbsp; (140848)<br>| &nbsp;&nbsp; 41344120 |
| SPDR Bloomberg Emerging Markets Local Bond ETF | &nbsp;&nbsp; 41707389 | &nbsp;&nbsp; 1398021 | &nbsp;&nbsp; (4790105)<br>| &nbsp;&nbsp; (347596)<br>| &nbsp;&nbsp; 3994909 | &nbsp;&nbsp; 41962618 |
| SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 75753631 | &nbsp;&nbsp; 66024970 | &nbsp;&nbsp; (74166252)<br>| &nbsp;&nbsp; (2619900)<br>| &nbsp;&nbsp; 1637793 | &nbsp;&nbsp; 66630242 |
| SPDR Gold Shares | &nbsp;&nbsp; 63040967 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7386881)<br>| &nbsp;&nbsp; 2869556 | &nbsp;&nbsp; 13353748 | &nbsp;&nbsp; 71877390 |
| SPDR Portfolio Developed World ex-U.S. ETF | &nbsp;&nbsp; 121246825 | &nbsp;&nbsp; 102082517 | &nbsp;&nbsp; (163370753)<br>| &nbsp;&nbsp; 12857240 | &nbsp;&nbsp; 17488694 | &nbsp;&nbsp; 90304523 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | &nbsp;&nbsp; 50627304 | &nbsp;&nbsp; 5993905 | &nbsp;&nbsp; (56676545)<br>| &nbsp;&nbsp; (655547)<br>| &nbsp;&nbsp; 710883 | &nbsp;&nbsp; — |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 255716081 | &nbsp;&nbsp; 112444972 | &nbsp;&nbsp; (165238449)<br>| &nbsp;&nbsp; 40856813 | &nbsp;&nbsp; (24188113)<br>| &nbsp;&nbsp; 219591304 |

---

*See accompanying notes to financial statements.*

**BHFTI-462**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value**<br> **December 31, 2024**<br>| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Ending Value**<br> **as of**<br> **June 30, 2025**<br>|
| Technology Select Sector SPDR Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31181935 | &nbsp;&nbsp; $(27358303)<br>| &nbsp;&nbsp; $(3823632)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | &nbsp;&nbsp; $749487930 | &nbsp;&nbsp; $485962278 | &nbsp;&nbsp; $(669954629)<br>| &nbsp;&nbsp; $53116552 | &nbsp;&nbsp; $12635646 | &nbsp;&nbsp; $631247777 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| Communication Services Select Sector SPDR Fund | &nbsp;&nbsp; $172575 | &nbsp;&nbsp; 315547 |
| Consumer Discretionary Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp; 221244 | &nbsp;&nbsp; 400567 |
| Energy Select Sector SPDR Fund | &nbsp;&nbsp; 267886 | &nbsp;&nbsp; — |
| Financial Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care Select Sector SPDR Fund | &nbsp;&nbsp; 153666 | &nbsp;&nbsp; 243767 |
| SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp; 1293197 | &nbsp;&nbsp; 994088 |
| SPDR Bloomberg Emerging Markets Local Bond ETF | &nbsp;&nbsp; 950901 | &nbsp;&nbsp; 1960870 |
| SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 1049767 | &nbsp;&nbsp; 685003 |
| SPDR Gold Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 235795 |
| SPDR Portfolio Developed World ex-U.S. ETF | &nbsp;&nbsp; 1498288 | &nbsp;&nbsp; 2230292 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | &nbsp;&nbsp; 334759 | &nbsp;&nbsp; — |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1059523 | &nbsp;&nbsp; 355412 |
| Technology Select Sector SPDR Fund | &nbsp;&nbsp; 56095 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $7057901 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1037605246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1079021892 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $(270832663)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(270832663)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(270832663)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-463**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $1642015108 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1642015108 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 14568536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14568536 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 270928976 | &nbsp;&nbsp; — | &nbsp;&nbsp; 270928976 |
| Total Investments | &nbsp;&nbsp; $1656583644 | &nbsp;&nbsp; $270928976 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1927512620 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(270832663)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(270832663)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-464**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1296264843 |
| Affiliated investments at value (c) (d) | &nbsp;&nbsp; 631247777 |
| Cash | &nbsp;&nbsp; 474037 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 131234 |
| Dividends on affiliated investments | &nbsp;&nbsp; 625922 |
| Prepaid expenses | &nbsp;&nbsp; 13086 |
| Total Assets | &nbsp;&nbsp; 1928756899 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 270832663 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 1293584 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 415508 |
| Administration fees | &nbsp;&nbsp; 42415 |
| Custodian and accounting fees | &nbsp;&nbsp; 22163 |
| Distribution and service fees | &nbsp;&nbsp; 329777 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 160617 |
| Total Liabilities | &nbsp;&nbsp; 273320828 |
| **Net Assets**  | &nbsp;&nbsp; $1655436071 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1418607038 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 236829033 |
| **Net Assets**  | &nbsp;&nbsp; $1655436071 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $28128878 |
| Class B | &nbsp;&nbsp; 1621161831 |
| Class E | &nbsp;&nbsp; 6145362 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 2563734 |
| Class B | &nbsp;&nbsp; 149238324 |
| Class E | &nbsp;&nbsp; 563728 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.97 |
| Class B | 10.86 |
| Class E | 10.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,203,187,390.

(b) Includes securities loaned at value $127,623,818.

(c) Identified cost of affiliated investments was $567,203,160.

(d) Includes securities loaned at value of $240,987,258.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying ETFs | &nbsp;&nbsp; $11649415 |
| Dividends from affiliated investments | &nbsp;&nbsp; 7057901 |
| Securities lending income | &nbsp;&nbsp; 731486 |
| Total investment income | &nbsp;&nbsp; 19438802 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2509113 |
| Administration fees | &nbsp;&nbsp; 18415 |
| Custodian and accounting fees | &nbsp;&nbsp; 8822 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1987402 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 4396 |
| Audit and tax services | &nbsp;&nbsp; 25744 |
| Legal | &nbsp;&nbsp; 22723 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 22345 |
| Insurance | &nbsp;&nbsp; 7226 |
| Miscellaneous | &nbsp;&nbsp; 11216 |
| Total expenses | &nbsp;&nbsp; 4637437 |
| **Net Investment Income** | &nbsp;&nbsp; 14801365 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 14237510 |
| Affiliated investments | &nbsp;&nbsp; 53116552 |
| Net realized gain (loss) | &nbsp;&nbsp; 67354062 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 23000501 |
| Affiliated investments | &nbsp;&nbsp; 12635646 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 35636147 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 102990209 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $117791574 |

---

*See accompanying notes to financial statements.*

**BHFTI-465**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $14801365 | &nbsp;&nbsp; $41844128 |
| Net realized gain (loss) | &nbsp;&nbsp; 67354062 | &nbsp;&nbsp; 114707168 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 35636147 | &nbsp;&nbsp; 22717734 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 117791574 | &nbsp;&nbsp; 179269030 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (1583536)<br>| &nbsp;&nbsp; (709380)<br>|
| Class B | &nbsp;&nbsp; (88119683)<br>| &nbsp;&nbsp; (40019284)<br>|
| Class E | &nbsp;&nbsp; (339130)<br>| &nbsp;&nbsp; (166000)<br>|
| **Total distributions** | &nbsp;&nbsp; (90042349)<br>| &nbsp;&nbsp; (40894664)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (32170516)<br>| &nbsp;&nbsp; (221482155)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (4421291)<br>| &nbsp;&nbsp; (83107789)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1659857362 | &nbsp;&nbsp; 1742965151 |
| End of period | &nbsp;&nbsp; $1655436071 | &nbsp;&nbsp; $1659857362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 50280 | &nbsp;&nbsp; $562141 | &nbsp;&nbsp; 137151 | &nbsp;&nbsp; $1442120 |
| Reinvestments | &nbsp;&nbsp; 146624 | &nbsp;&nbsp; 1583536 | &nbsp;&nbsp; 68407 | &nbsp;&nbsp; 709380 |
| Redemptions | &nbsp;&nbsp; (186876)<br>| &nbsp;&nbsp; (2069891)<br>| &nbsp;&nbsp; (303116)<br>| &nbsp;&nbsp; (3183295)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 10028 | &nbsp;&nbsp; $75786 | &nbsp;&nbsp; (97558)<br>| &nbsp;&nbsp; $(1031795)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 566221 | &nbsp;&nbsp; $6162179 | &nbsp;&nbsp; 1537318 | &nbsp;&nbsp; $15940501 |
| Reinvestments | &nbsp;&nbsp; 8243188 | &nbsp;&nbsp; 88119683 | &nbsp;&nbsp; 3896717 | &nbsp;&nbsp; 40019284 |
| Redemptions | &nbsp;&nbsp; (11681569)<br>| &nbsp;&nbsp; (126800407)<br>| &nbsp;&nbsp; (26437136)<br>| &nbsp;&nbsp; (275022098)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2872160)<br>| &nbsp;&nbsp; $(32518545)<br>| &nbsp;&nbsp; (21003101)<br>| &nbsp;&nbsp; $(219062313)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 51658 | &nbsp;&nbsp; $569594 | &nbsp;&nbsp; 42940 | &nbsp;&nbsp; $441388 |
| Reinvestments | &nbsp;&nbsp; 31606 | &nbsp;&nbsp; 339130 | &nbsp;&nbsp; 16116 | &nbsp;&nbsp; 166000 |
| Redemptions | &nbsp;&nbsp; (58246)<br>| &nbsp;&nbsp; (636481)<br>| &nbsp;&nbsp; (190123)<br>| &nbsp;&nbsp; (1995435)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 25018 | &nbsp;&nbsp; $272243 | &nbsp;&nbsp; (131067)<br>| &nbsp;&nbsp; $(1388047)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(32170516)<br>|  | &nbsp;&nbsp; $(221482155)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-466**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $12.48 | &nbsp;&nbsp; $12.12 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Total income (loss) from investment operations | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.34)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total distributions | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.74)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $12.48 |
| **Total Return (%)** (b) | 7.58 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp; (15.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.33 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 2.08 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 65 <br>(c)<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 72 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $28.1 | &nbsp;&nbsp; $27.6 | &nbsp;&nbsp; $26.5 | &nbsp;&nbsp; $24.5 | &nbsp;&nbsp; $31.1 | &nbsp;&nbsp; $28.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $12.37 | &nbsp;&nbsp; $12.02 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Total income (loss) from investment operations | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.31)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total distributions | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.71)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.86 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $13.15 | &nbsp;&nbsp; $12.37 |
| **Total Return (%)** (b) | 7.47 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp; (15.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.38 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.58 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 1.82 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 65 <br>(c)<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 72 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1621.2 | &nbsp;&nbsp; $1626.5 | &nbsp;&nbsp; $1709.9 | &nbsp;&nbsp; $1683.9 | &nbsp;&nbsp; $2211.2 | &nbsp;&nbsp; $2204.1 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-467**

------

**Brighthouse Funds Trust I**

**SSGA Growth and Income ETF Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $12.05 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Total income (loss) from investment operations | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.32)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total distributions | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.72)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.90 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp; $12.41 |
| **Total Return (%)** (b) | 7.56 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp;&nbsp;13.93 | &nbsp;&nbsp; (15.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.52 | &nbsp;&nbsp;&nbsp;&nbsp;10.01 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (d) | 0.48 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Ratio of net investment income (loss) to average net assets (%) (f) | 1.95 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 65 <br>(c)<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 72 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $6.1 | &nbsp;&nbsp; $5.8 | &nbsp;&nbsp; $6.6 | &nbsp;&nbsp; $6.7 | &nbsp;&nbsp; $8.8 | &nbsp;&nbsp; $8.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-468**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investment Companies—98.5% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Exchange-Traded Funds — 98.5%** | **Exchange-Traded Funds — 98.5%** | **Exchange-Traded Funds — 98.5%** |
| Communication Services Select Sector SPDR Fund (a) (b) | 208109 | &nbsp;&nbsp; $22586070 |
| Consumer Staples Select Sector SPDR Fund (a) (b) | 264171 | &nbsp;&nbsp; 21389926 |
| Health Care Select Sector SPDR Fund (a) (b) | 160572 | &nbsp;&nbsp; 21643500 |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 <br> ETF<br>| 1939853 | &nbsp;&nbsp; 25295683 |
| iShares 20+ Year Treasury Bond ETF | 84236 | &nbsp;&nbsp; 7433827 |
| iShares Core MSCI Emerging Markets ETF (b) | 1229819 | &nbsp;&nbsp; 73826035 |
| iShares Core S&P 500 ETF (b) | 155320 | &nbsp;&nbsp; 96438188 |
| iShares Core S&P Mid-Cap ETF (b) | 529806 | &nbsp;&nbsp; 32858568 |
| iShares Core S&P Small-Cap ETF (b) | 333996 | &nbsp;&nbsp; 36502423 |
| Schwab International Small-Cap Equity ETF (b) | 527133 | &nbsp;&nbsp; 22450594 |
| SPDR Blackstone Senior Loan ETF (a) (b) | 261953 | &nbsp;&nbsp; 10894625 |
| SPDR Bloomberg Emerging Markets Local Bond ETF (a) (b) | 516548 | &nbsp;&nbsp; 11054128 |
| SPDR Bloomberg High Yield Bond ETF (a) (b) | 225685 | &nbsp;&nbsp; 21952380 |
| SPDR Dow Jones International Real Estate ETF (a) | 267964 | &nbsp;&nbsp; 7342214 |
| SPDR Gold Shares (a) (b) (c) | 99857 | &nbsp;&nbsp; 30439409 |
| SPDR Portfolio Developed World ex-U.S. ETF (a) (b) | 1782920 | &nbsp;&nbsp; 72190430 |
| SPDR S&P 500 ETF Trust (a) (b) | 180063 | &nbsp;&nbsp; 111251925 |
| Vanguard Long-Term Corporate Bond ETF (b) | 342471 | &nbsp;&nbsp; 25993549 |
| Vanguard Real Estate ETF (b) | 240156 | &nbsp;&nbsp; 21388293 |
| Vanguard Total Bond Market ETF | 647437 | &nbsp;&nbsp; 47670786 |
| Total Investment Companies <br>(Cost $628,552,292) <br>|  | &nbsp;&nbsp; 720602553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.6%** | **Short-Term Investments—1.6%** | **Short-Term Investments—1.6%** |
| **Short-Term Investment Funds—1.6%** |  |  |
| Invesco Treasury Portfolio, Institutional Class |  |  |
| 4.230% (d) | 11764516 | &nbsp;&nbsp; 11764516 |
| Total Short-Term Investments <br>(Cost $11,764,516) <br>|  | &nbsp;&nbsp; 11764516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—20.3%** | **Securities Lending Reinvestments (e)—20.3%** | **Securities Lending Reinvestments (e)—20.3%** |
| **Short-Term Investment Funds—4.1%** | **Short-Term Investment Funds—4.1%** | **Short-Term Investment Funds—4.1%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (d)<br>| 25000000 | &nbsp;&nbsp; 25000000 |
|  |  | &nbsp;&nbsp; 30000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.6%** | **Certificates of Deposit—0.6%** | **Certificates of Deposit—0.6%** |
| Bank of Nova Scotia |  |  |
| 4.720%, SOFR + 0.330%, 08/21/25 (f) | 1500000 | &nbsp;&nbsp; 1499974 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.630%, SOFR + 0.240%, 12/03/25 (f) | 1000000 | &nbsp;&nbsp; 999697 |
| Mizuho Bank Ltd. |  |  |
| 4.690%, SOFR+ 0.290%, 11/13/25 (f) | 2000000 | &nbsp;&nbsp; 1999992 |
|  |  | &nbsp;&nbsp; 4499663 |
| **Commercial Paper—0.7%** | **Commercial Paper—0.7%** | **Commercial Paper—0.7%** |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 2000000 | &nbsp;&nbsp; 1999273 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 3000000 | &nbsp;&nbsp; $2998881 |
|  |  | &nbsp;&nbsp; 4998154 |
| **Repurchase Agreements—14.2%** | **Repurchase Agreements—14.2%** | **Repurchase Agreements—14.2%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $9,001,115; collateralized <br> by various Common Stock with an aggregate market value of <br> $10,017,666<br>| 9000000 | &nbsp;&nbsp; 9000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $10,001,217; <br> collateralized by U.S. Government Agency Obligation with rates <br> ranging from 1.020% - 7.000%, maturity dates ranging from <br> 01/25/30 - 04/20/74, and an aggregate market value of <br> $10,201,241<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $5,124,517; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $5,227,837<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $13,954,163; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 2.000% - 4.750%, maturity dates ranging from <br> 02/15/45 - 11/15/53, and an aggregate market value of <br> $14,231,518<br>| 13952465 | &nbsp;&nbsp; 13952465 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $21,018,620; <br> collateralized by various Common Stock with an aggregate <br> market value of $23,417,580<br>| 21000000 | &nbsp;&nbsp; 21000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $11,101,350; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.250% - 4.750%, maturity dates ranging from <br> 08/31/25 - 02/15/48, and an aggregate market value of <br> $11,322,004<br>| 11100000 | &nbsp;&nbsp; 11100000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $21,002,590; <br> collateralized by various Common Stock with an aggregate <br> market value of $23,364,995<br>| 21000000 | &nbsp;&nbsp; 21000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $10,001,231; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,001,354<br>| 10000000 | &nbsp;&nbsp; 10000000 |
|  |  | &nbsp;&nbsp; 104052465 |

---

*See accompanying notes to financial statements.*

**BHFTI-469**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Time Deposits—0.7%** | **Time Deposits—0.7%** | **Time Deposits—0.7%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; $2000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments <br>(Cost $148,551,581) <br>|  | &nbsp;&nbsp; 148550282 |
| Total Investments—120.4% <br>(Cost $788,868,389) <br>|  | &nbsp;&nbsp; 880917351 |
| Other assets and liabilities (net)—(20.4)%  |  | &nbsp;&nbsp; (149108834)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $731808517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of 

---

| | |
|:---|:---|
|  | securities loaned was $175,852,219 and the collateral received consisted of cash in the amount <br> of $148,549,731 and non-cash collateral with a value of $30,204,671. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (c) | Non-income producing security. |
| (d) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (e) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (f) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity <br> date shown for callable securities reflects the earliest possible call date. For securities based on a <br> published reference index and spread, the index and spread are indicated in the description <br> above. For certain variable rate securities, the coupon rate is determined by the issuer/agent <br> based on current market conditions. For certain asset- and mortgage-backed securities, the <br> coupon rate may fluctuate based on changes of the underlying collateral or prepayments of <br> principal. These securities do not indicate a reference index and spread in their description above.<br>|

---

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| Communication Services Select Sector SPDR Fund | &nbsp;&nbsp; $21610025 | &nbsp;&nbsp; $22240573 | &nbsp;&nbsp; $(22125985)<br>| &nbsp;&nbsp; $1763973 | &nbsp;&nbsp; $(902516)<br>| &nbsp;&nbsp; $22586070 |
| Consumer Discretionary Select Sector SPDR Fund | &nbsp;&nbsp; 21712144 | &nbsp;&nbsp; 29657 | &nbsp;&nbsp; (21649297)<br>| &nbsp;&nbsp; (1050084)<br>| &nbsp;&nbsp; 957580 | &nbsp;&nbsp; — |
| Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 21423909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (33983)<br>| &nbsp;&nbsp; 21389926 |
| Energy Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 22492107 | &nbsp;&nbsp; (21219285)<br>| &nbsp;&nbsp; (1272822)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financial Select Sector SPDR Fund | &nbsp;&nbsp; 21609503 | &nbsp;&nbsp; 18638700 | &nbsp;&nbsp; (43045510)<br>| &nbsp;&nbsp; 3071503 | &nbsp;&nbsp; (274196)<br>| &nbsp;&nbsp; — |
| Health Care Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 21668396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24896)<br>| &nbsp;&nbsp; 21643500 |
| SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp; 11229877 | &nbsp;&nbsp; 1165213 | &nbsp;&nbsp; (1432751)<br>| &nbsp;&nbsp; (31653)<br>| &nbsp;&nbsp; (36061)<br>| &nbsp;&nbsp; 10894625 |
| SPDR Bloomberg Emerging Markets Local Bond ETF | &nbsp;&nbsp; 10976915 | &nbsp;&nbsp; 979245 | &nbsp;&nbsp; (1848575)<br>| &nbsp;&nbsp; (131057)<br>| &nbsp;&nbsp; 1077599 | &nbsp;&nbsp; 11054127 |
| SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 25846593 | &nbsp;&nbsp; 21910433 | &nbsp;&nbsp; (25619471)<br>| &nbsp;&nbsp; (783745)<br>| &nbsp;&nbsp; 598570 | &nbsp;&nbsp; 21952380 |
| SPDR Dow Jones International Real Estate ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 7018978 | &nbsp;&nbsp; (30187)<br>| &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 352373 | &nbsp;&nbsp; 7342214 |
| SPDR Gold Shares | &nbsp;&nbsp; 27020982 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3528804)<br>| &nbsp;&nbsp; 1413253 | &nbsp;&nbsp; 5533978 | &nbsp;&nbsp; 30439409 |
| SPDR Portfolio Developed World ex-U.S. ETF | &nbsp;&nbsp; 85047079 | &nbsp;&nbsp; 44225921 | &nbsp;&nbsp; (75530323)<br>| &nbsp;&nbsp; 7487619 | &nbsp;&nbsp; 10960135 | &nbsp;&nbsp; 72190431 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | &nbsp;&nbsp; 22191296 | &nbsp;&nbsp; 131266 | &nbsp;&nbsp; (22305285)<br>| &nbsp;&nbsp; (328877)<br>| &nbsp;&nbsp; 311600 | &nbsp;&nbsp; — |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 133982577 | &nbsp;&nbsp; 48180715 | &nbsp;&nbsp; (78809195)<br>| &nbsp;&nbsp; 21102135 | &nbsp;&nbsp; (13204307)<br>| &nbsp;&nbsp; 111251925 |
| Technology Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 20568586 | &nbsp;&nbsp; (18046398)<br>| &nbsp;&nbsp; (2522188)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $381226991 | &nbsp;&nbsp; $250673699 | &nbsp;&nbsp; $(335191066)<br>| &nbsp;&nbsp; $28719107 | &nbsp;&nbsp; $5315876 | &nbsp;&nbsp; $330744607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| Communication Services Select Sector SPDR Fund | &nbsp;&nbsp; $113706 | &nbsp;&nbsp; 208109 |
| Consumer Discretionary Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp; 145909 | &nbsp;&nbsp; 264171 |
| Energy Select Sector SPDR Fund | &nbsp;&nbsp; 176731 | &nbsp;&nbsp; — |
| Financial Select Sector SPDR Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care Select Sector SPDR Fund | &nbsp;&nbsp; 101222 | &nbsp;&nbsp; 160572 |
| SPDR Blackstone Senior Loan ETF | &nbsp;&nbsp; 338548 | &nbsp;&nbsp; 261953 |

---

*See accompanying notes to financial statements.*

**BHFTI-470**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned**<br> **from affiliates**<br> **during the period**<br>| **Number of**<br> **shares held at**<br> **June 30, 2025**<br>|
| SPDR Bloomberg Emerging Markets Local Bond ETF | &nbsp;&nbsp; $248965 | &nbsp;&nbsp; 516548 |
| SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp; 341098 | &nbsp;&nbsp; 225685 |
| SPDR Dow Jones International Real Estate ETF | &nbsp;&nbsp; 71893 | &nbsp;&nbsp; 267964 |
| SPDR Gold Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 99857 |
| SPDR Portfolio Developed World ex-U.S. ETF | &nbsp;&nbsp; 1197748 | &nbsp;&nbsp; 1782920 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | &nbsp;&nbsp; 134122 | &nbsp;&nbsp; — |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 549955 | &nbsp;&nbsp; 180063 |
| Technology Select Sector SPDR Fund | &nbsp;&nbsp; 37002 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $3456899 |  |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $484000659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $499044218 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $(148549731)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(148549731)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(148549731)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Investment Companies\* | &nbsp;&nbsp; $720602553 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $720602553 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 11764516 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11764516 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 4499663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4499663 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 4998154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4998154 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 104052465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104052465 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; 118550282 | &nbsp;&nbsp; — | &nbsp;&nbsp; 148550282 |
| Total Investments | &nbsp;&nbsp; $762367069 | &nbsp;&nbsp; $118550282 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $880917351 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(148549731)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(148549731)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-471**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $550172744 |
| Affiliated investments at value (c) (d) | &nbsp;&nbsp; 330744607 |
| Cash | &nbsp;&nbsp; 127702 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 36426 |
| Dividends on affiliated investments | &nbsp;&nbsp; 317112 |
| Prepaid expenses | &nbsp;&nbsp; 5729 |
| Total Assets | &nbsp;&nbsp; 881404320 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 148549731 |
| Payable for: |  |
| Fund shares redeemed | &nbsp;&nbsp; 380024 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 189436 |
| Administration fees | &nbsp;&nbsp; 42415 |
| Custodian and accounting fees | &nbsp;&nbsp; 21996 |
| Distribution and service fees | &nbsp;&nbsp; 138695 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 49405 |
| Total Liabilities | &nbsp;&nbsp; 149595803 |
| **Net Assets**  | &nbsp;&nbsp; $731808517 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $604582878 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 127225639 |
| **Net Assets**  | &nbsp;&nbsp; $731808517 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $41691434 |
| Class B | &nbsp;&nbsp; 683697794 |
| Class E | &nbsp;&nbsp; 6419289 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 3836461 |
| Class B | &nbsp;&nbsp; 63588913 |
| Class E | &nbsp;&nbsp; 595140 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $10.87 |
| Class B | 10.75 |
| Class E | 10.79 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $494,916,566.

(b) Includes securities loaned at value $63,891,139.

(c) Identified cost of affiliated investments was $293,951,823.

(d) Includes securities loaned at value of $111,961,080.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends from Underlying ETFs | &nbsp;&nbsp; $3619825 |
| Dividends from affiliated investments | &nbsp;&nbsp; 3456899 |
| Securities lending income | &nbsp;&nbsp; 310683 |
| Total investment income | &nbsp;&nbsp; 7387407 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1139622 |
| Administration fees | &nbsp;&nbsp; 18415 |
| Custodian and accounting fees | &nbsp;&nbsp; 8820 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 830381 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 4585 |
| Audit and tax services | &nbsp;&nbsp; 25744 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 14653 |
| Insurance | &nbsp;&nbsp; 3138 |
| Miscellaneous | &nbsp;&nbsp; 8584 |
| Total expenses | &nbsp;&nbsp; 2096699 |
| **Net Investment Income** | &nbsp;&nbsp; 5290708 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 4726820 |
| Affiliated investments | &nbsp;&nbsp; 28719107 |
| Net realized gain (loss) | &nbsp;&nbsp; 33445927 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 12549039 |
| Affiliated investments | &nbsp;&nbsp; 5315876 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 17864915 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 51310842 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $56601550 |

---

*See accompanying notes to financial statements.*

**BHFTI-472**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $5290708 | &nbsp;&nbsp; $14870889 |
| Net realized gain (loss) | &nbsp;&nbsp; 33445927 | &nbsp;&nbsp; 47832883 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 17864915 | &nbsp;&nbsp; 26568944 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 56601550 | &nbsp;&nbsp; 89272716 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (3645469)<br>| &nbsp;&nbsp; (878237)<br>|
| Class B | &nbsp;&nbsp; (59079627)<br>| &nbsp;&nbsp; (14246418)<br>|
| Class E | &nbsp;&nbsp; (555399)<br>| &nbsp;&nbsp; (136619)<br>|
| **Total distributions** | &nbsp;&nbsp; (63280495)<br>| &nbsp;&nbsp; (15261274)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 12869147 | &nbsp;&nbsp; (85810797)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 6190202 | &nbsp;&nbsp; (11799355)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 725618315 | &nbsp;&nbsp; 737417670 |
| End of period | &nbsp;&nbsp; $731808517 | &nbsp;&nbsp; $725618315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 73762 | &nbsp;&nbsp; $821878 | &nbsp;&nbsp; 148690 | &nbsp;&nbsp; $1578227 |
| Reinvestments | &nbsp;&nbsp; 341336 | &nbsp;&nbsp; 3645469 | &nbsp;&nbsp; 83403 | &nbsp;&nbsp; 878237 |
| Redemptions | &nbsp;&nbsp; (233062)<br>| &nbsp;&nbsp; (2623942)<br>| &nbsp;&nbsp; (303229)<br>| &nbsp;&nbsp; (3201151)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 182036 | &nbsp;&nbsp; $1843405 | &nbsp;&nbsp; (71136)<br>| &nbsp;&nbsp; $(744687)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 347357 | &nbsp;&nbsp; $3820449 | &nbsp;&nbsp; 700394 | &nbsp;&nbsp; $7356158 |
| Reinvestments | &nbsp;&nbsp; 5589369 | &nbsp;&nbsp; 59079627 | &nbsp;&nbsp; 1365908 | &nbsp;&nbsp; 14246418 |
| Redemptions | &nbsp;&nbsp; (4729317)<br>| &nbsp;&nbsp; (52112507)<br>| &nbsp;&nbsp; (10010141)<br>| &nbsp;&nbsp; (105710684)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1207409 | &nbsp;&nbsp; $10787569 | &nbsp;&nbsp; (7943839)<br>| &nbsp;&nbsp; $(84108108)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 13481 | &nbsp;&nbsp; $148948 | &nbsp;&nbsp; 23488 | &nbsp;&nbsp; $248234 |
| Reinvestments | &nbsp;&nbsp; 52396 | &nbsp;&nbsp; 555399 | &nbsp;&nbsp; 13061 | &nbsp;&nbsp; 136619 |
| Redemptions | &nbsp;&nbsp; (42118)<br>| &nbsp;&nbsp; (466174)<br>| &nbsp;&nbsp; (127771)<br>| &nbsp;&nbsp; (1342855)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 23759 | &nbsp;&nbsp; $238173 | &nbsp;&nbsp; (91222)<br>| &nbsp;&nbsp; $(958002)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $12869147 |  | &nbsp;&nbsp; $(85810797)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-473**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $11.01 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $13.86 | &nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $12.18 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Total income (loss) from investment operations | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.31)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.45)<br>|
| Total distributions | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $11.01 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $13.86 | &nbsp;&nbsp; $12.61 |
| **Total Return (%)** (b) (c) | 8.36 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;&nbsp;16.13 | &nbsp;&nbsp; (15.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.88 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (e) | 0.36 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Ratio of net investment income (loss) to average net assets (%) (g) | 1.73 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 69 <br>(d)<br>| &nbsp;&nbsp; 86 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 73 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $41.7 | &nbsp;&nbsp; $40.2 | &nbsp;&nbsp; $37.1 | &nbsp;&nbsp; $33.8 | &nbsp;&nbsp; $40.9 | &nbsp;&nbsp; $36.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp; $12.09 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Total income (loss) from investment operations | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.45)<br>|
| Total distributions | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $12.51 |
| **Total Return (%)** (b) (c) | 8.17 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp;&nbsp;15.75 | &nbsp;&nbsp; (15.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.60 | &nbsp;&nbsp;&nbsp;&nbsp;10.75 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (e) | 0.61 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Ratio of net investment income (loss) to average net assets (%) (g) | 1.47 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 69 <br>(d)<br>| &nbsp;&nbsp; 86 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 73 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $683.7 | &nbsp;&nbsp; $679.1 | &nbsp;&nbsp; $693.7 | &nbsp;&nbsp; $664.7 | &nbsp;&nbsp; $868.5 | &nbsp;&nbsp; $829.5 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-474**

------

**Brighthouse Funds Trust I**

**SSGA Growth ETF Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $13.78 | &nbsp;&nbsp; $12.54 | &nbsp;&nbsp; $12.12 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Total income (loss) from investment operations | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.45)<br>|
| Total distributions | &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.74)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $13.78 | &nbsp;&nbsp; $12.54 |
| **Total Return (%)** (b) (c) | 8.26 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.78 | &nbsp;&nbsp;&nbsp;&nbsp;15.93 | &nbsp;&nbsp; (15.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.75 | &nbsp;&nbsp;&nbsp;&nbsp;10.84 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Ratio of expenses to average net assets (%) (e) | 0.51 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Ratio of net investment income (loss) to average net assets (%) (g) | 1.59 <br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 69 <br>(d)<br>| &nbsp;&nbsp; 86 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 73 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $6.4 | &nbsp;&nbsp; $6.2 | &nbsp;&nbsp; $6.6 | &nbsp;&nbsp; $6.4 | &nbsp;&nbsp; $8.3 | &nbsp;&nbsp; $7.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) During 2021, 0.08% of the Portfolio's total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadviser. Excluding this item, total return would have been 17.80%, 17.52%, and 17.67% for Class A, Class B and Class E, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

*See accompanying notes to financial statements.*

**BHFTI-475**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—98.8% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 4.5%** | **Aerospace & Defense — 4.5%** | **Aerospace & Defense — 4.5%** |
| Boeing Co. (a) | 130522 | &nbsp;&nbsp; $27348275 |
| General Electric Co.  | 107794 | &nbsp;&nbsp; 27745097 |
| L3Harris Technologies, Inc. (b) | 225552 | &nbsp;&nbsp; 56577464 |
|  |  | &nbsp;&nbsp; 111670836 |
| **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** | **Air Freight & Logistics — 0.8%** |
| United Parcel Service, Inc. - Class B | 198882 | &nbsp;&nbsp; 20075149 |
| **Banks — 9.9%** | **Banks — 9.9%** | **Banks — 9.9%** |
| Bank of America Corp.  | 2025796 | &nbsp;&nbsp; 95860667 |
| Citigroup, Inc.  | 499138 | &nbsp;&nbsp; 42486627 |
| Huntington Bancshares, Inc.  | 1558536 | &nbsp;&nbsp; 26121063 |
| U.S. Bancorp (b) | 513408 | &nbsp;&nbsp; 23231712 |
| Wells Fargo & Co.  | 755103 | &nbsp;&nbsp; 60498852 |
|  |  | &nbsp;&nbsp; 248198921 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Coca-Cola Co.  | 288223 | &nbsp;&nbsp; 20391777 |
| **Broadline Retail — 2.1%** | **Broadline Retail — 2.1%** | **Broadline Retail — 2.1%** |
| Amazon.com, Inc. (a) | 238000 | &nbsp;&nbsp; 52214820 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| Charles Schwab Corp.  | 727020 | &nbsp;&nbsp; 66333305 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| CF Industries Holdings, Inc.  | 226699 | &nbsp;&nbsp; 20856308 |
| RPM International, Inc.  | 117780 | &nbsp;&nbsp; 12936955 |
|  |  | &nbsp;&nbsp; 33793263 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Walmart, Inc.  | 278083 | &nbsp;&nbsp; 27190956 |
| **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** |
| International Paper Co. (b) | 621468 | &nbsp;&nbsp; 29103346 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| Southern Co. (b) | 442764 | &nbsp;&nbsp; 40659018 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| Rockwell Automation, Inc.  | 83000 | &nbsp;&nbsp; 27570110 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Ralliant Corp. (a) | 154766 | &nbsp;&nbsp; 7504636 |
| TE Connectivity PLC (b) | 67000 | &nbsp;&nbsp; 11300890 |
|  |  | &nbsp;&nbsp; 18805526 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| Schlumberger NV (b) | 660552 | &nbsp;&nbsp; 22326658 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Walt Disney Co.  | 238940 | &nbsp;&nbsp; 29630949 |
| **Financial Services — 2.9%** | **Financial Services — 2.9%** | **Financial Services — 2.9%** |
| Corebridge Financial, Inc.  | 479863 | &nbsp;&nbsp; 17035136 |
| Equitable Holdings, Inc.  | 591443 | &nbsp;&nbsp; 33179952 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Financial Services—(Continued)** | **Financial Services—(Continued)** | **Financial Services—(Continued)** |
| Fiserv, Inc. (a) | 136472 | &nbsp;&nbsp; $23529138 |
|  |  | &nbsp;&nbsp; 73744226 |
| **Ground Transportation — 2.9%** | **Ground Transportation — 2.9%** | **Ground Transportation — 2.9%** |
| CSX Corp.  | 848451 | &nbsp;&nbsp; 27684956 |
| Norfolk Southern Corp.  | 176864 | &nbsp;&nbsp; 45271878 |
|  |  | &nbsp;&nbsp; 72956834 |
| **Health Care Equipment & Supplies — 4.4%** | **Health Care Equipment & Supplies — 4.4%** | **Health Care Equipment & Supplies — 4.4%** |
| Baxter International, Inc.  | 974897 | &nbsp;&nbsp; 29519881 |
| Becton Dickinson & Co.  | 227839 | &nbsp;&nbsp; 39245268 |
| Zimmer Biomet Holdings, Inc. (b) | 457976 | &nbsp;&nbsp; 41771991 |
|  |  | &nbsp;&nbsp; 110537140 |
| **Health Care Providers & Services — 6.0%** | **Health Care Providers & Services — 6.0%** | **Health Care Providers & Services — 6.0%** |
| Cigna Group | 64065 | &nbsp;&nbsp; 21178608 |
| CVS Health Corp.  | 527952 | &nbsp;&nbsp; 36418129 |
| Elevance Health, Inc.  | 163144 | &nbsp;&nbsp; 63456490 |
| UnitedHealth Group, Inc.  | 91529 | &nbsp;&nbsp; 28554302 |
|  |  | &nbsp;&nbsp; 149607529 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| Las Vegas Sands Corp. (b) | 646488 | &nbsp;&nbsp; 28128693 |
| **Household Products — 4.1%** | **Household Products — 4.1%** | **Household Products — 4.1%** |
| Colgate-Palmolive Co.  | 327718 | &nbsp;&nbsp; 29789566 |
| Kimberly-Clark Corp. (b) | 314925 | &nbsp;&nbsp; 40600131 |
| Procter & Gamble Co.  | 201276 | &nbsp;&nbsp; 32067293 |
|  |  | &nbsp;&nbsp; 102456990 |
| **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** |
| Siemens AG | 100047 | &nbsp;&nbsp; 25659585 |
| **Industrial REITs — 0.9%** | **Industrial REITs — 0.9%** | **Industrial REITs — 0.9%** |
| Rexford Industrial Realty, Inc. (b) | 628980 | &nbsp;&nbsp; 22372819 |
| **Insurance — 5.9%** | **Insurance — 5.9%** | **Insurance — 5.9%** |
| Allstate Corp.  | 160000 | &nbsp;&nbsp; 32209600 |
| Chubb Ltd.  | 178689 | &nbsp;&nbsp; 51769777 |
| Hartford Insurance Group, Inc.  | 435381 | &nbsp;&nbsp; 55236787 |
| Travelers Cos., Inc.  | 35233 | &nbsp;&nbsp; 9426237 |
|  |  | &nbsp;&nbsp; 148642401 |
| **Interactive Media & Services — 3.0%** | **Interactive Media & Services — 3.0%** | **Interactive Media & Services — 3.0%** |
| Alphabet, Inc. - Class C | 328000 | &nbsp;&nbsp; 58183920 |
| Meta Platforms, Inc. - Class A | 24000 | &nbsp;&nbsp; 17714160 |
|  |  | &nbsp;&nbsp; 75898080 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Accenture PLC - Class A | 71984 | &nbsp;&nbsp; 21515298 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| Thermo Fisher Scientific, Inc.  | 31007 | &nbsp;&nbsp; 12572098 |
| **Machinery — 3.7%** | **Machinery — 3.7%** | **Machinery — 3.7%** |
| AGCO Corp. (b) | 188305 | &nbsp;&nbsp; 19425544 |

---

*See accompanying notes to financial statements.*

**BHFTI-476**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Machinery—(Continued)** | **Machinery—(Continued)** | **Machinery—(Continued)** |
| Cummins, Inc.  | 78949 | &nbsp;&nbsp; $25855797 |
| Fortive Corp.  | 464300 | &nbsp;&nbsp; 24203959 |
| Stanley Black & Decker, Inc. (b) | 355808 | &nbsp;&nbsp; 24105992 |
|  |  | &nbsp;&nbsp; 93591292 |
| **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
| Comcast Corp. - Class A | 659050 | &nbsp;&nbsp; 23521495 |
| News Corp. - Class A | 728020 | &nbsp;&nbsp; 21636754 |
|  |  | &nbsp;&nbsp; 45158249 |
| **Multi-Utilities — 3.6%** | **Multi-Utilities — 3.6%** | **Multi-Utilities — 3.6%** |
| Ameren Corp. (b) | 504232 | &nbsp;&nbsp; 48426441 |
| Dominion Energy, Inc. (b) | 246757 | &nbsp;&nbsp; 13946706 |
| Sempra | 359337 | &nbsp;&nbsp; 27226964 |
|  |  | &nbsp;&nbsp; 89600111 |
| **Oil, Gas & Consumable Fuels — 7.2%** | **Oil, Gas & Consumable Fuels — 7.2%** | **Oil, Gas & Consumable Fuels — 7.2%** |
| ConocoPhillips | 627585 | &nbsp;&nbsp; 56319478 |
| EOG Resources, Inc.  | 122937 | &nbsp;&nbsp; 14704494 |
| EQT Corp.  | 274228 | &nbsp;&nbsp; 15992977 |
| Expand Energy Corp.  | 108552 | &nbsp;&nbsp; 12694071 |
| Exxon Mobil Corp.  | 361384 | &nbsp;&nbsp; 38957195 |
| TotalEnergies SE (ADR) (b) | 406484 | &nbsp;&nbsp; 24954053 |
| Williams Cos., Inc.  | 286510 | &nbsp;&nbsp; 17995693 |
|  |  | &nbsp;&nbsp; 181617961 |
| **Personal Care Products — 2.5%** | **Personal Care Products — 2.5%** | **Personal Care Products — 2.5%** |
| Kenvue, Inc.  | 3051991 | &nbsp;&nbsp; 63878172 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| AstraZeneca PLC (ADR) | 216357 | &nbsp;&nbsp; 15119027 |
| Johnson & Johnson | 79114 | &nbsp;&nbsp; 12084664 |
| Merck & Co., Inc.  | 190000 | &nbsp;&nbsp; 15040400 |
| Sanofi SA (ADR) (b) | 297361 | &nbsp;&nbsp; 14365510 |
| Viatris, Inc.  | 2017537 | &nbsp;&nbsp; 18016605 |
|  |  | &nbsp;&nbsp; 74626206 |
| **Residential REITs — 1.5%** | **Residential REITs — 1.5%** | **Residential REITs — 1.5%** |
| AvalonBay Communities, Inc.  | 189267 | &nbsp;&nbsp; 38515835 |
| **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** |
| Advanced Micro Devices, Inc. (a) | 155860 | &nbsp;&nbsp; 22116534 |
| Applied Materials, Inc.  | 115000 | &nbsp;&nbsp; 21053050 |
| Intel Corp.  | 376419 | &nbsp;&nbsp; 8431786 |
| QUALCOMM, Inc.  | 202217 | &nbsp;&nbsp; 32205079 |
| Texas Instruments, Inc.  | 139991 | &nbsp;&nbsp; 29064931 |
|  |  | &nbsp;&nbsp; 112871380 |
| **Software — 2.2%** | **Software — 2.2%** | **Software — 2.2%** |
| Microsoft Corp.  | 43314 | &nbsp;&nbsp; 21544817 |
| Salesforce, Inc.  | 121232 | &nbsp;&nbsp; 33058754 |
|  |  | &nbsp;&nbsp; 54603571 |
| **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** |
| Weyerhaeuser Co.  | 976588 | &nbsp;&nbsp; 25088546 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Home Depot, Inc.  | 127090 | &nbsp;&nbsp; $46596278 |
| **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |
| Samsung Electronics Co. Ltd.  | 560240 | &nbsp;&nbsp; 24838037 |
| **Tobacco — 1.5%** | **Tobacco — 1.5%** | **Tobacco — 1.5%** |
| Philip Morris International, Inc.  | 204534 | &nbsp;&nbsp; 37251777 |
| Total Common Stocks <br>(Cost $2,170,535,840) <br>|  | &nbsp;&nbsp; 2480293742 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** | **Short-Term Investments—1.1%** |
| **Short-Term Investment Funds—1.1%** |  |  |
| T. Rowe Price Treasury Reserve Fund |  |  |
| 4.385% (c) (d) | 26395352 | &nbsp;&nbsp; 26395352 |
| Total Short-Term Investments <br>(Cost $26,395,352) <br>|  | &nbsp;&nbsp; 26395352 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (e)—6.1%** | **Securities Lending Reinvestments (e)—6.1%** | **Securities Lending Reinvestments (e)—6.1%** |
| **Short-Term Investment Funds—0.6%** | **Short-Term Investment Funds—0.6%** | **Short-Term Investment Funds—0.6%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (d)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 15000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—0.3%** | **Certificates of Deposit—0.3%** | **Certificates of Deposit—0.3%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (f) | 1000000 | &nbsp;&nbsp; 999998 |
| 4.750%, SOFR + 0.350%, 05/14/26 (f) | 5000000 | &nbsp;&nbsp; 4999992 |
|  |  | &nbsp;&nbsp; 5999990 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (f) | 2000000 | &nbsp;&nbsp; 1999928 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 4000000 | &nbsp;&nbsp; 3998508 |
|  |  | &nbsp;&nbsp; 5998436 |
| **Repurchase Agreements—4.8%** | **Repurchase Agreements—4.8%** | **Repurchase Agreements—4.8%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $14,001,715; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.000% - 4.625%, maturity dates ranging from <br> 09/15/25 - 05/15/34, and an aggregate market value of <br> $14,280,000<br>| 14000000 | &nbsp;&nbsp; 14000000 |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $5,000,619; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,565,370<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-477**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (e)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $16,002,013; <br> collateralized by various Common Stock with an aggregate <br> market value of $17,809,184<br>| 16000000 | &nbsp;&nbsp; $16000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $20,002,433; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market value <br> of $20,402,482<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $2,049,807; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $2,091,135<br>| 2000000 | &nbsp;&nbsp; 2000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,523,656; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $2,573,816<br>| 2523349 | &nbsp;&nbsp; 2523349 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; collateralized <br> by various Common Stock with an aggregate market value of <br> $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $16,014,187; <br> collateralized by various Common Stock with an aggregate <br> market value of $17,841,966<br>| 16000000 | &nbsp;&nbsp; 16000000 |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $10,001,217; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.250% - 4.750%, maturity dates ranging from <br> 08/31/25 - 02/15/48, and an aggregate market value of <br> $10,200,004<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $2,008,944; collateralized <br> by various Common Stock with an aggregate market value of <br> $2,222,506<br>| 2000000 | &nbsp;&nbsp; 2000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $20,002,467; <br> collateralized by various Common Stock with an aggregate <br> market value of $22,252,376<br>| 20000000 | &nbsp;&nbsp; $20000000 |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $7,000,879; collateralized <br> by various Common Stock with an aggregate market value of <br> $7,787,102<br>| 7000000 | &nbsp;&nbsp; 7000000 |
|  |  | &nbsp;&nbsp; 120523349 |
| **Time Deposits—0.2%** | **Time Deposits—0.2%** | **Time Deposits—0.2%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments <br>(Cost $152,522,376) <br>|  | &nbsp;&nbsp; 152521775 |
| Total Investments—106.0% <br>(Cost $2,349,453,568) <br>|  | &nbsp;&nbsp; 2659210869 |
| Other assets and liabilities (net)—(6.0)%  |  | &nbsp;&nbsp; (149451730)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $2509759139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $165,119,471 and the collateral received consisted of cash in the amount of $152,519,942 and non-cash collateral with a value of $16,472,049. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.)

(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(e) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(f) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

*See accompanying notes to financial statements.*

**BHFTI-478**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers for the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp; $19680710 | &nbsp;&nbsp; $177825986 | &nbsp;&nbsp; $(171111344)<br>| &nbsp;&nbsp; $26395352 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp; $568330 | &nbsp;&nbsp; 26395352 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $555567614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $648560581 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(152519942)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(152519942)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(152519942)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $111670836 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111670836 |
| Air Freight & Logistics | &nbsp;&nbsp; 20075149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20075149 |
| Banks | &nbsp;&nbsp; 248198921 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 248198921 |
| Beverages | &nbsp;&nbsp; 20391777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20391777 |
| Broadline Retail | &nbsp;&nbsp; 52214820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52214820 |
| Capital Markets | &nbsp;&nbsp; 66333305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66333305 |
| Chemicals | &nbsp;&nbsp; 33793263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33793263 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 27190956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27190956 |
| Containers & Packaging | &nbsp;&nbsp; 29103346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29103346 |
| Electric Utilities | &nbsp;&nbsp; 40659018 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40659018 |
| Electrical Equipment | &nbsp;&nbsp; 27570110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27570110 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 18805526 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18805526 |
| Energy Equipment & Services | &nbsp;&nbsp; 22326658 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22326658 |
| Entertainment | &nbsp;&nbsp; 29630949 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29630949 |
| Financial Services | &nbsp;&nbsp; 73744226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73744226 |
| Ground Transportation | &nbsp;&nbsp; 72956834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 72956834 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 110537140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 110537140 |
| Health Care Providers & Services | &nbsp;&nbsp; 149607529 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 149607529 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 28128693 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28128693 |
| Household Products | &nbsp;&nbsp; 102456990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 102456990 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp; 25659585 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25659585 |
| Industrial REITs | &nbsp;&nbsp; 22372819 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22372819 |
| Insurance | &nbsp;&nbsp; 148642401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 148642401 |

---

*See accompanying notes to financial statements.*

**BHFTI-479**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy — (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Interactive Media & Services | &nbsp;&nbsp; $75898080 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75898080 |
| IT Services | &nbsp;&nbsp; 21515298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21515298 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 12572098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12572098 |
| Machinery | &nbsp;&nbsp; 93591292 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 93591292 |
| Media | &nbsp;&nbsp; 45158249 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45158249 |
| Multi-Utilities | &nbsp;&nbsp; 89600111 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89600111 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 181617961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 181617961 |
| Personal Care Products | &nbsp;&nbsp; 63878172 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63878172 |
| Pharmaceuticals | &nbsp;&nbsp; 74626206 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74626206 |
| Residential REITs | &nbsp;&nbsp; 38515835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38515835 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 112871380 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 112871380 |
| Software | &nbsp;&nbsp; 54603571 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54603571 |
| Specialized REITs | &nbsp;&nbsp; 25088546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25088546 |
| Specialty Retail | &nbsp;&nbsp; 46596278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46596278 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; — | &nbsp;&nbsp; 24838037 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24838037 |
| Tobacco | &nbsp;&nbsp; 37251777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37251777 |
| Total Common Stocks | &nbsp;&nbsp; 2429796120 | &nbsp;&nbsp; 50497622 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2480293742 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 26395352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26395352 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 5999990 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5999990 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 5998436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5998436 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 120523349 | &nbsp;&nbsp; — | &nbsp;&nbsp; 120523349 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 137521775 | &nbsp;&nbsp; — | &nbsp;&nbsp; 152521775 |
| Total Investments | &nbsp;&nbsp; $2471191472 | &nbsp;&nbsp; $188019397 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2659210869 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(152519942)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(152519942)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-480**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $2632815517 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 26395352 |
| Cash | &nbsp;&nbsp; 1577581 |
| Cash denominated in foreign currencies (d) | &nbsp;&nbsp; 76 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 16905720 |
| Fund shares sold | &nbsp;&nbsp; 264836 |
| Dividends and interest | &nbsp;&nbsp; 4835634 |
| Dividends on affiliated investments | &nbsp;&nbsp; 223839 |
| Prepaid expenses | &nbsp;&nbsp; 19767 |
| Total Assets | &nbsp;&nbsp; 2683038322 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 152519942 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 17552765 |
| Affiliated investments purchased | &nbsp;&nbsp; 152407 |
| Fund shares redeemed | &nbsp;&nbsp; 1218718 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 1006415 |
| Distribution and service fees | &nbsp;&nbsp; 213272 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 391563 |
| Total Liabilities | &nbsp;&nbsp; 173279183 |
| **Net Assets**  | &nbsp;&nbsp; $2509759139 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $2047019042 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 462740097 |
| **Net Assets**  | &nbsp;&nbsp; $2509759139 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1339687729 |
| Class B | &nbsp;&nbsp; 880623520 |
| Class E | &nbsp;&nbsp; 289447890 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 53275250 |
| Class B | &nbsp;&nbsp; 35593392 |
| Class E | &nbsp;&nbsp; 11608084 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $25.15 |
| Class B | 24.74 |
| Class E | 24.94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $2,323,058,216.

(b) Includes securities loaned at value of $165,119,471.

(c) Identified cost of affiliated investments was $26,395,352.

(d) Identified cost of cash denominated in foreign currencies was $76.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $30289725 |
| Dividends from affiliated investments | &nbsp;&nbsp; 568330 |
| Interest | &nbsp;&nbsp; 426 |
| Securities lending income | &nbsp;&nbsp; 77192 |
| Total investment income | &nbsp;&nbsp; 30935673 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 7060287 |
| Administration fees | &nbsp;&nbsp; 56943 |
| Custodian and accounting fees | &nbsp;&nbsp; 57189 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 1095766 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 217429 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 53150 |
| Insurance | &nbsp;&nbsp; 11380 |
| Miscellaneous | &nbsp;&nbsp; 13710 |
| Total expenses | &nbsp;&nbsp; 8633658 |
| Less management fee waiver | &nbsp;&nbsp; (918459)<br>|
| Net expenses | &nbsp;&nbsp; 7715199 |
| **Net Investment Income** | &nbsp;&nbsp; 23220474 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 135686930 |
| Foreign currency transactions | &nbsp;&nbsp; 45599 |
| Net realized gain (loss) | &nbsp;&nbsp; 135732529 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (68516196)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 1135 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (68515061)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 67217468 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $90437942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $396,381.

*See accompanying notes to financial statements.*

**BHFTI-481**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $23220474 | &nbsp;&nbsp; $49544694 |
| Net realized gain (loss) | &nbsp;&nbsp; 135732529 | &nbsp;&nbsp; 234517170 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (68515061)<br>| &nbsp;&nbsp; 5529607 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 90437942 | &nbsp;&nbsp; 289591471 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (151012103)<br>| &nbsp;&nbsp; (94739498)<br>|
| Class B | &nbsp;&nbsp; (98639728)<br>| &nbsp;&nbsp; (61873329)<br>|
| Class E | &nbsp;&nbsp; (32514339)<br>| &nbsp;&nbsp; (20722136)<br>|
| **Total distributions** | &nbsp;&nbsp; (282166170)<br>| &nbsp;&nbsp; (177334963)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 171526534 | &nbsp;&nbsp; (224341658)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (20201694)<br>| &nbsp;&nbsp; (112085150)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 2529960833 | &nbsp;&nbsp; 2642045983 |
| End of period | &nbsp;&nbsp; $2509759139 | &nbsp;&nbsp; $2529960833 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 622368 | &nbsp;&nbsp; $16906155 | &nbsp;&nbsp; 346574 | &nbsp;&nbsp; $9701681 |
| Reinvestments | &nbsp;&nbsp; 6067180 | &nbsp;&nbsp; 151012103 | &nbsp;&nbsp; 3572379 | &nbsp;&nbsp; 94739498 |
| Redemptions | &nbsp;&nbsp; (2172514)<br>| &nbsp;&nbsp; (60813612)<br>| &nbsp;&nbsp; (8586640)<br>| &nbsp;&nbsp; (238976443)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 4517034 | &nbsp;&nbsp; $107104646 | &nbsp;&nbsp; (4667687)<br>| &nbsp;&nbsp; $(134535264)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 762106 | &nbsp;&nbsp; $20267973 | &nbsp;&nbsp; 864145 | &nbsp;&nbsp; $23516429 |
| Reinvestments | &nbsp;&nbsp; 4027755 | &nbsp;&nbsp; 98639728 | &nbsp;&nbsp; 2366998 | &nbsp;&nbsp; 61873329 |
| Redemptions | &nbsp;&nbsp; (2498963)<br>| &nbsp;&nbsp; (67821834)<br>| &nbsp;&nbsp; (5671298)<br>| &nbsp;&nbsp; (154556399)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2290898 | &nbsp;&nbsp; $51085867 | &nbsp;&nbsp; (2440155)<br>| &nbsp;&nbsp; $(69166641)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 131577 | &nbsp;&nbsp; $3538611 | &nbsp;&nbsp; 320468 | &nbsp;&nbsp; $8707537 |
| Reinvestments | &nbsp;&nbsp; 1317437 | &nbsp;&nbsp; 32514339 | &nbsp;&nbsp; 787315 | &nbsp;&nbsp; 20722136 |
| Redemptions | &nbsp;&nbsp; (832068)<br>| &nbsp;&nbsp; (22716929)<br>| &nbsp;&nbsp; (1825876)<br>| &nbsp;&nbsp; (50069426)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 616946 | &nbsp;&nbsp; $13336021 | &nbsp;&nbsp; (718093)<br>| &nbsp;&nbsp; $(20639753)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $171526534 |  | &nbsp;&nbsp; $(224341658)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-482**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $27.37 | &nbsp;&nbsp; $26.35 | &nbsp;&nbsp; $28.77 | &nbsp;&nbsp; $35.57 | &nbsp;&nbsp; $28.77 | &nbsp;&nbsp; $31.29 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain (loss) | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp; (0.35)<br>|
| Total income (loss) from investment operations | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.71)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (4.21)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (2.10)<br>|
| Total distributions | &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (2.81)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $25.15 | &nbsp;&nbsp; $27.37 | &nbsp;&nbsp; $26.35 | &nbsp;&nbsp; $28.77 | &nbsp;&nbsp; $35.57 | &nbsp;&nbsp; $28.77 |
| **Total Return (%)** (b) | 3.67 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp; (4.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.59 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.52 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Ratio of net investment income (loss) to average net assets (%) | 1.98 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 22 <br>(c)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 30 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1339.7 | &nbsp;&nbsp; $1334.5 | &nbsp;&nbsp; $1407.8 | &nbsp;&nbsp; $1409.1 | &nbsp;&nbsp; $1839.4 | &nbsp;&nbsp; $1871.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $26.94 | &nbsp;&nbsp; $25.97 | &nbsp;&nbsp; $28.40 | &nbsp;&nbsp; $35.17 | &nbsp;&nbsp; $28.47 | &nbsp;&nbsp; $30.99 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gain (loss) | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp; (0.35)<br>|
| Total income (loss) from investment operations | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.64)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (4.21)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (2.10)<br>|
| Total distributions | &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp; (4.74)<br>| &nbsp;&nbsp; (4.69)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (2.74)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $24.74 | &nbsp;&nbsp; $26.94 | &nbsp;&nbsp; $25.97 | &nbsp;&nbsp; $28.40 | &nbsp;&nbsp; $35.17 | &nbsp;&nbsp; $28.47 |
| **Total Return (%)** (b) | 3.52 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.77 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Ratio of net investment income (loss) to average net assets (%) | 1.73 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 22 <br>(c)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 30 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $880.6 | &nbsp;&nbsp; $897.2 | &nbsp;&nbsp; $928.1 | &nbsp;&nbsp; $928.9 | &nbsp;&nbsp; $1078.6 | &nbsp;&nbsp; $939.3 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-483**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Large Cap Value Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $27.14 | &nbsp;&nbsp; $26.15 | &nbsp;&nbsp; $28.57 | &nbsp;&nbsp; $35.36 | &nbsp;&nbsp; $28.61 | &nbsp;&nbsp; $31.12 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain (loss) | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp; (0.35)<br>|
| Total income (loss) from investment operations | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.66)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (4.21)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (2.10)<br>|
| Total distributions | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (2.76)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $24.94 | &nbsp;&nbsp; $27.14 | &nbsp;&nbsp; $26.15 | &nbsp;&nbsp; $28.57 | &nbsp;&nbsp; $35.36 | &nbsp;&nbsp; $28.61 |
| **Total Return (%)** (b) | 3.56 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.74 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net ratio of expenses to average net assets (%) (e) (f) | 0.67 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Ratio of net investment income (loss) to average net assets (%) | 1.83 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 22 <br>(c)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 30 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $289.4 | &nbsp;&nbsp; $298.3 | &nbsp;&nbsp; $306.2 | &nbsp;&nbsp; $308.0 | &nbsp;&nbsp; $374.3 | &nbsp;&nbsp; $343.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) The effect of the voluntary portion of the waiver on the net ratio of expenses to average net assets was 0.02% for the six months ended June 30, 2025 and each of the years ended December 31, 2024 through 2020 (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-484**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—96.8% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** |
| BWX Technologies, Inc. (a) | 88800 | &nbsp;&nbsp; $12792528 |
| StandardAero, Inc. (a) (b) | 132273 | &nbsp;&nbsp; 4186440 |
| Textron, Inc. (a) | 231761 | &nbsp;&nbsp; 18608091 |
|  |  | &nbsp;&nbsp; 35587059 |
| **Biotechnology — 5.1%** | **Biotechnology — 5.1%** | **Biotechnology — 5.1%** |
| Alnylam Pharmaceuticals, Inc. (b) | 67607 | &nbsp;&nbsp; 22045966 |
| Ascendis Pharma AS (ADR) (b) | 42400 | &nbsp;&nbsp; 7318240 |
| Biogen, Inc. (b) | 21300 | &nbsp;&nbsp; 2675067 |
| BioNTech SE (ADR) (a) (b) | 43700 | &nbsp;&nbsp; 4652739 |
| Caris Life Sciences, Inc. (b) | 35953 | &nbsp;&nbsp; 960664 |
| Caris Life Sciences, Inc. † (b) (c) | 66943 | &nbsp;&nbsp; 1788702 |
| CRISPR Therapeutics AG (a) (b) | 62109 | &nbsp;&nbsp; 3020982 |
| Cytokinetics, Inc. (a) (b) | 96000 | &nbsp;&nbsp; 3171840 |
| Ionis Pharmaceuticals, Inc. (a) (b) | 262096 | &nbsp;&nbsp; 10355413 |
| Revolution Medicines, Inc. (a) (b) | 64000 | &nbsp;&nbsp; 2354560 |
| Vaxcyte, Inc. (a) (b) | 68232 | &nbsp;&nbsp; 2218222 |
|  |  | &nbsp;&nbsp; 60562395 |
| **Capital Markets — 4.6%** | **Capital Markets — 4.6%** | **Capital Markets — 4.6%** |
| Cboe Global Markets, Inc.  | 44900 | &nbsp;&nbsp; 10471129 |
| MarketAxess Holdings, Inc.  | 43700 | &nbsp;&nbsp; 9759958 |
| MSCI, Inc.  | 19200 | &nbsp;&nbsp; 11073408 |
| Raymond James Financial, Inc.  | 83900 | &nbsp;&nbsp; 12867743 |
| TPG, Inc. (a) | 69184 | &nbsp;&nbsp; 3628701 |
| Tradeweb Markets, Inc. - Class A | 50300 | &nbsp;&nbsp; 7363920 |
|  |  | &nbsp;&nbsp; 55164859 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| Veralto Corp.  | 66400 | &nbsp;&nbsp; 6703080 |
| Waste Connections, Inc.  | 24200 | &nbsp;&nbsp; 4518624 |
|  |  | &nbsp;&nbsp; 11221704 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| Quanta Services, Inc. (a) | 16200 | &nbsp;&nbsp; 6124896 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| Martin Marietta Materials, Inc.  | 23438 | &nbsp;&nbsp; 12866524 |
| **Consumer Staples Distribution & Retail — 2.9%** | **Consumer Staples Distribution & Retail — 2.9%** | **Consumer Staples Distribution & Retail — 2.9%** |
| Casey's General Stores, Inc.  | 24992 | &nbsp;&nbsp; 12752668 |
| Dollar Tree, Inc. (a) (b) | 162171 | &nbsp;&nbsp; 16061416 |
| Maplebear, Inc. (a) (b) | 115900 | &nbsp;&nbsp; 5243316 |
|  |  | &nbsp;&nbsp; 34057400 |
| **Containers & Packaging — 2.7%** | **Containers & Packaging — 2.7%** | **Containers & Packaging — 2.7%** |
| Avery Dennison Corp. (a) | 73329 | &nbsp;&nbsp; 12867039 |
| Ball Corp.  | 228486 | &nbsp;&nbsp; 12815780 |
| Sealed Air Corp.  | 191739 | &nbsp;&nbsp; 5949661 |
|  |  | &nbsp;&nbsp; 31632480 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| Bright Horizons Family Solutions, Inc. (b) | 37400 | &nbsp;&nbsp; 4622266 |
| Duolingo, Inc. (b) | 15900 | &nbsp;&nbsp; 6519318 |
|  |  | &nbsp;&nbsp; 11141584 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components — 2.6%** | **Electronic Equipment, Instruments & Components — 2.6%** | **Electronic Equipment, Instruments & Components — 2.6%** |
| Amphenol Corp. - Class A | 118400 | &nbsp;&nbsp; $11692000 |
| Corning, Inc.  | 96000 | &nbsp;&nbsp; 5048640 |
| Keysight Technologies, Inc. (b) | 69000 | &nbsp;&nbsp; 11306340 |
| Ralliant Corp. (b) | 59372 | &nbsp;&nbsp; 2878964 |
|  |  | &nbsp;&nbsp; 30925944 |
| **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** |
| TechnipFMC PLC | 490770 | &nbsp;&nbsp; 16902119 |
| **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** |
| Liberty Media Corp.-Liberty Formula One - Class C (a) (b) | 167491 | &nbsp;&nbsp; 17502809 |
| Liberty Media Corp.-Liberty Live - Class C (a) (b) | 59600 | &nbsp;&nbsp; 4837136 |
| Live Nation Entertainment, Inc. (a) (b) | 14300 | &nbsp;&nbsp; 2163304 |
|  |  | &nbsp;&nbsp; 24503249 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Corpay, Inc. (b) | 27441 | &nbsp;&nbsp; 9105473 |
| Toast, Inc. - Class A (a) (b) | 291900 | &nbsp;&nbsp; 12928251 |
|  |  | &nbsp;&nbsp; 22033724 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| McCormick & Co., Inc.  | 110900 | &nbsp;&nbsp; 8408438 |
| **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** |
| JB Hunt Transport Services, Inc.  | 46843 | &nbsp;&nbsp; 6726655 |
| Old Dominion Freight Line, Inc. (a) | 59200 | &nbsp;&nbsp; 9608160 |
| XPO, Inc. (a) (b) | 51300 | &nbsp;&nbsp; 6478677 |
|  |  | &nbsp;&nbsp; 22813492 |
| **Health Care Equipment & Supplies — 6.2%** | **Health Care Equipment & Supplies — 6.2%** | **Health Care Equipment & Supplies — 6.2%** |
| Alcon AG (a) | 119100 | &nbsp;&nbsp; 10514148 |
| Align Technology, Inc. (b) | 38000 | &nbsp;&nbsp; 7194540 |
| Cooper Cos., Inc. (b) | 148100 | &nbsp;&nbsp; 10538796 |
| Hologic, Inc. (b) | 381000 | &nbsp;&nbsp; 24825960 |
| Masimo Corp. (a) (b) | 17100 | &nbsp;&nbsp; 2876562 |
| QuidelOrtho Corp. (a) (b) | 112474 | &nbsp;&nbsp; 3241501 |
| Teleflex, Inc.  | 122523 | &nbsp;&nbsp; 14501822 |
|  |  | &nbsp;&nbsp; 73693329 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| Encompass Health Corp.  | 44300 | &nbsp;&nbsp; 5432509 |
| Molina Healthcare, Inc. (b) | 23100 | &nbsp;&nbsp; 6881490 |
|  |  | &nbsp;&nbsp; 12313999 |
| **Health Care Technology — 2.2%** | **Health Care Technology — 2.2%** | **Health Care Technology — 2.2%** |
| Veeva Systems, Inc. - Class A (b) | 89561 | &nbsp;&nbsp; 25791777 |
| **Hotels, Restaurants & Leisure — 9.5%** | **Hotels, Restaurants & Leisure — 9.5%** | **Hotels, Restaurants & Leisure — 9.5%** |
| Domino's Pizza, Inc.  | 38010 | &nbsp;&nbsp; 17127306 |
| DraftKings, Inc. - Class A (a) (b) | 379900 | &nbsp;&nbsp; 16293911 |
| Hilton Worldwide Holdings, Inc. (a) | 78000 | &nbsp;&nbsp; 20774520 |
| Planet Fitness, Inc. - Class A (b) | 134700 | &nbsp;&nbsp; 14689035 |
| Texas Roadhouse, Inc.  | 41400 | &nbsp;&nbsp; 7758774 |
| Viking Holdings Ltd. (b) | 255420 | &nbsp;&nbsp; 13611332 |
| Wingstop, Inc. (a) | 10200 | &nbsp;&nbsp; 3434748 |

---

*See accompanying notes to financial statements.*

**BHFTI-485**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** | **Hotels, Restaurants & Leisure—(Continued)** |
| Yum! Brands, Inc.  | 128271 | &nbsp;&nbsp; $19007197 |
|  |  | &nbsp;&nbsp; 112696823 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| TopBuild Corp. (a) (b) | 10000 | &nbsp;&nbsp; 3237400 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| Assurant, Inc. (a) | 80800 | &nbsp;&nbsp; 15957192 |
| Axis Capital Holdings Ltd.  | 62500 | &nbsp;&nbsp; 6488750 |
| Markel Group, Inc. (b) | 3100 | &nbsp;&nbsp; 6191816 |
|  |  | &nbsp;&nbsp; 28637758 |
| **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** |
| Match Group, Inc. (a) | 151746 | &nbsp;&nbsp; 4687434 |
| Reddit, Inc. - Class A (a) (b) | 49129 | &nbsp;&nbsp; 7397353 |
|  |  | &nbsp;&nbsp; 12084787 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Gartner, Inc. (b) | 25300 | &nbsp;&nbsp; 10226766 |
| MongoDB, Inc. (b) | 10100 | &nbsp;&nbsp; 2120899 |
|  |  | &nbsp;&nbsp; 12347665 |
| **Life Sciences Tools & Services — 4.5%** | **Life Sciences Tools & Services — 4.5%** | **Life Sciences Tools & Services — 4.5%** |
| Agilent Technologies, Inc.  | 164000 | &nbsp;&nbsp; 19353640 |
| Avantor, Inc. (a) (b) | 825600 | &nbsp;&nbsp; 11112576 |
| Bruker Corp. (a) | 185711 | &nbsp;&nbsp; 7651293 |
| Mettler-Toledo International, Inc. (b) | 11000 | &nbsp;&nbsp; 12921920 |
| West Pharmaceutical Services, Inc.  | 9218 | &nbsp;&nbsp; 2016899 |
|  |  | &nbsp;&nbsp; 53056328 |
| **Machinery — 4.3%** | **Machinery — 4.3%** | **Machinery — 4.3%** |
| Esab Corp. (a) | 105817 | &nbsp;&nbsp; 12756239 |
| Fortive Corp.  | 182173 | &nbsp;&nbsp; 9496679 |
| IDEX Corp.  | 29900 | &nbsp;&nbsp; 5249543 |
| Ingersoll Rand, Inc. (a) | 200800 | &nbsp;&nbsp; 16702544 |
| ITT, Inc.  | 39800 | &nbsp;&nbsp; 6241834 |
|  |  | &nbsp;&nbsp; 50446839 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
| New York Times Co. - Class A | 160500 | &nbsp;&nbsp; 8984790 |
| Trade Desk, Inc. - Class A (b) | 161900 | &nbsp;&nbsp; 11655181 |
|  |  | &nbsp;&nbsp; 20639971 |
| **Oil, Gas & Consumable Fuels — 3.5%** | **Oil, Gas & Consumable Fuels — 3.5%** | **Oil, Gas & Consumable Fuels — 3.5%** |
| Cheniere Energy, Inc.  | 84500 | &nbsp;&nbsp; 20577440 |
| EQT Corp.  | 219600 | &nbsp;&nbsp; 12807072 |
| Expand Energy Corp.  | 72300 | &nbsp;&nbsp; 8454762 |
|  |  | &nbsp;&nbsp; 41839274 |
| **Professional Services — 5.0%** | **Professional Services — 5.0%** | **Professional Services — 5.0%** |
| Booz Allen Hamilton Holding Corp.  | 47000 | &nbsp;&nbsp; 4894110 |
| Broadridge Financial Solutions, Inc.  | 46600 | &nbsp;&nbsp; 11325198 |
| Equifax, Inc.  | 41200 | &nbsp;&nbsp; 10686044 |
| Paylocity Holding Corp. (a) (b) | 74799 | &nbsp;&nbsp; 13552831 |
| TransUnion | 106877 | &nbsp;&nbsp; 9405176 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Professional Services—(Continued)** | **Professional Services—(Continued)** | **Professional Services—(Continued)** |
| UL Solutions, Inc. - Class A (a) | 52695 | &nbsp;&nbsp; $3839357 |
| Verisk Analytics, Inc.  | 19000 | &nbsp;&nbsp; 5918500 |
|  |  | &nbsp;&nbsp; 59621216 |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| CoStar Group, Inc. (b) | 128683 | &nbsp;&nbsp; 10346113 |
| **Semiconductors & Semiconductor Equipment — 5.2%** | **Semiconductors & Semiconductor Equipment — 5.2%** | **Semiconductors & Semiconductor Equipment — 5.2%** |
| Lattice Semiconductor Corp. (a) (b) | 347100 | &nbsp;&nbsp; 17004429 |
| MACOM Technology Solutions Holdings, Inc. (b) | 25600 | &nbsp;&nbsp; 3668224 |
| Microchip Technology, Inc. (a) | 259400 | &nbsp;&nbsp; 18253978 |
| Monolithic Power Systems, Inc. (a) | 19000 | &nbsp;&nbsp; 13896220 |
| NXP Semiconductors NV | 42800 | &nbsp;&nbsp; 9351372 |
|  |  | &nbsp;&nbsp; 62174223 |
| **Software — 9.8%** | **Software — 9.8%** | **Software — 9.8%** |
| Atlassian Corp. - Class A (b) | 46700 | &nbsp;&nbsp; 9484303 |
| CCC Intelligent Solutions Holdings, Inc. (a) (b) | 1215373 | &nbsp;&nbsp; 11436660 |
| Fair Isaac Corp. (b) | 4500 | &nbsp;&nbsp; 8225820 |
| HubSpot, Inc. (b) | 6000 | &nbsp;&nbsp; 3339780 |
| Manhattan Associates, Inc. (b) | 25600 | &nbsp;&nbsp; 5055232 |
| Monday.com Ltd. (a) (b) | 19000 | &nbsp;&nbsp; 5975120 |
| Onestream, Inc. (a) (b) | 91907 | &nbsp;&nbsp; 2600968 |
| PTC, Inc. (a) (b) | 126763 | &nbsp;&nbsp; 21846335 |
| Roper Technologies, Inc.  | 5300 | &nbsp;&nbsp; 3004252 |
| SailPoint, Inc. (a) (b) | 49028 | &nbsp;&nbsp; 1120780 |
| Tyler Technologies, Inc. (b) | 33622 | &nbsp;&nbsp; 19932467 |
| Zoom Communications, Inc. (b) | 130400 | &nbsp;&nbsp; 10168592 |
| Zscaler, Inc. (a) (b) | 45900 | &nbsp;&nbsp; 14409846 |
|  |  | &nbsp;&nbsp; 116600155 |
| **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** |
| Burlington Stores, Inc. (b) | 44346 | &nbsp;&nbsp; 10316654 |
| Ross Stores, Inc.  | 105700 | &nbsp;&nbsp; 13485206 |
| Ulta Beauty, Inc. (b) | 17582 | &nbsp;&nbsp; 8225211 |
|  |  | &nbsp;&nbsp; 32027071 |
| **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
| Pure Storage, Inc. - Class A (a) (b) | 173300 | &nbsp;&nbsp; 9978614 |
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
| Birkenstock Holding PLC (a) (b) | 133098 | &nbsp;&nbsp; 6545760 |
| Lululemon Athletica, Inc. (b) | 22400 | &nbsp;&nbsp; 5321792 |
| On Holding AG - Class A (b) | 101400 | &nbsp;&nbsp; 5277870 |
|  |  | &nbsp;&nbsp; 17145422 |
| **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** |
| Ferguson Enterprises, Inc.  | 55600 | &nbsp;&nbsp; 12106900 |
| Total Common Stocks <br>(Cost $895,725,124) <br>|  | &nbsp;&nbsp; 1150731531 |
| **Convertible Preferred Stocks—0.4%** | **Convertible Preferred Stocks—0.4%** | **Convertible Preferred Stocks—0.4%** |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Nuro, Inc. - Series D † (b) (d) (e) | 37838 | &nbsp;&nbsp; 490380 |

---

*See accompanying notes to financial statements.*

**BHFTI-486**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Convertible Preferred Stocks—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares**/<br> **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Automobiles—(Continued)** | **Automobiles—(Continued)** | **Automobiles—(Continued)** |
| Sila Nanotechnologies, Inc. - Series F † (b) (d) (e) | 43934 | &nbsp;&nbsp; $859077 |
|  |  | &nbsp;&nbsp; 1349457 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Redwood Materials, Inc.- Series C † (b) (d) (e) | 18350 | &nbsp;&nbsp; 1087605 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Databricks, Inc. - Series H † (b) (d) (e) | 11738 | &nbsp;&nbsp; 1269817 |
| Databricks, Inc. - Series I † (b) (d) (e) | 4164 | &nbsp;&nbsp; 450461 |
| Databricks, Inc. - Series J † (b) (d) (e) | 7056 | &nbsp;&nbsp; 763318 |
|  |  | &nbsp;&nbsp; 2483596 |
| Total Convertible Preferred Stocks <br>(Cost $5,293,184) <br>|  | &nbsp;&nbsp; 4920658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—3.0%** | **Short-Term Investments—3.0%** | **Short-Term Investments—3.0%** |
| **Short-Term Investment Funds—3.0%** |  |  |
| T. Rowe Price Treasury Reserve Fund |  |  |
| 4.385% (f) (g) | 35158427 | &nbsp;&nbsp; 35158427 |
| Total Short-Term Investments <br>(Cost $35,158,427) <br>|  | &nbsp;&nbsp; 35158427 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (h)—13.2%** | **Securities Lending Reinvestments (h)—13.2%** | **Securities Lending Reinvestments (h)—13.2%** |
| **Short-Term Investment Funds—1.3%** | **Short-Term Investment Funds—1.3%** | **Short-Term Investment Funds—1.3%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (g)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (g)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Invesco STIT-Government & Agency Portfolio, <br>Institutional Class 4.260% (g)<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 15000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—1.6%** | **Certificates of Deposit—1.6%** | **Certificates of Deposit—1.6%** |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (i) | 1000000 | &nbsp;&nbsp; 999998 |
| BNP Paribas SA |  |  |
| 4.600%, SOFR + 0.210%, 07/22/25 (i) | 2000000 | &nbsp;&nbsp; 1999976 |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (i) | 1000000 | &nbsp;&nbsp; 1000936 |
| Cooperatieve Rabobank UA |  |  |
| 4.740%, SOFR + 0.340%, 07/30/25 (i) | 2000000 | &nbsp;&nbsp; 2000340 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.630%, SOFR + 0.240%, 12/03/25 (i) | 2000000 | &nbsp;&nbsp; 1999394 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| Zero Coupon, 08/20/25 | 2000000 | &nbsp;&nbsp; 1987620 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 11/21/25 (i) | 3000000 | &nbsp;&nbsp; 3000018 |
| 4.620%, SOFR + 0.220%, 12/15/25 (i) | 1000000 | &nbsp;&nbsp; 999983 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (i) | 1000000 | &nbsp;&nbsp; 1000436 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.740%, SOFR + 0.350%, 10/14/25 (i) | 1000000 | &nbsp;&nbsp; 1000316 |
| Svenska Handelsbanken AB |  |  |
| 4.580%, SOFR + 0.180%, 08/11/25 (i) | 2000000 | &nbsp;&nbsp; 1999994 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (i) | 1000000 | &nbsp;&nbsp; $999769 |
|  |  | &nbsp;&nbsp; 18988780 |
| **Commercial Paper—1.3%** | **Commercial Paper—1.3%** | **Commercial Paper—1.3%** |
| Chesham Finance Ltd./Chesham Finance LLC |  |  |
| 4.340%, 07/03/25 | 2000000 | &nbsp;&nbsp; 1999273 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.600%, SOFR + 0.210%, 09/02/25 (i) | 1000000 | &nbsp;&nbsp; 999964 |
| ING U.S. Funding LLC |  |  |
| 4.600%, SOFR + 0.200%, 09/25/25 (i) | 2000000 | &nbsp;&nbsp; 1999902 |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 3000000 | &nbsp;&nbsp; 2998881 |
| 4.460%, 07/16/25 | 2000000 | &nbsp;&nbsp; 1996016 |
| Liberty Street Funding LLC |  |  |
| 4.450%, 07/10/25 | 2000000 | &nbsp;&nbsp; 1997480 |
| Salisbury Receivables Co. LLC |  |  |
| 4.450%, 07/09/25 | 1000000 | &nbsp;&nbsp; 998865 |
| 4.470%, 07/15/25 | 3000000 | &nbsp;&nbsp; 2994330 |
|  |  | &nbsp;&nbsp; 15984711 |
| **Repurchase Agreements—8.5%** | **Repurchase Agreements—8.5%** | **Repurchase Agreements—8.5%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.410%, due on <br> 07/01/25 with a maturity value of $5,000,612; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.000% - <br> 4.625%, maturity dates ranging from 09/15/25 - 05/15/34, <br> and an aggregate market value of $5,100,000<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $12,001,510; <br> collateralized by various Common Stock with an aggregate <br> market value of $13,356,888<br>| 12000000 | &nbsp;&nbsp; 12000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $15,001,825; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market value <br> of $15,301,862<br>| 15000000 | &nbsp;&nbsp; 15000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $8,199,227; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $8,364,540<br>| 8000000 | &nbsp;&nbsp; 8000000 |
| ING Financial Markets LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.360%, due on <br> 07/01/25 with a maturity value of $4,416,014; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.250% - <br> 3.250%, maturity dates ranging from 05/15/41 - 05/15/52, <br> and an aggregate market value of $4,503,791<br>| 4415479 | &nbsp;&nbsp; 4415479 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $26,023,053; <br> collateralized by various Common Stock with an aggregate <br> market value of $28,993,194<br>| 26000000 | &nbsp;&nbsp; 26000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-487**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (h)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Nomura Securities International, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $1,000,122; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.250% - <br> 4.750%, maturity dates ranging from 08/31/25 - 02/15/48, <br> and an aggregate market value of $1,020,000<br>| 1000000 | &nbsp;&nbsp; $1000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $10,001,233; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,126,188<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $14,001,758; <br> collateralized by various Common Stock with an aggregate <br> market value of $15,574,204<br>| 14000000 | &nbsp;&nbsp; 14000000 |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $5,000,615; collateralized <br> by various Common Stock with an aggregate market value of <br> $5,500,677<br>| 5000000 | &nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp; 100415479 |
| **Time Deposits—0.5%** | **Time Deposits—0.5%** | **Time Deposits—0.5%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| National Bank of Canada |  |  |
| 4.400%, OBFR + 0.070%, 07/07/25 (i) | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 6000000 |
| Total Securities Lending Reinvestments <br>(Cost $156,389,736) <br>|  | &nbsp;&nbsp; 156388970 |
| Total Investments—113.4% <br>(Cost $1,092,566,471) <br>|  | &nbsp;&nbsp; 1347199586 |
| Other assets and liabilities (net)—(13.4)%  |  | &nbsp;&nbsp; (158864644)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1188334942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Principal amount stated in U.S. dollars unless otherwise noted. |
| † | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal  |

---

---

| | |
|:---|:---|
|  | restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these <br> securities may involve time-consuming negotiations and prompt sale at an acceptable price may <br> be difficult. As of June 30, 2025, the market value of restricted securities was $6,709,360, which <br> is 0.6% of net assets. See details shown in the Restricted Securities table that follows.<br>|
| (a) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $223,825,000 and the collateral received consisted of cash in the amount <br> of $156,307,150 and non-cash collateral with a value of $73,020,263. The cash collateral <br> investments are disclosed in the Schedule of Investments and categorized as Securities Lending <br> Reinvestments. The non-cash collateral received consists of U.S. government securities that are <br> held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or <br> repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and <br> Liabilities.<br>|
| (b) | Non-income producing security. |
| (c) | Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted <br> market price of the equivalent equity security. As of June 30, 2025, the total value of unadjusted <br> equity securities subject to a contractual sale restriction is $1,788,702 with the restriction <br> expiring on December 14, 2025. Under normal market conditions, there are no circumstances <br> that could cause the restriction to lapse.<br>|
| (d) | Security was valued in good faith under procedures subject to oversight by the Board of Trustees. <br> As of June 30, 2025, these securities represent 0.4% of net assets.<br>|
| (e) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (f) | Affiliated Issuer. (See the table that follows for a summary of transactions in affiliated issuers.) |
| (g) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (h) | Represents investment of cash collateral received from securities on loan as of June 30, 2025. |
| (i) | Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity <br> date shown for callable securities reflects the earliest possible call date. For securities based on a <br> published reference index and spread, the index and spread are indicated in the description <br> above. For certain variable rate securities, the coupon rate is determined by the issuer/agent <br> based on current market conditions. For certain asset- and mortgage-backed securities, the <br> coupon rate may fluctuate based on changes of the underlying collateral or prepayments of <br> principal. These securities do not indicate a reference index and spread in their description above.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition** <br>**Date**<br>| **Shares** | **Cost** | **Value** |
| Caris Life Sciences, Inc. | 05/11/21 | &nbsp;&nbsp; 66943 | &nbsp;&nbsp; $1265201 | &nbsp;&nbsp; $1788702 |
| Databricks, Inc. - Series H | 08/31/21 | &nbsp;&nbsp; 11738 | &nbsp;&nbsp; 862557 | &nbsp;&nbsp; 1269817 |
| Databricks, Inc. - Series I | 09/14/23 | &nbsp;&nbsp; 4164 | &nbsp;&nbsp; 306054 | &nbsp;&nbsp; 450461 |
| Databricks, Inc. - Series J | 12/17/24 | &nbsp;&nbsp; 7056 | &nbsp;&nbsp; 652680 | &nbsp;&nbsp; 763318 |
| Nuro, Inc. - Series D | 10/29/21 | &nbsp;&nbsp; 37838 | &nbsp;&nbsp; 788760 | &nbsp;&nbsp; 490380 |
| Redwood Materials, Inc. - Series C | 05/28/21 | &nbsp;&nbsp; 18350 | &nbsp;&nbsp; 869854 | &nbsp;&nbsp; 1087605 |
| Sila Nanotechnologies, Inc. - Series F | 01/07/21 | &nbsp;&nbsp; 43934 | &nbsp;&nbsp; 1813279 | &nbsp;&nbsp; 859077 |
|  |  |  |  | &nbsp;&nbsp; $6709360 |

---

*See accompanying notes to financial statements.*

**BHFTI-488**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Transactions in Securities of Affiliated Issuers**

A summary of the Portfolio's transactions in the securities of affiliated issuers during the six months ended June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Market Value** <br>**December 31, 2024**<br>| **Purchases** | **Sales** | **Ending Value** <br>**as of** <br>**June 30, 2025**<br>|
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp; $27755595 | &nbsp;&nbsp; $79492345 | &nbsp;&nbsp; $(72089513)<br>| &nbsp;&nbsp; $35158427 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | **Income earned** <br>**from affiliates** <br>**during the period**<br>| **Number of** <br>**shares held at** <br>**June 30, 2025**<br>|
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp; $800789 | &nbsp;&nbsp; 35158427 |

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $203481704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $263097708 |

---

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $180,503 in sales of investments, which are included above, and resulted in net realized losses of $110,496.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(156307150)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(156307150)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(156307150)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $1150731531 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1150731531 |
| Total Convertible Preferred Stocks\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4920658 | &nbsp;&nbsp; 4920658 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 35158427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35158427 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 18988780 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18988780 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 15984711 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15984711 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 100415479 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100415479 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 141388970 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156388970 |
| Total Investments | &nbsp;&nbsp; $1200889958 | &nbsp;&nbsp; $141388970 | &nbsp;&nbsp; $4920658 | &nbsp;&nbsp; $1347199586 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(156307150)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(156307150)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2025 is not presented.

During the six months ended June 30, 2025, a transfer out of Level 3 in the amount of $768,499 was due to the initiation of a vendor or broker providing prices based on market indications which have been determined to be a significant observable inputs.

*See accompanying notes to financial statements.*

**BHFTI-489**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1312041159 |
| Affiliated investments at value (c) | &nbsp;&nbsp; 35158427 |
| Cash | &nbsp;&nbsp; 1300000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 4108769 |
| Fund shares sold | &nbsp;&nbsp; 180605 |
| Dividends and interest | &nbsp;&nbsp; 144065 |
| Dividends on affiliated investments | &nbsp;&nbsp; 149925 |
| Prepaid expenses | &nbsp;&nbsp; 9244 |
| Total Assets | &nbsp;&nbsp; 1353092194 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 156307150 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 6503482 |
| Affiliated investments purchased | &nbsp;&nbsp; 117498 |
| Fund shares redeemed | &nbsp;&nbsp; 570600 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 601124 |
| Distribution and service fees | &nbsp;&nbsp; 166963 |
| Deferred trustees' fees | &nbsp;&nbsp; 224101 |
| Other expenses | &nbsp;&nbsp; 266334 |
| Total Liabilities | &nbsp;&nbsp; 164757252 |
| **Net Assets**  | &nbsp;&nbsp; $1188334942 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $885499167 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 302835775 |
| **Net Assets**  | &nbsp;&nbsp; $1188334942 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $354418667 |
| Class B | &nbsp;&nbsp; 819639445 |
| Class E | &nbsp;&nbsp; 14276830 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 43139794 |
| Class B | &nbsp;&nbsp; 128422672 |
| Class E | &nbsp;&nbsp; 2004956 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $8.22 |
| Class B | 6.38 |
| Class E | 7.12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,057,408,044.

(b) Includes securities loaned at value of $223,825,000.

(c) Identified cost of affiliated investments was $35,158,427.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $3273967 |
| Dividends from affiliated investments | &nbsp;&nbsp; 800789 |
| Securities lending income | &nbsp;&nbsp; 138071 |
| Total investment income | &nbsp;&nbsp; 4212827 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 4321081 |
| Administration fees | &nbsp;&nbsp; 32085 |
| Custodian and accounting fees | &nbsp;&nbsp; 40589 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 995590 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 10513 |
| Audit and tax services | &nbsp;&nbsp; 29412 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 45083 |
| Insurance | &nbsp;&nbsp; 5329 |
| Miscellaneous | &nbsp;&nbsp; 9206 |
| Total expenses | &nbsp;&nbsp; 5531645 |
| Less management fee waiver | &nbsp;&nbsp; (703228)<br>|
| Net expenses | &nbsp;&nbsp; 4828417 |
| **Net Investment Loss** | &nbsp;&nbsp; (615590)<br>|
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 52213126 |
| Foreign currency transactions | &nbsp;&nbsp; 10 |
| Net realized gain (loss) | &nbsp;&nbsp; 52213136 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (39764089)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 12449047 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $11833457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $17,296.

*See accompanying notes to financial statements.*

**BHFTI-490**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(615590)<br>| &nbsp;&nbsp; $(1235823)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 52213136 | &nbsp;&nbsp; 190705716 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (39764089)<br>| &nbsp;&nbsp; (70480684)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 11833457 | &nbsp;&nbsp; 118989209 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (48651060)<br>| &nbsp;&nbsp; (36554020)<br>|
| Class B | &nbsp;&nbsp; (140137222)<br>| &nbsp;&nbsp; (97950038)<br>|
| Class E | &nbsp;&nbsp; (2224791)<br>| &nbsp;&nbsp; (1628728)<br>|
| **Total distributions** | &nbsp;&nbsp; (191013073)<br>| &nbsp;&nbsp; (136132786)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 136801874 | &nbsp;&nbsp; (72338768)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (42377742)<br>| &nbsp;&nbsp; (89482345)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1230712684 | &nbsp;&nbsp; 1320195029 |
| End of period | &nbsp;&nbsp; $1188334942 | &nbsp;&nbsp; $1230712684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 772684 | &nbsp;&nbsp; $6874452 | &nbsp;&nbsp; 1160123 | &nbsp;&nbsp; $10952188 |
| Reinvestments | &nbsp;&nbsp; 6021171 | &nbsp;&nbsp; 48651060 | &nbsp;&nbsp; 4070604 | &nbsp;&nbsp; 36554020 |
| Redemptions | &nbsp;&nbsp; (2410063)<br>| &nbsp;&nbsp; (22066519)<br>| &nbsp;&nbsp; (8185784)<br>| &nbsp;&nbsp; (78955127)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 4383792 | &nbsp;&nbsp; $33458993 | &nbsp;&nbsp; (2955057)<br>| &nbsp;&nbsp; $(31448919)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2267614 | &nbsp;&nbsp; $16080606 | &nbsp;&nbsp; 2173840 | &nbsp;&nbsp; $16633473 |
| Reinvestments | &nbsp;&nbsp; 22314844 | &nbsp;&nbsp; 140137222 | &nbsp;&nbsp; 13473183 | &nbsp;&nbsp; 97950038 |
| Redemptions | &nbsp;&nbsp; (7452713)<br>| &nbsp;&nbsp; (54207176)<br>| &nbsp;&nbsp; (19661737)<br>| &nbsp;&nbsp; (154468993)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 17129745 | &nbsp;&nbsp; $102010652 | &nbsp;&nbsp; (4014714)<br>| &nbsp;&nbsp; $(39885482)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 21546 | &nbsp;&nbsp; $169322 | &nbsp;&nbsp; 58820 | &nbsp;&nbsp; $516133 |
| Reinvestments | &nbsp;&nbsp; 317827 | &nbsp;&nbsp; 2224791 | &nbsp;&nbsp; 204614 | &nbsp;&nbsp; 1628728 |
| Redemptions | &nbsp;&nbsp; (133532)<br>| &nbsp;&nbsp; (1061884)<br>| &nbsp;&nbsp; (369341)<br>| &nbsp;&nbsp; (3149228)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 205841 | &nbsp;&nbsp; $1332229 | &nbsp;&nbsp; (105907)<br>| &nbsp;&nbsp; $(1004367)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $136801874 |  | &nbsp;&nbsp; $(72338768)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-491**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $13.10 | &nbsp;&nbsp; $12.48 | &nbsp;&nbsp; $11.24 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.00 <br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>|
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Total income (loss) from investment operations | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.03)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.13)<br>|
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.16)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $13.10 | &nbsp;&nbsp; $12.48 |
| **Total Return (%)** (c) | 1.16 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp; (22.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;&nbsp;24.30 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.79 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net ratio of expenses to average net assets (%) (f) (g) | 0.66 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Ratio of net investment income (loss) to average net assets (%) | 0.07 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.04)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 18 <br>(d)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 24 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $354.4 | &nbsp;&nbsp; $365.9 | &nbsp;&nbsp; $396.8 | &nbsp;&nbsp; $375.8 | &nbsp;&nbsp; $522.8 | &nbsp;&nbsp; $640.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $7.64 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp; $10.06 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Total income (loss) from investment operations | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.00 ) (h)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.13)<br>|
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.13)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $6.38 | &nbsp;&nbsp; $7.64 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $6.97 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $11.02 |
| **Total Return (%)** (c) | 0.89 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp; (22.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.87 <br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.03 <br>(i)<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 1.04 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net ratio of expenses to average net assets (%) (f) (g) | 0.91 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.18 ) (e)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.29)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 18 <br>(d)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 24 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $819.6 | &nbsp;&nbsp; $849.8 | &nbsp;&nbsp; $907.1 | &nbsp;&nbsp; $843.5 | &nbsp;&nbsp; $1187.9 | &nbsp;&nbsp; $1157.6 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-492**

------

**Brighthouse Funds Trust I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Mid Cap Growth Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $11.61 | &nbsp;&nbsp; $10.54 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | &nbsp;&nbsp; (0.00 ) (b)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br>(b)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| Total income (loss) from investment operations | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.01)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.13)<br>|
| Total distributions | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.14)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $7.12 | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $11.61 |
| **Total Return (%)** (c) | 1.07 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp; (22.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.98 | &nbsp;&nbsp;&nbsp;&nbsp;24.09 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.94 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Net ratio of expenses to average net assets (%) (f) (g) | 0.81 <br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp; (0.08 ) (e)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.19)<br>|
| Portfolio turnover rate (%) | &nbsp;&nbsp; 18 <br>(d)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 24 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $14.3 | &nbsp;&nbsp; $15.0 | &nbsp;&nbsp; $16.3 | &nbsp;&nbsp; $15.4 | &nbsp;&nbsp; $24.7 | &nbsp;&nbsp; $24.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the six months ended June 30, 2025 and for the years ended December 31, 2024, 2023 and 2022; and 0.04% for the years ended December 31, 2021 and 2020. (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(g) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Distributions from net investment income were less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

*See accompanying notes to financial statements.*

**BHFTI-493**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—35.6% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations — 1.4%** | **Agency Collateralized Mortgage Obligations — 1.4%** | **Agency Collateralized Mortgage Obligations — 1.4%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 3.000%, 04/15/48 | 552704 | &nbsp;&nbsp; $493511 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 5.805%, SOFR30A + 1.500%, 10/25/41 (144A) (a) | 2755875 | &nbsp;&nbsp; 2766297 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| 2.000%, 01/25/51 (b) | 7936191 | &nbsp;&nbsp; 986017 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| 2.000%, 07/25/50 (b) | 3681292 | &nbsp;&nbsp; 478274 |
| 2.000%, 07/25/51 (b) | 10658661 | &nbsp;&nbsp; 1355721 |
| 2.000%, 09/25/51 (b) | 4236751 | &nbsp;&nbsp; 550619 |
| 2.000%, 03/25/52 (b) | 8994646 | &nbsp;&nbsp; 1148022 |
| Federal National Mortgage Association REMICS |  |  |
| 2.000%, 07/25/52 (b) | 31556396 | &nbsp;&nbsp; 4008290 |
| 3.000%, 06/25/48 | 1288696 | &nbsp;&nbsp; 1149164 |
| 3.500%, 01/25/47 | 392001 | &nbsp;&nbsp; 387820 |
| 3.500%, 06/25/47 | 676454 | &nbsp;&nbsp; 663210 |
| Government National Mortgage Association REMICS |  |  |
| 3.500%, 09/20/48 | 1039139 | &nbsp;&nbsp; 956072 |
| 5.452%, SOFR30A + 1.150%, 06/20/54 (a) | 1448743 | &nbsp;&nbsp; 1445043 |
| 5.552%, SOFR30A + 1.250%, 02/20/54 (a) | 1528786 | &nbsp;&nbsp; 1531581 |
|  |  | &nbsp;&nbsp; 17919641 |
| **Agency Mortgage-Backed Securities — 34.2%** | **Agency Mortgage-Backed Securities — 34.2%** | **Agency Mortgage-Backed Securities — 34.2%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.000%, 03/01/52 | 8697541 | &nbsp;&nbsp; 6902987 |
| 2.000%, 04/01/52 | 5638464 | &nbsp;&nbsp; 4474532 |
| 2.500%, 01/01/52 | 6439424 | &nbsp;&nbsp; 5365094 |
| 2.500%, 02/01/52 | 7264681 | &nbsp;&nbsp; 6040421 |
| 2.500%, 04/01/52 | 1910510 | &nbsp;&nbsp; 1588023 |
| 2.500%, 05/01/52 | 6225241 | &nbsp;&nbsp; 5178756 |
| 3.000%, 09/01/46 | 733846 | &nbsp;&nbsp; 652684 |
| 3.000%, 10/01/46 | 1988688 | &nbsp;&nbsp; 1767099 |
| 3.000%, 11/01/46 | 3084244 | &nbsp;&nbsp; 2739309 |
| 3.000%, 01/01/47 | 3822500 | &nbsp;&nbsp; 3399726 |
| 3.000%, 01/01/50 | 4319500 | &nbsp;&nbsp; 3830812 |
| 3.000%, 05/01/52 | 4976941 | &nbsp;&nbsp; 4352976 |
| 3.000%, 06/01/52 | 17144572 | &nbsp;&nbsp; 14843190 |
| 3.500%, 01/01/44 | 1430655 | &nbsp;&nbsp; 1343441 |
| 3.500%, 04/01/45 | 2171693 | &nbsp;&nbsp; 2023578 |
| 3.500%, 11/01/45 | 229372 | &nbsp;&nbsp; 212873 |
| 3.500%, 06/01/46 | 829930 | &nbsp;&nbsp; 767155 |
| 3.500%, 08/01/46 | 956754 | &nbsp;&nbsp; 888453 |
| 3.500%, 12/01/47 | 2537814 | &nbsp;&nbsp; 2332726 |
| 3.500%, 01/01/48 | 9132610 | &nbsp;&nbsp; 8394454 |
| 3.500%, 11/01/52 | 1373188 | &nbsp;&nbsp; 1238394 |
| 4.000%, 01/01/45 | 1511611 | &nbsp;&nbsp; 1446951 |
| 4.000%, 12/01/45 | 3391027 | &nbsp;&nbsp; 3234079 |
| 4.000%, 03/01/48 | 288713 | &nbsp;&nbsp; 273709 |
| 4.000%, 06/01/48 | 19731 | &nbsp;&nbsp; 18707 |
| 4.000%, 11/01/48 | 463929 | &nbsp;&nbsp; 439770 |
| 4.000%, 10/01/52 | 6633326 | &nbsp;&nbsp; 6180225 |
| 4.000%, 01/01/54 | 7407112 | &nbsp;&nbsp; 6895061 |
| 4.500%, 10/01/48 | 973801 | &nbsp;&nbsp; 947874 |
| 4.500%, 08/01/52 | 2118422 | &nbsp;&nbsp; 2030096 |
| 4.500%, 11/01/52 | 6783596 | &nbsp;&nbsp; 6501482 |
| 5.000%, 06/01/48 | 277483 | &nbsp;&nbsp; 278087 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.000%, 08/01/48 | 44750 | &nbsp;&nbsp; $44727 |
| 5.000%, 10/01/48 | 530454 | &nbsp;&nbsp; 529210 |
| Federal National Mortgage Association |  |  |
| 2.000%, 08/01/40 | 1902165 | &nbsp;&nbsp; 1648055 |
| 2.000%, 11/01/40 | 252485 | &nbsp;&nbsp; 219231 |
| 2.000%, 07/01/41 | 3082782 | &nbsp;&nbsp; 2658180 |
| 2.000%, 10/01/50 | 1595098 | &nbsp;&nbsp; 1272738 |
| 2.000%, 02/01/51 | 5216909 | &nbsp;&nbsp; 4154464 |
| 2.000%, 03/01/51 | 7988431 | &nbsp;&nbsp; 6356584 |
| 2.000%, 12/01/51 | 12747530 | &nbsp;&nbsp; 10117923 |
| 2.000%, 03/01/52 | 7658099 | &nbsp;&nbsp; 6071182 |
| 2.000%, 04/01/52 | 10104913 | &nbsp;&nbsp; 8074213 |
| 2.000%, 10/01/52 | 12518884 | &nbsp;&nbsp; 9920224 |
| 2.500%, 01/01/51 | 2451037 | &nbsp;&nbsp; 2034700 |
| 2.500%, 05/01/51 | 7418676 | &nbsp;&nbsp; 6248239 |
| 2.500%, 12/01/51 | 7575028 | &nbsp;&nbsp; 6356331 |
| 2.500%, 01/01/52 | 596731 | &nbsp;&nbsp; 496545 |
| 2.500%, 02/01/52 | 7671359 | &nbsp;&nbsp; 6380846 |
| 2.500%, 03/01/52 | 5862155 | &nbsp;&nbsp; 4874032 |
| 3.000%, 07/01/45 | 5979413 | &nbsp;&nbsp; 5349954 |
| 3.000%, 09/01/49 | 3125791 | &nbsp;&nbsp; 2772211 |
| 3.000%, 10/01/49 | 877298 | &nbsp;&nbsp; 748344 |
| 3.500%, 01/01/44 | 1842959 | &nbsp;&nbsp; 1715161 |
| 3.500%, 01/01/48 | 2144077 | &nbsp;&nbsp; 1965858 |
| 3.500%, 02/01/48 | 1053498 | &nbsp;&nbsp; 968140 |
| 4.000%, 08/01/42 | 255544 | &nbsp;&nbsp; 245337 |
| 4.000%, 06/01/47 | 528466 | &nbsp;&nbsp; 500532 |
| 4.000%, 10/01/52 | 7102872 | &nbsp;&nbsp; 6607218 |
| 4.000%, 11/01/52 | 7105430 | &nbsp;&nbsp; 6616362 |
| 4.000%, 02/01/53 | 6400570 | &nbsp;&nbsp; 5955260 |
| 4.500%, 02/01/46 | 926265 | &nbsp;&nbsp; 906249 |
| 4.500%, 05/01/48 | 2698421 | &nbsp;&nbsp; 2618050 |
| 4.500%, 08/01/48 | 465437 | &nbsp;&nbsp; 450546 |
| 4.500%, 09/01/52 | 5432097 | &nbsp;&nbsp; 5205798 |
| 4.500%, 12/01/52 | 9916526 | &nbsp;&nbsp; 9504139 |
| 4.500%, 02/01/53 | 10813510 | &nbsp;&nbsp; 10364568 |
| 5.000%, 06/01/53 | 3805296 | &nbsp;&nbsp; 3737484 |
| 5.000%, 11/01/53 | 5641281 | &nbsp;&nbsp; 5540749 |
| 5.500%, 08/01/53 | 8994924 | &nbsp;&nbsp; 9006828 |
| Government National Mortgage Association |  |  |
| 3.000%, 10/20/46 | 608884 | &nbsp;&nbsp; 546373 |
| 3.000%, 12/20/46 | 1921616 | &nbsp;&nbsp; 1724802 |
| 3.000%, 04/20/47 | 394027 | &nbsp;&nbsp; 353317 |
| 3.000%, 11/20/47 | 691354 | &nbsp;&nbsp; 618816 |
| 3.000%, 10/20/49 | 736458 | &nbsp;&nbsp; 641651 |
| 3.500%, 04/20/46 | 1375626 | &nbsp;&nbsp; 1280206 |
| 3.500%, 05/20/46 | 605573 | &nbsp;&nbsp; 563567 |
| 3.500%, 06/20/46 | 134222 | &nbsp;&nbsp; 124842 |
| 3.500%, 11/20/46 | 2039483 | &nbsp;&nbsp; 1891701 |
| 3.500%, 01/20/47 | 355734 | &nbsp;&nbsp; 329585 |
| 3.500%, 09/20/47 | 649971 | &nbsp;&nbsp; 598372 |
| 3.500%, 11/20/47 | 1327079 | &nbsp;&nbsp; 1225822 |
| 3.500%, 07/20/49 | 102156 | &nbsp;&nbsp; 91533 |
| 4.000%, 11/20/47 | 664060 | &nbsp;&nbsp; 625962 |
| 4.000%, 12/20/47 | 606293 | &nbsp;&nbsp; 570909 |

---

*See accompanying notes to financial statements.*

**BHFTI-494**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.000%, 03/20/48 | 430384 | &nbsp;&nbsp; $405686 |
| 4.000%, 10/20/48 | 868519 | &nbsp;&nbsp; 818671 |
| 4.500%, 02/20/47 | 1280195 | &nbsp;&nbsp; 1250136 |
| 4.500%, 06/20/47 | 1928041 | &nbsp;&nbsp; 1882172 |
| 4.500%, 10/20/52 | 6962524 | &nbsp;&nbsp; 6723468 |
| 4.500%, 10/20/54 | 4727275 | &nbsp;&nbsp; 4526937 |
| 5.000%, 06/20/47 | 956090 | &nbsp;&nbsp; 954622 |
| 5.000%, 09/20/47 | 500706 | &nbsp;&nbsp; 499938 |
| Government National Mortgage Association, TBA |  |  |
| 2.500%, TBA (c) | 17875000 | &nbsp;&nbsp; 15183729 |
| 4.000%, TBA (c) | 12950000 | &nbsp;&nbsp; 12038583 |
| 4.500%, TBA (c) | 4875000 | &nbsp;&nbsp; 4665658 |
| 5.000%, TBA (c) | 15450000 | &nbsp;&nbsp; 15174175 |
| 5.500%, TBA (c) | 8525000 | &nbsp;&nbsp; 8536187 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.000%, TBA (c) | 5900000 | &nbsp;&nbsp; 4669187 |
| 2.500%, TBA (c) | 8275000 | &nbsp;&nbsp; 6859732 |
| 3.000%, TBA (c) | 6725000 | &nbsp;&nbsp; 5818070 |
| 3.500%, TBA (c) | 29350000 | &nbsp;&nbsp; 26421028 |
| 4.000%, TBA (c) | 5675000 | &nbsp;&nbsp; 5276200 |
| 4.500%, TBA (c) | 12300000 | &nbsp;&nbsp; 11763984 |
| 5.000%, TBA (c) | 12825000 | &nbsp;&nbsp; 12567220 |
| 5.500%, TBA (c) | 8650000 | &nbsp;&nbsp; 8648021 |
|  |  | &nbsp;&nbsp; 430689798 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $463,223,299) <br>|  | &nbsp;&nbsp; 448609439 |
| **U.S. Treasury & Government Agencies—33.0%** | **U.S. Treasury & Government Agencies—33.0%** | **U.S. Treasury & Government Agencies—33.0%** |
| **U.S. Treasury — 33.0%** | **U.S. Treasury — 33.0%** | **U.S. Treasury — 33.0%** |
| U.S. Treasury Bonds |  |  |
| 4.750%, 05/15/55 | 48046000 | &nbsp;&nbsp; 47775741 |
| 5.000%, 05/15/45 (d) | 52765000 | &nbsp;&nbsp; 54199549 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 2.125%, 01/15/35 (e) | 14473536 | &nbsp;&nbsp; 14709658 |
| U.S. Treasury Notes |  |  |
| 3.875%, 06/15/28 | 86390000 | &nbsp;&nbsp; 86848947 |
| 3.875%, 06/30/30 | 176784000 | &nbsp;&nbsp; 177460750 |
| 4.000%, 06/30/32 | 19875000 | &nbsp;&nbsp; 19890527 |
| 4.250%, 05/15/35 | 14442000 | &nbsp;&nbsp; 14464566 |
| Total U.S. Treasury & Government Agencies <br>(Cost $411,343,143) <br>|  | &nbsp;&nbsp; 415349738 |
| **Corporate Bonds & Notes—17.8%** | **Corporate Bonds & Notes—17.8%** | **Corporate Bonds & Notes—17.8%** |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| BAE Systems Holdings, Inc. |  |  |
| 3.850%, 12/15/25 (144A) | 1500000 | &nbsp;&nbsp; 1495049 |
| Lockheed Martin Corp. |  |  |
| 4.500%, 05/15/36 (d) | 310000 | &nbsp;&nbsp; 297989 |
| 4.800%, 08/15/34 | 90000 | &nbsp;&nbsp; 89690 |
|  |  | &nbsp;&nbsp; 1882728 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| BAT Capital Corp. |  |  |
| 5.650%, 03/16/52 | 280000 | &nbsp;&nbsp; $260888 |
| Japan Tobacco, Inc. |  |  |
| 5.250%, 06/15/30 (144A) (d) | 1835000 | &nbsp;&nbsp; 1888470 |
|  |  | &nbsp;&nbsp; 2149358 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| United Airlines Pass-Through Trust |  |  |
| 5.800%, 07/15/37 | 1834203 | &nbsp;&nbsp; 1870900 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| Volkswagen Group of America Finance LLC |  |  |
| 5.650%, 03/25/32 (144A) (d) | 2040000 | &nbsp;&nbsp; 2073750 |
| 5.800%, 03/27/35 (144A) (d) | 270000 | &nbsp;&nbsp; 271970 |
|  |  | &nbsp;&nbsp; 2345720 |
| **Banks — 4.4%** | **Banks — 4.4%** | **Banks — 4.4%** |
| Bank of America Corp. |  |  |
| 1.658%, SOFR + 0.910%, 03/11/27 (a) (d) | 6285000 | &nbsp;&nbsp; 6165388 |
| 2.087%, SOFR + 1.060%, 06/14/29 (a) | 4105000 | &nbsp;&nbsp; 3847743 |
| 2.299%, SOFR + 1.220%, 07/21/32 (a) | 1610000 | &nbsp;&nbsp; 1402992 |
| 2.687%, SOFR + 1.320%, 04/22/32 (a) (d) | 560000 | &nbsp;&nbsp; 502558 |
| 2.972%, SOFR + 1.330%, 02/04/33 (a) (d) | 100000 | &nbsp;&nbsp; 89549 |
| 3.970%, 3M TSFR + 1.332%, 03/05/29 (a) | 990000 | &nbsp;&nbsp; 979047 |
| 5.468%, SOFR + 1.650%, 01/23/35 (a) | 165000 | &nbsp;&nbsp; 169511 |
| 5.511%, SOFR + 1.310%, 01/24/36 (a) (d) | 270000 | &nbsp;&nbsp; 277618 |
| Citibank NA |  |  |
| 4.914%, 05/29/30 | 1060000 | &nbsp;&nbsp; 1080351 |
| Citigroup, Inc. |  |  |
| 1.462%, SOFR + 0.770%, 06/09/27 (a) | 80000 | &nbsp;&nbsp; 77732 |
| 3.057%, SOFR + 1.351%, 01/25/33 (a) | 885000 | &nbsp;&nbsp; 790934 |
| 5.333%, SOFR + 1.465%, 03/27/36 (a) (d) | 1480000 | &nbsp;&nbsp; 1491613 |
| 5.449%, SOFR + 1.447%, 06/11/35 (a) | 115000 | &nbsp;&nbsp; 117465 |
| Goldman Sachs Group, Inc. |  |  |
| 1.431%, SOFR + 0.798%, 03/09/27 (a) | 4250000 | &nbsp;&nbsp; 4158191 |
| 1.542%, SOFR + 0.818%, 09/10/27 (a) (d) | 1372000 | &nbsp;&nbsp; 1324676 |
| 1.948%, SOFR + 0.913%, 10/21/27 (a) (d) | 1550000 | &nbsp;&nbsp; 1500806 |
| 5.016%, SOFR + 1.420%, 10/23/35 (a) (d) | 1420000 | &nbsp;&nbsp; 1402824 |
| 5.536%, SOFR + 1.380%, 01/28/36 (a) (d) | 250000 | &nbsp;&nbsp; 256372 |
| HSBC Holdings PLC |  |  |
| 2.013%, SOFR + 1.732%, 09/22/28 (a) (d) | 1110000 | &nbsp;&nbsp; 1052163 |
| 4.755%, SOFR + 2.110%, 06/09/28 (a) (d) | 150000 | &nbsp;&nbsp; 150570 |
| JPMorgan Chase & Co. |  |  |
| 1.040%, 3M TSFR + 0.695%, 02/04/27 (a) | 2430000 | &nbsp;&nbsp; 2379891 |
| 1.045%, SOFR + 0.800%, 11/19/26 (a) | 435000 | &nbsp;&nbsp; 429127 |
| 1.578%, SOFR + 0.885%, 04/22/27 (a) | 5695000 | &nbsp;&nbsp; 5563021 |
| 1.953%, SOFR + 1.065%, 02/04/32 (a) | 215000 | &nbsp;&nbsp; 186450 |
| 2.182%, SOFR + 1.890%, 06/01/28 (a) | 580000 | &nbsp;&nbsp; 557420 |
| 2.545%, SOFR + 1.180%, 11/08/32 (a) | 425000 | &nbsp;&nbsp; 374146 |
| 2.580%, 3M TSFR + 1.250%, 04/22/32 (a) | 295000 | &nbsp;&nbsp; 263457 |
| 2.739%, 3M TSFR + 1.510%, 10/15/30 (a) (d) | 1215000 | &nbsp;&nbsp; 1132916 |
| 2.947%, SOFR + 1.170%, 02/24/28 (a) (d) | 1250000 | &nbsp;&nbsp; 1221393 |
| 4.946%, SOFR + 1.340%, 10/22/35 (a) (d) | 955000 | &nbsp;&nbsp; 944996 |
| 5.502%, SOFR + 1.315%, 01/24/36 (a) | 190000 | &nbsp;&nbsp; 195700 |
| Morgan Stanley |  |  |
| 1.928%, SOFR + 1.020%, 04/28/32 (a) | 300000 | &nbsp;&nbsp; 256497 |

---

*See accompanying notes to financial statements.*

**BHFTI-495**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Banks—(Continued)** | **Banks—(Continued)** | **Banks—(Continued)** |
| Morgan Stanley |  |  |
| 2.239%, SOFR + 1.178%, 07/21/32 (a) | 525000 | &nbsp;&nbsp; $454623 |
| 2.475%, SOFR + 1.000%, 01/21/28 (a) (d) | 1275000 | &nbsp;&nbsp; 1237579 |
| 2.511%, SOFR + 1.200%, 10/20/32 (a) | 670000 | &nbsp;&nbsp; 586726 |
| 2.943%, SOFR + 1.290%, 01/21/33 (a) | 565000 | &nbsp;&nbsp; 504259 |
| 5.587%, SOFR + 1.418%, 01/18/36 (a) | 1595000 | &nbsp;&nbsp; 1637291 |
| 5.831%, SOFR + 1.580%, 04/19/35 (a) | 140000 | &nbsp;&nbsp; 146672 |
| PNC Financial Services Group, Inc. |  |  |
| 6.875%, SOFR + 2.284%, 10/20/34 (a) | 580000 | &nbsp;&nbsp; 648383 |
| Santander U.K. Group Holdings PLC |  |  |
| 1.532%, 1Y H15 + 1.250%, 08/21/26 (a) (d) | 330000 | &nbsp;&nbsp; 328478 |
| 2.469%, SOFR + 1.220%, 01/11/28 (a) (d) | 540000 | &nbsp;&nbsp; 522808 |
| U.S. Bancorp |  |  |
| 5.678%, SOFR + 1.860%, 01/23/35 (a) (d) | 350000 | &nbsp;&nbsp; 363362 |
| 5.850%, SOFR + 2.090%, 10/21/33 (a) (d) | 435000 | &nbsp;&nbsp; 457635 |
| Wells Fargo & Co. |  |  |
| 2.393%, SOFR + 2.100%, 06/02/28 (a) | 4790000 | &nbsp;&nbsp; 4614755 |
| 3.350%, SOFR + 1.500%, 03/02/33 (a) (d) | 390000 | &nbsp;&nbsp; 356168 |
| 4.897%, SOFR + 2.100%, 07/25/33 (a) (d) | 1430000 | &nbsp;&nbsp; 1430278 |
| 5.211%, SOFR + 1.380%, 12/03/35 (a) | 265000 | &nbsp;&nbsp; 266019 |
| 5.244%, SOFR + 1.110%, 01/24/31 (a) | 925000 | &nbsp;&nbsp; 948900 |
| 5.574%, SOFR + 1.740%, 07/25/29 (a) | 610000 | &nbsp;&nbsp; 629860 |
|  |  | &nbsp;&nbsp; 55476913 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Bacardi Ltd. |  |  |
| 5.300%, 05/15/48 (144A) | 605000 | &nbsp;&nbsp; 532381 |
| Constellation Brands, Inc. |  |  |
| 2.250%, 08/01/31 (d) | 2165000 | &nbsp;&nbsp; 1875546 |
| Diageo Investment Corp. |  |  |
| 5.125%, 08/15/30 (d) | 1330000 | &nbsp;&nbsp; 1370240 |
|  |  | &nbsp;&nbsp; 3778167 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| International Flavors & Fragrances, Inc. |  |  |
| 2.300%, 11/01/30 (144A) | 3628000 | &nbsp;&nbsp; 3206241 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| Rollins, Inc. |  |  |
| 5.250%, 02/24/35 (d) | 1585000 | &nbsp;&nbsp; 1590727 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| Dell International LLC/EMC Corp. |  |  |
| 5.000%, 04/01/30 | 1245000 | &nbsp;&nbsp; 1264920 |
| **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 3.000%, 10/29/28 (d) | 2195000 | &nbsp;&nbsp; 2091121 |
| 5.750%, 06/06/28 (d) | 455000 | &nbsp;&nbsp; 470720 |
| American Express Co. |  |  |
| 5.667%, SOFR + 1.790%, 04/25/36 (a) | 1215000 | &nbsp;&nbsp; 1258168 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.528%, 11/18/27 (144A) | 1274000 | &nbsp;&nbsp; 1211045 |
|  |  | &nbsp;&nbsp; 5031054 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Electric — 2.7%** | **Electric — 2.7%** | **Electric — 2.7%** |
| AEP Transmission Co. LLC |  |  |
| 5.150%, 04/01/34 (d) | 935000 | &nbsp;&nbsp; $945678 |
| Appalachian Power Co. |  |  |
| 3.300%, 06/01/27 | 760000 | &nbsp;&nbsp; 745482 |
| 4.450%, 06/01/45 | 1440000 | &nbsp;&nbsp; 1169328 |
| Arizona Public Service Co. |  |  |
| 5.700%, 08/15/34 | 2595000 | &nbsp;&nbsp; 2675609 |
| Duke Energy Carolinas LLC |  |  |
| 4.250%, 12/15/41 | 1300000 | &nbsp;&nbsp; 1111779 |
| Duke Energy Progress LLC |  |  |
| 4.100%, 05/15/42 | 1000000 | &nbsp;&nbsp; 830482 |
| 4.100%, 03/15/43 | 2325000 | &nbsp;&nbsp; 1917392 |
| Evergy Missouri West, Inc. |  |  |
| 5.650%, 06/01/34 (144A) | 2155000 | &nbsp;&nbsp; 2203497 |
| Eversource Energy |  |  |
| 4.600%, 07/01/27 | 1660000 | &nbsp;&nbsp; 1667834 |
| 5.950%, 02/01/29 (d) | 1160000 | &nbsp;&nbsp; 1211611 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 3.250%, 03/15/28 (144A) | 570000 | &nbsp;&nbsp; 552876 |
| Florida Power & Light Co. |  |  |
| 3.990%, 03/01/49 | 2000000 | &nbsp;&nbsp; 1574478 |
| 5.700%, 03/15/55 (d) | 895000 | &nbsp;&nbsp; 905234 |
| International Transmission Co. |  |  |
| 4.625%, 08/15/43 | 2500000 | &nbsp;&nbsp; 2142413 |
| MidAmerican Energy Co. |  |  |
| 4.800%, 09/15/43 | 905000 | &nbsp;&nbsp; 824467 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.350%, 04/01/35 (144A) (d) | 1835000 | &nbsp;&nbsp; 1869322 |
| Public Service Co. of Colorado |  |  |
| 5.250%, 04/01/53 (d) | 1545000 | &nbsp;&nbsp; 1418277 |
| Public Service Co. of New Mexico |  |  |
| 3.850%, 08/01/25 | 3135000 | &nbsp;&nbsp; 3129775 |
| Southern Co. |  |  |
| 6.375%, 5Y H15 + 2.069%, 03/15/55 (a) (d) | 1825000 | &nbsp;&nbsp; 1877876 |
| Southwestern Electric Power Co. |  |  |
| 4.100%, 09/15/28 (d) | 3000000 | &nbsp;&nbsp; 2972443 |
| Trans-Allegheny Interstate Line Co. |  |  |
| 5.000%, 01/15/31 (144A) | 2500000 | &nbsp;&nbsp; 2543548 |
|  |  | &nbsp;&nbsp; 34289401 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Warnermedia Holdings, Inc. |  |  |
| 4.279%, 03/15/32 (d) | 1755000 | &nbsp;&nbsp; 1305281 |
| 4.279%, 03/15/32 | 144000 | &nbsp;&nbsp; 121140 |
| 5.050%, 03/15/42 | 855000 | &nbsp;&nbsp; 574551 |
| 5.141%, 03/15/52 | 87000 | &nbsp;&nbsp; 53723 |
|  |  | &nbsp;&nbsp; 2054695 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. <br> SARL<br>|  |  |
| 3.000%, 05/15/32 (d) | 25000 | &nbsp;&nbsp; 21886 |
| 5.750%, 04/01/33 | 1000000 | &nbsp;&nbsp; 1027920 |
| 6.500%, 12/01/52 (d) | 810000 | &nbsp;&nbsp; 840407 |
| 6.750%, 03/15/34 | 1051000 | &nbsp;&nbsp; 1147340 |

---

*See accompanying notes to financial statements.*

**BHFTI-496**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Food—(Continued)** | **Food—(Continued)** | **Food—(Continued)** |
| Pilgrim's Pride Corp. |  |  |
| 3.500%, 03/01/32 (d) | 1200000 | &nbsp;&nbsp; $1080303 |
|  |  | &nbsp;&nbsp; 4117856 |
| **Gas — 1.2%** | **Gas — 1.2%** | **Gas — 1.2%** |
| Brooklyn Union Gas Co. |  |  |
| 3.407%, 03/10/26 (144A) (d) | 2500000 | &nbsp;&nbsp; 2474326 |
| CenterPoint Energy Resources Corp. |  |  |
| 5.400%, 07/01/34 | 2155000 | &nbsp;&nbsp; 2190627 |
| East Ohio Gas Co. |  |  |
| 2.000%, 06/15/30 (144A) (d) | 1780000 | &nbsp;&nbsp; 1582537 |
| KeySpan Gas East Corp. |  |  |
| 3.586%, 01/18/52 (144A) | 5000000 | &nbsp;&nbsp; 3292914 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 5.100%, 02/15/35 (d) | 1175000 | &nbsp;&nbsp; 1180021 |
| Southern Co. Gas Capital Corp. |  |  |
| 3.250%, 06/15/26 | 4000000 | &nbsp;&nbsp; 3955575 |
| Spire, Inc. |  |  |
| 4.700%, 08/15/44 | 1000000 | &nbsp;&nbsp; 830539 |
|  |  | &nbsp;&nbsp; 15506539 |
| **Healthcare-Services — 1.9%** | **Healthcare-Services — 1.9%** | **Healthcare-Services — 1.9%** |
| Centene Corp. |  |  |
| 3.000%, 10/15/30 | 1727000 | &nbsp;&nbsp; 1543111 |
| Cigna Group |  |  |
| 3.400%, 03/15/51 (d) | 739000 | &nbsp;&nbsp; 494766 |
| CommonSpirit Health |  |  |
| 2.782%, 10/01/30 (d) | 870000 | &nbsp;&nbsp; 796436 |
| 3.347%, 10/01/29 (d) | 110000 | &nbsp;&nbsp; 105183 |
| Elevance Health, Inc. |  |  |
| 5.200%, 02/15/35 (d) | 1905000 | &nbsp;&nbsp; 1924938 |
| Fresenius Medical Care U.S. Finance III, Inc. |  |  |
| 1.875%, 12/01/26 (144A) (d) | 2050000 | &nbsp;&nbsp; 1970828 |
| HCA, Inc. |  |  |
| 5.250%, 06/15/26 | 805000 | &nbsp;&nbsp; 806118 |
| 5.875%, 02/01/29 (d) | 2000000 | &nbsp;&nbsp; 2075723 |
| Humana, Inc. |  |  |
| 3.700%, 03/23/29 | 4685000 | &nbsp;&nbsp; 4540272 |
| New York & Presbyterian Hospital |  |  |
| 3.563%, 08/01/36 (d) | 4490000 | &nbsp;&nbsp; 3913711 |
| UnitedHealth Group, Inc. |  |  |
| 5.150%, 07/15/34 (d) | 3785000 | &nbsp;&nbsp; 3823219 |
| 5.625%, 07/15/54 (d) | 1600000 | &nbsp;&nbsp; 1552034 |
|  |  | &nbsp;&nbsp; 23546339 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Farmers Exchange Capital III |  |  |
| 5.454%, 3M TSFR + 3.454%, 10/15/54 (144A) (a) (d) | 3530000 | &nbsp;&nbsp; 3191424 |
| Farmers Insurance Exchange |  |  |
| 4.747%, 11/01/57 (144A) | 90000 | &nbsp;&nbsp; 73483 |
|  |  | &nbsp;&nbsp; 3264907 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| Uber Technologies, Inc. |  |  |
| 4.800%, 09/15/34 (d) | 2150000 | &nbsp;&nbsp; 2111808 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Las Vegas Sands Corp. |  |  |
| 6.000%, 06/14/30 | 1220000 | &nbsp;&nbsp; $1258641 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 5.375%, 05/01/47 | 1305000 | &nbsp;&nbsp; 1132623 |
| Time Warner Cable LLC |  |  |
| 4.500%, 09/15/42 | 20000 | &nbsp;&nbsp; 15930 |
| 5.500%, 09/01/41 (d) | 430000 | &nbsp;&nbsp; 390985 |
| 5.875%, 11/15/40 (d) | 1850000 | &nbsp;&nbsp; 1776115 |
|  |  | &nbsp;&nbsp; 3315653 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Petroleos Mexicanos |  |  |
| 6.350%, 02/12/48 (d) | 55000 | &nbsp;&nbsp; 38295 |
| 6.750%, 09/21/47 | 647000 | &nbsp;&nbsp; 468616 |
|  |  | &nbsp;&nbsp; 506911 |
| **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** |
| Amcor Finance USA, Inc. |  |  |
| 3.625%, 04/28/26 (d) | 2625000 | &nbsp;&nbsp; 2603131 |
| Amcor Flexibles North America, Inc. |  |  |
| 5.500%, 03/17/35 (144A) (d) | 1680000 | &nbsp;&nbsp; 1704470 |
| Berry Global, Inc. |  |  |
| 1.570%, 01/15/26 (d) | 1587000 | &nbsp;&nbsp; 1558626 |
| 1.650%, 01/15/27 (d) | 2631000 | &nbsp;&nbsp; 2523600 |
|  |  | &nbsp;&nbsp; 8389827 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| Bayer U.S. Finance II LLC |  |  |
| 4.375%, 12/15/28 (144A) | 2776000 | &nbsp;&nbsp; 2750150 |
| 4.400%, 07/15/44 (144A) | 1205000 | &nbsp;&nbsp; 937900 |
| 4.625%, 06/25/38 (144A) (d) | 1250000 | &nbsp;&nbsp; 1105736 |
| 4.875%, 06/25/48 (144A) | 1965000 | &nbsp;&nbsp; 1610281 |
| CVS Health Corp. |  |  |
| 4.780%, 03/25/38 | 305000 | &nbsp;&nbsp; 279907 |
| 5.050%, 03/25/48 (d) | 2555000 | &nbsp;&nbsp; 2206109 |
| 5.125%, 07/20/45 | 538000 | &nbsp;&nbsp; 476461 |
| 5.875%, 06/01/53 (d) | 705000 | &nbsp;&nbsp; 673610 |
| Johnson & Johnson |  |  |
| 5.000%, 03/01/35 | 1175000 | &nbsp;&nbsp; 1204588 |
|  |  | &nbsp;&nbsp; 11244742 |
| **Pipelines — 0.0%** | **Pipelines — 0.0%** | **Pipelines — 0.0%** |
| TransCanada PipeLines Ltd. |  |  |
| 4.625%, 03/01/34 (d) | 145000 | &nbsp;&nbsp; 139099 |
| **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** | **Real Estate Investment Trusts — 1.2%** |
| American Assets Trust LP |  |  |
| 3.375%, 02/01/31 | 1950000 | &nbsp;&nbsp; 1746195 |
| American Homes 4 Rent LP |  |  |
| 2.375%, 07/15/31 (d) | 975000 | &nbsp;&nbsp; 848999 |
| 3.375%, 07/15/51 | 610000 | &nbsp;&nbsp; 401926 |
| American Tower Corp. |  |  |
| 2.300%, 09/15/31 | 2404000 | &nbsp;&nbsp; 2085597 |

---

*See accompanying notes to financial statements.*

**BHFTI-497**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Corporate Bonds & Notes—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** | **Real Estate Investment Trusts—(Continued)** |
| American Tower Corp. |  |  |
| 2.700%, 04/15/31 | 1396000 | &nbsp;&nbsp; $1251863 |
| 5.550%, 07/15/33 | 710000 | &nbsp;&nbsp; 732393 |
| Extra Space Storage LP |  |  |
| 2.400%, 10/15/31 (d) | 349000 | &nbsp;&nbsp; 303231 |
| 3.900%, 04/01/29 (d) | 320000 | &nbsp;&nbsp; 313347 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 4.000%, 01/15/31 | 60000 | &nbsp;&nbsp; 56553 |
| 5.750%, 06/01/28 (d) | 2000000 | &nbsp;&nbsp; 2049392 |
| Healthcare Realty Holdings LP |  |  |
| 3.500%, 08/01/26 | 2399000 | &nbsp;&nbsp; 2368939 |
| Hudson Pacific Properties LP |  |  |
| 3.250%, 01/15/30 (d) | 1647000 | &nbsp;&nbsp; 1346600 |
| 3.950%, 11/01/27 | 24000 | &nbsp;&nbsp; 23015 |
| 4.650%, 04/01/29 | 4000 | &nbsp;&nbsp; 3594 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.000%, 08/15/31 (d) | 964000 | &nbsp;&nbsp; 820798 |
| LXP Industrial Trust |  |  |
| 6.750%, 11/15/28 (d) | 410000 | &nbsp;&nbsp; 434018 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| 3.875%, 02/15/29 (144A) | 450000 | &nbsp;&nbsp; 435311 |
| 4.125%, 08/15/30 (144A) (d) | 57000 | &nbsp;&nbsp; 54710 |
|  |  | &nbsp;&nbsp; 15276481 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| McDonald's Corp. |  |  |
| 4.950%, 03/03/35 (d) | 1850000 | &nbsp;&nbsp; 1848912 |
| Starbucks Corp. |  |  |
| 5.400%, 05/15/35 (d) | 2425000 | &nbsp;&nbsp; 2470906 |
|  |  | &nbsp;&nbsp; 4319818 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Nationwide Building Society |  |  |
| 2.972%, SOFR + 1.290%, 02/16/28 (144A) (a) (d) | 395000 | &nbsp;&nbsp; 385687 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| Foundry JV Holdco LLC |  |  |
| 5.500%, 01/25/31 (144A) | 105000 | &nbsp;&nbsp; 107698 |
| Intel Corp. |  |  |
| 2.000%, 08/12/31 (d) | 765000 | &nbsp;&nbsp; 657142 |
| 3.050%, 08/12/51 | 819000 | &nbsp;&nbsp; 486557 |
| 3.250%, 11/15/49 | 905000 | &nbsp;&nbsp; 573185 |
| 3.734%, 12/08/47 | 195000 | &nbsp;&nbsp; 137569 |
| 4.900%, 08/05/52 (d) | 160000 | &nbsp;&nbsp; 132306 |
| 5.600%, 02/21/54 (d) | 310000 | &nbsp;&nbsp; 284395 |
|  |  | &nbsp;&nbsp; 2378852 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Open Text Corp. |  |  |
| 6.900%, 12/01/27 (144A) | 2060000 | &nbsp;&nbsp; 2132732 |
| Oracle Corp. |  |  |
| 3.950%, 03/25/51 | 1745000 | &nbsp;&nbsp; 1287975 |
| 4.800%, 08/03/28 (d) | 970000 | &nbsp;&nbsp; 985939 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Software—(Continued)** | **Software—(Continued)** | **Software—(Continued)** |
| Paychex, Inc. |  |  |
| 5.350%, 04/15/32 | 1370000 | &nbsp;&nbsp; $1406779 |
|  |  | &nbsp;&nbsp; 5813425 |
| **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC<br>|  |  |
| 5.152%, 09/20/29 (144A) | 907500 | &nbsp;&nbsp; 913722 |
| T-Mobile USA, Inc. |  |  |
| 3.500%, 04/15/31 | 4000000 | &nbsp;&nbsp; 3755661 |
| 3.750%, 04/15/27 | 2145000 | &nbsp;&nbsp; 2122601 |
| 5.125%, 05/15/32 (d) | 990000 | &nbsp;&nbsp; 1009595 |
|  |  | &nbsp;&nbsp; 7801579 |
| Total Corporate Bonds & Notes <br>(Cost $231,323,206) <br>|  | &nbsp;&nbsp; 224318988 |
| **Asset-Backed Securities—9.1%** | **Asset-Backed Securities—9.1%** | **Asset-Backed Securities—9.1%** |
| **Asset-Backed - Home Equity — 0.8%** | **Asset-Backed - Home Equity — 0.8%** | **Asset-Backed - Home Equity — 0.8%** |
| New Century Home Equity Loan Trust |  |  |
| 5.214%, 1M TSFR + 0.894%, 08/25/34 (a) | 4271470 | &nbsp;&nbsp; 4212870 |
| Soundview Home Loan Trust |  |  |
| 4.644%, 1M TSFR + 0.324%, 06/25/37 (a) | 8921734 | &nbsp;&nbsp; 5847979 |
|  |  | &nbsp;&nbsp; 10060849 |
| **Asset-Backed - Other — 7.1%** | **Asset-Backed - Other — 7.1%** | **Asset-Backed - Other — 7.1%** |
| AGL CLO 12 Ltd. |  |  |
| 5.691%, 3M TSFR + 1.422%, 07/20/34 (144A) (a) | 5400000 | &nbsp;&nbsp; 5406971 |
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-<br> Through Certificates<br>|  |  |
| 5.184%, 1M TSFR + 0.864%, 01/25/36 (a) | 3439523 | &nbsp;&nbsp; 3384849 |
| Apidos CLO XXV Ltd. |  |  |
| 5.410%, 3M TSFR + 1.140%, 01/20/37 (144A) (a) | 2610000 | &nbsp;&nbsp; 2602757 |
| Barings CLO Ltd. |  |  |
| 5.406%, 3M TSFR + 1.150%, 10/15/30 (144A) (a) | 3093324 | &nbsp;&nbsp; 3094620 |
| Buttermilk Park CLO Ltd. |  |  |
| 5.626%, 3M TSFR + 1.370%, 10/15/31 (144A) (a) | 4600000 | &nbsp;&nbsp; 4591490 |
| Carrington Mortgage Loan Trust |  |  |
| 4.574%, 1M TSFR + 0.254%, 12/25/36 (a) | 4077209 | &nbsp;&nbsp; 3984374 |
| CIFC Funding Ltd. |  |  |
| 5.270%, 3M TSFR + 0.990%, 01/17/35 (144A) (a) | 3160000 | &nbsp;&nbsp; 3167534 |
| Clover CLO LLC |  |  |
| 5.800%, 3M TSFR + 1.530%, 04/20/37 (144A) (a) | 5000000 | &nbsp;&nbsp; 5012555 |
| Consolidated Communications LLC/Fidium Fiber Finance <br> Holdco LLC<br>|  |  |
| 6.000%, 05/20/55 (144A) | 1105000 | &nbsp;&nbsp; 1139454 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| 5.784%, 1M TSFR + 1.464%, 08/25/47 (a) | 5434286 | &nbsp;&nbsp; 5098286 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| 4.760%, 03/22/49 (144A) | 3380000 | &nbsp;&nbsp; 3331723 |
| Dryden 72 CLO Ltd. |  |  |
| 5.426%, 3M TSFR + 1.100%, 05/15/32 (144A) (a) | 2903841 | &nbsp;&nbsp; 2905371 |
| Dryden 77 CLO Ltd. |  |  |
| 5.704%, 3M TSFR + 1.382%, 05/20/34 (144A) (a) | 3000000 | &nbsp;&nbsp; 3001122 |

---

*See accompanying notes to financial statements.*

**BHFTI-498**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Asset-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** | **Asset-Backed - Other—(Continued)** |
| Dryden 95 CLO Ltd. |  |  |
| 5.922%, 3M TSFR + 1.600%, 08/20/34 (144A) (a) | 3220000 | &nbsp;&nbsp; $3218368 |
| Dryden XXVI Senior Loan Fund |  |  |
| 5.418%, 3M TSFR + 1.162%, 04/15/29 (144A) (a) | 687186 | &nbsp;&nbsp; 687308 |
| Flexential Issuer |  |  |
| 3.250%, 11/27/51 (144A) | 4753000 | &nbsp;&nbsp; 4599573 |
| Galaxy XXII CLO Ltd. |  |  |
| 5.501%, 3M TSFR + 1.240%, 04/16/34 (144A) (a) | 3000000 | &nbsp;&nbsp; 3000534 |
| JP Morgan Mortgage Acquisition Trust |  |  |
| 4.959%, 1M TSFR + 0.639%, 01/25/37 (a) | 8307000 | &nbsp;&nbsp; 7910865 |
| LCM 37 Ltd. |  |  |
| 5.316%, 3M TSFR + 1.060%, 04/15/34 (144A) (a) | 4000000 | &nbsp;&nbsp; 3998040 |
| Neuberger Berman CLO XVI-S Ltd. |  |  |
| 5.490%, 3M TSFR + 1.180%, 04/15/39 (144A) (a) | 3000000 | &nbsp;&nbsp; 2994039 |
| Palmer Square Loan Funding Ltd. |  |  |
| 5.656%, 3M TSFR + 1.400%, 04/15/31 (144A) (a) | 3600000 | &nbsp;&nbsp; 3600011 |
| Rockford Tower CLO Ltd. |  |  |
| 5.452%, 3M TSFR + 1.130%, 08/20/32 (144A) (a) | 3061133 | &nbsp;&nbsp; 3059542 |
| 5.721%, 3M TSFR + 1.452%, 10/20/30 (144A) (a) | 1367925 | &nbsp;&nbsp; 1368286 |
| Structured Asset Investment Loan Trust |  |  |
| 5.234%, 1M TSFR + 0.914%, 07/25/34 (a) | 1015449 | &nbsp;&nbsp; 1050214 |
| TIF Funding II LLC |  |  |
| 2.090%, 08/20/45 (144A) | 4028442 | &nbsp;&nbsp; 3782869 |
| Voya CLO Ltd. |  |  |
| 5.420%, 3M TSFR + 1.150%, 10/18/31 (144A) (a) | 2336132 | &nbsp;&nbsp; 2338926 |
| Wendy's Funding LLC |  |  |
| 3.783%, 06/15/49 (144A) | 1654738 | &nbsp;&nbsp; 1632329 |
|  |  | &nbsp;&nbsp; 89962010 |
| **Asset-Backed - Student Loan — 1.2%** | **Asset-Backed - Student Loan — 1.2%** | **Asset-Backed - Student Loan — 1.2%** |
| Navient Student Loan Trust |  |  |
| 5.920%, SOFR30A + 1.614%, 10/25/58 (a) | 2470000 | &nbsp;&nbsp; 2338122 |
| SLM Student Loan Trust |  |  |
| 4.955%, SOFR90A + 0.592%, 01/25/28 (a) | 968525 | &nbsp;&nbsp; 950174 |
| 4.995%, SOFR90A + 0.632%, 01/25/40 (a) | 1951735 | &nbsp;&nbsp; 1845954 |
| 5.805%, SOFR90A + 1.462%, 12/15/33 (144A) (a) | 1921694 | &nbsp;&nbsp; 1884069 |
| 6.220%, SOFR30A + 1.914%, 09/25/43 (a) | 5800000 | &nbsp;&nbsp; 5687400 |
| Wachovia Student Loan Trust |  |  |
| 4.795%, SOFR90A + 0.432%, 04/25/40 (144A) (a) | 2008629 | &nbsp;&nbsp; 1967072 |
|  |  | &nbsp;&nbsp; 14672791 |
| Total Asset-Backed Securities <br>(Cost $114,186,330) <br>|  | &nbsp;&nbsp; 114695650 |
| **Non-Agency Mortgage-Backed Securities—8.9%** | **Non-Agency Mortgage-Backed Securities—8.9%** | **Non-Agency Mortgage-Backed Securities—8.9%** |
| **Collateralized Mortgage Obligations — 5.7%** | **Collateralized Mortgage Obligations — 5.7%** | **Collateralized Mortgage Obligations — 5.7%** |
| Angel Oak Mortgage Trust |  |  |
| 3.353%, 01/25/67 (144A) (a) | 5754427 | &nbsp;&nbsp; 5420458 |
| CIM Trust |  |  |
| 1.951%, 06/25/57 (144A) (a) | 3424095 | &nbsp;&nbsp; 3162827 |
| 2.000%, 05/01/61 (144A) (a) | 4164581 | &nbsp;&nbsp; 3831743 |
| 2.000%, 08/25/61 (144A) (a) | 3717118 | &nbsp;&nbsp; 3219207 |
| 2.500%, 04/25/51 (144A) (a) | 9638050 | &nbsp;&nbsp; 7847483 |
| 3.000%, 10/25/59 (144A) (a) | 3299334 | &nbsp;&nbsp; 3069114 |
| 5.400%, 04/25/62 (144A) (a) | 5639461 | &nbsp;&nbsp; 5605645 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** | **Collateralized Mortgage Obligations—(Continued)** |
| CSMC Trust |  |  |
| 3.850%, 09/25/57 (144A) (a) | 3244951 | &nbsp;&nbsp; $3144251 |
| 4.547%, 05/25/67 (144A) (a) | 3263885 | &nbsp;&nbsp; 3251885 |
| GCAT Trust |  |  |
| 6.000%, 05/25/55 (144A) (a) | 4000000 | &nbsp;&nbsp; 4036564 |
| GS Mortgage-Backed Securities Trust |  |  |
| 5.500%, 11/25/55 (144A) (a) | 4000000 | &nbsp;&nbsp; 4009502 |
| JP Morgan Mortgage Trust |  |  |
| 2.500%, 12/25/51 (144A) (a) | 4885160 | &nbsp;&nbsp; 4535468 |
| 2.500%, 06/25/52 (144A) (a) | 8492544 | &nbsp;&nbsp; 7544449 |
| 5.500%, 06/25/55 (144A) (a) | 2389664 | &nbsp;&nbsp; 2396323 |
| PHH Alternative Mortgage Trust |  |  |
| 5.034%, 1M TSFR + 0.714%, 07/25/37 (a) | 2464199 | &nbsp;&nbsp; 2419426 |
| PRKCM Trust |  |  |
| 4.100%, 04/25/57 (144A) (a) | 5126582 | &nbsp;&nbsp; 5063169 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| 5.014%, 1M TSFR + 0.694%, 10/25/45 (a) | 1233793 | &nbsp;&nbsp; 1238265 |
| 5.489%, 06/25/34 (a) | 2003649 | &nbsp;&nbsp; 1962225 |
|  |  | &nbsp;&nbsp; 71758004 |
| **Commercial Mortgage-Backed Securities — 3.2%** | **Commercial Mortgage-Backed Securities — 3.2%** | **Commercial Mortgage-Backed Securities — 3.2%** |
| BAMLL Commercial Mortgage Securities Trust |  |  |
| 4.227%, 08/10/38 (144A) (a) | 3265000 | &nbsp;&nbsp; 3174243 |
| Bank |  |  |
| 4.493%, 06/15/55 (a) | 4231000 | &nbsp;&nbsp; 4115459 |
| BX Trust |  |  |
| 3.202%, 12/09/41 (144A) | 895000 | &nbsp;&nbsp; 834486 |
| BXHPP Trust |  |  |
| 5.077%, 1M TSFR + 0.764%, 08/15/36 (144A) (a) | 4777000 | &nbsp;&nbsp; 4573978 |
| Century Plaza Towers |  |  |
| 2.865%, 11/13/39 (144A) | 2930000 | &nbsp;&nbsp; 2670980 |
| CSAIL Commercial Mortgage Trust |  |  |
| 2.561%, 03/15/53 | 3384500 | &nbsp;&nbsp; 3044120 |
| DC Office Trust |  |  |
| 2.965%, 09/15/45 (144A) | 1850000 | &nbsp;&nbsp; 1684127 |
| Hudson Yards Mortgage Trust |  |  |
| 3.041%, 12/10/41 (144A) (a) | 1850000 | &nbsp;&nbsp; 1710307 |
| 3.228%, 07/10/39 (144A) | 1875000 | &nbsp;&nbsp; 1759891 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| 3.397%, 06/05/39 (144A) | 2000000 | &nbsp;&nbsp; 1876272 |
| LCCM Trust |  |  |
| 3.551%, 07/12/50 (144A) | 2834000 | &nbsp;&nbsp; 2769209 |
| NY Commercial Mortgage Trust |  |  |
| 6.125%, 02/10/47 (144A) (a) | 2350000 | &nbsp;&nbsp; 2430826 |
| NYC Commercial Mortgage Trust |  |  |
| 5.833%, 06/10/42 (144A) | 2189000 | &nbsp;&nbsp; 2198858 |
| One Bryant Park Trust |  |  |
| 2.516%, 09/15/54 (144A) | 2390000 | &nbsp;&nbsp; 2175860 |
| SFAVE Commercial Mortgage Securities Trust |  |  |
| 3.872%, 01/05/43 (144A) (a) | 2219000 | &nbsp;&nbsp; 1882770 |
| 4.144%, 01/05/43 (144A) (a) | 110000 | &nbsp;&nbsp; 95498 |

---

*See accompanying notes to financial statements.*

**BHFTI-499**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Non-Agency Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** | **Commercial Mortgage-Backed Securities—(Continued)** |
| SMRT Commercial Mortgage Trust |  |  |
| 7.662%, 1M TSFR + 3.350%, 01/15/39 (144A) (a) | 3500000 | &nbsp;&nbsp; $3405655 |
|  |  | &nbsp;&nbsp; 40402539 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $116,936,532) <br>|  | &nbsp;&nbsp; 112160543 |
| **Municipals—0.6%** | **Municipals—0.6%** | **Municipals—0.6%** |
| City of New York, General Obligation Unlimited |  |  |
| 5.968%, 03/01/36 | 1750000 | &nbsp;&nbsp; 1834700 |
| County of Miami-Dade Aviation Revenue |  |  |
| 3.555%, 10/01/34 | 600000 | &nbsp;&nbsp; 544538 |
| New York City Transitional Finance Authority Future Tax <br> Secured Revenue<br>|  |  |
| 4.200%, 11/01/30 | 1250000 | &nbsp;&nbsp; 1244705 |
| 5.267%, 05/01/27 | 2150000 | &nbsp;&nbsp; 2194248 |
| Regents of the University of California Medical Center Pooled <br> Revenue<br>|  |  |
| 3.256%, 05/15/60 | 1420000 | &nbsp;&nbsp; 896035 |
| Total Municipals <br>(Cost $7,510,114) <br>|  | &nbsp;&nbsp; 6714226 |
| **Foreign Government—0.1%** | **Foreign Government—0.1%** | **Foreign Government—0.1%** |
| **Sovereign — 0.1%** | **Sovereign — 0.1%** | **Sovereign — 0.1%** |
| Israel Government International Bonds |  |  |
| 5.375%, 02/19/30 (d) <br>(Cost $843,207)<br>| 850000 | &nbsp;&nbsp; 866217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—5.0%** | **Short-Term Investments—5.0%** | **Short-Term Investments—5.0%** |
| **Short-Term Investment Funds—5.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund |  |  |
| 4.210% (f) | 63582871 | &nbsp;&nbsp; 63582871 |
| Total Short-Term Investments <br>(Cost $63,582,871) <br>|  | &nbsp;&nbsp; 63582871 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (g)—4.4%** | **Securities Lending Reinvestments (g)—4.4%** | **Securities Lending Reinvestments (g)—4.4%** |
| **Certificates of Deposit—1.7%** | **Certificates of Deposit—1.7%** | **Certificates of Deposit—1.7%** |
| Bank of America NA |  |  |
| 4.600%, SOFR + 0.200%, 07/09/25 (a) | 4000000 | &nbsp;&nbsp; 3999996 |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (a) | 1000000 | &nbsp;&nbsp; 999998 |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (a) | 3000000 | &nbsp;&nbsp; 3002808 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.630%, SOFR + 0.240%, 12/03/25 (a) | 1000000 | &nbsp;&nbsp; 999697 |
| Mizuho Bank Ltd. |  |  |
| 4.600%, SOFR + 0.200%, 08/19/25 (a) | 2000000 | &nbsp;&nbsp; 1999850 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 11/21/25 (a) | 3000000 | &nbsp;&nbsp; 3000018 |
| 4.620%, SOFR + 0.220%, 12/15/25 (a) | 1000000 | &nbsp;&nbsp; 999983 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (a) | 3000000 | &nbsp;&nbsp; 3001308 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** | **Certificates of Deposit—(Continued)** |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.740%, SOFR + 0.350%, 10/14/25 (a) | 1000000 | &nbsp;&nbsp; $1000316 |
| Svenska Handelsbanken AB |  |  |
| 4.580%, SOFR + 0.180%, 08/11/25 (a) | 1500000 | &nbsp;&nbsp; 1499996 |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (a) | 1000000 | &nbsp;&nbsp; 999769 |
|  |  | &nbsp;&nbsp; 21503739 |
| **Commercial Paper—0.2%** | **Commercial Paper—0.2%** | **Commercial Paper—0.2%** |
| Liberty Street Funding LLC |  |  |
| 4.450%, 07/10/25 | 2000000 | &nbsp;&nbsp; 1997480 |
| Salisbury Receivables Co. LLC |  |  |
| 4.470%, 07/15/25 | 1000000 | &nbsp;&nbsp; 998110 |
|  |  | &nbsp;&nbsp; 2995590 |
| **Repurchase Agreements—2.5%** | **Repurchase Agreements—2.5%** | **Repurchase Agreements—2.5%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $5,000,619; <br> collateralized by various Common Stock with an aggregate <br> market value of $5,565,370<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Repurchase Agreement dated 06/30/25 at 4.530%, due on <br> 07/01/25 with a maturity value of $4,000,503; <br> collateralized by various Common Stock with an aggregate <br> market value of $4,452,296<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $5,124,517; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 0.125% - 5.000%, maturity dates ranging from <br> 07/15/25 - 07/15/26, and various Common Stock with an <br> aggregate market value of $5,227,837<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $2,026,216; <br> collateralized by U.S. Treasury Obligations with rates ranging <br> from 2.000% - 4.750%, maturity dates ranging from <br> 02/15/45 - 11/15/53, and an aggregate market value of <br> $2,066,489<br>| 2025970 | &nbsp;&nbsp; 2025970 |
| National Bank Financial, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.540%, due on <br> 07/01/25 with a maturity value of $3,000,378; <br> collateralized by various Common Stock with an aggregate <br> market value of $3,345,315<br>| 3000000 | &nbsp;&nbsp; 3000000 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $5,004,433; <br> collateralized by various Common Stock with an aggregate <br> market value of $5,575,614<br>| 5000000 | &nbsp;&nbsp; 5000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $5,022,361; <br> collateralized by various Common Stock with an aggregate <br> market value of $5,556,266<br>| 5000000 | &nbsp;&nbsp; 5000000 |

---

*See accompanying notes to financial statements.*

**BHFTI-500**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (g)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.520%, due on <br> 07/01/25 with a maturity value of $2,000,251; <br> collateralized by various Common Stock with an aggregate <br> market value of $2,224,886<br>| 2000000 | &nbsp;&nbsp; $2000000 |
|  |  | &nbsp;&nbsp; 31025970 |
| Total Securities Lending Reinvestments <br>(Cost $55,522,007) <br>|  | &nbsp;&nbsp; 55525299 |
| Total Investments—114.5% <br>(Cost $1,464,470,709) <br>|  | &nbsp;&nbsp; 1441822971 |
| Other assets and liabilities (net)—(14.5)%  |  | &nbsp;&nbsp; (182824174)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $1258998797 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and 

---

| | |
|:---|:---|
|  | mortgage-backed securities, the coupon rate may fluctuate based on changes of the <br> underlying collateral or prepayments of principal. These securities do not indicate a reference <br> index and spread in their description above.<br>|
| (b) | Interest only security. |
| (c) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an <br> approximate principal amount and no defined maturity date. The actual principal and <br> maturity date will be determined upon settlement date.<br>|
| (d) | All or a portion of the security was held on loan. As of June 30, 2025, the market value of <br> securities loaned was $62,209,309 and the collateral received consisted of cash in the <br> amount of $55,492,545 and non-cash collateral with a value of $12,433,662. The cash <br> collateral investments are disclosed in the Schedule of Investments and categorized as <br> Securities Lending Reinvestments. The non-cash collateral received consists of U.S. <br> government securities that are held in safe-keeping by the lending agent, or a third-party <br> custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is <br> excluded from the Statement of Assets and Liabilities.<br>|
| (e) | Principal amount of security is adjusted for inflation. |
| (f) | The rate shown represents the annualized seven-day yield as of June 30, 2025. |
| (g) | Represents investment of cash collateral received from securities on loan as of June 30, <br> 2025.<br>|
| (144A) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt from registration, normally to qualified <br> institutional buyers. As of June 30, 2025, the market value of 144A securities was <br> $217,103,966, which is 17.2% of net assets.<br>|

---

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3062788386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $118590137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 <br>,188408188<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68875571 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $852008818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $868272635 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $(55492545)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(55492545)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(55492545)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-501**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 44 | USD | 5080625 | &nbsp;&nbsp; $83875 |
| U.S. Treasury Note 2 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 1385 | USD | 288112462 | &nbsp;&nbsp; 1140422 |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; 180 | USD | 19620000 | &nbsp;&nbsp; 80265 |
| U.S. Treasury Ultra Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 83 | USD | 9887375 | &nbsp;&nbsp; 104017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| U.S. Treasury Note Ultra 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (55)<br>| USD | (6284610)<br>| &nbsp;&nbsp; (62296)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $1346283 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Interest Rate | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $1408579 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $62296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $2081819 |
| Swap contracts | &nbsp;&nbsp; 980623 |
|  | &nbsp;&nbsp; $3062442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $1140541 |
| Swap contracts | &nbsp;&nbsp; (797545)<br>|
|  | &nbsp;&nbsp; $342996 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $394719766 |
| Futures contracts short | &nbsp;&nbsp; (14528482)<br>|
| Swap contracts | &nbsp;&nbsp; 10830000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See accompanying notes to financial statements.*

**BHFTI-502**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $448609439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $448609439 |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 415349738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 415349738 |
| Total Corporate Bonds & Notes\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 224318988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 224318988 |
| Total Asset-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 114695650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114695650 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 112160543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112160543 |
| Total Municipals\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6714226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6714226 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 866217 | &nbsp;&nbsp; — | &nbsp;&nbsp; 866217 |
| Total Short-Term Investments\* | &nbsp;&nbsp; 63582871 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63582871 |
| Total Securities Lending Reinvestments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 55525299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55525299 |
| Total Investments | &nbsp;&nbsp; $63582871 | &nbsp;&nbsp; $1378240100 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1441822971 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55492545)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55492545)<br>|
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $1408579 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1408579 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (62296)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (62296)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $1346283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1346283 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-503**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1441822971 |
| Cash | &nbsp;&nbsp; 2606268 |
| Cash collateral (c) | &nbsp;&nbsp; 2285684 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 7051851 |
| Dividends and interest | &nbsp;&nbsp; 6116752 |
| Variation margin on futures contracts | &nbsp;&nbsp; 225054 |
| Prepaid expenses | &nbsp;&nbsp; 9889 |
| Total Assets | &nbsp;&nbsp; 1460118469 |
| **Liabilities** |  |
| Cash collateral for TBA securities | &nbsp;&nbsp; 1280000 |
| Collateral for securities loaned | &nbsp;&nbsp; 55492545 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 7304794 |
| TBA securities purchased | &nbsp;&nbsp; 136162486 |
| Fund shares redeemed | &nbsp;&nbsp; 36 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 440783 |
| Distribution and service fees | &nbsp;&nbsp; 51 |
| Deferred trustees' fees | &nbsp;&nbsp; 167002 |
| Other expenses | &nbsp;&nbsp; 271975 |
| Total Liabilities | &nbsp;&nbsp; 201119672 |
| **Net Assets**  | &nbsp;&nbsp; $1258998797 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $1527898823 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (268900026)<br>|
| **Net Assets**  | &nbsp;&nbsp; $1258998797 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $1258745623 |
| Class B | &nbsp;&nbsp; 253174 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 147073873 |
| Class B | &nbsp;&nbsp; 29473 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $8.56 |
| Class B | 8.59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,464,470,709.

(b) Includes securities loaned at value of $62,209,309.

(c) Includes collateral of $2,280,000 for future contracts and $5,684 for TBA securities.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends | &nbsp;&nbsp; $1770453 |
| Interest | &nbsp;&nbsp; 25698160 |
| Securities lending income | &nbsp;&nbsp; 241162 |
| Total investment income | &nbsp;&nbsp; 27709775 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 3394421 |
| Administration fees | &nbsp;&nbsp; 37264 |
| Custodian and accounting fees | &nbsp;&nbsp; 52382 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 474 |
| Audit and tax services | &nbsp;&nbsp; 36673 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 16151 |
| Insurance | &nbsp;&nbsp; 5930 |
| Miscellaneous | &nbsp;&nbsp; 12004 |
| Total expenses | &nbsp;&nbsp; 3598056 |
| Less management fee waiver | &nbsp;&nbsp; (727395)<br>|
| Net expenses | &nbsp;&nbsp; 2870661 |
| **Net Investment Income** | &nbsp;&nbsp; 24839114 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (9836807)<br>|
| Futures contracts | &nbsp;&nbsp; 2081819 |
| Swap contracts | &nbsp;&nbsp; 980623 |
| Net realized gain (loss) | &nbsp;&nbsp; (6774365)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 35414811 |
| Futures contracts | &nbsp;&nbsp; 1140541 |
| Swap contracts | &nbsp;&nbsp; (797545)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 35757807 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 28983442 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $53822556 |

---

*See accompanying notes to financial statements.*

**BHFTI-504**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $24839114 | &nbsp;&nbsp; $57739195 |
| Net realized gain (loss) | &nbsp;&nbsp; (6774365)<br>| &nbsp;&nbsp; (11399296)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 35757807 | &nbsp;&nbsp; (31653342)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 53822556 | &nbsp;&nbsp; 14686557 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (58967379)<br>| &nbsp;&nbsp; (60013095)<br>|
| Class B | &nbsp;&nbsp; (10451)<br>| &nbsp;&nbsp; (25360)<br>|
| **Total distributions** | &nbsp;&nbsp; (58977830)<br>| &nbsp;&nbsp; (60038455)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (1372843)<br>| &nbsp;&nbsp; (161400169)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (6528117)<br>| &nbsp;&nbsp; (206752067)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 1265526914 | &nbsp;&nbsp; 1472278981 |
| End of period | &nbsp;&nbsp; $1258998797 | &nbsp;&nbsp; $1265526914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 3182354 | &nbsp;&nbsp; $28067508 | &nbsp;&nbsp; 733675 | &nbsp;&nbsp; $6395566 |
| Reinvestments | &nbsp;&nbsp; 6986656 | &nbsp;&nbsp; 58967379 | &nbsp;&nbsp; 7093746 | &nbsp;&nbsp; 60013095 |
| Redemptions | &nbsp;&nbsp; (10005978)<br>| &nbsp;&nbsp; (88052107)<br>| &nbsp;&nbsp; (26214492)<br>| &nbsp;&nbsp; (228144113)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 163032 | &nbsp;&nbsp; $(1017220)<br>| &nbsp;&nbsp; (18387071)<br>| &nbsp;&nbsp; $(161735452)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 372 | &nbsp;&nbsp; $3212 | &nbsp;&nbsp; 45005 | &nbsp;&nbsp; $392112 |
| Reinvestments | &nbsp;&nbsp; 1234 | &nbsp;&nbsp; 10451 | &nbsp;&nbsp; 2994 | &nbsp;&nbsp; 25360 |
| Redemptions | &nbsp;&nbsp; (41791)<br>| &nbsp;&nbsp; (369286)<br>| &nbsp;&nbsp; (9431)<br>| &nbsp;&nbsp; (82189)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (40185)<br>| &nbsp;&nbsp; $(355623)<br>| &nbsp;&nbsp; 38568 | &nbsp;&nbsp; $335283 |
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(1372843)<br>|  | &nbsp;&nbsp; $(161400169)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-505**

------

**Brighthouse Funds Trust I**

**TCW Core Fixed Income Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp;&nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $10.47 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Total income (loss) from investment operations | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.36)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.36)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp;&nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $11.10 |
| **Total Return (%)** (b) | 4.38 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp; (14.12)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.54 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.58 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net ratio of expenses to average net assets (%) (e) | 0.47 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Ratio of net investment income (loss) to average net assets (%) | 4.02 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 237 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 525 <br>(f)<br>| &nbsp;&nbsp; 453 <br>(f)<br>| &nbsp;&nbsp; 449 <br>(f)<br>| &nbsp;&nbsp; 454 <br>(f)<br>| &nbsp;&nbsp; 352 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $1258.7 | &nbsp;&nbsp;&nbsp;&nbsp; $1264.9 | &nbsp;&nbsp; $1472.0 | &nbsp;&nbsp; $1504.7 | &nbsp;&nbsp; $2034.1 | &nbsp;&nbsp; $1775.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.61 | &nbsp;&nbsp;&nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $11.07 | &nbsp;&nbsp; $10.45 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Total income (loss) from investment operations | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.33)<br>|
| Distributions from net realized capital gains | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.59 | &nbsp;&nbsp;&nbsp;&nbsp; $8.61 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $11.07 |
| **Total Return (%)** (b) | 4.15 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp; (14.37)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.14 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.83 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net ratio of expenses to average net assets (%) (e) | 0.72 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Ratio of net investment income (loss) to average net assets (%) | 3.77 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 237 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 525 <br>(f)<br>| &nbsp;&nbsp; 453 <br>(f)<br>| &nbsp;&nbsp; 449 <br>(f)<br>| &nbsp;&nbsp; 454 <br>(f)<br>| &nbsp;&nbsp; 352 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $0.3 | &nbsp;&nbsp;&nbsp;&nbsp; $0.6 | &nbsp;&nbsp; $0.3 | &nbsp;&nbsp; $0.2 | &nbsp;&nbsp; $0.3 | &nbsp;&nbsp; $0.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 194%, 391%, 254%, 292%, 264%, and 207% for the six months ended June 30, 2025 and for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTI-506**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—96.4% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Textron, Inc.  | 145900 | &nbsp;&nbsp; $11714311 |
| **Automobile Components — 1.8%** | **Automobile Components — 1.8%** | **Automobile Components — 1.8%** |
| Aptiv PLC (a) | 82400 | &nbsp;&nbsp; 5621328 |
| BorgWarner, Inc.  | 280900 | &nbsp;&nbsp; 9404532 |
|  |  | &nbsp;&nbsp; 15025860 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| Huntington Bancshares, Inc.  | 816600 | &nbsp;&nbsp; 13686216 |
| Prosperity Bancshares, Inc.  | 61000 | &nbsp;&nbsp; 4284640 |
| Truist Financial Corp. (b) | 305400 | &nbsp;&nbsp; 13129146 |
|  |  | &nbsp;&nbsp; 31100002 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Primo Brands Corp.  | 311300 | &nbsp;&nbsp; 9220706 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| Carrier Global Corp.  | 118700 | &nbsp;&nbsp; 8687653 |
| **Capital Markets — 1.5%** | **Capital Markets — 1.5%** | **Capital Markets — 1.5%** |
| Raymond James Financial, Inc.  | 83100 | &nbsp;&nbsp; 12745047 |
| **Chemicals — 5.1%** | **Chemicals — 5.1%** | **Chemicals — 5.1%** |
| Axalta Coating Systems Ltd. (a) | 363200 | &nbsp;&nbsp; 10783408 |
| CF Industries Holdings, Inc.  | 137900 | &nbsp;&nbsp; 12686800 |
| RPM International, Inc. (b) | 97500 | &nbsp;&nbsp; 10709400 |
| Westlake Corp. (b) | 132700 | &nbsp;&nbsp; 10075911 |
|  |  | &nbsp;&nbsp; 44255519 |
| **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |
| Republic Services, Inc.  | 29000 | &nbsp;&nbsp; 7151690 |
| **Consumer Staples Distribution & Retail — 7.0%** | **Consumer Staples Distribution & Retail — 7.0%** | **Consumer Staples Distribution & Retail — 7.0%** |
| Casey's General Stores, Inc.  | 17400 | &nbsp;&nbsp; 8878698 |
| Maplebear, Inc. (a) (b) | 315400 | &nbsp;&nbsp; 14268696 |
| Performance Food Group Co. (a) (b) | 184000 | &nbsp;&nbsp; 16094480 |
| U.S. Foods Holding Corp. (a) | 274700 | &nbsp;&nbsp; 21154647 |
|  |  | &nbsp;&nbsp; 60396521 |
| **Containers & Packaging — 6.3%** | **Containers & Packaging — 6.3%** | **Containers & Packaging — 6.3%** |
| AptarGroup, Inc.  | 80200 | &nbsp;&nbsp; 12545686 |
| Avery Dennison Corp.  | 43600 | &nbsp;&nbsp; 7650492 |
| Crown Holdings, Inc. (b) | 163400 | &nbsp;&nbsp; 16826932 |
| Graphic Packaging Holding Co. (b) | 400000 | &nbsp;&nbsp; 8428000 |
| Packaging Corp. of America | 46900 | &nbsp;&nbsp; 8838305 |
|  |  | &nbsp;&nbsp; 54289415 |
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
| Alliant Energy Corp. (b) | 342100 | &nbsp;&nbsp; 20686787 |
| **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** |
| Hubbell, Inc. (b) | 26100 | &nbsp;&nbsp; 10659501 |
| Regal Rexnord Corp. (b) | 59100 | &nbsp;&nbsp; 8567136 |
|  |  | &nbsp;&nbsp; 19226637 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** |
| Keysight Technologies, Inc. (a) | 71400 | &nbsp;&nbsp; $11699604 |
| Trimble, Inc. (a) | 190100 | &nbsp;&nbsp; 14443798 |
| Zebra Technologies Corp. - Class A (a) | 30700 | &nbsp;&nbsp; 9466652 |
|  |  | &nbsp;&nbsp; 35610054 |
| **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** |
| Baker Hughes Co. (b) | 305700 | &nbsp;&nbsp; 11720538 |
| **Ground Transportation — 3.4%** | **Ground Transportation — 3.4%** | **Ground Transportation — 3.4%** |
| JB Hunt Transport Services, Inc.  | 63200 | &nbsp;&nbsp; 9075520 |
| Knight-Swift Transportation Holdings, Inc.  | 281200 | &nbsp;&nbsp; 12437476 |
| Landstar System, Inc. (b) | 58100 | &nbsp;&nbsp; 8077062 |
|  |  | &nbsp;&nbsp; 29590058 |
| **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| Cooper Cos., Inc. (a) | 119100 | &nbsp;&nbsp; 8475156 |
| Hologic, Inc. (a) | 195800 | &nbsp;&nbsp; 12758328 |
|  |  | &nbsp;&nbsp; 21233484 |
| **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |
| Labcorp Holdings, Inc.  | 48700 | &nbsp;&nbsp; 12784237 |
| Quest Diagnostics, Inc. (b) | 94000 | &nbsp;&nbsp; 16885220 |
|  |  | &nbsp;&nbsp; 29669457 |
| **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** |
| Expedia Group, Inc.  | 90700 | &nbsp;&nbsp; 15299276 |
| Hilton Worldwide Holdings, Inc. (b) | 26500 | &nbsp;&nbsp; 7058010 |
|  |  | &nbsp;&nbsp; 22357286 |
| **Insurance — 9.6%** | **Insurance — 9.6%** | **Insurance — 9.6%** |
| American Financial Group, Inc. (b) | 86800 | &nbsp;&nbsp; 10955028 |
| Fidelity National Financial, Inc.  | 289500 | &nbsp;&nbsp; 16229370 |
| Hartford Insurance Group, Inc.  | 118500 | &nbsp;&nbsp; 15034095 |
| Old Republic International Corp.  | 344100 | &nbsp;&nbsp; 13227204 |
| Principal Financial Group, Inc.  | 148000 | &nbsp;&nbsp; 11755640 |
| Willis Towers Watson PLC | 51300 | &nbsp;&nbsp; 15723450 |
|  |  | &nbsp;&nbsp; 82924787 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| Akamai Technologies, Inc. (a) (b) | 124800 | &nbsp;&nbsp; 9954048 |
| Globant SA (a) (b) | 54300 | &nbsp;&nbsp; 4932612 |
|  |  | &nbsp;&nbsp; 14886660 |
| **Machinery — 5.4%** | **Machinery — 5.4%** | **Machinery — 5.4%** |
| AGCO Corp. (b) | 105000 | &nbsp;&nbsp; 10831800 |
| Lincoln Electric Holdings, Inc. (b) | 62900 | &nbsp;&nbsp; 13040428 |
| Middleby Corp. (a) | 65400 | &nbsp;&nbsp; 9417600 |
| Xylem, Inc.  | 101900 | &nbsp;&nbsp; 13181784 |
|  |  | &nbsp;&nbsp; 46471612 |
| **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** | **Metals & Mining — 2.3%** |
| Franco-Nevada Corp.  | 67300 | &nbsp;&nbsp; 11031816 |
| Steel Dynamics, Inc. (b) | 68600 | &nbsp;&nbsp; 8781486 |
|  |  | &nbsp;&nbsp; 19813302 |

---

*See accompanying notes to financial statements.*

**BHFTI-507**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Common Stocks—(Continued)**

**Short-Term Investments—3.5%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | <br>**Value**<br>|
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| CMS Energy Corp. (b) | 122700 | &nbsp;&nbsp; $8500656 |
| **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** |
| Chord Energy Corp.  | 103400 | &nbsp;&nbsp; 10014290 |
| Coterra Energy, Inc. (b) | 526700 | &nbsp;&nbsp; 13367646 |
| Devon Energy Corp.  | 253800 | &nbsp;&nbsp; 8073378 |
|  |  | &nbsp;&nbsp; 31455314 |
| **Professional Services — 3.9%** | **Professional Services — 3.9%** | **Professional Services — 3.9%** |
| FTI Consulting, Inc. (a) | 53300 | &nbsp;&nbsp; 8607950 |
| Genpact Ltd. (b) | 353600 | &nbsp;&nbsp; 15561936 |
| TransUnion | 111200 | &nbsp;&nbsp; 9785600 |
|  |  | &nbsp;&nbsp; 33955486 |
| **Residential REITs — 2.9%** | **Residential REITs — 2.9%** | **Residential REITs — 2.9%** |
| Camden Property Trust (b) | 129300 | &nbsp;&nbsp; 14570817 |
| Equity LifeStyle Properties, Inc.  | 168500 | &nbsp;&nbsp; 10391395 |
|  |  | &nbsp;&nbsp; 24962212 |
| **Retail REITs — 1.7%** | **Retail REITs — 1.7%** | **Retail REITs — 1.7%** |
| NNN REIT, Inc.  | 335600 | &nbsp;&nbsp; 14491208 |
| **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** |
| Microchip Technology, Inc. (b) | 141200 | &nbsp;&nbsp; 9936244 |
| MKS, Inc. (b) | 128500 | &nbsp;&nbsp; 12767760 |
|  |  | &nbsp;&nbsp; 22704004 |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| Check Point Software Technologies Ltd. (a) | 56500 | &nbsp;&nbsp; 12500625 |
| **Specialized REITs — 3.2%** | **Specialized REITs — 3.2%** | **Specialized REITs — 3.2%** |
| Lamar Advertising Co. - Class A (b) | 116800 | &nbsp;&nbsp; 14174848 |
| SBA Communications Corp.  | 57600 | &nbsp;&nbsp; 13526784 |
|  |  | &nbsp;&nbsp; 27701632 |
| **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
| Bath & Body Works, Inc.  | 428600 | &nbsp;&nbsp; 12840856 |
| Penske Automotive Group, Inc. (b) | 33800 | &nbsp;&nbsp; 5807178 |
| Ross Stores, Inc.  | 40500 | &nbsp;&nbsp; 5166990 |
|  |  | &nbsp;&nbsp; 23815024 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| Ralph Lauren Corp.  | 22700 | &nbsp;&nbsp; 6226156 |
| **Water Utilities — 1.8%** | **Water Utilities — 1.8%** | **Water Utilities — 1.8%** |
| American Water Works Co., Inc.  | 109000 | &nbsp;&nbsp; 15162990 |
| Total Common Stocks <br>(Cost $762,152,917) <br>|  | &nbsp;&nbsp; 830252693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***/<br> **Shares**<br>| <br>**Value**<br>|
| **Repurchase Agreement—3.5%** | **Repurchase Agreement—3.5%** | **Repurchase Agreement—3.5%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $30,160,221; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $30,760,758<br>| 30157498 | &nbsp;&nbsp; $30157498 |
| Total Short-Term Investments <br>(Cost $30,157,498) <br>|  | &nbsp;&nbsp; 30157498 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Securities Lending Reinvestments (c)—16.6%** | **Securities Lending Reinvestments (c)—16.6%** | **Securities Lending Reinvestments (c)—16.6%** |
| **Short-Term Investment Funds—4.6%** | **Short-Term Investment Funds—4.6%** | **Short-Term Investment Funds—4.6%** |
| BlackRock Liquidity Funds FedFund, <br>Institutional Shares 4.220% (d)<br>| 20000000 | &nbsp;&nbsp; 20000000 |
| Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Class 4.190% (d)<br>| 20000000 | &nbsp;&nbsp; 20000000 |
|  |  | &nbsp;&nbsp; 40000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Certificates of Deposit—2.5%** | **Certificates of Deposit—2.5%** | **Certificates of Deposit—2.5%** |
| Bank of America NA |  |  |
| 4.600%, SOFR + 0.200%, 07/09/25 (e) | 3000000 | &nbsp;&nbsp; 2999997 |
| Bank of Montreal |  |  |
| 4.750%, SOFR + 0.350%, 07/14/25 (e) | 1000000 | &nbsp;&nbsp; 999998 |
| BNP Paribas SA |  |  |
| 4.600%, SOFR + 0.210%, 07/22/25 (e) | 2000000 | &nbsp;&nbsp; 1999976 |
| Commonwealth Bank of Australia |  |  |
| 4.770%, SOFR + 0.380%, 04/13/26 (e) | 1000000 | &nbsp;&nbsp; 1000936 |
| Cooperatieve Rabobank UA |  |  |
| 4.740%, SOFR + 0.340%, 07/30/25 (e) | 1000000 | &nbsp;&nbsp; 1000170 |
| Credit Agricole SA |  |  |
| Zero Coupon, 08/08/25 | 3000000 | &nbsp;&nbsp; 2985840 |
| Mizuho Bank Ltd. |  |  |
| 4.690%, SOFR+ 0.290%, 11/13/25 (e) | 2000000 | &nbsp;&nbsp; 1999992 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| 4.620%, SOFR + 0.220%, 07/11/25 (e) | 1000000 | &nbsp;&nbsp; 1000013 |
| 4.620%, SOFR + 0.220%, 12/15/25 (e) | 1000000 | &nbsp;&nbsp; 999983 |
| Societe Generale |  |  |
| 4.740%, SOFR + 0.350%, 10/15/25 (e) | 2000000 | &nbsp;&nbsp; 2000872 |
| Sumitomo Mitsui Banking Corp. |  |  |
| 4.740%, SOFR + 0.350%, 10/14/25 (e) | 1000000 | &nbsp;&nbsp; 1000316 |
| Svenska Handelsbanken AB |  |  |
| 4.580%, SOFR + 0.180%, 08/11/25 (e) | 1500000 | &nbsp;&nbsp; 1499996 |
| Toronto-Dominion Bank |  |  |
| 4.690%, SOFR + 0.290%, 03/20/26 (e) | 1000000 | &nbsp;&nbsp; 999769 |
| 4.850%, SOFR + 0.450%, 04/23/26 (e) | 1000000 | &nbsp;&nbsp; 1000777 |
|  |  | &nbsp;&nbsp; 21488635 |
| **Commercial Paper—1.1%** | **Commercial Paper—1.1%** | **Commercial Paper—1.1%** |
| Ionic Funding LLC |  |  |
| 4.380%, 07/03/25 | 2000000 | &nbsp;&nbsp; 1999254 |
| 4.460%, 07/16/25 | 1000000 | &nbsp;&nbsp; 998008 |
| Liberty Street Funding LLC |  |  |
| 4.450%, 07/10/25 | 1000000 | &nbsp;&nbsp; 998740 |
| Salisbury Receivables Co. LLC |  |  |
| 4.450%, 07/09/25 | 1000000 | &nbsp;&nbsp; 998865 |
| 4.470%, 07/15/25 | 2000000 | &nbsp;&nbsp; 1996220 |

---

*See accompanying notes to financial statements.*

**BHFTI-508**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Securities Lending Reinvestments (c)—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** | **Commercial Paper—(Continued)** |
| Westpac Banking Corp. |  |  |
| 4.790%, SOFR+0.400%, 04/10/26 (e) | 2000000 | &nbsp;&nbsp; $2002158 |
|  |  | &nbsp;&nbsp; 8993245 |
| **Repurchase Agreements—7.5%** | **Repurchase Agreements—7.5%** | **Repurchase Agreements—7.5%** |
| Bank of Nova Scotia |  |  |
| Repurchase Agreement dated 06/30/25 at 4.460%, due on <br> 07/01/25 with a maturity value of $4,000,496; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,452,296<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| CF Secured LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $10,001,217; <br> collateralized by U.S. Government Agency Obligation with <br> rates ranging from 1.020% - 7.000%, maturity dates ranging <br> from 01/25/30 - 04/20/74, and an aggregate market value <br> of $10,201,241<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Citigroup Global Markets, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.820%, due on <br> 01/02/26 with a maturity value of $4,099,613; collateralized <br> by U.S. Treasury Obligations with rates ranging from 0.125% - <br> 5.000%, maturity dates ranging from 07/15/25 - 07/15/26, <br> and various Common Stock with an aggregate market value of <br> $4,182,270<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Deutsche Bank Securities, Inc. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.380%, due on <br> 07/01/25 with a maturity value of $4,781,996; collateralized <br> by U.S. Treasury Obligations with rates ranging from 2.000% - <br> 4.750%, maturity dates ranging from 02/15/45 - 11/15/53, <br> and an aggregate market value of $4,877,044<br>| 4781414 | &nbsp;&nbsp; 4781414 |
| National Bank of Canada |  |  |
| Repurchase Agreement dated 06/30/25 at 4.560%, due on <br> 07/07/25 with a maturity value of $18,015,960; <br> collateralized by various Common Stock with an aggregate <br> market value of $20,072,211<br>| 18000000 | &nbsp;&nbsp; 18000000 |
| NBC Global Finance Ltd. |  |  |
| Repurchase Agreement dated 06/30/25 at 4.590%, due on <br> 07/07/25 with a maturity value of $10,008,925; <br> collateralized by various Common Stock with an aggregate <br> market value of $11,151,497<br>| 10000000 | &nbsp;&nbsp; 10000000 |
| Royal Bank of Canada Toronto |  |  |
| Repurchase Agreement dated 06/30/25 at 4.600%, due on <br> 08/04/25 with a maturity value of $4,017,889; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,445,012<br>| 4000000 | &nbsp;&nbsp; 4000000 |
| Societe Generale |  |  |
| Repurchase Agreement dated 06/30/25 at 4.440%, due on <br> 07/01/25 with a maturity value of $6,000,740; collateralized <br> by various Common Stock with an aggregate market value of <br> $6,675,713<br>| 6000000 | &nbsp;&nbsp; 6000000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** | **Repurchase Agreements—(Continued)** |
| TD Prime Services LLC |  |  |
| Repurchase Agreement dated 06/30/25 at 4.430%, due on <br> 07/01/25 with a maturity value of $4,000,492; collateralized <br> by various Common Stock with an aggregate market value of <br> $4,400,542<br>| 4000000 | &nbsp;&nbsp; $4000000 |
|  |  | &nbsp;&nbsp; 64781414 |
| **Time Deposits—0.9%** | **Time Deposits—0.9%** | **Time Deposits—0.9%** |
| Banco Santander SA |  |  |
| 4.320%, 07/01/25 | 4000000 | &nbsp;&nbsp; 4000000 |
| Credit Agricole Corp. and Investment Bank |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
| First Abu Dhabi Bank USA NV |  |  |
| 4.320%, 07/01/25 | 2000000 | &nbsp;&nbsp; 2000000 |
|  |  | &nbsp;&nbsp; 8000000 |
| Total Securities Lending Reinvestments <br>(Cost $143,259,504) <br>|  | &nbsp;&nbsp; 143263294 |
| Total Investments—116.5% <br>(Cost $935,569,919) <br>|  | &nbsp;&nbsp; 1003673485 |
| Other assets and liabilities (net)—(16.5)%  |  | &nbsp;&nbsp; (142238287)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $861435198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of June 30, 2025, the market value of securities loaned was $171,481,491 and the collateral received consisted of cash in the amount of $143,193,477 and non-cash collateral with a value of $32,373,443. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities. 

(c) Represents investment of cash collateral received from securities on loan as of June 30, 2025.

(d) The rate shown represents the annualized seven-day yield as of June 30, 2025.

(e) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $230638094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $274920577 |

---

*See accompanying notes to financial statements.*

**BHFTI-509**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements** <br>**As of June 30, 2025** |
|  | **Overnight and** <br>**Continuous**<br>| &nbsp;&nbsp; **Up to** <br>**30 Days**<br>| &nbsp;&nbsp; **31 - 90** <br>**Days**<br>| &nbsp;&nbsp; **Greater than** <br>**90 days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $(143193477)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(143193477)<br>|
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp; $(143193477)<br>|

---

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Common Stocks\* | &nbsp;&nbsp; $830252693 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $830252693 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 30157498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30157498 |
| Securities Lending Reinvestments |  |  |  |  |
| Short-Term Investment Funds | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40000000 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 21488635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21488635 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 8993245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8993245 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 64781414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64781414 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8000000 |
| Total Securities Lending Reinvestments | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp; 103263294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 143263294 |
| Total Investments | &nbsp;&nbsp; $870252693 | &nbsp;&nbsp; $133420792 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1003673485 |
| Collateral for Securities Loaned (Liability) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(143193477)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(143193477)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-510**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) (b) | &nbsp;&nbsp; $1003673485 |
| Cash | &nbsp;&nbsp; 28538 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1485563 |
| Fund shares sold | &nbsp;&nbsp; 1409298 |
| Dividends and interest | &nbsp;&nbsp; 681039 |
| Prepaid expenses | &nbsp;&nbsp; 6787 |
| Total Assets | &nbsp;&nbsp; 1007284710 |
| **Liabilities** |  |
| Collateral for securities loaned | &nbsp;&nbsp; 143193477 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1532324 |
| Fund shares redeemed | &nbsp;&nbsp; 150519 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 389349 |
| Distribution and service fees | &nbsp;&nbsp; 106925 |
| Deferred trustees' fees | &nbsp;&nbsp; 247445 |
| Other expenses | &nbsp;&nbsp; 229473 |
| Total Liabilities | &nbsp;&nbsp; 145849512 |
| **Net Assets**  | &nbsp;&nbsp; $861435198 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $766917524 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; 94517674 |
| **Net Assets**  | &nbsp;&nbsp; $861435198 |
| **Net Assets** |  |
| Class A | &nbsp;&nbsp; $326106799 |
| Class B | &nbsp;&nbsp; 515431492 |
| Class E | &nbsp;&nbsp; 19896907 |
| **Capital Shares Outstanding\*** |  |
| Class A | &nbsp;&nbsp; 19265572 |
| Class B | &nbsp;&nbsp; 31706407 |
| Class E | &nbsp;&nbsp; 1197024 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class A | &nbsp;&nbsp; $16.93 |
| Class B | 16.26 |
| Class E | 16.62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $935,569,919.

(b) Includes securities loaned at value of $171,481,491.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Dividends (a) | &nbsp;&nbsp; $8214356 |
| Interest | &nbsp;&nbsp; 391920 |
| Securities lending income | &nbsp;&nbsp; 89627 |
| Total investment income | &nbsp;&nbsp; 8695903 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 2808549 |
| Administration fees | &nbsp;&nbsp; 26664 |
| Custodian and accounting fees | &nbsp;&nbsp; 31085 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 647481 |
| Distribution and service fees—Class E | &nbsp;&nbsp; 15088 |
| Audit and tax services | &nbsp;&nbsp; 25047 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 49886 |
| Insurance | &nbsp;&nbsp; 3987 |
| Miscellaneous | &nbsp;&nbsp; 7779 |
| Total expenses | &nbsp;&nbsp; 3658323 |
| Less management fee waiver | &nbsp;&nbsp; (399021)<br>|
| Less broker commission recapture | &nbsp;&nbsp; (22125)<br>|
| Net expenses | &nbsp;&nbsp; 3237177 |
| **Net Investment Income** | &nbsp;&nbsp; 5458726 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 22151544<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (34522193)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (12370649)<br>|
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $(6911923)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $10,323.

*See accompanying notes to financial statements.*

**BHFTI-511**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $5458726 | &nbsp;&nbsp; $11279757 |
| Net realized gain (loss) | &nbsp;&nbsp; 22151544 | &nbsp;&nbsp; 106754160 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (34522193)<br>| &nbsp;&nbsp; (26106796)<br>|
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; (6911923)<br>| &nbsp;&nbsp; 91927121 |
| **From Distributions to Shareholders** |  |  |
| Class A | &nbsp;&nbsp; (43996750)<br>| &nbsp;&nbsp; (26291339)<br>|
| Class B | &nbsp;&nbsp; (71313475)<br>| &nbsp;&nbsp; (43797844)<br>|
| Class E | &nbsp;&nbsp; (2715568)<br>| &nbsp;&nbsp; (1705770)<br>|
| **Total distributions** | &nbsp;&nbsp; (118025793)<br>| &nbsp;&nbsp; (71794953)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; 75554257 | &nbsp;&nbsp; (67328239)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (49383459)<br>| &nbsp;&nbsp; (47196071)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 910818657 | &nbsp;&nbsp; 958014728 |
| End of period | &nbsp;&nbsp; $861435198 | &nbsp;&nbsp; $910818657 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class A** |  |  |  |  |
| Sales | &nbsp;&nbsp; 243049 | &nbsp;&nbsp; $4385841 | &nbsp;&nbsp; 399297 | &nbsp;&nbsp; $7977215 |
| Reinvestments | &nbsp;&nbsp; 2621976 | &nbsp;&nbsp; 43996750 | &nbsp;&nbsp; 1394026 | &nbsp;&nbsp; 26291339 |
| Redemptions | &nbsp;&nbsp; (994867)<br>| &nbsp;&nbsp; (19228748)<br>| &nbsp;&nbsp; (1986985)<br>| &nbsp;&nbsp; (39823384)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1870158 | &nbsp;&nbsp; $29153843 | &nbsp;&nbsp; (193662)<br>| &nbsp;&nbsp; $(5554830)<br>|
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 625821 | &nbsp;&nbsp; $11320655 | &nbsp;&nbsp; 750485 | &nbsp;&nbsp; $14393806 |
| Reinvestments | &nbsp;&nbsp; 4423913 | &nbsp;&nbsp; 71313475 | &nbsp;&nbsp; 2405153 | &nbsp;&nbsp; 43797844 |
| Redemptions | &nbsp;&nbsp; (2030670)<br>| &nbsp;&nbsp; (37578648)<br>| &nbsp;&nbsp; (6083915)<br>| &nbsp;&nbsp; (118070411)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 3019064 | &nbsp;&nbsp; $45055482 | &nbsp;&nbsp; (2928277)<br>| &nbsp;&nbsp; $(59878761)<br>|
| **Class E** |  |  |  |  |
| Sales | &nbsp;&nbsp; 8410 | &nbsp;&nbsp; $156260 | &nbsp;&nbsp; 19100 | &nbsp;&nbsp; $374613 |
| Reinvestments | &nbsp;&nbsp; 164780 | &nbsp;&nbsp; 2715568 | &nbsp;&nbsp; 91906 | &nbsp;&nbsp; 1705770 |
| Redemptions | &nbsp;&nbsp; (79977)<br>| &nbsp;&nbsp; (1526896)<br>| &nbsp;&nbsp; (201613)<br>| &nbsp;&nbsp; (3975031)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 93213 | &nbsp;&nbsp; $1344932 | &nbsp;&nbsp; (90607)<br>| &nbsp;&nbsp; $(1894648)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $75554257 |  | &nbsp;&nbsp; $(67328239)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-512**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.74 | &nbsp;&nbsp; $19.42 | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp; $24.14 | &nbsp;&nbsp; $19.00 | &nbsp;&nbsp; $19.09 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.99)<br>|
| Total distributions | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (1.27)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.93 | &nbsp;&nbsp; $19.74 | &nbsp;&nbsp; $19.42 | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp; $24.14 | &nbsp;&nbsp; $19.00 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (0.66 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32.13 | &nbsp;&nbsp;&nbsp;&nbsp;7.87 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.69 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net ratio of expenses to average net assets (%) (e) | 0.60 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Ratio of net investment income (loss) to average net assets (%) | 1.42 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 27 <br>(c)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 39 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $326.1 | &nbsp;&nbsp; $343.4 | &nbsp;&nbsp; $341.6 | &nbsp;&nbsp; $315.4 | &nbsp;&nbsp; $356.4 | &nbsp;&nbsp; $292.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $18.78 | &nbsp;&nbsp; $19.59 | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp; $18.54 | &nbsp;&nbsp; $18.65 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.99)<br>|
| Total distributions | &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.22)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.26 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $18.78 | &nbsp;&nbsp; $19.59 | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp; $18.54 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (0.76 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.64 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.94 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Net ratio of expenses to average net assets (%) (e) | 0.85 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Ratio of net investment income (loss) to average net assets (%) | 1.17 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 27 <br>(c)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 39 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $515.4 | &nbsp;&nbsp; $546.0 | &nbsp;&nbsp; $593.6 | &nbsp;&nbsp; $607.3 | &nbsp;&nbsp; $722.3 | &nbsp;&nbsp; $661.1 |

---

*Please see following page for Financial Highlights footnote legend.* 

*See accompanying notes to financial statements.*

**BHFTI-513**

------

**Brighthouse Funds Trust I**

**Victory Sycamore Mid Cap Value Portfolio**

**Financial Highlights**

**Selected per share data**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** | **Class E** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $19.41 | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp; $19.90 | &nbsp;&nbsp; $23.85 | &nbsp;&nbsp; $18.79 | &nbsp;&nbsp; $18.89 |
| **Income (Loss) from Investment Operations**  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Total income (loss) from investment operations | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>|
| Distributions from net realized capital gains | &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.99)<br>|
| Total distributions | &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $16.62 | &nbsp;&nbsp; $19.41 | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp; $19.90 | &nbsp;&nbsp; $23.85 | &nbsp;&nbsp; $18.79 |
| **Total Return (%)** (b) | &nbsp;&nbsp; (0.75 ) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 |
| **Ratios/Supplemental Data**  |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.84 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net ratio of expenses to average net assets (%) (e) | 0.75 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Ratio of net investment income (loss) to average net assets (%) | 1.27 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 27 <br>(c)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 39 |
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $19.9 | &nbsp;&nbsp; $21.4 | &nbsp;&nbsp; $22.8 | &nbsp;&nbsp; $25.2 | &nbsp;&nbsp; $28.9 | &nbsp;&nbsp; $24.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

*See accompanying notes to financial statements.*

**BHFTI-514**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**U.S. Treasury & Government Agencies—49.5% of Net Assets**

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Federal Agencies — 35.7%** | **Federal Agencies — 35.7%** | **Federal Agencies — 35.7%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 1.600%, 07/15/30 | 5000000 | &nbsp;&nbsp; $4455791 |
| 1.980%, 07/13/38 | 19515000 | &nbsp;&nbsp; 14147201 |
| 3.700%, 03/24/42 | 10000000 | &nbsp;&nbsp; 8160510 |
| 4.375%, 03/03/33 | 8400000 | &nbsp;&nbsp; 8410106 |
| 5.480%, 06/27/42 | 2000000 | &nbsp;&nbsp; 1963912 |
| Federal Home Loan Banks |  |  |
| 2.250%, 03/04/36 | 5000000 | &nbsp;&nbsp; 3933281 |
| Federal Home Loan Mortgage Corp. |  |  |
| Zero Coupon, 09/15/36 | 10000000 | &nbsp;&nbsp; 5881177 |
| Zero Coupon, 12/15/36 | 45000000 | &nbsp;&nbsp; 26038749 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| Zero Coupon, 07/15/32 | 17100000 | &nbsp;&nbsp; 12695964 |
| Federal National Mortgage Association |  |  |
| Zero Coupon, 11/15/30 | 5000000 | &nbsp;&nbsp; 4024935 |
| Federal National Mortgage Association Principal STRIPS |  |  |
| Zero Coupon, 05/15/30 | 5000000 | &nbsp;&nbsp; 4124062 |
| Resolution Funding Corp. Interest STRIPS |  |  |
| Zero Coupon, 07/15/29 | 7500000 | &nbsp;&nbsp; 6390862 |
| Resolution Funding Corp. Principal STRIPS |  |  |
| Zero Coupon, 01/15/30 | 35623000 | &nbsp;&nbsp; 29726136 |
| Zero Coupon, 04/15/30 | 35000000 | &nbsp;&nbsp; 28860156 |
| Tennessee Valley Authority Generic STRIPS |  |  |
| Zero Coupon, 07/15/29 | 8669000 | &nbsp;&nbsp; 7395574 |
| Zero Coupon, 01/15/34 | 12669000 | &nbsp;&nbsp; 8594892 |
| U.S. Department of Housing & Urban Development |  |  |
| 2.738%, 08/01/25 | 5000000 | &nbsp;&nbsp; 4991311 |
| U.S. International Development Finance Corp. |  |  |
| 1.110%, 05/15/29 | 3428571 | &nbsp;&nbsp; 3217619 |
|  |  | &nbsp;&nbsp; 183012238 |
| **U.S. Treasury — 13.8%** | **U.S. Treasury — 13.8%** | **U.S. Treasury — 13.8%** |
| U.S. Treasury Bonds |  |  |
| 3.375%, 11/15/48 | 65400000 | &nbsp;&nbsp; 51734977 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| 0.250%, 02/15/50 (a) | 6238200 | &nbsp;&nbsp; 3620841 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| 2.125%, 01/15/35 (a) | 1727880 | &nbsp;&nbsp; 1756069 |
| U.S. Treasury Notes |  |  |
| 4.250%, 01/31/26 | 14000000 | &nbsp;&nbsp; 13999453 |
|  |  | &nbsp;&nbsp; 71111340 |
| Total U.S. Treasury & Government Agencies <br>(Cost $285,630,235) <br>|  | &nbsp;&nbsp; 254123578 |
| **Agency Sponsored Mortgage-Backed Securities—46.1%** | **Agency Sponsored Mortgage-Backed Securities—46.1%** | **Agency Sponsored Mortgage-Backed Securities—46.1%** |
| **Agency Collateralized Mortgage Obligations — 8.0%** | **Agency Collateralized Mortgage Obligations — 8.0%** | **Agency Collateralized Mortgage Obligations — 8.0%** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 1.750%, 06/15/42 | 52732 | &nbsp;&nbsp; 49346 |
| 2.000%, 02/25/51 (b) | 3838299 | &nbsp;&nbsp; 508218 |
| 2.000%, 03/25/51 (b) | 2614336 | &nbsp;&nbsp; 344571 |
| 2.500%, 04/25/51 (b) | 1456518 | &nbsp;&nbsp; 234358 |
| 2.500%, 10/25/51 (b) | 1363253 | &nbsp;&nbsp; 206021 |
| 2.500%, 12/25/51 (b) | 2544958 | &nbsp;&nbsp; 331587 |
| 3.000%, 11/25/50 (b) | 528005 | &nbsp;&nbsp; 85595 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| 3.000%, 07/25/51 (b) | 1235924 | &nbsp;&nbsp; $253083 |
| 3.000%, 11/25/51 (b) | 644504 | &nbsp;&nbsp; 92712 |
| 3.500%, 11/15/31 | 385348 | &nbsp;&nbsp; 377349 |
| 3.500%, 04/25/52 (b) | 1308330 | &nbsp;&nbsp; 224881 |
| 4.000%, 01/15/41 | 3629121 | &nbsp;&nbsp; 3544938 |
| 4.000%, 02/25/50 (b) | 468373 | &nbsp;&nbsp; 99727 |
| 4.000%, 11/25/51 (b) | 521245 | &nbsp;&nbsp; 107066 |
| 4.500%, 02/15/41 | 7228 | &nbsp;&nbsp; 7191 |
| 4.500%, 10/25/49 (b) | 431190 | &nbsp;&nbsp; 98600 |
| 4.500%, 06/25/50 (b) | 1542060 | &nbsp;&nbsp; 366233 |
| 4.500%, 12/25/50 (b) | 1267040 | &nbsp;&nbsp; 300202 |
| 4.500%, 11/25/51 (b) | 436209 | &nbsp;&nbsp; 95182 |
| 4.818%, SOFR30A + 0.514%, 03/15/34 (c) | 85879 | &nbsp;&nbsp; 85392 |
| 5.000%, 10/15/34 | 89060 | &nbsp;&nbsp; 90772 |
| 5.000%, 12/15/37 | 37055 | &nbsp;&nbsp; 37604 |
| 5.000%, 03/15/41 | 192153 | &nbsp;&nbsp; 198085 |
| 5.000%, 04/15/41 | 623579 | &nbsp;&nbsp; 634887 |
| 5.000%, 05/15/41 | 987562 | &nbsp;&nbsp; 1004579 |
| 5.318%, SOFR30A + 1.014%, 02/15/33 (c) | 49272 | &nbsp;&nbsp; 49715 |
| 5.500%, 05/15/34 | 499998 | &nbsp;&nbsp; 518357 |
| 5.500%, 11/15/36 | 200790 | &nbsp;&nbsp; 206260 |
| 5.500%, 06/15/41 | 1322416 | &nbsp;&nbsp; 1381835 |
| 5.605%, SOFR30A + 1.300%, 12/25/54 (c) | 598629 | &nbsp;&nbsp; 597971 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust |  |  |
| 5.655%, SOFR30A + 1.350%, 01/25/45 (144A) (c) | 500000 | &nbsp;&nbsp; 499379 |
| 7.655%, SOFR30A + 3.350%, 05/25/42 (144A) (c) | 1050000 | &nbsp;&nbsp; 1091081 |
| Federal Home Loan Mortgage Corp. STRIPS |  |  |
| 2.000%, 03/25/52 (b) | 710157 | &nbsp;&nbsp; 96442 |
| Federal National Mortgage Association Connecticut Avenue <br> Securities Trust<br>|  |  |
| 5.905%, SOFR30A + 1.600%, 09/25/44 (144A) (c) | 260000 | &nbsp;&nbsp; 260811 |
| 6.105%, SOFR30A + 1.800%, 01/25/44 (144A) (c) | 510000 | &nbsp;&nbsp; 515361 |
| 7.005%, SOFR30A + 2.700%, 07/25/43 (144A) (c) | 780000 | &nbsp;&nbsp; 805108 |
| 7.905%, SOFR30A + 3.600%, 07/25/42 (144A) (c) | 930000 | &nbsp;&nbsp; 970111 |
| 8.056%, SOFR30A + 3.750%, 12/25/42 (144A) (c) | 1030000 | &nbsp;&nbsp; 1086251 |
| Federal National Mortgage Association Grantor Trust |  |  |
| 2.898%, 06/25/27 | 6053196 | &nbsp;&nbsp; 5888921 |
| Federal National Mortgage Association Interest STRIPS |  |  |
| 2.000%, 03/25/50 (b) | 746133 | &nbsp;&nbsp; 96218 |
| 2.000%, 10/25/52 (b) | 3254469 | &nbsp;&nbsp; 419648 |
| 4.500%, 10/25/53 (b) | 1347094 | &nbsp;&nbsp; 311907 |
| Federal National Mortgage Association REMICS |  |  |
| 1.750%, 06/25/42 | 70031 | &nbsp;&nbsp; 65629 |
| 1.750%, 01/25/43 | 53865 | &nbsp;&nbsp; 50383 |
| 2.000%, 10/25/50 (b) | 1706261 | &nbsp;&nbsp; 220699 |
| 2.500%, 07/25/50 (b) | 700056 | &nbsp;&nbsp; 94292 |
| 2.500%, 12/25/50 (b) | 709389 | &nbsp;&nbsp; 100110 |
| 2.500%, 02/25/51 (b) | 645789 | &nbsp;&nbsp; 95430 |
| 2.500%, 10/25/51 (b) | 1175155 | &nbsp;&nbsp; 194203 |
| 3.000%, 05/25/46 | 1187908 | &nbsp;&nbsp; 1144226 |
| 3.000%, 08/25/50 (b) | 612419 | &nbsp;&nbsp; 99356 |
| 3.000%, 10/25/51 (b) | 988600 | &nbsp;&nbsp; 176171 |
| 3.500%, 09/25/50 (b) | 551597 | &nbsp;&nbsp; 88984 |
| 3.500%, 03/25/51 (b) | 486734 | &nbsp;&nbsp; 106928 |
| 4.000%, 11/25/49 (b) | 1315102 | &nbsp;&nbsp; 238150 |

---

*See accompanying notes to financial statements.*

**BHFTI-515**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Federal National Mortgage Association REMICS |  |  |
| 4.000%, 07/25/50 (b) | 448029 | &nbsp;&nbsp; $89562 |
| 4.250%, 03/25/42 | 806634 | &nbsp;&nbsp; 779184 |
| 4.500%, 12/25/40 | 57365 | &nbsp;&nbsp; 55957 |
| 4.750%, 01/25/41 | 178968 | &nbsp;&nbsp; 179009 |
| 5.000%, 12/25/34 | 75042 | &nbsp;&nbsp; 76449 |
| 5.000%, 03/25/35 | 60319 | &nbsp;&nbsp; 61463 |
| 5.000%, 08/25/39 | 103336 | &nbsp;&nbsp; 105282 |
| 5.000%, 02/25/41 | 90829 | &nbsp;&nbsp; 92278 |
| 5.340%, SOFR30A + 1.034%, 03/25/36 (c) | 112169 | &nbsp;&nbsp; 113178 |
| 5.350%, SOFR30A + 1.044%, 06/25/36 (c) | 151198 | &nbsp;&nbsp; 152483 |
| 5.500%, 08/25/35 | 313278 | &nbsp;&nbsp; 324288 |
| 6.000%, 06/25/45 (b) | 156775 | &nbsp;&nbsp; 19871 |
| Government National Mortgage Association REMICS |  |  |
| 0.971%, 06/16/61 (b) (c) | 3161120 | &nbsp;&nbsp; 220967 |
| 1.668%, -1x 1M TSFR + 5.986%, 07/20/41 (b) (c) | 52100 | &nbsp;&nbsp; 5964 |
| 2.500%, 11/20/46 | 77135 | &nbsp;&nbsp; 70386 |
| 3.000%, 09/20/50 (b) | 690635 | &nbsp;&nbsp; 101892 |
| 3.000%, 07/20/51 (b) | 727574 | &nbsp;&nbsp; 102394 |
| 3.250%, 08/20/68 | 1347802 | &nbsp;&nbsp; 1314026 |
| 4.000%, 12/20/40 | 1014103 | &nbsp;&nbsp; 988138 |
| 4.000%, 08/20/47 (b) | 1400888 | &nbsp;&nbsp; 245446 |
| 4.270%, 1Y H15 + 0.350%, 08/20/66 (c) | 203626 | &nbsp;&nbsp; 202529 |
| 4.420%, 1Y H15 + 0.500%, 05/20/66 (c) | 175732 | &nbsp;&nbsp; 175082 |
| 4.500%, 05/16/40 | 6099 | &nbsp;&nbsp; 6075 |
| 4.500%, 05/20/40 (b) | 1015 | &nbsp;&nbsp; 7 |
| 4.500%, 12/20/40 | 1201990 | &nbsp;&nbsp; 1194811 |
| 4.500%, 09/20/47 (b) | 998475 | &nbsp;&nbsp; 180004 |
| 4.500%, 10/20/47 (b) | 1196553 | &nbsp;&nbsp; 214939 |
| 4.682%, 1M TSFR + 0.364%, 10/20/47 (c) | 410539 | &nbsp;&nbsp; 396772 |
| 4.732%, 1M TSFR + 0.414%, 05/20/48 (c) | 362234 | &nbsp;&nbsp; 350122 |
| 4.732%, 1M TSFR + 0.414%, 06/20/48 (c) | 482057 | &nbsp;&nbsp; 468081 |
| 4.746%, 1M TSFR + 0.414%, 08/20/60 (c) | 17799 | &nbsp;&nbsp; 17784 |
| 4.746%, 1M TSFR + 0.414%, 09/20/60 (c) | 31557 | &nbsp;&nbsp; 31520 |
| 4.773%, 1M TSFR + 0.444%, 07/20/60 (c) | 38829 | &nbsp;&nbsp; 38822 |
| 4.912%, 1M TSFR + 0.594%, 01/20/38 (c) | 12867 | &nbsp;&nbsp; 12831 |
| 4.932%, 1M TSFR + 0.614%, 07/20/37 (c) | 49229 | &nbsp;&nbsp; 49212 |
| 4.936%, 1M TSFR + 0.604%, 02/20/61 (c) | 11001 | &nbsp;&nbsp; 11023 |
| 4.946%, 1M TSFR + 0.614%, 12/20/60 (c) | 42849 | &nbsp;&nbsp; 42931 |
| 4.946%, 1M TSFR + 0.614%, 02/20/61 (c) | 3357 | &nbsp;&nbsp; 3364 |
| 4.946%, 1M TSFR + 0.614%, 04/20/61 (c) | 17590 | &nbsp;&nbsp; 17622 |
| 4.946%, 1M TSFR + 0.614%, 05/20/61 (c) | 29168 | &nbsp;&nbsp; 29230 |
| 4.956%, 1M TSFR + 0.644%, 12/16/39 (c) | 45991 | &nbsp;&nbsp; 45822 |
| 4.976%, 1M TSFR + 0.644%, 06/20/61 (c) | 16350 | &nbsp;&nbsp; 16390 |
| 5.000%, 12/20/39 | 2221172 | &nbsp;&nbsp; 2272342 |
| 5.000%, 03/20/40 | 1047901 | &nbsp;&nbsp; 1062659 |
| 5.000%, 05/20/45 (b) | 1029120 | &nbsp;&nbsp; 210852 |
| 5.026%, 1M TSFR + 0.714%, 11/16/39 (c) | 81619 | &nbsp;&nbsp; 81541 |
| 5.046%, 1M TSFR + 0.714%, 10/20/61 (c) | 85975 | &nbsp;&nbsp; 86275 |
| 5.076%, 1M TSFR + 0.744%, 01/20/62 (c) | 89768 | &nbsp;&nbsp; 90124 |
| 5.076%, 1M TSFR + 0.744%, 03/20/62 (c) | 94155 | &nbsp;&nbsp; 94451 |
| 5.096%, 1M TSFR + 0.764%, 05/20/61 (c) | 6817 | &nbsp;&nbsp; 6817 |
| 5.146%, 1M TSFR + 0.814%, 11/20/61 (c) | 70341 | &nbsp;&nbsp; 70633 |
| 5.146%, 1M TSFR + 0.814%, 01/20/62 (c) | 89624 | &nbsp;&nbsp; 90008 |
| 5.500%, 04/20/34 | 239606 | &nbsp;&nbsp; 242104 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** | **Agency Collateralized Mortgage Obligations—(Continued)** |
| Seasoned Loans Structured Transaction |  |  |
| 3.500%, 06/25/28 | 1005364 | &nbsp;&nbsp; $977035 |
|  |  | &nbsp;&nbsp; 40736147 |
| **Agency Mortgage-Backed Securities — 38.1%** | **Agency Mortgage-Backed Securities — 38.1%** | **Agency Mortgage-Backed Securities — 38.1%** |
| Federal Home Loan Mortgage Corp. |  |  |
| 1.500%, 05/01/41 | 1511199 | &nbsp;&nbsp; 1251641 |
| 1.500%, 07/01/41 | 1096093 | &nbsp;&nbsp; 909006 |
| 2.000%, 09/01/40 | 955982 | &nbsp;&nbsp; 827835 |
| 2.000%, 03/01/41 | 1783876 | &nbsp;&nbsp; 1536540 |
| 2.000%, 06/01/41 | 69717 | &nbsp;&nbsp; 60129 |
| 2.000%, 08/01/41 | 575684 | &nbsp;&nbsp; 496393 |
| 2.000%, 12/01/41 | 256488 | &nbsp;&nbsp; 221052 |
| 2.000%, 01/01/42 | 1845438 | &nbsp;&nbsp; 1588554 |
| 2.000%, 05/01/42 | 180998 | &nbsp;&nbsp; 155803 |
| 2.000%, 06/01/50 | 3226484 | &nbsp;&nbsp; 2579445 |
| 2.000%, 07/01/50 | 474576 | &nbsp;&nbsp; 378128 |
| 2.000%, 11/01/50 | 126355 | &nbsp;&nbsp; 101415 |
| 2.000%, 03/01/51 | 71509 | &nbsp;&nbsp; 57523 |
| 2.000%, 09/01/51 | 154976 | &nbsp;&nbsp; 124585 |
| 2.000%, 11/01/51 | 226792 | &nbsp;&nbsp; 182488 |
| 2.000%, 03/01/52 | 97612 | &nbsp;&nbsp; 78146 |
| 2.500%, 06/01/50 | 158831 | &nbsp;&nbsp; 133770 |
| 2.500%, 07/01/50 | 508045 | &nbsp;&nbsp; 428088 |
| 2.500%, 11/01/50 | 1725884 | &nbsp;&nbsp; 1458812 |
| 2.500%, 12/01/50 | 248145 | &nbsp;&nbsp; 209516 |
| 2.500%, 07/01/51 | 260626 | &nbsp;&nbsp; 211043 |
| 2.500%, 09/01/51 | 621682 | &nbsp;&nbsp; 522716 |
| 2.500%, 11/01/51 | 519393 | &nbsp;&nbsp; 438758 |
| 2.500%, 01/01/52 | 2071696 | &nbsp;&nbsp; 1743571 |
| 2.500%, 03/01/52 | 467480 | &nbsp;&nbsp; 393538 |
| 2.500%, 04/01/52 | 2638602 | &nbsp;&nbsp; 2222268 |
| 2.834%, 1Y RFUCCT + 1.634%, 12/01/50 (c) | 589073 | &nbsp;&nbsp; 559273 |
| 3.000%, 06/01/31 | 147397 | &nbsp;&nbsp; 143353 |
| 3.000%, 02/01/32 | 3757 | &nbsp;&nbsp; 3659 |
| 3.000%, 03/01/33 | 533900 | &nbsp;&nbsp; 519209 |
| 3.000%, 09/01/33 | 44093 | &nbsp;&nbsp; 42843 |
| 3.000%, 11/01/33 | 561641 | &nbsp;&nbsp; 543827 |
| 3.000%, 03/01/34 | 41683 | &nbsp;&nbsp; 40420 |
| 3.000%, 11/01/42 | 63921 | &nbsp;&nbsp; 58242 |
| 3.000%, 01/01/43 | 79950 | &nbsp;&nbsp; 72366 |
| 3.000%, 02/01/43 | 369386 | &nbsp;&nbsp; 334773 |
| 3.000%, 03/01/43 | 4093681 | &nbsp;&nbsp; 3708775 |
| 3.000%, 06/01/43 | 956873 | &nbsp;&nbsp; 864710 |
| 3.000%, 09/01/48 | 315953 | &nbsp;&nbsp; 281905 |
| 3.000%, 09/01/49 | 1318847 | &nbsp;&nbsp; 1165986 |
| 3.000%, 11/01/49 | 394375 | &nbsp;&nbsp; 348910 |
| 3.000%, 03/01/50 | 182174 | &nbsp;&nbsp; 161563 |
| 3.000%, 05/01/50 | 100403 | &nbsp;&nbsp; 89278 |
| 3.000%, 02/01/51 | 215930 | &nbsp;&nbsp; 189381 |
| 3.000%, 04/01/52 | 636094 | &nbsp;&nbsp; 555901 |
| 3.000%, 08/01/52 | 2094684 | &nbsp;&nbsp; 1843737 |
| 3.500%, 03/01/32 | 241257 | &nbsp;&nbsp; 236712 |
| 3.500%, 06/01/32 | 677520 | &nbsp;&nbsp; 663661 |
| 3.500%, 07/01/32 | 231196 | &nbsp;&nbsp; 226723 |
| 3.500%, 04/01/33 | 92813 | &nbsp;&nbsp; 91471 |

---

*See accompanying notes to financial statements.*

**BHFTI-516**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.500%, 02/01/34 | 1100758 | &nbsp;&nbsp; $1073658 |
| 3.500%, 04/01/40 | 54002 | &nbsp;&nbsp; 50845 |
| 3.500%, 05/01/40 | 106440 | &nbsp;&nbsp; 100241 |
| 3.500%, 06/01/40 | 96598 | &nbsp;&nbsp; 91013 |
| 3.500%, 07/01/40 | 13900 | &nbsp;&nbsp; 13083 |
| 3.500%, 08/01/40 | 63075 | &nbsp;&nbsp; 59388 |
| 3.500%, 09/01/40 | 47537 | &nbsp;&nbsp; 44778 |
| 3.500%, 10/01/40 | 21786 | &nbsp;&nbsp; 20487 |
| 3.500%, 11/01/40 | 45557 | &nbsp;&nbsp; 42832 |
| 3.500%, 12/01/40 | 44300 | &nbsp;&nbsp; 41645 |
| 3.500%, 04/01/42 | 227272 | &nbsp;&nbsp; 213708 |
| 3.500%, 07/01/42 | 34999 | &nbsp;&nbsp; 32906 |
| 3.500%, 08/01/42 | 20592 | &nbsp;&nbsp; 19136 |
| 3.500%, 09/01/42 | 98064 | &nbsp;&nbsp; 91827 |
| 3.500%, 10/01/42 | 537657 | &nbsp;&nbsp; 505102 |
| 3.500%, 01/01/43 | 178783 | &nbsp;&nbsp; 168006 |
| 3.500%, 02/01/43 | 89839 | &nbsp;&nbsp; 84514 |
| 3.500%, 04/01/43 | 285110 | &nbsp;&nbsp; 267737 |
| 3.500%, 05/01/43 | 137932 | &nbsp;&nbsp; 129411 |
| 3.500%, 11/01/44 | 164502 | &nbsp;&nbsp; 153078 |
| 3.500%, 02/01/45 | 3216 | &nbsp;&nbsp; 3018 |
| 3.500%, 06/01/45 | 7019 | &nbsp;&nbsp; 6541 |
| 3.500%, 11/01/45 | 1383883 | &nbsp;&nbsp; 1287202 |
| 3.500%, 01/01/46 | 124343 | &nbsp;&nbsp; 115166 |
| 3.500%, 02/01/46 | 435004 | &nbsp;&nbsp; 402460 |
| 3.500%, 05/01/46 | 440759 | &nbsp;&nbsp; 409425 |
| 3.500%, 06/01/46 | 79673 | &nbsp;&nbsp; 73481 |
| 3.500%, 07/01/46 | 640747 | &nbsp;&nbsp; 591419 |
| 3.500%, 08/01/46 | 56483 | &nbsp;&nbsp; 53058 |
| 3.500%, 09/01/46 | 291319 | &nbsp;&nbsp; 270911 |
| 3.500%, 01/01/47 | 923123 | &nbsp;&nbsp; 856348 |
| 3.500%, 02/01/47 | 956881 | &nbsp;&nbsp; 877805 |
| 3.500%, 07/01/47 | 192165 | &nbsp;&nbsp; 176965 |
| 3.500%, 11/01/47 | 11994 | &nbsp;&nbsp; 11159 |
| 3.500%, 12/01/47 | 183238 | &nbsp;&nbsp; 168317 |
| 3.500%, 02/01/48 | 55360 | &nbsp;&nbsp; 50596 |
| 3.500%, 04/01/48 | 195100 | &nbsp;&nbsp; 178452 |
| 3.500%, 04/01/52 | 362307 | &nbsp;&nbsp; 326351 |
| 3.500%, 05/01/52 | 167815 | &nbsp;&nbsp; 152331 |
| 4.000%, 06/01/33 | 260241 | &nbsp;&nbsp; 258516 |
| 4.000%, 11/01/41 | 2150 | &nbsp;&nbsp; 2078 |
| 4.000%, 09/01/42 | 23261 | &nbsp;&nbsp; 22513 |
| 4.000%, 10/01/42 | 12533 | &nbsp;&nbsp; 12117 |
| 4.000%, 11/01/42 | 141462 | &nbsp;&nbsp; 136589 |
| 4.000%, 12/01/42 | 42687 | &nbsp;&nbsp; 41216 |
| 4.000%, 01/01/43 | 9698 | &nbsp;&nbsp; 9189 |
| 4.000%, 02/01/43 | 80950 | &nbsp;&nbsp; 78058 |
| 4.000%, 03/01/43 | 27063 | &nbsp;&nbsp; 25958 |
| 4.000%, 04/01/43 | 9895 | &nbsp;&nbsp; 9618 |
| 4.000%, 05/01/43 | 89132 | &nbsp;&nbsp; 84440 |
| 4.000%, 06/01/43 | 17685 | &nbsp;&nbsp; 16789 |
| 4.000%, 07/01/43 | 132387 | &nbsp;&nbsp; 127265 |
| 4.000%, 08/01/43 | 84719 | &nbsp;&nbsp; 81358 |
| 4.000%, 09/01/43 | 161962 | &nbsp;&nbsp; 155943 |
| 4.000%, 10/01/43 | 165513 | &nbsp;&nbsp; 159307 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. |  |  |
| 4.000%, 01/01/44 | 87590 | &nbsp;&nbsp; $83427 |
| 4.000%, 02/01/44 | 15553 | &nbsp;&nbsp; 14801 |
| 4.000%, 04/01/44 | 11248 | &nbsp;&nbsp; 10709 |
| 4.000%, 01/01/45 | 154808 | &nbsp;&nbsp; 147212 |
| 4.000%, 02/01/45 | 152724 | &nbsp;&nbsp; 145908 |
| 4.000%, 12/01/45 | 172595 | &nbsp;&nbsp; 163912 |
| 4.000%, 12/01/47 | 351027 | &nbsp;&nbsp; 332674 |
| 4.000%, 05/01/48 | 180538 | &nbsp;&nbsp; 171146 |
| 4.000%, 07/01/50 | 2115433 | &nbsp;&nbsp; 2010306 |
| 4.000%, 05/01/52 | 331918 | &nbsp;&nbsp; 311182 |
| 4.500%, 05/01/39 | 32708 | &nbsp;&nbsp; 32674 |
| 4.500%, 07/01/40 | 509703 | &nbsp;&nbsp; 507968 |
| 4.500%, 09/01/40 | 247192 | &nbsp;&nbsp; 246654 |
| 4.500%, 02/01/41 | 24858 | &nbsp;&nbsp; 24804 |
| 4.500%, 08/01/41 | 213051 | &nbsp;&nbsp; 211274 |
| 4.500%, 09/01/41 | 32671 | &nbsp;&nbsp; 32556 |
| 4.500%, 10/01/41 | 70195 | &nbsp;&nbsp; 69725 |
| 4.500%, 02/01/44 | 10560 | &nbsp;&nbsp; 10301 |
| 4.500%, 06/01/52 | 1481496 | &nbsp;&nbsp; 1425800 |
| 4.500%, 07/01/52 | 1022425 | &nbsp;&nbsp; 981604 |
| 4.500%, 08/01/52 | 541089 | &nbsp;&nbsp; 519485 |
| 5.000%, 06/01/41 | 581225 | &nbsp;&nbsp; 589175 |
| 5.000%, 07/01/41 | 71877 | &nbsp;&nbsp; 72292 |
| 5.000%, 12/01/44 | 867105 | &nbsp;&nbsp; 880733 |
| 5.000%, 06/01/52 | 79311 | &nbsp;&nbsp; 78057 |
| 5.000%, 07/01/52 | 701595 | &nbsp;&nbsp; 690911 |
| 5.000%, 10/01/52 | 322328 | &nbsp;&nbsp; 318889 |
| 5.500%, 08/01/53 | 261672 | &nbsp;&nbsp; 262915 |
| 5.500%, 11/01/53 | 906067 | &nbsp;&nbsp; 907711 |
| 5.500%, 04/01/54 | 89068 | &nbsp;&nbsp; 90028 |
| 6.000%, 04/01/54 | 779188 | &nbsp;&nbsp; 797385 |
| 6.000%, 05/01/54 | 373265 | &nbsp;&nbsp; 382499 |
| 6.000%, 06/01/54 | 395379 | &nbsp;&nbsp; 402327 |
| 6.000%, 07/01/54 | 275989 | &nbsp;&nbsp; 282028 |
| 6.000%, 02/01/55 | 199073 | &nbsp;&nbsp; 202622 |
| 6.500%, 02/01/53 | 1029556 | &nbsp;&nbsp; 1071261 |
| 6.500%, 10/01/53 | 952605 | &nbsp;&nbsp; 993840 |
| 6.500%, 02/01/54 | 317913 | &nbsp;&nbsp; 329584 |
| 6.500%, 04/01/54 | 266426 | &nbsp;&nbsp; 275832 |
| 6.610%, 1Y RFUCCT + 1.750%, 12/01/40 (c) | 194090 | &nbsp;&nbsp; 201336 |
| 6.777%, 1Y RFUCCT + 1.910%, 05/01/41 (c) | 9382 | &nbsp;&nbsp; 9757 |
| 6.838%, 1Y RFUCCT + 1.910%, 05/01/41 (c) | 14361 | &nbsp;&nbsp; 14923 |
| 6.880%, 1Y RFUCCT + 1.880%, 04/01/41 (c) | 972 | &nbsp;&nbsp; 996 |
| 6.880%, 1Y RFUCCT + 1.880%, 10/01/41 (c) | 84761 | &nbsp;&nbsp; 87261 |
| 6.919%, 1Y RFUCCT + 1.910%, 06/01/41 (c) | 13755 | &nbsp;&nbsp; 14280 |
| 7.279%, 1Y RFUCCT + 1.927%, 10/01/42 (c) | 26150 | &nbsp;&nbsp; 27169 |
| 7.316%, 1Y RFUCCT + 1.750%, 09/01/41 (c) | 43491 | &nbsp;&nbsp; 45017 |
| 7.601%, 1Y RFUCCT + 1.880%, 09/01/41 (c) | 7744 | &nbsp;&nbsp; 8001 |
| 7.785%, 1Y RFUCCT + 1.910%, 06/01/41 (c) | 4014 | &nbsp;&nbsp; 4129 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 0.357%, 10/25/33 (b) (c) | 15000000 | &nbsp;&nbsp; 244711 |
| 0.446%, 09/25/32 (b) (c) | 8481203 | &nbsp;&nbsp; 181572 |
| 0.475%, 03/25/34 (b) (c) | 8597353 | &nbsp;&nbsp; 210192 |
| 0.626%, 10/25/31 (b) (c) | 6084533 | &nbsp;&nbsp; 164023 |

---

*See accompanying notes to financial statements.*

**BHFTI-517**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-<br> Through Certificates<br>|  |  |
| 0.949%, 10/25/35 (b) (c) | 16339915 | &nbsp;&nbsp; $973959 |
| 0.962%, 11/25/30 (b) (c) | 4904628 | &nbsp;&nbsp; 185769 |
| 1.125%, 10/25/30 (b) (c) | 5389284 | &nbsp;&nbsp; 233410 |
| 3.750%, 11/25/29 | 129523 | &nbsp;&nbsp; 128560 |
| 3.750%, 11/25/32 | 1000000 | &nbsp;&nbsp; 982105 |
| 3.990%, 05/25/33 (c) | 3650000 | &nbsp;&nbsp; 3611548 |
| Federal National Mortgage Association |  |  |
| 1.500%, 11/01/41 | 1518771 | &nbsp;&nbsp; 1248467 |
| 1.500%, 03/01/42 | 624335 | &nbsp;&nbsp; 513803 |
| 2.000%, 10/01/40 | 2548440 | &nbsp;&nbsp; 2225347 |
| 2.000%, 07/01/41 | 452838 | &nbsp;&nbsp; 390467 |
| 2.000%, 11/01/41 | 1902970 | &nbsp;&nbsp; 1630437 |
| 2.000%, 02/01/42 | 1058988 | &nbsp;&nbsp; 910590 |
| 2.000%, 03/01/42 | 1073333 | &nbsp;&nbsp; 921924 |
| 2.000%, 04/01/42 | 473949 | &nbsp;&nbsp; 406652 |
| 2.000%, 05/01/42 | 775224 | &nbsp;&nbsp; 661502 |
| 2.000%, 08/01/42 | 889422 | &nbsp;&nbsp; 766842 |
| 2.000%, 06/01/50 | 542588 | &nbsp;&nbsp; 433778 |
| 2.000%, 08/01/50 | 207677 | &nbsp;&nbsp; 165476 |
| 2.000%, 10/01/50 | 196363 | &nbsp;&nbsp; 156924 |
| 2.000%, 01/01/51 | 145073 | &nbsp;&nbsp; 116599 |
| 2.000%, 02/01/51 | 419306 | &nbsp;&nbsp; 337007 |
| 2.000%, 03/01/51 | 72105 | &nbsp;&nbsp; 58152 |
| 2.000%, 04/01/51 | 2197393 | &nbsp;&nbsp; 1749537 |
| 2.000%, 08/01/51 | 1397866 | &nbsp;&nbsp; 1116967 |
| 2.000%, 10/01/51 | 84905 | &nbsp;&nbsp; 68299 |
| 2.000%, 01/01/52 | 555914 | &nbsp;&nbsp; 445321 |
| 2.000%, 02/01/52 | 640196 | &nbsp;&nbsp; 513948 |
| 2.000%, 03/01/52 | 1463249 | &nbsp;&nbsp; 1182298 |
| 2.000%, 05/01/52 | 97493 | &nbsp;&nbsp; 78379 |
| 2.500%, 04/01/42 | 4340360 | &nbsp;&nbsp; 3817012 |
| 2.500%, 06/01/50 | 528455 | &nbsp;&nbsp; 443905 |
| 2.500%, 10/01/50 | 2269199 | &nbsp;&nbsp; 1902592 |
| 2.500%, 11/01/50 | 441167 | &nbsp;&nbsp; 371112 |
| 2.500%, 01/01/51 | 397166 | &nbsp;&nbsp; 334185 |
| 2.500%, 02/01/51 | 52544 | &nbsp;&nbsp; 44213 |
| 2.500%, 04/01/51 | 190481 | &nbsp;&nbsp; 160739 |
| 2.500%, 05/01/51 | 417035 | &nbsp;&nbsp; 336809 |
| 2.500%, 06/01/51 | 132630 | &nbsp;&nbsp; 111850 |
| 2.500%, 07/01/51 | 70123 | &nbsp;&nbsp; 59391 |
| 2.500%, 09/01/51 | 370295 | &nbsp;&nbsp; 311784 |
| 2.500%, 10/01/51 | 219707 | &nbsp;&nbsp; 184559 |
| 2.500%, 11/01/51 | 580501 | &nbsp;&nbsp; 490379 |
| 2.500%, 12/01/51 | 4119178 | &nbsp;&nbsp; 3463109 |
| 2.500%, 01/01/52 | 1707758 | &nbsp;&nbsp; 1423212 |
| 2.500%, 02/01/52 | 766936 | &nbsp;&nbsp; 645899 |
| 2.500%, 03/01/52 | 936206 | &nbsp;&nbsp; 786070 |
| 2.500%, 04/01/52 | 311481 | &nbsp;&nbsp; 261271 |
| 2.500%, 05/01/52 | 363068 | &nbsp;&nbsp; 303824 |
| 2.500%, 09/01/61 | 456715 | &nbsp;&nbsp; 362542 |
| 3.000%, 08/01/27 | 10328 | &nbsp;&nbsp; 10178 |
| 3.000%, 10/01/27 | 17058 | &nbsp;&nbsp; 16815 |
| 3.000%, 11/01/27 | 5280 | &nbsp;&nbsp; 5203 |
| 3.000%, 12/01/27 | 9985 | &nbsp;&nbsp; 9835 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.000%, 01/01/28 | 9317 | &nbsp;&nbsp; $9173 |
| 3.000%, 02/01/28 | 8031 | &nbsp;&nbsp; 7905 |
| 3.000%, 03/01/28 | 9850 | &nbsp;&nbsp; 9692 |
| 3.000%, 04/01/28 | 9062 | &nbsp;&nbsp; 8904 |
| 3.000%, 05/01/28 | 11758 | &nbsp;&nbsp; 11566 |
| 3.000%, 06/01/28 | 10828 | &nbsp;&nbsp; 10645 |
| 3.000%, 07/01/28 | 10906 | &nbsp;&nbsp; 10724 |
| 3.000%, 08/01/28 | 12363 | &nbsp;&nbsp; 12153 |
| 3.000%, 09/01/28 | 13894 | &nbsp;&nbsp; 13651 |
| 3.000%, 01/01/29 | 10142 | &nbsp;&nbsp; 9905 |
| 3.000%, 03/01/29 | 18394 | &nbsp;&nbsp; 18020 |
| 3.000%, 06/01/32 | 30503 | &nbsp;&nbsp; 29666 |
| 3.000%, 10/01/32 | 3247 | &nbsp;&nbsp; 3153 |
| 3.000%, 02/01/33 | 1203631 | &nbsp;&nbsp; 1169288 |
| 3.000%, 03/01/33 | 157034 | &nbsp;&nbsp; 152553 |
| 3.000%, 04/01/33 | 124166 | &nbsp;&nbsp; 120598 |
| 3.000%, 05/01/33 | 62298 | &nbsp;&nbsp; 60081 |
| 3.000%, 06/01/33 | 29055 | &nbsp;&nbsp; 27990 |
| 3.000%, 07/01/33 | 122568 | &nbsp;&nbsp; 118338 |
| 3.000%, 08/01/33 | 501347 | &nbsp;&nbsp; 486503 |
| 3.000%, 10/01/33 | 135050 | &nbsp;&nbsp; 130869 |
| 3.000%, 11/01/33 | 81276 | &nbsp;&nbsp; 78812 |
| 3.000%, 12/01/33 | 42202 | &nbsp;&nbsp; 40912 |
| 3.000%, 01/01/34 | 43449 | &nbsp;&nbsp; 41879 |
| 3.000%, 02/01/34 | 64551 | &nbsp;&nbsp; 62588 |
| 3.000%, 03/01/34 | 161502 | &nbsp;&nbsp; 156440 |
| 3.000%, 05/01/34 | 81927 | &nbsp;&nbsp; 79318 |
| 3.000%, 05/01/42 | 3297587 | &nbsp;&nbsp; 3001066 |
| 3.000%, 09/01/42 | 747356 | &nbsp;&nbsp; 677634 |
| 3.000%, 10/01/42 | 480726 | &nbsp;&nbsp; 435577 |
| 3.000%, 11/01/42 | 1147650 | &nbsp;&nbsp; 1038193 |
| 3.000%, 06/01/43 | 108140 | &nbsp;&nbsp; 97293 |
| 3.000%, 07/01/43 | 237282 | &nbsp;&nbsp; 213481 |
| 3.000%, 10/01/43 | 229985 | &nbsp;&nbsp; 206869 |
| 3.000%, 01/01/45 | 211820 | &nbsp;&nbsp; 190869 |
| 3.000%, 08/01/46 | 110184 | &nbsp;&nbsp; 97909 |
| 3.000%, 09/01/46 | 326880 | &nbsp;&nbsp; 290433 |
| 3.000%, 10/01/46 | 140293 | &nbsp;&nbsp; 124474 |
| 3.000%, 11/01/48 | 567960 | &nbsp;&nbsp; 507311 |
| 3.000%, 09/01/49 | 464937 | &nbsp;&nbsp; 409827 |
| 3.000%, 11/01/49 | 107015 | &nbsp;&nbsp; 93756 |
| 3.000%, 02/01/50 | 506409 | &nbsp;&nbsp; 443690 |
| 3.000%, 03/01/50 | 463675 | &nbsp;&nbsp; 402248 |
| 3.000%, 04/01/50 | 691686 | &nbsp;&nbsp; 610589 |
| 3.000%, 08/01/50 | 231120 | &nbsp;&nbsp; 203131 |
| 3.000%, 11/01/50 | 325723 | &nbsp;&nbsp; 287975 |
| 3.000%, 05/01/51 | 137304 | &nbsp;&nbsp; 120536 |
| 3.000%, 06/01/51 | 377012 | &nbsp;&nbsp; 332428 |
| 3.000%, 09/01/51 | 468786 | &nbsp;&nbsp; 409759 |
| 3.000%, 10/01/51 | 1169570 | &nbsp;&nbsp; 1023357 |
| 3.000%, 11/01/51 | 1312609 | &nbsp;&nbsp; 1154197 |
| 3.000%, 12/01/51 | 67287 | &nbsp;&nbsp; 58744 |
| 3.000%, 01/01/52 | 503769 | &nbsp;&nbsp; 442716 |
| 3.000%, 03/01/52 | 74199 | &nbsp;&nbsp; 65502 |
| 3.000%, 04/01/52 | 392426 | &nbsp;&nbsp; 343225 |

---

*See accompanying notes to financial statements.*

**BHFTI-518**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 3.000%, 06/01/52 | 2174533 | &nbsp;&nbsp; $1899573 |
| 3.500%, 07/01/32 | 698770 | &nbsp;&nbsp; 684703 |
| 3.500%, 09/01/32 | 602416 | &nbsp;&nbsp; 585663 |
| 3.500%, 01/01/34 | 506056 | &nbsp;&nbsp; 493087 |
| 3.500%, 11/01/42 | 1055905 | &nbsp;&nbsp; 990872 |
| 3.500%, 11/01/46 | 163719 | &nbsp;&nbsp; 152156 |
| 3.500%, 07/01/47 | 776102 | &nbsp;&nbsp; 718412 |
| 3.500%, 12/01/47 | 1949270 | &nbsp;&nbsp; 1789463 |
| 3.500%, 06/01/49 | 228803 | &nbsp;&nbsp; 210636 |
| 3.500%, 08/01/50 | 52494 | &nbsp;&nbsp; 47966 |
| 3.500%, 05/01/51 | 159596 | &nbsp;&nbsp; 144925 |
| 3.500%, 10/01/56 | 1009937 | &nbsp;&nbsp; 907279 |
| 4.000%, 11/01/31 | 260159 | &nbsp;&nbsp; 258150 |
| 4.000%, 08/01/32 | 232799 | &nbsp;&nbsp; 230414 |
| 4.000%, 11/01/40 | 888320 | &nbsp;&nbsp; 858472 |
| 4.000%, 04/01/42 | 104976 | &nbsp;&nbsp; 101313 |
| 4.000%, 10/01/42 | 89613 | &nbsp;&nbsp; 86366 |
| 4.000%, 11/01/42 | 104284 | &nbsp;&nbsp; 100428 |
| 4.000%, 06/01/43 | 51552 | &nbsp;&nbsp; 49094 |
| 4.000%, 08/01/43 | 32437 | &nbsp;&nbsp; 31161 |
| 4.000%, 09/01/43 | 616120 | &nbsp;&nbsp; 592229 |
| 4.000%, 10/01/43 | 97547 | &nbsp;&nbsp; 94063 |
| 4.000%, 02/01/44 | 35917 | &nbsp;&nbsp; 34578 |
| 4.000%, 04/01/44 | 52563 | &nbsp;&nbsp; 50604 |
| 4.000%, 12/01/45 | 426096 | &nbsp;&nbsp; 404328 |
| 4.000%, 03/01/46 | 29990 | &nbsp;&nbsp; 28455 |
| 4.000%, 05/01/46 | 20359 | &nbsp;&nbsp; 19265 |
| 4.000%, 09/01/47 | 7996 | &nbsp;&nbsp; 7614 |
| 4.000%, 05/01/48 | 313315 | &nbsp;&nbsp; 296610 |
| 4.000%, 05/01/52 | 82733 | &nbsp;&nbsp; 77575 |
| 4.000%, 06/01/52 | 626404 | &nbsp;&nbsp; 587350 |
| 4.500%, 12/01/40 | 596196 | &nbsp;&nbsp; 592818 |
| 4.500%, 08/01/41 | 52982 | &nbsp;&nbsp; 52763 |
| 4.500%, 11/01/41 | 350083 | &nbsp;&nbsp; 345795 |
| 4.500%, 10/01/44 | 397050 | &nbsp;&nbsp; 389287 |
| 4.500%, 02/01/45 | 166852 | &nbsp;&nbsp; 163428 |
| 4.500%, 05/01/48 | 19872 | &nbsp;&nbsp; 19324 |
| 4.500%, 12/01/48 | 695647 | &nbsp;&nbsp; 676443 |
| 4.500%, 04/01/49 | 17910 | &nbsp;&nbsp; 17405 |
| 4.500%, 09/01/49 | 81369 | &nbsp;&nbsp; 79121 |
| 4.500%, 10/01/49 | 38225 | &nbsp;&nbsp; 37161 |
| 4.500%, 01/01/50 | 162645 | &nbsp;&nbsp; 160651 |
| 4.500%, 07/01/52 | 338464 | &nbsp;&nbsp; 326812 |
| 4.500%, 09/01/53 | 351786 | &nbsp;&nbsp; 342779 |
| 4.500%, 08/01/58 | 92149 | &nbsp;&nbsp; 88181 |
| 5.000%, 04/01/41 | 6679 | &nbsp;&nbsp; 6720 |
| 5.000%, 06/01/41 | 16426 | &nbsp;&nbsp; 16519 |
| 5.000%, 08/01/41 | 6029 | &nbsp;&nbsp; 6065 |
| 5.000%, 08/01/48 | 31850 | &nbsp;&nbsp; 31834 |
| 5.000%, 02/01/53 | 85284 | &nbsp;&nbsp; 84001 |
| 5.500%, 05/01/44 | 2152337 | &nbsp;&nbsp; 2227550 |
| 5.500%, 07/01/53 | 251571 | &nbsp;&nbsp; 253127 |
| 5.500%, 06/01/54 | 91621 | &nbsp;&nbsp; 92178 |
| 6.000%, 10/01/34 | 39942 | &nbsp;&nbsp; 41071 |
| 6.000%, 09/01/37 | 10144 | &nbsp;&nbsp; 10601 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Federal National Mortgage Association |  |  |
| 6.000%, 10/01/37 | 109507 | &nbsp;&nbsp; $114798 |
| 6.000%, 01/01/38 | 107552 | &nbsp;&nbsp; 112751 |
| 6.000%, 03/01/38 | 38822 | &nbsp;&nbsp; 41001 |
| 6.000%, 07/01/38 | 17406 | &nbsp;&nbsp; 18248 |
| 6.000%, 01/01/40 | 105774 | &nbsp;&nbsp; 110889 |
| 6.000%, 05/01/40 | 150675 | &nbsp;&nbsp; 157960 |
| 6.000%, 07/01/41 | 560550 | &nbsp;&nbsp; 587604 |
| 6.000%, 01/01/42 | 9956 | &nbsp;&nbsp; 10298 |
| 6.000%, 03/01/54 | 698550 | &nbsp;&nbsp; 712130 |
| 6.000%, 05/01/54 | 547564 | &nbsp;&nbsp; 557423 |
| 6.500%, 07/01/32 | 23048 | &nbsp;&nbsp; 24162 |
| 6.500%, 12/01/32 | 6782 | &nbsp;&nbsp; 7102 |
| 6.500%, 07/01/35 | 7996 | &nbsp;&nbsp; 8352 |
| 6.500%, 12/01/35 | 66897 | &nbsp;&nbsp; 69782 |
| 6.500%, 08/01/36 | 116442 | &nbsp;&nbsp; 121064 |
| 6.500%, 08/01/39 | 430024 | &nbsp;&nbsp; 449475 |
| 6.500%, 12/01/53 | 231711 | &nbsp;&nbsp; 240306 |
| 6.500%, 03/01/54 | 400188 | &nbsp;&nbsp; 415373 |
| 6.500%, 04/01/54 | 509284 | &nbsp;&nbsp; 529184 |
| 6.564%, 1Y RFUCCT + 1.700%, 06/01/42 (c) | 11192 | &nbsp;&nbsp; 11579 |
| 6.713%, 1Y RFUCCT + 1.818%, 02/01/42 (c) | 18040 | &nbsp;&nbsp; 18675 |
| 6.768%, 02/01/39 | 20052 | &nbsp;&nbsp; 20783 |
| 7.318%, 1Y RFUCCT + 1.818%, 09/01/41 (c) | 5280 | &nbsp;&nbsp; 5436 |
| 7.330%, 1Y RFUCCT + 1.830%, 10/01/41 (c) | 1668 | &nbsp;&nbsp; 1717 |
| 7.569%, 1Y RFUCCT + 1.818%, 07/01/41 (c) | 6337 | &nbsp;&nbsp; 6594 |
| 7.622%, 1Y RFUCCT + 1.800%, 07/01/41 (c) | 2777 | &nbsp;&nbsp; 2853 |
| Government National Mortgage Association |  |  |
| 0.833%, 02/16/63 (b) (c) | 3209295 | &nbsp;&nbsp; 192964 |
| 0.884%, 06/16/62 (b) (c) | 3620446 | &nbsp;&nbsp; 191073 |
| 0.965%, 10/16/61 (b) (c) | 2745991 | &nbsp;&nbsp; 202452 |
| 0.965%, 05/16/62 (b) (c) | 6873381 | &nbsp;&nbsp; 388754 |
| 1.000%, 07/16/60 | 173330 | &nbsp;&nbsp; 121781 |
| 1.011%, 09/16/62 (b) (c) | 3638520 | &nbsp;&nbsp; 259446 |
| 1.113%, 06/16/61 (b) (c) | 2830198 | &nbsp;&nbsp; 230872 |
| 1.144%, 06/16/61 (b) (c) | 2545907 | &nbsp;&nbsp; 208727 |
| 1.271%, 09/16/60 (b) (c) | 2730073 | &nbsp;&nbsp; 247206 |
| 1.330%, 06/16/63 (b) (c) | 2578662 | &nbsp;&nbsp; 236915 |
| 1.432%, 06/16/61 (b) (c) | 1995734 | &nbsp;&nbsp; 193385 |
| 2.000%, 02/20/51 | 2665373 | &nbsp;&nbsp; 2128873 |
| 2.500%, 12/20/50 | 195406 | &nbsp;&nbsp; 164448 |
| 2.500%, 02/20/51 | 431839 | &nbsp;&nbsp; 367240 |
| 2.500%, 03/20/51 | 578674 | &nbsp;&nbsp; 492048 |
| 2.500%, 04/20/51 | 1461650 | &nbsp;&nbsp; 1242739 |
| 2.500%, 07/20/51 | 340935 | &nbsp;&nbsp; 289803 |
| 2.500%, 08/20/51 | 765326 | &nbsp;&nbsp; 650543 |
| 3.000%, 05/15/42 | 144271 | &nbsp;&nbsp; 130802 |
| 3.000%, 12/20/42 | 420327 | &nbsp;&nbsp; 373288 |
| 3.000%, 03/20/43 | 392201 | &nbsp;&nbsp; 349039 |
| 3.000%, 04/15/43 | 52697 | &nbsp;&nbsp; 47776 |
| 3.000%, 05/15/43 | 32173 | &nbsp;&nbsp; 29168 |
| 3.000%, 01/15/45 | 21718 | &nbsp;&nbsp; 19396 |
| 3.000%, 02/15/45 | 31012 | &nbsp;&nbsp; 27655 |
| 3.000%, 03/15/45 | 163508 | &nbsp;&nbsp; 145908 |
| 3.000%, 05/15/45 | 11154 | &nbsp;&nbsp; 9947 |
| 3.000%, 06/15/45 | 15635 | &nbsp;&nbsp; 13871 |

---

*See accompanying notes to financial statements.*

**BHFTI-519**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Agency Sponsored Mortgage-Backed Securities—(Continued)**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 3.000%, 07/15/45 | 87644 | &nbsp;&nbsp; $78155 |
| 3.000%, 01/20/48 | 515188 | &nbsp;&nbsp; 461086 |
| 3.000%, 06/20/51 | 67164 | &nbsp;&nbsp; 59062 |
| 3.000%, 09/20/51 | 2298492 | &nbsp;&nbsp; 2035562 |
| 3.000%, 04/20/52 | 64445 | &nbsp;&nbsp; 56306 |
| 3.500%, 11/15/41 | 101031 | &nbsp;&nbsp; 94501 |
| 3.500%, 02/15/42 | 77266 | &nbsp;&nbsp; 72172 |
| 3.500%, 03/15/42 | 101898 | &nbsp;&nbsp; 95304 |
| 3.500%, 05/15/42 | 217474 | &nbsp;&nbsp; 203262 |
| 3.500%, 06/15/42 | 150697 | &nbsp;&nbsp; 140481 |
| 3.500%, 12/20/42 | 125697 | &nbsp;&nbsp; 117588 |
| 3.500%, 05/20/46 | 623216 | &nbsp;&nbsp; 572389 |
| 3.500%, 06/20/46 | 1569113 | &nbsp;&nbsp; 1445438 |
| 3.500%, 11/20/47 | 99977 | &nbsp;&nbsp; 92348 |
| 3.500%, 02/20/48 | 321050 | &nbsp;&nbsp; 292840 |
| 3.500%, 10/20/48 | 343319 | &nbsp;&nbsp; 316434 |
| 3.500%, 05/15/50 | 135885 | &nbsp;&nbsp; 124105 |
| 3.500%, 02/20/52 | 150461 | &nbsp;&nbsp; 137411 |
| 3.500%, 06/20/52 | 65429 | &nbsp;&nbsp; 58703 |
| 4.000%, 09/20/39 | 39174 | &nbsp;&nbsp; 37461 |
| 4.000%, 09/15/40 | 500122 | &nbsp;&nbsp; 474882 |
| 4.000%, 10/15/40 | 32032 | &nbsp;&nbsp; 30564 |
| 4.000%, 10/20/40 | 5325 | &nbsp;&nbsp; 5092 |
| 4.000%, 11/20/40 | 372987 | &nbsp;&nbsp; 356673 |
| 4.000%, 03/15/41 | 321315 | &nbsp;&nbsp; 306220 |
| 4.000%, 06/15/41 | 12216 | &nbsp;&nbsp; 11642 |
| 4.000%, 09/15/41 | 55089 | &nbsp;&nbsp; 52500 |
| 4.000%, 10/15/41 | 238057 | &nbsp;&nbsp; 226821 |
| 4.000%, 10/20/41 | 484281 | &nbsp;&nbsp; 463092 |
| 4.000%, 11/15/41 | 81893 | &nbsp;&nbsp; 78045 |
| 4.000%, 11/20/41 | 187323 | &nbsp;&nbsp; 179127 |
| 4.000%, 12/15/41 | 210174 | &nbsp;&nbsp; 200036 |
| 4.000%, 01/15/42 | 6145 | &nbsp;&nbsp; 5857 |
| 4.000%, 02/15/42 | 11414 | &nbsp;&nbsp; 10878 |
| 4.000%, 03/15/42 | 71730 | &nbsp;&nbsp; 68289 |
| 4.000%, 04/20/42 | 247433 | &nbsp;&nbsp; 236605 |
| 4.000%, 06/20/42 | 18500 | &nbsp;&nbsp; 17691 |
| 4.000%, 11/15/42 | 7751 | &nbsp;&nbsp; 7387 |
| 4.000%, 01/15/43 | 24621 | &nbsp;&nbsp; 23318 |
| 4.000%, 10/20/44 | 429106 | &nbsp;&nbsp; 407668 |
| 4.000%, 11/20/44 | 429214 | &nbsp;&nbsp; 407771 |
| 4.000%, 12/20/44 | 25026 | &nbsp;&nbsp; 23775 |
| 4.000%, 08/20/46 | 74562 | &nbsp;&nbsp; 70631 |
| 4.000%, 08/20/48 | 70947 | &nbsp;&nbsp; 66854 |
| 4.000%, 03/15/50 | 25514 | &nbsp;&nbsp; 23953 |
| 4.000%, 03/20/50 | 28587 | &nbsp;&nbsp; 26841 |
| 4.000%, 04/20/50 | 201497 | &nbsp;&nbsp; 188230 |
| 4.500%, 08/15/39 | 459332 | &nbsp;&nbsp; 451533 |
| 4.500%, 02/20/40 | 41459 | &nbsp;&nbsp; 41137 |
| 4.500%, 06/15/40 | 139964 | &nbsp;&nbsp; 137454 |
| 4.500%, 07/15/40 | 30268 | &nbsp;&nbsp; 29658 |
| 4.500%, 09/20/40 | 4462 | &nbsp;&nbsp; 4424 |
| 4.500%, 03/15/41 | 179142 | &nbsp;&nbsp; 175559 |
| 4.500%, 04/15/41 | 14750 | &nbsp;&nbsp; 14430 |
| 4.500%, 08/20/48 | 365199 | &nbsp;&nbsp; 355754 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** | **Agency Mortgage-Backed Securities—(Continued)** |
| Government National Mortgage Association |  |  |
| 4.500%, 09/20/48 | 250340 | &nbsp;&nbsp; $243762 |
| 4.500%, 10/20/48 | 352902 | &nbsp;&nbsp; 343484 |
| 4.500%, 01/20/49 | 54631 | &nbsp;&nbsp; 53370 |
| 4.500%, 03/20/50 | 72256 | &nbsp;&nbsp; 70158 |
| 5.000%, 03/15/39 | 18282 | &nbsp;&nbsp; 18362 |
| 5.000%, 07/15/39 | 37075 | &nbsp;&nbsp; 37562 |
| 5.000%, 08/15/39 | 29147 | &nbsp;&nbsp; 29401 |
| 5.000%, 09/15/39 | 22546 | &nbsp;&nbsp; 22779 |
| 5.000%, 04/15/40 | 12466 | &nbsp;&nbsp; 12626 |
| 5.000%, 08/15/40 | 58841 | &nbsp;&nbsp; 58968 |
| 5.000%, 04/15/41 | 27532 | &nbsp;&nbsp; 27597 |
| 5.000%, 09/15/41 | 24585 | &nbsp;&nbsp; 24901 |
| 5.000%, 08/20/52 | 1631386 | &nbsp;&nbsp; 1611293 |
| 5.000%, 11/20/52 | 80402 | &nbsp;&nbsp; 79383 |
| 5.000%, 12/20/52 | 80363 | &nbsp;&nbsp; 79411 |
| 5.000%, 02/20/53 | 162449 | &nbsp;&nbsp; 160273 |
| 5.470%, 08/20/59 (c) | 346 | &nbsp;&nbsp; 344 |
| 5.500%, 10/15/39 | 5391 | &nbsp;&nbsp; 5619 |
| 5.500%, 03/20/53 | 2257122 | &nbsp;&nbsp; 2271900 |
| 5.500%, 04/20/53 | 152993 | &nbsp;&nbsp; 153995 |
| 6.000%, 06/15/36 | 254647 | &nbsp;&nbsp; 267491 |
| 6.000%, 02/20/54 | 523080 | &nbsp;&nbsp; 539120 |
| 6.500%, 01/20/54 | 445921 | &nbsp;&nbsp; 464212 |
| Government National Mortgage Association, TBA |  |  |
| 3.000%, TBA (d) | 3100000 | &nbsp;&nbsp; 2741514 |
| 4.500%, TBA (d) | 900000 | &nbsp;&nbsp; 861352 |
| 5.000%, TBA (d) | 3200000 | &nbsp;&nbsp; 3142871 |
| 5.500%, TBA (d) | 3000000 | &nbsp;&nbsp; 3003937 |
| 6.000%, TBA (d) | 1600000 | &nbsp;&nbsp; 1623372 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.000%, TBA (d) | 100000 | &nbsp;&nbsp; 79139 |
| 2.500%, TBA (d) | 600000 | &nbsp;&nbsp; 497382 |
| 3.000%, TBA (d) | 1000000 | &nbsp;&nbsp; 865141 |
| 4.500%, TBA (d) | 3200000 | &nbsp;&nbsp; 3060549 |
| 5.000%, TBA (d) | 4000000 | &nbsp;&nbsp; 3919601 |
| 5.500%, TBA (d) | 7300000 | &nbsp;&nbsp; 7298330 |
| 6.000%, TBA (d) | 5200000 | &nbsp;&nbsp; 5283839 |
|  |  | &nbsp;&nbsp; 195553176 |
| Total Agency Sponsored Mortgage-Backed Securities <br>(Cost $248,008,618) <br>|  | &nbsp;&nbsp; 236289323 |
| **Foreign Government—6.7%** | **Foreign Government—6.7%** | **Foreign Government—6.7%** |
| **Sovereign — 6.7%** | **Sovereign — 6.7%** | **Sovereign — 6.7%** |
| Abu Dhabi Government International Bonds |  |  |
| 3.125%, 10/11/27 (144A) | 2860000 | &nbsp;&nbsp; 2804107 |
| Colombia Government International Bonds |  |  |
| 3.125%, 04/15/31 | 5090000 | &nbsp;&nbsp; 4174397 |
| Indonesia Government International Bonds |  |  |
| 4.750%, 02/11/29 | 4410000 | &nbsp;&nbsp; 4487162 |
| Israel Government AID Bonds |  |  |
| 5.500%, 09/18/33 | 9000000 | &nbsp;&nbsp; 9627230 |
| Israel Government International Bonds |  |  |
| 5.500%, 03/12/34 | 3000000 | &nbsp;&nbsp; 3035736 |

---

*See accompanying notes to financial statements.*

**BHFTI-520**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Foreign Government—(Continued)**

**Short-Term Investments—2.9%**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Sovereign—(Continued)** | **Sovereign—(Continued)** | **Sovereign—(Continued)** |
| Mexico Government International Bonds |  |  |
| 5.850%, 07/02/32 | 4643000 | &nbsp;&nbsp; $4698716 |
| Qatar Government International Bonds |  |  |
| 4.000%, 03/14/29 (144A) | 2740000 | &nbsp;&nbsp; 2717548 |
| Republic of Poland Government International Bonds |  |  |
| 3.250%, 04/06/26 | 2820000 | &nbsp;&nbsp; 2796205 |
| Total Foreign Government <br>(Cost $36,073,543) <br>|  | &nbsp;&nbsp; 34341101 |
| **Non-Agency Mortgage-Backed Securities—1.5%** | **Non-Agency Mortgage-Backed Securities—1.5%** | **Non-Agency Mortgage-Backed Securities—1.5%** |
| **Collateralized Mortgage Obligations — 1.5%** | **Collateralized Mortgage Obligations — 1.5%** | **Collateralized Mortgage Obligations — 1.5%** |
| Angel Oak Mortgage Trust |  |  |
| 5.348%, 10/25/69 (144A) (e) | 618776 | &nbsp;&nbsp; 617408 |
| BRAVO Residential Funding Trust |  |  |
| 5.803%, 06/25/64 (144A) (e) | 529837 | &nbsp;&nbsp; 532048 |
| GCAT Trust |  |  |
| 6.500%, 09/25/54 (144A) (c) | 169614 | &nbsp;&nbsp; 172846 |
| JP Morgan Mortgage Trust |  |  |
| 5.966%, 06/25/65 (144A) (e) | 382534 | &nbsp;&nbsp; 384345 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| 6.500%, 06/25/54 (144A) (c) | 826958 | &nbsp;&nbsp; 844781 |
| OBX Trust |  |  |
| 5.755%, 02/25/55 (144A) (e) | 1107610 | &nbsp;&nbsp; 1109797 |
| 5.826%, 03/25/65 (144A) (e) | 403014 | &nbsp;&nbsp; 405012 |
| 6.015%, 11/25/64 (144A) (e) | 967900 | &nbsp;&nbsp; 972941 |
| PRKCM Trust |  |  |
| 4.100%, 04/25/57 (144A) (c) | 256329 | &nbsp;&nbsp; 253158 |
| PRPM Trust |  |  |
| 5.674%, 12/26/69 (144A) (e) | 254551 | &nbsp;&nbsp; 254916 |
| RCKT Mortgage Trust |  |  |
| 6.500%, 06/25/54 (144A) (c) | 1105579 | &nbsp;&nbsp; 1129406 |
| Verus Securitization Trust |  |  |
| 5.976%, 01/25/70 (144A) (e) | 997918 | &nbsp;&nbsp; 1003183 |
| Total Non-Agency Mortgage-Backed Securities <br>(Cost $7,631,585) <br>|  | &nbsp;&nbsp; 7679841 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | <br>**Principal**<br> **Amount\***<br>| <br>**Value**<br>|
| **Repurchase Agreement—2.9%** | **Repurchase Agreement—2.9%** | **Repurchase Agreement—2.9%** |
| Fixed Income Clearing Corp. |  |  |
| Repurchase Agreement dated 06/30/25 at 3.250%, due on <br> 07/01/25, with a maturity value of $14,863,875; <br> collateralized by U.S. Treasury Note at 3.750%, maturing <br> 06/30/27, with a market value of $15,159,984<br>| 14862534 | &nbsp;&nbsp; $14862534 |
| Total Short-Term Investments <br>(Cost $14,862,534) <br>|  | &nbsp;&nbsp; 14862534 |
| Total Investments—106.7% <br>(Cost $592,206,515) <br>|  | &nbsp;&nbsp; 547296377 |
| Other assets and liabilities (net)—(6.7)%  |  | &nbsp;&nbsp; (34447953)<br>|
| **Net Assets—100.0%**  |  | &nbsp;&nbsp; $512848424 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Principal amount of security is adjusted for inflation.

(b) Interest only security.

(c) Variable or floating rate security. The stated rate represents the rate at June 30, 2025. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above. 

(d) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date. 

(e) Security is a "step up" bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate. 

(144A) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the market value of 144A securities was $18,429,598, which is 3.6% of net assets. 

Securities in the amount of $326,206 have been received at the custodian bank as collateral for TBA securities.

**Investment Transactions**

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **Purchases** | **Sales** | **Sales** |
| **U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **Non-U.S. Government** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $409635948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9203595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $454 <br>,762101<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5117109 |

---

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $345488176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $335251341 |

---

*See accompanying notes to financial statements.*

**BHFTI-521**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Investments in Derivative Instruments**

**Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Long** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value/** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 218 | USD | 25172187 | &nbsp;&nbsp; $765354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts—Short** |  |  |  |  |  |
| U.S. Treasury Note 5 Year Futures | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp; (79)<br>| USD | (8611000)<br>| &nbsp;&nbsp; (87577)<br>|
| U.S. Treasury Note 10 Year Futures | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; (209)<br>| USD | (23434125)<br>| &nbsp;&nbsp; (381362)<br>|
| Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | Net Unrealized Appreciation | &nbsp;&nbsp; $296415 |

---

**Effects of Derivative Instruments on the Financial Statements**

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2025 by category of risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Risk Exposure** | **Statement of Assets & Liabilities Location** | **Fair Value** | **Statement of Assets & Liabilities Location** | **Fair Value** |
| Interest Rate | Unrealized appreciation on futures contracts (a) <br>| &nbsp;&nbsp; $765354 | Unrealized depreciation on futures contracts (a) <br>| &nbsp;&nbsp; $468939 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Realized Gain (Loss)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $(762458)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)** | **Interest Rate** |
| Futures contracts | &nbsp;&nbsp; $876957 |

---

For the six months ended June 30, 2025, the average notional par or face amount outstanding for each derivative type was as follows:

---

| | |
|:---|:---|
| **Derivative Description** | **Average** <br>**Notional Par or** <br>**Face Amount‡** <br>|
| Futures contracts long | &nbsp;&nbsp; $35187390 |
| Futures contracts short | &nbsp;&nbsp; (28353120)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See accompanying notes to financial statements.*

**BHFTI-522**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Schedule of Investments as of June 30, 2025 (Unaudited)**

**Fair Value Hierarchy**

The following table summarizes the fair value hierarchy of the Portfolio's investments as of June 30, 2025. For more information about the Portfolio's policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total U.S. Treasury & Government Agencies\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $254123578 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $254123578 |
| Total Agency Sponsored Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 236289323 | &nbsp;&nbsp; — | &nbsp;&nbsp; 236289323 |
| Total Foreign Government\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 34341101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34341101 |
| Total Non-Agency Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 7679841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7679841 |
| Total Short-Term Investments\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 14862534 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14862534 |
| Total Investments | &nbsp;&nbsp; $— | &nbsp;&nbsp; $547296377 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $547296377 |
| Futures Contracts |  |  |  |  |
| Futures Contracts (Unrealized Appreciation) | &nbsp;&nbsp; $765354 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $765354 |
| Futures Contracts (Unrealized Depreciation) | &nbsp;&nbsp; (468939)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (468939)<br>|
| Total Futures Contracts | &nbsp;&nbsp; $296415 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $296415 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for additional detailed categorizations.

*See accompanying notes to financial statements.*

**BHFTI-523**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Statement of Assets and Liabilities**

------

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at value (a) | &nbsp;&nbsp; $547296377 |
| Cash | &nbsp;&nbsp; 151226 |
| Cash collateral for futures contracts | &nbsp;&nbsp; 546967 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 4609 |
| TBA securities sold | &nbsp;&nbsp; 1450852 |
| Fund shares sold | &nbsp;&nbsp; 331070 |
| Interest | &nbsp;&nbsp; 2278622 |
| Variation margin on futures contracts | &nbsp;&nbsp; 142173 |
| Prepaid expenses | &nbsp;&nbsp; 4096 |
| Total Assets | &nbsp;&nbsp; 552205992 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 4640633 |
| TBA securities purchased | &nbsp;&nbsp; 33492982 |
| Fund shares redeemed | &nbsp;&nbsp; 486984 |
| Accrued Expenses: |  |
| Management fees | &nbsp;&nbsp; 170417 |
| Distribution and service fees | &nbsp;&nbsp; 104384 |
| Deferred trustees' fees | &nbsp;&nbsp; 210951 |
| Other expenses | &nbsp;&nbsp; 251217 |
| Total Liabilities | &nbsp;&nbsp; 39357568 |
| **Net Assets**  | &nbsp;&nbsp; $512848424 |
| Net Assets Consist of: |  |
| Paid in surplus | &nbsp;&nbsp; $670452069 |
| Distributable earnings (Accumulated losses) | &nbsp;&nbsp; (157603645)<br>|
| **Net Assets**  | &nbsp;&nbsp; $512848424 |
| **Net Assets** |  |
| Class B | &nbsp;&nbsp; $512848424 |
| **Capital Shares Outstanding\*** |  |
| Class B | &nbsp;&nbsp; 57368014 |
| **Net Asset Value, Offering Price and Redemption Price Per Share** |  |
| Class B | &nbsp;&nbsp; $8.94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $592,206,515.

**Statement of Operations**

------

**Six Months Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment Income**  |  |
| Interest | &nbsp;&nbsp; $9821447 |
| Securities lending income | &nbsp;&nbsp; 3588 |
| Total investment income | &nbsp;&nbsp; 9825035 |
| **Expenses** |  |
| Management fees | &nbsp;&nbsp; 1173134 |
| Administration fees | &nbsp;&nbsp; 23757 |
| Custodian and accounting fees | &nbsp;&nbsp; 53603 |
| Distribution and service fees—Class B | &nbsp;&nbsp; 646434 |
| Audit and tax services | &nbsp;&nbsp; 37952 |
| Legal | &nbsp;&nbsp; 22722 |
| Trustees' fees and expenses | &nbsp;&nbsp; 20035 |
| Shareholder reporting | &nbsp;&nbsp; 19028 |
| Insurance | &nbsp;&nbsp; 2278 |
| Miscellaneous | &nbsp;&nbsp; 9887 |
| Total expenses | &nbsp;&nbsp; 2008830 |
| Less management fee waiver | &nbsp;&nbsp; (118691)<br>|
| Net expenses | &nbsp;&nbsp; 1890139 |
| **Net Investment Income** | &nbsp;&nbsp; 7934896 |
| **Net Realized and Unrealized Gain (Loss)**  |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (7579631)<br>|
| Futures contracts | &nbsp;&nbsp; (762458)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (8342089)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 20408883 |
| Futures contracts | &nbsp;&nbsp; 876957 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21285840 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 12943751 |
| **Net Increase (Decrease) in Net Assets From Operations**  | &nbsp;&nbsp; $20878647 |

---

*See accompanying notes to financial statements.*

**BHFTI-524**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $7934896 | &nbsp;&nbsp; $15932158 |
| Net realized gain (loss) | &nbsp;&nbsp; (8342089)<br>| &nbsp;&nbsp; (27973983)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21285840 | &nbsp;&nbsp; 13314226 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp; 20878647 | &nbsp;&nbsp; 1272401 |
| **From Distributions to Shareholders** |  |  |
| Class B | &nbsp;&nbsp; (17655426)<br>| &nbsp;&nbsp; (17286324)<br>|
| **Total distributions** | &nbsp;&nbsp; (17655426)<br>| &nbsp;&nbsp; (17286324)<br>|
| **Increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp; (23374196)<br>| &nbsp;&nbsp; (50478196)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (20150975)<br>| &nbsp;&nbsp; (66492119)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp; 532999399 | &nbsp;&nbsp; 599491518 |
| End of period | &nbsp;&nbsp; $512848424 | &nbsp;&nbsp; $532999399 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Information:** |  |  |  |  |
| **Capital Shares** |  |  |  |  |
| Transactions in capital shares were as follows: |  |  |  |  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| **Class B** |  |  |  |  |
| Sales | &nbsp;&nbsp; 2148571 | &nbsp;&nbsp; $19461730 | &nbsp;&nbsp; 5221669 | &nbsp;&nbsp; $47261733 |
| Reinvestments | &nbsp;&nbsp; 2004021 | &nbsp;&nbsp; 17655426 | &nbsp;&nbsp; 1959901 | &nbsp;&nbsp; 17286324 |
| Redemptions | &nbsp;&nbsp; (6696359)<br>| &nbsp;&nbsp; (60491352)<br>| &nbsp;&nbsp; (12732000)<br>| &nbsp;&nbsp; (115026253)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2543767)<br>| &nbsp;&nbsp; $(23374196)<br>| &nbsp;&nbsp; (5550430)<br>| &nbsp;&nbsp; $(50478196)<br>|
| Increase (decrease) derived from capital shares transactions |  | &nbsp;&nbsp; $(23374196)<br>|  | &nbsp;&nbsp; $(50478196)<br>|

---

*See accompanying notes to financial statements.*

**BHFTI-525**

------

**Brighthouse Funds Trust I**

**Western Asset Management Government Income Portfolio**

**Financial Highlights**

**Selected per share data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months Ended** <br>**June 30, 2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period**  | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp;&nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $10.72 |
| **Income (Loss) from Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Total income (loss) from investment operations | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| **Less Distributions** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.27)<br>|
| Total distributions | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Net Asset Value, End of Period**  | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp;&nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.16 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $11.27 |
| **Total Return (%)** (b) | 4.06 <br>(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp; (14.68)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.68 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Gross ratio of expenses to average net assets (%) | 0.78 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net ratio of expenses to average net assets (%) (e) | 0.73 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Ratio of net investment income (loss) to average net assets (%) | 3.07 <br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Portfolio turnover rate (%) | &nbsp;&nbsp; 79 <br>(c)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 128 <br>(f)<br>| &nbsp;&nbsp; 23 <br>(f)<br>| &nbsp;&nbsp; 64 <br>(f)<br>| &nbsp;&nbsp; 35 <br>(f)<br>| &nbsp;&nbsp; 75 <br>(f)<br>|
| Net assets, end of period (in millions)  | &nbsp;&nbsp; $512.8 | &nbsp;&nbsp;&nbsp;&nbsp; $533.0 | &nbsp;&nbsp; $599.5 | &nbsp;&nbsp; $648.9 | &nbsp;&nbsp; $860.9 | &nbsp;&nbsp; $1013.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Periods less than one year are not computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Computed on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 15% for the six months ended June 30, 2025 and 34%, 20%, 36%, 30%, and 57% for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.

*See accompanying notes to financial statements.*

**BHFTI-526**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **Organization** 

Brighthouse Funds Trust I (the "Trust") is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC ("Brighthouse Investment Advisers" or the "Adviser"), currently offers forty-three series (each a "Portfolio," and collectively the "Portfolios"), each of which operates as a distinct investment vehicle of the Trust. Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing certain Portfolios, as indicated in the table below (see also Note 6). Shares of the Portfolios are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser.

Shares of each class of a Portfolio represent an equal pro rata interest in a Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of a Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each class based on the net assets of each class relative to the net assets of a Portfolio. Each class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding class of shares.

The table below summarizes each Portfolio's share classes registered and offered, diversification status, and subadviser, if applicable, as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio**  | **Classes Registered** | **Classes Offered** | **Diversified** | **Subadviser** |
| AB Global Dynamic Allocation Portfolio | A, B, C, E | B | Yes | AllianceBernstein L.P. |
| AB International Bond Portfolio | A, B, C, E | A, B | Yes | AllianceBernstein L.P. |
| Allspring Mid Cap Value Portfolio | A, B, C, E | A, B | Yes | Allspring Global Investments, LLC |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio (formerly, American Funds<sup>®</sup> <br> Growth Allocation Portfolio)<br>| A, B, C, E | B, C | Yes | N/A |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | A, B, C, E | B, C | Yes | N/A |
| American Funds<sup>®</sup> Growth Portfolio | A, B, C, E | C | Yes | N/A |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | A, B, C, E | B, C | Yes | N/A |
| BlackRock Global Tactical Strategies Portfolio | A, B, C, E | B | Yes | BlackRock Financial Management, Inc. |
| BlackRock High Yield Portfolio \* | A, B, C, E | A, B | Yes | BlackRock Financial Management, Inc. |
| Brighthouse Asset Allocation 100 Portfolio | A, B, C, E | A, B | Yes | N/A |
| Brighthouse Balanced Plus Portfolio | A, B, C, E | B | Yes | Pacific Investment Management Company LLC |
| Brighthouse Small Cap Value Portfolio (a) | A, B, C, E | A, B | Yes | Allspring Global Investments, LLC |
| Brighthouse/Artisan International Portfolio | A, B, C, E | A, B | Yes | Artisan Partners Limited Partnership |
| Brighthouse/Eaton Vance Floating Rate Portfolio | A, B, C, E | A, B | Yes | Eaton Vance Management |
| Brighthouse/Franklin Low Duration Total Return Portfolio | A, B | A, B | Yes | Franklin Advisers, Inc. |
| Brighthouse/Templeton International Bond Portfolio | A, B, C, E | A, B | No | Franklin Advisers, Inc. |
| Brighthouse/Wellington Large Cap Research Portfolio | A, B, C, E | A, B, E | Yes | Wellington Management Company LLP |
| CBRE Global Real Estate Portfolio | A, B, C, E | A, B, E | Yes | CBRE Investment Management Listed Real Assets LLC |
| Harris Oakmark International Portfolio | A, B, C, E | A, B, E | Yes | Harris Associates L.P. |
| Invesco Balanced-Risk Allocation Portfolio | B | B | Yes | Invesco Advisers, Inc. |
| Invesco Comstock Portfolio | A, B, C, E | A, B | Yes | Invesco Advisers, Inc. |
| Invesco Global Equity Portfolio | A, B, C, E | A, B, E | Yes | Invesco Advisers, Inc. |
| Invesco Small Cap Growth Portfolio | A, B, C, E | A, B, E | Yes | Invesco Advisers, Inc. |
| JPMorgan Core Bond Portfolio | A, B, C, E | A, B | Yes | J.P. Morgan Investment Management, Inc. |
| JPMorgan Global Active Allocation Portfolio | A, B, C, E | B | Yes | J.P. Morgan Investment Management, Inc. |
| JPMorgan Small Cap Value Portfolio | A, B, C, E | A, B | Yes | J.P. Morgan Investment Management, Inc. |
| Loomis Sayles Global Allocation Portfolio | A, B, C, E | A, B | Yes | Loomis, Sayles & Company, L.P. |
| Loomis Sayles Growth Portfolio | A, B, C, E | A, B, E | Yes | Loomis, Sayles & Company, L.P. |
| MetLife Multi-Index Targeted Risk Portfolio | A, B, C, E | B | Yes | MetLife Investment Management, LLC |
| MFS<sup>®</sup> Research International Portfolio | A, B, C, E | A, B, E | Yes | Massachusetts Financial Services Company |
| Morgan Stanley Discovery Portfolio | A, B, C, E | A, B, E | Yes | Morgan Stanley Investment Management Inc. |
| PanAgora Global Diversified Risk Portfolio | B | B | No | PanAgora Asset Management, Inc. |
| PIMCO Inflation Protected Bond Portfolio | A, B, C, E | A, B, E | Yes | Pacific Investment Management Company LLC |
| PIMCO Total Return Portfolio \* | A, B, C, E | A, B, E | Yes | Pacific Investment Management Company LLC |
| Schroders Global Multi-Asset Portfolio | B | B | Yes | Schroder Investment Management North America Inc. |
| SSGA Emerging Markets Enhanced Index Portfolio \* | A, B, C, E | A, B | Yes | SSGA Funds Management, Inc. |
| SSGA Growth and Income ETF Portfolio | A, B, C, E | A, B, E | Yes | SSGA Funds Management, Inc. |
| SSGA Growth ETF Portfolio | A, B, C, E | A, B, E | Yes | SSGA Funds Management, Inc. |
| T. Rowe Price Large Cap Value Portfolio | A, B, C, E | A, B, E | Yes | T. Rowe Price Associates, Inc. |
| T. Rowe Price Mid Cap Growth Portfolio | A, B, C, E | A, B, E | Yes | T. Rowe Price Associates, Inc. |
| TCW Core Fixed Income Portfolio | A, B, C, E | A, B | Yes | TCW Investment Management Company LLC |
| Victory Sycamore Mid Cap Value Portfolio | A, B, C, E | A, B, E | Yes | Victory Capital Management Inc. |

---

**BHFTI-527**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio**  | **Classes Registered** | **Classes Offered** | **Diversified** | **Subadviser** |
| Western Asset Management Government Income Portfolio | A, B, C, E | B | Yes | Western Asset Management Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The table above is a list of all Portfolios in the Trust as of the end of the period, including the BlackRock High Yield Portfolio, PIMCO Total Return Portfolio and SSGA Emerging Markets Enhanced Index Portfolio, which are audited as of and for the period ended June 30, 2025. All of the other Portfolios' information is unaudited as of and for the period ended June 30, 2025. 

(a) Effective February 28, 2025, Delaware Investments Fund Advisers was removed as a subadviser to the Brighthouse Small Cap Value Portfolio.

The American Funds® Aggressive Allocation, American Funds<sup>®</sup> Balanced Allocation, and American Funds<sup>®</sup> Moderate Allocation Portfolios are designed on established principles of asset allocation to achieve a specific risk profile. The Portfolios will invest substantially all of their assets in certain funds of the American Funds Insurance Series ("AFIS") and other funds within the American Funds family not part of AFIS ("Underlying American Portfolios"). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company, an indirect, wholly owned subsidiary of The Capital Group Companies, Inc.

The American Funds<sup>®</sup> Growth Portfolio (the "Growth Portfolio"), a feeder fund, seeks to achieve its investment objective by investing all of its investable assets in a master fund, the American Funds<sup>®</sup> Growth Fund (the "Master Fund"), a fund of the AFIS. The financial statements of the Master Fund should be read in conjunction with the Growth Portfolio's financial statements. As of June 30, 2025, the Growth Portfolio owned approximately 3.8% of the Master Fund.

The BlackRock Global Tactical Strategies Portfolio allocates its assets in a broad range of asset classes, primarily through other investment companies known as exchange-traded funds ("Underlying ETFs"), involving primarily series of the iShares<sup>®</sup> Trust and iShares<sup>®</sup>, Inc., but the Portfolio also has the ability to invest in series sponsored by other companies.

The Brighthouse Asset Allocation 100 Portfolio (the "Asset Allocation Portfolio") operates under a "fund of funds" structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an "Underlying BIA Portfolio," and, collectively, the "Underlying BIA Portfolios").

The Brighthouse Balanced Plus Portfolio invests approximately 70% of its assets (the "Base Portion") in other Underlying BIA Portfolios and approximately 30% of its assets (the "Overlay Portion") in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures. The Adviser is responsible for managing the Base Portion of the Portfolio and has entered into a subadvisory agreement with Pacific Investment Management Company LLC for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

The MetLife Multi-Index Targeted Risk Portfolio invests approximately 75% of its assets (the "Base Portion") in other Underlying BIA Portfolios of the Brighthouse Funds Trust II and approximately 25% of its assets (the "Overlay Portion") in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures and interest rate swaps. The Adviser is responsible for managing the Base Portion of the Portfolio and has entered into a subadvisory agreement with MetLife Investment Management, LLC ("MIM") for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

The SSGA Growth and Income ETF and SSGA Growth ETF Portfolios were designed on established principles of asset allocation. The Portfolios will primarily invest their assets in Underlying ETFs, including, but not limited to, Standard and Poor's Depositary Receipts (SPDRs<sup>®</sup>) of the S&P 500<sup>®</sup> ETF Trust, series of the Select Sector SPDR Trust, SPDR Series Trust, SPDR Index Shares Funds, iShares<sup>®</sup> Trust, iShares<sup>®</sup>, Inc., Schwab International Small-Cap Equity ETF, and Vanguard ETFs of the Vanguard® Index Funds.

**2.** **Consolidation of Subsidiaries**

The AB Global Dynamic Allocation, BlackRock Global Tactical Strategies, Invesco Balanced-Risk Allocation, JPMorgan Global Active Allocation, PanAgora Global Diversified Risk, and Schroders Global Multi-Asset Portfolios may each invest a certain percentage of its assets in a wholly-owned and controlled subsidiary of such Portfolio that is organized under the laws of the Cayman Islands as an exempted company (each, a "Subsidiary," and together, the "Subsidiaries").

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Subsidiary** | **Max Investment** <br>**as a % of Total** <br>**Net Assets**<br>| **Amount Held at** <br>**June 30, 2025**<br>| **% of the** <br>**Portfolio's Total** <br>**Assets**<br>|
| AB Global Dynamic Allocation Portfolio | AllianceBernstein Global Dynamic Allocation Portfolio, Ltd. | 10.0 | &nbsp;&nbsp; $24588446 | 1.4 |
| BlackRock Global Tactical Strategies Portfolio | BlackRock Global Tactical Strategies Portfolio, Ltd. | 6.0 | &nbsp;&nbsp; 184806210 | 5.5 |
| Invesco Balanced-Risk Allocation Portfolio | Invesco Balanced-Risk Allocation Portfolio, Ltd. | 25.0 | &nbsp;&nbsp; 164660895 | 23.1 |
| JPMorgan Global Active Allocation Portfolio | JPMorgan Global Active Allocation Portfolio, Ltd. | 10.0 | &nbsp;&nbsp; 28850 | less than 0.1 |
| PanAgora Global Diversified Risk Portfolio | PanAgora Global Diversified Risk Portfolio II, Ltd. | 25.0 | &nbsp;&nbsp; 230958207 | 18.8 |
| Schroders Global Multi-Asset Portfolio | Schroders Global Multi-Asset Portfolio, Ltd. | 10.0 | &nbsp;&nbsp; 153075 | less than 0.1 |

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Each Portfolio invests in its respective Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Under Treasury regulations, subpart F income, if

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiaries) of the Portfolios and included in each Portfolio's annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio's business of investing in stock, securities or currencies.

Each Subsidiary invests primarily in commodity futures and/or swaps on commodity futures but may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary's derivative positions. Unlike the Portfolios, a Subsidiary may invest without limitation in commodity-linked derivatives. Each Portfolio and its respective Subsidiary will be subject to the applicable Portfolio's fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

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

Each Portfolio's Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights include the accounts of its respective Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation for each Portfolio. The Subsidiaries each have a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

**3.** **Significant Accounting Policies**

The preparation of a Portfolio's financial statements or consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements or consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements or consolidated financial statements, management has evaluated events and transactions subsequent to June 30, 2025, through the date the financial statements or consolidated financial statements were issued.

The Portfolios are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946-Financial Services-Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements or consolidated financial statements.

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

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities held by a Portfolio, if any, will be disclosed following the fair value hierarchy table in the Portfolio's Schedule of Investments.

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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

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

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

Investments in registered open-end management investment companies (including the Master Fund, Underlying American Portfolios, and Underlying BIA Portfolios) are valued at the reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

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

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

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

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

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

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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

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

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board" or "Trustees") of the Trust has designated Brighthouse Investment Advisers, acting through its Valuation Committee ("Committee"), as each Portfolio's "valuation designee" to perform the Portfolio's fair value determinations. The Board oversees Brighthouse Investment Advisers in its role as the Valuation Designee and receives reports from Brighthouse Investment Advisers regarding its process and the valuation of each Portfolio's investments to assist with such oversight.

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

**Investment Transactions and Related Investment Income -** Each Portfolio's security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on an accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying American Portfolios and Underlying BIA Portfolios are recorded as net realized gain in the applicable Portfolio's Statement of Operations. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with each Portfolio's understanding of the applicable countries' tax rules and rates.

In consideration of recent decisions rendered by European courts, certain Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended June 30, 2025, the following Portfolios received EU tax reclaim payments that were not previously accrued for due to uncertainty of collectability.

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| | |
|:---|:---|
| **Portfolio**  | **Tax Reclaim Payments** |
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $120212 |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 19487 |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 12615 |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 442 |

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Such amounts are included in dividends on the applicable Portfolio's Statement of Operations or Consolidated Statement of Operations. No other amounts for additional EU tax reclaims are reflected in the financial statements or consolidated financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

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

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

**Dividends and Distributions to Shareholders -** The Portfolios record dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

**Income Taxes -** It is the Portfolios' policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. Each Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. Each Portfolio's federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of June 30, 2025, no Portfolios had uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

**Due to Custodian -** Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to a Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian will have a lien on the Portfolio's assets to the extent of any overdraft. At June 30, 2025, the following Portfolios had a payment due to the Custodian pursuant to the foregoing arrangement.

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| | |
|:---|:---|
| **Portfolio**  | **Due to Custodian** |
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; $50000 |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 496154 |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; 3747414 |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 834 |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 6218893 |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 37278 |

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Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated fair value and such inputs would be considered Level 2 in the fair value hierarchy at June 30, 2025. None of the Portfolios had significant average overdraft advances during the six months ended June 30, 2025.

Each significant accounting policy described below does not necessarily apply to each Portfolio, unless otherwise noted. For more information on the investment practices in which a particular Portfolio may engage, please refer to the Portfolio's prospectus.

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

**Floating Rate Loans** - Certain Portfolios may invest in loans arranged through private negotiation between one or more financial institutions. A Portfolio's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

A Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participation in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

A Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Unfunded Loan Commitments** - Certain Portfolios may enter into certain credit agreements, all or a portion of which may be unfunded. A Portfolio is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments. As of June 30, 2025, the BlackRock High Yield Portfolio, Brighthouse/Eaton Vance Floating Rate Portfolio and Loomis Sayles Global Allocation Portfolio had open unfunded loan commitments. At June 30, 2025, these Portfolios had sufficient cash and/or securities to cover these commitments.

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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

**Stripped Securities** - Certain Portfolios may invest in "stripped securities," a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities ("POs"), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities ("IOs"), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity. The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, a Portfolio may not fully recoup the initial investment in IOs.

**Collateralized Obligations** - Certain Portfolios may invest in collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the "equity" or "first loss" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

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

In one type of SMBS, one class receives all the interest from the mortgage assets (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on a Portfolio's Statement of Operations or Consolidated Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by a Portfolio are included in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments.

Certain Portfolios may invest a significant portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and

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**Notes to Financial Statements — June 30, 2025— (Continued)**

related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

**Mortgage Dollar Rolls** - Certain Portfolios may enter into mortgage "dollar rolls" in which a Portfolio sells to-be-announced ("TBA") mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, a Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that a Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

**TBA Purchase and Forward Sale Commitments** - Certain Portfolios may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of a Portfolio's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation and Fair Value Measurements".

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

**Short Sales -** Certain Portfolios may enter into a "short sale" of securities in circumstances in which, at the time the short position is open, a Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one "against the box," may be entered into by a Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

Certain Portfolios may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, a Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. In addition, when a Portfolio engages in short sales, a lender may request, or market conditions may dictate that securities sold short be returned to the lender on short notice, and the Portfolio may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Portfolio may be reduced or eliminated or the short sale may result in a loss. No more than one third of a Portfolio's net assets will be deposited as collateral for the obligation to replace securities borrowed to effect short sales.

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

**Reverse Repurchase Agreements** - Certain Portfolios may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, a Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolios

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retain effective control over the transferred security, therefore accounting for the transaction as a secured borrowing. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it under the agreement. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities.

For the six months ended June 30, 2025, the Brighthouse Balanced Plus Portfolio had an outstanding reverse repurchase agreement balance for 181 days. The average amount of borrowings was $79,294,082 and the annualized weighted average interest rate was 4.384% during the 181 day period.

For the six months ended June 30, 2025, the PIMCO Total Return Portfolio had an outstanding reverse repurchase agreement balance for 121 days. The average amount of borrowings was $82,537,725 and the annualized weighted average interest rate was 4.432% during the 121 day period.

Details on a Portfolio's open reverse repurchase agreements, if any, are disclosed following the Portfolio's Schedule of Investments or Consolidated Schedule of Investments.

**Secured Borrowing Transactions** - Certain Portfolios may enter into transactions consisting of a transfer of a security by a Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the "price drop," is included in net investment income. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Portfolio's Statement of Operations or Consolidated Statement of Operations. In periods of increased demand for the security, the Portfolio may also receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The cost of the secured borrowing transaction is recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. These secured borrowing transactions are subject to a Master Securities Forward Transaction Agreement ("MFSTA"). The MSFTA is a master netting agreement which provides both parties with the rights to set-off in the event of default by either party.

For the six months ended June 30, 2025, the Brighthouse Balanced Plus Portfolio had an outstanding secured borrowing transaction balance for 181 days. The average amount of borrowings was $168,514,888 and the annualized weighted average interest rate was 4.530% during the 181 day period. At June 30, 2025 the amount of the Portfolio's outstanding borrowings was $118,436,728.

For the six months ended June 30, 2025, the PIMCO Inflation Protected Bond Portfolio had an outstanding secured borrowing transaction balance for 181 days. The average amount of borrowings was $167,633,643 and the annualized weighted average interest rate was 4.504% during the 181 day period. At June 30, 2025 the amount of the Portfolio's outstanding borrowings was $1,542,841,945.

For the six months ended June 30, 2025, the PIMCO Total Return Portfolio had an outstanding secured borrowing transaction balance for 23 days. The average amount of borrowings was $19,260,687 and the annualized weighted average interest rate was 4.409% during the 23 day period. There were no outstanding borrowings as of June 30, 2025.

A detailed breakdown of a Portfolio's open transactions accounted for as secured borrowings, if any, are disclosed following the Portfolio's Schedule of Investments or Consolidated Schedule of Investments.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the "Lending Agent"). Under the agreement, the Lending Agent is authorized to loan portfolio securities on a Portfolio's behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan's inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The

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Portfolios retain effective control over the transferred securities, therefore accounting for the transaction as a secured borrowing. The market value of investments made with cash collateral received is disclosed in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments and the valuation techniques are described in this Note 3. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by a Portfolio in securities lending transactions during the six months ended June 30, 2025 is reflected as securities lending income on the Portfolio's Statement of Operations or Consolidated Statement of Operations. The values of any securities loaned by a Portfolio and the related collateral at June 30, 2025 are disclosed in the Portfolio's footnotes to the Schedule of Investments or Consolidated Schedule of Investments. The value of the related collateral received by each Portfolio exceeded the value of the Portfolio's securities out on loan at June 30, 2025.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. To the extent a Portfolio uses cash collateral it receives to invest in repurchase agreements with respect to equity securities, it is subject to the risk of loss if the value of the equity securities declines and the counterparty defaults on its obligation to repurchase such securities. The Lending Agent shall indemnify each Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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

**4.** **Investments in Derivative Instruments**

Each derivative instrument described below does not necessarily apply to each Portfolio. For more information on the derivative instruments in which a particular Portfolio may enter into, please refer to the Portfolio's prospectus.

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

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

**Futures Contracts -** Certain Portfolios may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolios' investments in futures were used for either hedging or investment exposure purposes. Futures contracts are standardized agreements to buy or sell a security or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount ("initial margin") equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio's obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are

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made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Portfolio's Statement of Operations or Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the futures contract or option may not correlate perfectly with changes in the value of the underlying asset. The exchange's clearinghouse, as counterparty to all futures, guarantees the futures contracts against default.

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

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

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

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

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

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

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

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

An option on exchange-traded futures contracts is an option contract in which the underlying instrument is a single futures contract.

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

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on a Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on a Portfolio's Statement of Operations or Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on a Portfolio's Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/ depreciation on the Portfolio's Statement of Operations or Consolidated Statement of Operations. A Portfolio may pay or receive an upfront payment upon entering into a swap agreement. Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Portfolio's Statement of Operations or Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Portfolio's Statement of Operations or Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Portfolio's Statement of Operations or Consolidated Statement of Operations.

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

*Centrally Cleared Swaps*: Certain swaps are required to be (or are capable of being) cleared through a regulated clearinghouse. Since the Portfolios are not members of a clearinghouse and only members of a clearinghouse ("clearing members" or "clearing brokers") can participate directly in the clearinghouse, the Portfolios hold cleared swaps through accounts at a clearing member. A Portfolio typically will be required to post margin required by the clearinghouse and/or its clearing member; the margin required by a clearinghouse and/or clearing member may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

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

A Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of

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a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying security comprising the relevant component of the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying security comprising the relevant component of the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

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

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

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2025, for which the Portfolio is the seller of protection, are disclosed in the Portfolio's Schedule of Investments or Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

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

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

**BHFTI-539**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

**5.** **Certain Risks**

In the normal course of business, the Portfolios invest in securities and enter into transactions where risks exist. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Portfolio. For a description of the principal risks associated with investing in a particular Portfolio, please refer to the Portfolio's prospectus.

*Market Risk:* The value of securities held by a Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations; rapid technological developments, such as artificial intelligence, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics. In addition, unexpected political, regulatory, trade and diplomatic events, including trade policy changes or disputes, within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Significant disruptions to the financial markets could adversely affect the liquidity and volatility of securities held by the Portfolio.

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

*China Investment Risk*: Investments in China are subject to all of the risks described under "Foreign Investment Risk" above. In addition, under China's political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. The Chinese government may intervene or seek to control the operations, structure, or ownership of Chinese companies, including with respect to foreign investors of such companies. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which a Portfolio invests. Furthermore, U.S. or foreign government sanctions, restrictions on investments in Chinese companies or other intervention could negatively affect the implementation of the Portfolio's investment strategies, such as by precluding the Portfolio from making certain investments in Chinese issuers or causing the Portfolio to sell investments at disadvantageous times. For example, pursuant to Executive Order 14032 (issued on June 3, 2021), U.S. persons are prohibited from purchasing or investing in publicly-traded securities of companies designated to the "Non-SDN Chinese Military-Industrial Complex Companies List," a list which can change from time to time ("Chinese Military Companies Sanctions"). The Chinese Military Companies Sanctions or other similar actions targeting investment in China could impair the market value of the Portfolio's investments and limit the Portfolio's ability to buy, sell, receive or deliver certain securities. As a result, the Portfolio may incur losses.

*Commodities Risk:* Exposure to the commodities markets may subject a Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by factors including changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, other weather phenomena, embargoes, tariffs, insufficient storage capacity, war and international economic, political and regulatory developments. Certain commodities (and related derivatives) are susceptible to negative prices due to factors such as supply surpluses caused by global events. In addition, commodities markets (and commodity-linked derivative instruments) may be subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators and government regulation and intervention.

*Credit and Counterparty Risk:* A Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled, or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in a Portfolio's financial statements or consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. A Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser or a Portfolio's subadviser, as applicable, may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, a Portfolio restricts its exposure to credit and

**BHFTI-540**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

counterparty losses by entering into master netting agreements ("Master Agreements") with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

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

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

Master Securities Forward Transaction Agreements ("MSFTA") govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between a Portfolio and select counterparties. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

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

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

**6.** **Investment Management Fees and Other Transactions with Affiliates**

**Investment Management Agreement -** Brighthouse Investment Advisers is the investment adviser to the Portfolios. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to each of the Portfolios. For

**BHFTI-541**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

providing investment management services to the Portfolios, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the** <br>**the six months ended** <br>**June 30, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $5406349 | 0.700<br> %<br>| Of the first $250 million |
|  |  | 0.650<br> %<br>| Of the next $250 million |
|  |  | 0.625<br> %<br>| Of the next $500 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1 billion |
| AB International Bond Portfolio | &nbsp;&nbsp; 1126930 | 0.520<br> %<br>| Of the first $500 million |
|  |  | 0.500<br> %<br>| On amounts in excess of $500 million |
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 1104475 | 0.750<br> %<br>| Of the first $200 million |
|  |  | 0.700<br> %<br>| On amounts in excess of $200 million |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio (formerly, American Funds<sup>®</sup> Growth Allocation Portfolio) | &nbsp;&nbsp; 881193 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | &nbsp;&nbsp; 1160181 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | &nbsp;&nbsp; 658793 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; 9660064 | 0.800<br> %<br>| Of the first $100 million |
|  |  | 0.750<br> %<br>| Of the next $200 million |
|  |  | 0.700<br> %<br>| Of the next $300 million |
|  |  | 0.675<br> %<br>| Of the next $400 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 2915141 | 0.600<br> %<br>| All Assets |
| Brighthouse Asset Allocation 100 Portfolio | &nbsp;&nbsp; 601006 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 4850184 | 0.725<br> %<br>| Of the first $250 million |
| (Overlay Sleeve) <br>|  | 0.700<br> %<br>| Of the next $500 million |
|  |  | 0.675<br> %<br>| Of the next $250 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 1031472 | 0.100<br> %<br>| Of the first $500 million |
| (Base Sleeve) <br>|  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse Small Cap Value Portfolio | &nbsp;&nbsp; 2744264 | 0.750<br> %<br>| Of the first $1 billion |
|  |  | 0.700<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 3109337 | 0.750<br> %<br>| All Assets |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 1589479 | 0.625<br> %<br>| Of the first $100 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $100 million |
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 1552707 | 0.520<br> %<br>| Of the first $100 million |
|  |  | 0.510<br> %<br>| Of the next $150 million |
|  |  | 0.500<br> %<br>| Of the next $250 million |
|  |  | 0.490<br> %<br>| Of the next $500 million |
|  |  | 0.470<br> %<br>| Of the next $500 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $1.5 billion |
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; 1265948 | 0.600<br> %<br>| All Assets |
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 6450448 | 0.625<br> %<br>| Of the first $250 million |
|  |  | 0.600<br> %<br>| Of the next $250 million |
|  |  | 0.575<br> %<br>| Of the next $500 million |
|  |  | 0.550<br> %<br>| Of the next $1 billion |
|  |  | 0.500<br> %<br>| On amounts in excess of $2 billion |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 2747609 | 0.700<br> %<br>| Of the first $200 million |
|  |  | 0.650<br> %<br>| Of the next $550 million |
|  |  | 0.550<br> %<br>| On amounts in excess of $750 million |
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 7903823 | 0.850<br> %<br>| Of the first $100 million |
|  |  | 0.800<br> %<br>| Of the next $900 million |
|  |  | 0.750<br> %<br>| On amounts in excess of $1 billion |

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**BHFTI-542**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the**<br> **the six months ended**<br> **June 30, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; $2347043 | 0.675<br> %<br>| Of the first $250 million |
|  |  | 0.650<br> %<br>| Of the next $500 million |
|  |  | 0.625<br> %<br>| Of the next $250 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1 billion |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 5309983 | 0.650<br> %<br>| Of the first $500 million |
|  |  | 0.600<br> %<br>| Of the next $500 million |
|  |  | 0.525<br> %<br>| On amounts in excess of $1 billion |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 3572211 | 0.700<br> %<br>| Of the first $100 million |
|  |  | 0.680<br> %<br>| Of the next $150 million |
|  |  | 0.670<br> %<br>| Of the next $250 million |
|  |  | 0.660<br> %<br>| Of the next $250 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $750 million |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; 3416828 | 0.880<br> %<br>| Of the first $500 million |
|  |  | 0.830<br> %<br>| On amounts in excess of $500 million |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 3305861 | 0.550<br> %<br>| All Assets |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 4874137 | 0.800<br> %<br>| Of the first $250 million |
|  |  | 0.750<br> %<br>| Of the next $250 million |
|  |  | 0.720<br> %<br>| Of the next $250 million |
|  |  | 0.700<br> %<br>| On amounts in excess of $750 million |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; 1195208 | 0.800<br> %<br>| Of the first $100 million |
|  |  | 0.775<br> %<br>| Of the next $400 million |
|  |  | 0.750<br> %<br>| Of the next $500 million |
|  |  | 0.725<br> %<br>| On amounts in excess of $1 billion |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 1271493 | 0.700<br> %<br>| Of the first $500 million |
|  |  | 0.650<br> %<br>| Of the next $500 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1 billion |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; 8365373 | 0.650<br> %<br>| Of the first $500 million |
|  |  | 0.600<br> %<br>| Of the next $500 million |
|  |  | 0.550<br> %<br>| Of the next $1 billion |
|  |  | 0.500<br> %<br>| On amounts in excess of $2 billion |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 3112760 | 0.500<br> %<br>| Of the first $250 million |
| (Overlay Sleeve) <br>|  | 0.485<br> %<br>| Of the next $250 million |
|  |  | 0.470<br> %<br>| Of the next $500 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $1 billion |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 1119812 | 0.070<br> %<br>| Of the first $500 million |
| (Base Sleeve) <br>|  | 0.060<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 4904405 | 0.800<br> %<br>| Of the first $200 million |
|  |  | 0.750<br> %<br>| Of the next $300 million |
|  |  | 0.700<br> %<br>| Of the next $500 million |
|  |  | 0.650<br> %<br>| On amounts in excess of $1 billion |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; 4098289 | 0.700<br> %<br>| Of the first $200 million |
|  |  | 0.650<br> %<br>| Of the next $300 million |
|  |  | 0.625<br> %<br>| On amounts in excess of $500 million |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 3874327 | 0.675<br> %<br>| Of the first $250 million |
|  |  | 0.650<br> %<br>| Of the next $500 million |
|  |  | 0.625<br> %<br>| Of the next $250 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1 billion |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 3604852 | 0.500<br> %<br>| Of the first $1.2 billion |
|  |  | 0.450<br> %<br>| On amounts in excess of $1.2 billion |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 8603213 | 0.500<br> %<br>| Of the first $1.2 billion |
|  |  | 0.475<br> %<br>| On amounts in excess of $1.2 billion |
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 1949616 | 0.680<br> %<br>| Of the first $100 million |
|  |  | 0.660<br> %<br>| Of the next $150 million |
|  |  | 0.640<br> %<br>| Of the next $500 million |
|  |  | 0.620<br> %<br>| Of the next $750 million |
|  |  | 0.600<br> %<br>| On amounts in excess of $1.5 billion |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 1581062 | 0.550<br> %<br>| Of the first $250 million |
|  |  | 0.500<br> %<br>| Of the next $250 million |
|  |  | 0.450<br> %<br>| On amounts in excess of $500 million |
| SSGA Growth and Income ETF Portfolio | &nbsp;&nbsp; 2509113 | 0.330<br> %<br>| Of the first $500 million |
|  |  | 0.300<br> %<br>| On amounts in excess of $500 million |

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**BHFTI-543**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the**<br> **the six months ended**<br> **June 30, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| SSGA Growth ETF Portfolio | &nbsp;&nbsp; $1139622 | 0.330<br> %<br>| Of the first $500 million |
|  |  | 0.300<br> %<br>| On amounts in excess of $500 million |
| T. Rowe Price Large Cap Value Portfolio (a) | &nbsp;&nbsp; 7060287 | 0.570<br> %<br>| All Assets |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; 4321081 | 0.750<br> %<br>| All Assets |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 3394421 | 0.550<br> %<br>| All Assets |
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 2808549 | 0.700<br> %<br>| Of the first $200 million |
|  |  | 0.650<br> %<br>| Of the next $300 million |
|  |  | 0.625<br> %<br>| On amounts in excess of $500 million |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 1173134 | 0.520<br> %<br>| Of the first $100 million |
|  |  | 0.440<br> %<br>| Of the next $400 million |
|  |  | 0.400<br> %<br>| On amounts in excess of $500 million |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fee schedule applies provided the Portfolio's average daily net assets exceed $1 billion. If assets fall below that level, a different fee schedule will apply.

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

Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing certain of the Portfolios. The subadvisers are compensated by Brighthouse Investment Advisers to provide subadvisory services for the applicable Portfolios. See Note 1 for a list of each Portfolio's respective subadviser.

For providing subadvisory services to the Metlife Multi-Index Targeted Risk Portfolio, the Adviser has agreed to pay MIM an investment subadvisory fee based upon annual rates applied to the Overlay Portion of the Portfolio's average daily net assets as follows:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees earned for the** <br>**six months ended** <br>**June 30, 2025**<br>| **% per Annum** | **Average Daily Net Assets** |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; $1075169 | 0.200<br> %<br>| Of the first $250 million |
|  |  | 0.185<br> %<br>| Of the next $250 million |
|  |  | 0.150<br> %<br>| Of the next $500 million |
|  |  | 0.140<br> %<br>| On amounts in excess of $1 billion |

---

**Management Fee Waiver -** Pursuant to management fee waiver agreements, the Adviser has agreed, for the period May 1, 2025 to April 30, 2026, to reduce its advisory fees set out above under "Investment Management Agreement" for each class of certain Portfolios as follows in the table below. Except as footnoted, identical contractual fee waivers were in effect during the period prior to May 1, 2025. Amounts waived for the six months ended June 30, 2025 are included in the table below and in the amount shown as a management fee waiver in the Portfolios' Statement of Operations or Consolidated Statement of Operations.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the** <br>**six months ended** <br>**June 30, 2025**<br>| **% per Annum** <br>**Reduction**<br>| **Average Daily Net Assets** |
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $61987 | 0.025<br> %<br>| $500 million to $1 billion |
|  |  | 0.020<br> %<br>| $2 billion to $3.5 billion |
|  |  | 0.030<br> %<br>| $3.5 billion to $5 billion |
|  |  | 0.040<br> %<br>| On amounts in excess of $5 billion |
| AB International Bond Portfolio | &nbsp;&nbsp; 0 | 0.020<br> %<br>| $1 billion to $1.5 billion |
|  |  | 0.040<br> %<br>| On amounts in excess of $1.5 billion |
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 106342 | 0.050<br> %<br>| Of the first $50 million |
|  |  | 0.075<br> %<br>| Of the next $50 million |
|  |  | 0.100<br> %<br>| Of the next $100 million |
|  |  | 0.050<br> %<br>| Of the next $300 million |
|  |  | 0.100<br> %<br>| On amounts in excess of $500 million |

---

**BHFTI-544**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the**<br> **six months ended**<br> **June 30, 2025**<br>| **% per Annum**<br> **Reduction**<br>| **Average Daily Net Assets** |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; $869257 | 0.180<br> %<br>| Of the first $100 million |
|  |  | 0.130<br> %<br>| Of the next $200 million |
|  |  | 0.080<br> %<br>| Of the next $300 million |
|  |  | 0.055<br> %<br>| Of the next $400 million |
|  |  | 0.030<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| Of the next $1.5 billion |
|  |  | 0.100<br> %<br>| Of the next $2 billion |
|  |  | 0.130<br> %<br>| On amounts in excess of $5 billion |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 118956 | 0.050<br> %<br>| On amounts in excess of $500 million |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 123972 | 0.050<br> %<br>| Of the first $250 million |
| (Overlay Sleeve) <br>|  | 0.025<br> %<br>| $250 million to $750 million |
|  |  | 0.025<br> %<br>| $2.5 billion to $5 billion |
|  |  | 0.050<br> %<br>| On amounts in excess of $5 billion |
| Brighthouse Small Cap Value Portfolio (a) | &nbsp;&nbsp; 111511 | 0.075<br> %<br>| $250 million to $500 million |
|  |  | 0.050<br> %<br>| $500 million to $700 million |
|  |  | 0.070<br> %<br>| On amounts in excess of $700 million |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 21446 | 0.050<br> %<br>| On amounts in excess of $750 million |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 2993 | 0.020<br> %<br>| On amounts in excess of $500 million |
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 173312 | 0.040<br> %<br>| Of the first $100 million |
|  |  | 0.030<br> %<br>| Of the next $50 million |
|  |  | 0.060<br> %<br>| Of the next $100 million |
|  |  | 0.050<br> %<br>| Of the next $250 million |
|  |  | 0.090<br> %<br>| Of the next $1 billion |
|  |  | 0.070<br> %<br>| On amounts in excess of $1.5 billion |
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; 84396 | 0.040<br> %<br>| Of the first $500 million |
|  |  | 0.060<br> %<br>| Of the next $500 million |
|  |  | 0.080<br> %<br>| On amounts in excess of $1 billion |
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 484968 | 0.070<br> %<br>| Of the first $250 million |
|  |  | 0.045<br> %<br>| Of the next $1.75 billion |
|  |  | 0.005<br> %<br>| On amounts in excess of $2 billion |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 173561 | 0.050<br> %<br>| Of the first $200 million |
|  |  | 0.050<br> %<br>| $250 million to $750 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 949067 | 0.250<br> %<br>| Of the first $50 million |
|  |  | 0.200<br> %<br>| Of the next $50 million |
|  |  | 0.100<br> %<br>| Of the next $900 million |
|  |  | 0.075<br> %<br>| On amounts in excess of $1 billion |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 322222 | 0.050<br> %<br>| Of the first $250 million |
|  |  | 0.025<br> %<br>| Of the next $250 million |
|  |  | 0.050<br> %<br>| Of the next $500 million |
|  |  | 0.025<br> %<br>| Of the next $1 billion |
|  |  | 0.050<br> %<br>| On amounts in excess of $2 billion |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 717418 | 0.110<br> %<br>| Of the first $100 million |
|  |  | 0.140<br> %<br>| Of the next $150 million |
|  |  | 0.130<br> %<br>| Of the next $50 million |
|  |  | 0.160<br> %<br>| Of the next $50 million |
|  |  | 0.140<br> %<br>| Of the next $150 million |
|  |  | 0.130<br> %<br>| Of the next $100 million |
|  |  | 0.140<br> %<br>| Of the next $150 million |
|  |  | 0.130<br> %<br>| On amounts in excess of $750 million |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; 322337 | 0.100<br> %<br>| Of the first $500 million |
|  |  | 0.050<br> %<br>| Of the next $500 million |
|  |  | 0.100<br> %<br>| On amounts in excess of $1 billion |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 841492 | 0.140<br> %<br>| All Assets |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 419880 | 0.125<br> %<br>| Of the first $250 million |
|  |  | 0.075<br> %<br>| Of the next $250 million |
|  |  | 0.045<br> %<br>| Of the next $250 million |
|  |  | 0.025<br> %<br>| Of the next $250 million |
|  |  | 0.050<br> %<br>| Of the next $2 billion |
|  |  | 0.075<br> %<br>| Of the next $2 billion |
|  |  | 0.100<br> %<br>| On amounts in excess of $5 billion |

---

**BHFTI-545**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Fees waived for the**<br> **six months ended**<br> **June 30, 2025**<br>| **% per Annum**<br> **Reduction**<br>| **Average Daily Net Assets** |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; $152621 | 0.075<br> %<br>| Of the first $50 million |
|  |  | 0.125<br> %<br>| Of the next $50 million |
|  |  | 0.100<br> %<br>| Of the next $400 million |
|  |  | 0.075<br> %<br>| Of the next $500 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1 billion |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 24795 | 0.020<br> %<br>| Of the first $250 million |
|  |  | 0.025<br> %<br>| $500 million to $1 billion |
|  |  | 0.050<br> %<br>| On amounts in excess of $1.5 billion |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; 372969 | 0.117<br> %<br>| Of the first $500 million |
|  |  | 0.067<br> %<br>| Of the next $500 million |
|  |  | 0.017<br> %<br>| Of the next $1 billion |
|  |  | &nbsp;&nbsp; (0.033)%<br>| Of the next $1.645 billion |
|  |  | 0.015<br> %<br>| On amounts in excess of $3.645 billion |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 65729 | 0.020<br> %<br>| $500 million to $1 billion |
| (Overlay Sleeve) <br>|  | 0.010<br> %<br>| On amounts in excess of $1 billion |
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 800829 | 0.205<br> %<br>| Of the first $200 million |
|  |  | 0.155<br> %<br>| Of the next $300 million |
|  |  | 0.105<br> %<br>| Of the next $500 million |
|  |  | 0.055<br> %<br>| Of the next $1.5 billion |
|  |  | 0.075<br> %<br>| On amounts in excess of $2.5 billion |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; 157773 | 0.050<br> %<br>| Of the first $200 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $850 million |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 60439 | 0.025<br> %<br>| Of the first $250 million |
|  |  | 0.010<br> %<br>| Of the next $500 million |
|  |  | &nbsp;&nbsp; (0.005)%<br>| Of the next $250 million |
|  |  | 0.010<br> %<br>| Of the next $500 million |
|  |  | 0.040<br> %<br>| On amounts in excess of $1.5 billion |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 0 | 0.025<br> %<br>| On amounts in excess of $2 billion |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 394051 | 0.025<br> %<br>| $1 billion to $3 billion |
|  |  | 0.050<br> %<br>| On amounts in excess of $3 billion |
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 44880 | 0.025<br> %<br>| Of the first $100 million |
|  |  | 0.005<br> %<br>| Of the next $100 million |
|  |  | 0.015<br> %<br>| Of the next $550 million |
|  |  | 0.025<br> %<br>| Of the next $500 million |
|  |  | 0.040<br> %<br>| Of the next $250 million |
|  |  | 0.020<br> %<br>| Of the next $250 million |
|  |  | 0.050<br> %<br>| On amounts in excess of $1.75 billion |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 89561 | 0.025<br> %<br>| Of the first $250 million |
|  |  | 0.015<br> %<br>| Of the next $250 million |
|  |  | 0.025<br> %<br>| Of the next $250 million |
|  |  | 0.055<br> %<br>| On amounts in excess of $750 million |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 681256 | 0.055<br> %<br>| All Assets |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; 518530 | 0.090<br> %<br>| All Assets |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 727395 | 0.070<br> %<br>| Of the first $500 million |
|  |  | 0.150<br> %<br>| Of the next $1.5 billion |
|  |  | 0.200<br> %<br>| On amounts in excess of $2 billion |
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 399021 | 0.110<br> %<br>| Of the first $200 million |
|  |  | 0.080<br> %<br>| Of the next $200 million |
|  |  | 0.110<br> %<br>| Of the next $100 million |
|  |  | 0.085<br> %<br>| On amounts in excess of $500 million |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 29749 | 0.015<br> %<br>| $100 million to $500 million |
|  |  | 0.010<br> %<br>| $1 billion to $2 billion |
|  |  | 0.030<br> %<br>| On amounts in excess of $2 billion |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) An identical expense agreement was in place for the period March 1, 2025 through April 30, 2025. Prior to March 1, 2025, the Adviser had agreed, for the period May 1, 2024 to February 28, 2025, to reduce its advisory fees for each class of the Brighthouse Small Cap Value Portfolio at the annual rate of 0.025% of the Portfolio's average daily net assets from $500 million to $1 billion and 0.050% on such assets over $1 billion.

For the Brighthouse/Franklin Low Duration Total Return Portfolio, for the period May 1, 2025 to April 30, 2026, Brighthouse Investment Advisers has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Portfolio and (b) the subadvisory fee

**BHFTI-546**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Portfolio and those of the Brighthouse/Templeton International Bond Portfolio, also subadvised by the Subadviser. An identical agreement was in place during the period prior to May 1, 2025. $62,753 was waived for the six months ended June 30, 2025 and is included in the amount shown as a management fee waiver in the Portfolio's Statement of Operations.

For the SSGA Emerging Markets Enhanced Index Portfolio, for the period August 19, 2024 to April 27, 2025, Brighthouse Investment Advisers had contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fees payable by the Adviser to the Subadviser calculated based solely on the assets of SSGA Emerging Markets Enhanced Index Portfolio and SSGA Emerging Markets Enhanced Index Portfolio II (the "SSGA Portfolios") individually and (b) the aggregate subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would have applied to the combined net assets of the SSGA Portfolios. $72,881 was waived for the SSGA Emerging Markets Enhanced Index Portfolio during the six months ended June 30, 2025 and is included in the amount shown as a management fee waiver in the Portfolios' Statement of Operations.

Additionally, for the Western Asset Management Government Income Portfolio (the "Western Government Portfolio"), for the period May 1, 2025 to April 30, 2026, Brighthouse Investment Advisers has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Western Government Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Western Government Portfolio and those of Western Asset Management U.S. Government Portfolio, a series of Brighthouse Funds Trust II also advised by the Subadviser. An identical agreement was in place during the period prior to May 1, 2025. $88,942 was waived for the six months ended June 30, 2025 and is included in the amount shown as a management fee waiver in the Western Government Portfolio's Statement of Operations.

Invesco Advisers, Inc., the subadviser to the Invesco Balanced-Risk Allocation Portfolio (the "IBRA Portfolio"), has agreed to waive the subadvisory fee it receives in an amount equal to any advisory fee it receives as a result of any investment by the IBRA Portfolio in any investment company, unit investment trust or other collective investment fund, registered or nonregistered, for which the subadviser or any of its affiliates serves as investment adviser. The Adviser has agreed to waive a portion of the management fee related to the subadviser's waiving of its subadvisory fee on funds where the subadviser or any of its affiliates serves as investment adviser. $22,879 was waived for the six months ended June 30, 2025 and is reflected in the total amount shown as a management fee waiver in the Consolidated Statement of Operations.

Certain subadvisers have voluntarily agreed to waive a portion of their subadvisory fees payable by the Adviser to the subadviser for managing the Portfolios. The Adviser has agreed to reduce its advisory fees to reflect a portion of the amount waived by the subadvisers for managing the Portfolios pursuant to these voluntary subadvisory fee waivers. Fees waived in the aggregate for the six months ended June 30, 2025 are disclosed in the table below and are included in the total amount shown as a management fee waiver in the applicable Portfolio's Statement of Operations or Consolidated Statement of Operations.

---

| | |
|:---|:---|
| **Portfolio** | **Fees voluntarily waived** <br>**for the six months ended** <br>**June 30, 2025**<br>|
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; $333684 |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 27558 |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 57466 |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 28019 |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; 42810 |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 65476 |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 142348 |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 237203 |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; 184698 |

---

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

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

**Distribution and Service Fees -** The Trust has a distribution agreement with Brighthouse Securities, LLC (the "Distributor") pursuant to which the Distributor serves as the general distributor of shares of each class (each a "Class") of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the "D&S Plan") relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the "Service Fee") at an annual rate not to exceed 0.25% of each such Portfolio's average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the "Distribution Fee" and together with the Service Fee, the "Fees") at an annual rate of up to 0.50% of each Portfolio's average daily net assets attributable to Class B shares, 0.75% of such Portfolios' average daily net assets attributable to

**BHFTI-547**

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**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

the Class C shares, and 0.25% of such Portfolios' average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a "compensation plan" because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by each Portfolio for the six months ended June 30, 2025 are shown as Distribution and service fees in the Portfolio's Statement of Operations or Consolidated Statement of Operations.

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

**Affiliated Broker –** During the six months ended June 30, 2025 the following Portfolios paid brokerage commissions to affiliated brokers/dealers:

---

| | | |
|:---|:---|:---|
| **Portfolio**  | **Affiliate** | **Commision** |
| Invesco Comstock Portfolio | Invesco Capital Markets, Inc. | &nbsp;&nbsp; $39909 |
| Invesco Global Equity Portfolio | Invesco Capital Markets, Inc. | &nbsp;&nbsp; 954 |
| Invesco Small Cap Growth Portfolio | Invesco Capital Markets, Inc. | &nbsp;&nbsp; 28092 |

---

**7.** **Contractual Obligations**

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

**8.** **Commitments and Contingent Liabilities**

A Portfolio may enter into commitments, or agreements, to acquire an investment at a future date (subject to certain conditions) in connection with a potential public or non-public offering. Such agreements are subject to certain rights of the issuer's and ultimately, issuer approval, and may obligate the Portfolio to make future cash payments.

At June 30, 2025, the Morgan Stanley Discovery Portfolio had an outstanding commitment of $27,228,915 to purchase 1,296,615 shares of an equity security issued by Cantor Equity Partners. At June 30, 2025, the PIMCO Total Return Portfolio had an outstanding commitment of $18,291 to purchase a corporate bond issued by Thames Water Utilities Finance PLC in the par amount of GBP 15,085.

Unrealized appreciation (depreciation) on any commitments outstanding at June 30, 2025 is separately presented in the respective Portfolio's Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments. Outstanding commitments would be considered Level 2 in the fair value hierarchy at June 30, 2025.

**9.** **Operating Segments**

The Trust has adopted Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The Trust's President and Chief Executive Officer acts as the Portfolios' chief operating decision maker ("CODM"). Each Portfolio operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of each Portfolio. The CODM manages the allocation of resources in accordance with each Portfolio's objective and the terms of its prospectus and evaluates the total return of the Portfolio versus its comparative benchmark(s). The Adviser or Subadviser implements the investment objective and program by selecting securities and determining asset allocation ranges. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios,changes in net assets from operations and portfolio composition is consistent with that presented within each Portfolio's financial statements and financial highlights.

**BHFTI-548**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10.** **Income Tax Information** 

The cost basis of investments for federal income tax purposes at June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Cost Basis of Investments** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $1402209321 | &nbsp;&nbsp; $446699783 | &nbsp;&nbsp; $(113203138)<br>| &nbsp;&nbsp; $333496645 |
| AB International Bond Portfolio | &nbsp;&nbsp; 408986838 | &nbsp;&nbsp; 18381967 | &nbsp;&nbsp; (23856160)<br>| &nbsp;&nbsp; (5474193)<br>|
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 296735697 | &nbsp;&nbsp; 64426347 | &nbsp;&nbsp; (15637092)<br>| &nbsp;&nbsp; 48789255 |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio (formerly, American <br> Funds<sup>®</sup> Growth Allocation Portfolio)<br>| &nbsp;&nbsp; 2452676565 | &nbsp;&nbsp; 537286056 | &nbsp;&nbsp; (51571462)<br>| &nbsp;&nbsp; 485714594 |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | &nbsp;&nbsp; 3671481594 | &nbsp;&nbsp; 572885087 | &nbsp;&nbsp; (193111331)<br>| &nbsp;&nbsp; 379773756 |
| American Funds<sup>®</sup> Growth Portfolio | &nbsp;&nbsp; 1403789804 | &nbsp;&nbsp; 571788742 | &nbsp;&nbsp; (4502)<br>| &nbsp;&nbsp; 571784240 |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | &nbsp;&nbsp; 1867071890 | &nbsp;&nbsp; 218824856 | &nbsp;&nbsp; (137939338)<br>| &nbsp;&nbsp; 80885518 |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; 3135862644 | &nbsp;&nbsp; 400336780 | &nbsp;&nbsp; (290683036)<br>| &nbsp;&nbsp; 109653744 |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 1167754077 | &nbsp;&nbsp; 32296420 | &nbsp;&nbsp; (14062479)<br>| &nbsp;&nbsp; 18233941 |
| Brighthouse Asset Allocation 100 Portfolio | &nbsp;&nbsp; 1716608667 | &nbsp;&nbsp; 106009679 | &nbsp;&nbsp; (73864529)<br>| &nbsp;&nbsp; 32145150 |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 5852691625 | &nbsp;&nbsp; 196299101 | &nbsp;&nbsp; (737349369)<br>| &nbsp;&nbsp; (541050268)<br>|
| Brighthouse Small Cap Value Portfolio | &nbsp;&nbsp; 811662594 | &nbsp;&nbsp; 96446682 | &nbsp;&nbsp; (78458721)<br>| &nbsp;&nbsp; 17987961 |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 675787689 | &nbsp;&nbsp; 195656930 | &nbsp;&nbsp; (29665652)<br>| &nbsp;&nbsp; 165991278 |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 544080194 | &nbsp;&nbsp; 4550648 | &nbsp;&nbsp; (19378434)<br>| &nbsp;&nbsp; (14827786)<br>|
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 653737071 | &nbsp;&nbsp; 5898736 | &nbsp;&nbsp; (8011615)<br>| &nbsp;&nbsp; (2112879)<br>|
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; 358756172 | &nbsp;&nbsp; 14436248 | &nbsp;&nbsp; (22664835)<br>| &nbsp;&nbsp; (8228587)<br>|
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 2087876859 | &nbsp;&nbsp; 487844051 | &nbsp;&nbsp; (75801203)<br>| &nbsp;&nbsp; 412042848 |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 858118300 | &nbsp;&nbsp; 75672163 | &nbsp;&nbsp; (30256087)<br>| &nbsp;&nbsp; 45416076 |
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 1977944401 | &nbsp;&nbsp; 383980637 | &nbsp;&nbsp; (255060323)<br>| &nbsp;&nbsp; 128920314 |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 674880610 | &nbsp;&nbsp; 11846539 | &nbsp;&nbsp; (5914135)<br>| &nbsp;&nbsp; 5932404 |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 1546899937 | &nbsp;&nbsp; 517732095 | &nbsp;&nbsp; (80743921)<br>| &nbsp;&nbsp; 436988174 |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 603312854 | &nbsp;&nbsp; 556501057 | &nbsp;&nbsp; (13829523)<br>| &nbsp;&nbsp; 542671534 |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; 745672562 | &nbsp;&nbsp; 148915679 | &nbsp;&nbsp; (20413684)<br>| &nbsp;&nbsp; 128501995 |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 1312669319 | &nbsp;&nbsp; 10194749 | &nbsp;&nbsp; (103988261)<br>| &nbsp;&nbsp; (93793512)<br>|
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 1289985128 | &nbsp;&nbsp; 153565556 | &nbsp;&nbsp; (38364492)<br>| &nbsp;&nbsp; 115201064 |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; 325370972 | &nbsp;&nbsp; 33032392 | &nbsp;&nbsp; (23359050)<br>| &nbsp;&nbsp; 9673342 |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 299165386 | &nbsp;&nbsp; 82842883 | &nbsp;&nbsp; (10319511)<br>| &nbsp;&nbsp; 72523372 |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; 1740533274 | &nbsp;&nbsp; 1633856818 | &nbsp;&nbsp; (112738172)<br>| &nbsp;&nbsp; 1521118646 |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 5412070496 | &nbsp;&nbsp; 135771772 | &nbsp;&nbsp; (121652431)<br>| &nbsp;&nbsp; 14119341 |
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 1125727806 | &nbsp;&nbsp; 395192425 | &nbsp;&nbsp; (57161796)<br>| &nbsp;&nbsp; 338030629 |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; 1298378422 | &nbsp;&nbsp; 452450566 | &nbsp;&nbsp; (109827379)<br>| &nbsp;&nbsp; 342623187 |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 1197740886 | &nbsp;&nbsp; 50710489 | &nbsp;&nbsp; (15213189)<br>| &nbsp;&nbsp; 35497300 |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 2539020066 | &nbsp;&nbsp; 74949922 | &nbsp;&nbsp; (273448599)<br>| &nbsp;&nbsp; (198498677)<br>|
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 5411608476 | &nbsp;&nbsp; 118974522 | &nbsp;&nbsp; (364732286)<br>| &nbsp;&nbsp; (245757764)<br>|
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 559847487 | &nbsp;&nbsp; 98353658 | &nbsp;&nbsp; (25435487)<br>| &nbsp;&nbsp; 72918171 |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 1027598594 | &nbsp;&nbsp; 197808250 | &nbsp;&nbsp; (78965388)<br>| &nbsp;&nbsp; 118842862 |
| SSGA Growth and Income ETF Portfolio | &nbsp;&nbsp; 1772620293 | &nbsp;&nbsp; 158930398 | &nbsp;&nbsp; (4038071)<br>| &nbsp;&nbsp; 154892327 |
| SSGA Growth ETF Portfolio | &nbsp;&nbsp; 792024266 | &nbsp;&nbsp; 93076830 | &nbsp;&nbsp; (4183745)<br>| &nbsp;&nbsp; 88893085 |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 2354990621 | &nbsp;&nbsp; 425418481 | &nbsp;&nbsp; (121198233)<br>| &nbsp;&nbsp; 304220248 |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; 1095440699 | &nbsp;&nbsp; 299746497 | &nbsp;&nbsp; (47987611)<br>| &nbsp;&nbsp; 251758886 |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 1467121072 | &nbsp;&nbsp; 14468877 | &nbsp;&nbsp; (38509986)<br>| &nbsp;&nbsp; (24041109)<br>|
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 936248049 | &nbsp;&nbsp; 107272328 | &nbsp;&nbsp; (39846892)<br>| &nbsp;&nbsp; 67425436 |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 592172539 | &nbsp;&nbsp; 2349472 | &nbsp;&nbsp; (46967229)<br>| &nbsp;&nbsp; (44617757)<br>|

---

The tax character of distributions paid for the years ended December 31, 2024, and December 31, 2023 for each Portfolio, as applicable, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2023** | **Year Ended** <br>**December 31, 2023** | **Year Ended** <br>**December 31, 2023** |
| **Portfolio** | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>| **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gain**<br>| **Return of** <br>**Capital**<br>|
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $33463713 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76904860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| AB International Bond Portfolio | &nbsp;&nbsp; 17717739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28386236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 5165993 | &nbsp;&nbsp; 21838044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5890752 | &nbsp;&nbsp; 47983492 | &nbsp;&nbsp; — |

---

**BHFTI-549**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2023** | **Year Ended**<br> **December 31, 2023** | **Year Ended**<br> **December 31, 2023** |
| **Portfolio** | **Ordinary**<br> **Income**<br>| **Long-Term**<br> **Capital Gain**<br>| **Return of**<br> **Capital**<br>| **Ordinary**<br> **Income**<br>| **Long-Term**<br> **Capital Gain**<br>| **Return of**<br> **Capital**<br>|
| American Funds<sup>®</sup> Aggressive Allocation Portfolio (formerly, American Funds<sup>®</sup> Growth Allocation <br> Portfolio)<br>| &nbsp;&nbsp; $34451170 | &nbsp;&nbsp; $114105253 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $55845873 | &nbsp;&nbsp; $278046558 | &nbsp;&nbsp; $— |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | &nbsp;&nbsp; 67753123 | &nbsp;&nbsp; 132755623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90852619 | &nbsp;&nbsp; 295693591 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Growth Portfolio | &nbsp;&nbsp; 460300 | &nbsp;&nbsp; 135941948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23953621 | &nbsp;&nbsp; 209747730 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | &nbsp;&nbsp; 42795408 | &nbsp;&nbsp; 49345960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52762827 | &nbsp;&nbsp; 119874006 | &nbsp;&nbsp; — |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; 61692430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136026847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 58095779 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48653085 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse Asset Allocation 100 Portfolio | &nbsp;&nbsp; 16997989 | &nbsp;&nbsp; 63661470 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45092733 | &nbsp;&nbsp; 239070545 | &nbsp;&nbsp; — |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 179265176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 249923152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse Small Cap Value Portfolio | &nbsp;&nbsp; 13264296 | &nbsp;&nbsp; 56669367 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10636218 | &nbsp;&nbsp; 76881298 | &nbsp;&nbsp; — |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 10254251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16022943 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 50675843 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33659516 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 29513731 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26932001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 20769208 | &nbsp;&nbsp; 154393888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17482040 | &nbsp;&nbsp; 116835512 | &nbsp;&nbsp; — |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 33838113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25130960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 49674804 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47397834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 16204335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38243418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Invesco Comstock Portfolio | &nbsp;&nbsp; 37363435 | &nbsp;&nbsp; 162532146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45931533 | &nbsp;&nbsp; 321707653 | &nbsp;&nbsp; — |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 2479649 | &nbsp;&nbsp; 100523357 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3311196 | &nbsp;&nbsp; 62640804 | &nbsp;&nbsp; — |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 45132204 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39568429 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 13275875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25546439 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; 6302352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5275310 | &nbsp;&nbsp; 32255719 | &nbsp;&nbsp; — |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 3550363 | &nbsp;&nbsp; 18425308 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14674929 | &nbsp;&nbsp; — |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 246240121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6499348 | &nbsp;&nbsp; 163091919 | &nbsp;&nbsp; — |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 29740090 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29237376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 28290728 | &nbsp;&nbsp; 36210745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24281862 | &nbsp;&nbsp; 28480926 | &nbsp;&nbsp; — |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 6897695 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 157861867 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38628595 | &nbsp;&nbsp; — | &nbsp;&nbsp; 296997 |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 115432742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 117206320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 18384023 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19813877 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 13241870 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12066955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SSGA Growth and Income ETF Portfolio | &nbsp;&nbsp; 40894664 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39930208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SSGA Growth ETF Portfolio | &nbsp;&nbsp; 15261274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13683188 | &nbsp;&nbsp; 38065373 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 86149757 | &nbsp;&nbsp; 91185206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51885316 | &nbsp;&nbsp; 378560662 | &nbsp;&nbsp; — |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; 4728495 | &nbsp;&nbsp; 131404291 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71202695 | &nbsp;&nbsp; — |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 60038455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45794391 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 12648840 | &nbsp;&nbsp; 59146113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14323240 | &nbsp;&nbsp; 106649024 | &nbsp;&nbsp; — |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 17286324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16529526 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**BHFTI-550**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

As of December 31, 2024, the components of distributable earnings (accumulated losses) on a federal income tax basis for each Portfolio were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Accumulated** <br>**Capital Losses**<br>|
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $55234136 | &nbsp;&nbsp; $228653927 | &nbsp;&nbsp; $200467529 | &nbsp;&nbsp; $— |
| AB International Bond Portfolio | &nbsp;&nbsp; 38294453 | &nbsp;&nbsp; — | &nbsp;&nbsp; (26776128)<br>| &nbsp;&nbsp; (136540072)<br>|
| Allspring Mid Cap Value Portfolio | &nbsp;&nbsp; 5953677 | &nbsp;&nbsp; 48949700 | &nbsp;&nbsp; 61858022 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Aggressive Allocation Portfolio (formerly, American Funds<sup>®</sup> Growth Allocation Portfolio) | &nbsp;&nbsp; 33029265 | &nbsp;&nbsp; 201362032 | &nbsp;&nbsp; 370129373 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Balanced Allocation Portfolio | &nbsp;&nbsp; 73054303 | &nbsp;&nbsp; 237974637 | &nbsp;&nbsp; 240305901 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Growth Portfolio | &nbsp;&nbsp; 708852 | &nbsp;&nbsp; 176701658 | &nbsp;&nbsp; 586369659 | &nbsp;&nbsp; — |
| American Funds<sup>®</sup> Moderate Allocation Portfolio | &nbsp;&nbsp; 46121451 | &nbsp;&nbsp; 89132866 | &nbsp;&nbsp; 5907664 | &nbsp;&nbsp; — |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; 39705648 | &nbsp;&nbsp; 333997923 | &nbsp;&nbsp; (76064750)<br>| &nbsp;&nbsp; — |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; 66701433 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3480759 | &nbsp;&nbsp; (85238775)<br>|
| Brighthouse Asset Allocation 100 Portfolio | &nbsp;&nbsp; 20758229 | &nbsp;&nbsp; 74423377 | &nbsp;&nbsp; 83351185 | &nbsp;&nbsp; — |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 189878008 | &nbsp;&nbsp; — | &nbsp;&nbsp; (661768219)<br>| &nbsp;&nbsp; (550784835)<br>|
| Brighthouse Small Cap Value Portfolio | &nbsp;&nbsp; 17089366 | &nbsp;&nbsp; 101790318 | &nbsp;&nbsp; 147350482 | &nbsp;&nbsp; — |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; 32626329 | &nbsp;&nbsp; 113658015 | &nbsp;&nbsp; 43512094 | &nbsp;&nbsp; — |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 47224982 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9573698)<br>| &nbsp;&nbsp; (65218026)<br>|
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 29698824 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12093495)<br>| &nbsp;&nbsp; (157026974)<br>|
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (62526448)<br>| &nbsp;&nbsp; (109858031)<br>|
| Brighthouse/Wellington Large Cap Research Portfolio | &nbsp;&nbsp; 56499787 | &nbsp;&nbsp; 380485191 | &nbsp;&nbsp; 445558304 | &nbsp;&nbsp; — |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 25385768 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16175648 | &nbsp;&nbsp; (30811215)<br>|
| Harris Oakmark International Portfolio | &nbsp;&nbsp; 46055086 | &nbsp;&nbsp; 69916813 | &nbsp;&nbsp; (152887977)<br>| &nbsp;&nbsp; — |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 41828902 | &nbsp;&nbsp; — | &nbsp;&nbsp; (892564)<br>| &nbsp;&nbsp; (110642455)<br>|
| Invesco Comstock Portfolio | &nbsp;&nbsp; 39405166 | &nbsp;&nbsp; 226493993 | &nbsp;&nbsp; 445769422 | &nbsp;&nbsp; — |
| Invesco Global Equity Portfolio | &nbsp;&nbsp; 1108242 | &nbsp;&nbsp; 168738302 | &nbsp;&nbsp; 540424632 | &nbsp;&nbsp; — |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 187154111 | &nbsp;&nbsp; (10089630)<br>|
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 49316347 | &nbsp;&nbsp; — | &nbsp;&nbsp; (128601616)<br>| &nbsp;&nbsp; (120357467)<br>|
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 31987930 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51838952 | &nbsp;&nbsp; (46260992)<br>|
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; 7100883 | &nbsp;&nbsp; 30615127 | &nbsp;&nbsp; 33872395 | &nbsp;&nbsp; — |
| Loomis Sayles Global Allocation Portfolio | &nbsp;&nbsp; 3727178 | &nbsp;&nbsp; 29466487 | &nbsp;&nbsp; 71071748 | &nbsp;&nbsp; — |
| Loomis Sayles Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 419761188 | &nbsp;&nbsp; 1405225220 | &nbsp;&nbsp; — |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 35001921 | &nbsp;&nbsp; — | &nbsp;&nbsp; (128461175)<br>| &nbsp;&nbsp; (86345781)<br>|
| MFS<sup>®</sup> Research International Portfolio | &nbsp;&nbsp; 26115170 | &nbsp;&nbsp; 79743495 | &nbsp;&nbsp; 219404937 | &nbsp;&nbsp; — |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 148035656 | &nbsp;&nbsp; (720171001)<br>|
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 126298894 | &nbsp;&nbsp; — | &nbsp;&nbsp; (53093146)<br>| &nbsp;&nbsp; (754275199)<br>|
| PIMCO Inflation Protected Bond Portfolio | &nbsp;&nbsp; 26152331 | &nbsp;&nbsp; — | &nbsp;&nbsp; (278677477)<br>| &nbsp;&nbsp; — |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 202016649 | &nbsp;&nbsp; — | &nbsp;&nbsp; (368616360)<br>| &nbsp;&nbsp; (497146079)<br>|
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; 8527233 | &nbsp;&nbsp; 30550289 | &nbsp;&nbsp; 45801282 | &nbsp;&nbsp; — |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 9870172 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11865489 | &nbsp;&nbsp; (9963733)<br>|
| SSGA Growth and Income ETF Portfolio | &nbsp;&nbsp; 67893559 | &nbsp;&nbsp; 22151320 | &nbsp;&nbsp; 119256179 | &nbsp;&nbsp; — |
| SSGA Growth ETF Portfolio | &nbsp;&nbsp; 26408964 | &nbsp;&nbsp; 36688701 | &nbsp;&nbsp; 71028170 | &nbsp;&nbsp; — |
| T. Rowe Price Large Cap Value Portfolio | &nbsp;&nbsp; 48970415 | &nbsp;&nbsp; 232982717 | &nbsp;&nbsp; 372736444 | &nbsp;&nbsp; — |
| T. Rowe Price Mid Cap Growth Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 190713665 | &nbsp;&nbsp; 291522977 | &nbsp;&nbsp; — |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 58525493 | &nbsp;&nbsp; — | &nbsp;&nbsp; (61552755)<br>| &nbsp;&nbsp; (260554020)<br>|
| Victory Sycamore Mid Cap Value Portfolio | &nbsp;&nbsp; 21041003 | &nbsp;&nbsp; 96711631 | &nbsp;&nbsp; 101947629 | &nbsp;&nbsp; — |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 17380411 | &nbsp;&nbsp; — | &nbsp;&nbsp; (66470726)<br>| &nbsp;&nbsp; (111528607)<br>|

---

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

**BHFTI-551**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

The accumulated capital losses carried forward as of December 31, 2024 and prior years accumulated capital losses utilized for each Portfolio, as applicable, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Accumulated Losses Carried Forward** | **Accumulated Losses Carried Forward** | **Accumulated Losses Utilized** | **Accumulated Losses Utilized** |
| **Portfolio** | **Short-Term** | **Long-Term** | **Short-Term** | **Long-Term** |
| AB Global Dynamic Allocation Portfolio | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49073438 | &nbsp;&nbsp; $— |
| AB International Bond Portfolio | &nbsp;&nbsp; 27519708 | &nbsp;&nbsp; 109020364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BlackRock Global Tactical Strategies Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 153296417 | &nbsp;&nbsp; — |
| BlackRock High Yield Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; 85238775 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse Balanced Plus Portfolio | &nbsp;&nbsp; 182151308 | &nbsp;&nbsp; 368633527 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Artisan International Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7565314 | &nbsp;&nbsp; — |
| Brighthouse/Eaton Vance Floating Rate Portfolio | &nbsp;&nbsp; 309520 | &nbsp;&nbsp; 64908506 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Franklin Low Duration Total Return Portfolio | &nbsp;&nbsp; 32443403 | &nbsp;&nbsp; 124583571 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Brighthouse/Templeton International Bond Portfolio | &nbsp;&nbsp; 4970372 | &nbsp;&nbsp; 104887659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| CBRE Global Real Estate Portfolio | &nbsp;&nbsp; 17907957 | &nbsp;&nbsp; 12903258 | &nbsp;&nbsp; 8753409 | &nbsp;&nbsp; 6968884 |
| Harris Oakmark International Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34041070 | &nbsp;&nbsp; 47807983 |
| Invesco Balanced-Risk Allocation Portfolio | &nbsp;&nbsp; 20727332 | &nbsp;&nbsp; 89915123 | &nbsp;&nbsp; 5262872 | &nbsp;&nbsp; — |
| Invesco Small Cap Growth Portfolio | &nbsp;&nbsp; 10089630 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107713124 | &nbsp;&nbsp; — |
| JPMorgan Core Bond Portfolio | &nbsp;&nbsp; 8317126 | &nbsp;&nbsp; 112040341 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Global Active Allocation Portfolio | &nbsp;&nbsp; 46260992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83430685 | &nbsp;&nbsp; — |
| JPMorgan Small Cap Value Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9931875 | &nbsp;&nbsp; 5589512 |
| MetLife Multi-Index Targeted Risk Portfolio | &nbsp;&nbsp; 86345781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35028462 | &nbsp;&nbsp; — |
| Morgan Stanley Discovery Portfolio | &nbsp;&nbsp; 228285626 | &nbsp;&nbsp; 491885375 | &nbsp;&nbsp; 47564355 | &nbsp;&nbsp; 162891433 |
| PanAgora Global Diversified Risk Portfolio | &nbsp;&nbsp; 314874282 | &nbsp;&nbsp; 439400917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| PIMCO Total Return Portfolio | &nbsp;&nbsp; 233195796 | &nbsp;&nbsp; 263950283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schroders Global Multi-Asset Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 72429326 | &nbsp;&nbsp; — |
| SSGA Emerging Markets Enhanced Index Portfolio | &nbsp;&nbsp; 9963733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14891098 |
| SSGA Growth and Income ETF Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5200425 | &nbsp;&nbsp; 51853981 |
| SSGA Growth ETF Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 572513 |
| TCW Core Fixed Income Portfolio | &nbsp;&nbsp; 174813036 | &nbsp;&nbsp; 85740984 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Western Asset Management Government Income Portfolio | &nbsp;&nbsp; 16978957 | &nbsp;&nbsp; 94549650 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**11.** **Acquisition** 

At the close of business on April 25, 2025, the SSGA Emerging Markets Enhanced Index Portfolio II (the "Acquired Portfolio"), a series of the Trust, merged with and into the SSGA Emerging Markets Enhanced Index Portfolio (the "Portfolio"). The Portfolio, with aggregate Class A and Class B net assets of $358,717,408 and $7,853,814, respectively, acquired all of the assets and assumed the liabilities of the Acquired Portfolio.

The acquisition was accomplished by a tax-free exchange of 43,297,801 Class A shares of the Acquired Portfolio (valued at $395,415,800) for 36,337,018 Class A shares of the Portfolio and 37,379,598 of Class B shares of the Acquired Portfolio (valued at $338,746,123) for 31,349,997 Class B shares of the Portfolio. Each shareholder of the Acquired Portfolio received Class A and Class B shares of the Portfolio, as applicable, at the Class A and Class B NAV, as determined at the close of business on April 25, 2025. The transaction consolidated substantially similar portfolios managed by the Adviser and provided efficiencies from overlapping strategies. The transaction enabled shareholders of the Acquired Portfolio and Portfolio to invest in a larger, potentially more efficient Portfolio while continuing to pursue the same investment strategy. Some of the investments held by the Acquired Portfolio may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by the Acquired Portfolio. All other costs associated with the merger were not borne by the shareholders of either the Portfolio or the Acquired Portfolio. The Acquired Portfolio's net assets on April 25, 2025, were $395,415,800 for Class A and $338,746,123 for Class B shares, including investments and foreign cash valued at $355,342,467 with a cost basis of $357,616,781. In addition, the Acquired Portfolio included $345,374,937 as a receivable for investments sold associated with the sale and transfer of securities in certain foreign jurisdictions.

For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments and foreign cash in the amount of $357,616,781 received by the Portfolio from the Acquired Portfolio through a transfer were carried forward to align ongoing reporting of the Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

For certain foreign jurisdictions, the Acquired Portfolio was required to sell $345,374,937 of securities and recognize a loss of $(8,718,088). The Portfolio purchased those securities for $346,210,933 which established the cost basis for these assets. Transaction costs incurred in connection with the repurchase, were recapitalized as part of the costs of the repurchased securities.

**BHFTI-552**

------

**Brighthouse Funds Trust I**

**Notes to Financial Statements — June 30, 2025— (Continued)**

The aggregate net assets of the Portfolio immediately after the acquisition were $1,100,733,145, which included $(2,274,314) of acquired unrealized depreciation on investments and foreign currency transactions.

Assuming the acquisition had been completed on January 1, 2025, the Portfolio's pro-forma results of operations for the period ended June 30, 2025, are as follows

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp; $17,671,616 <br>(a)<br>|
| Net realized and change in unrealized gain | &nbsp;&nbsp; 145,276,309 <br>(b)<br>|
| Net increase in net assets from operations | &nbsp;&nbsp; 162947925 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) $12,380,912 net investment income as reported at June 30, 2025, plus $5,123,990 from the Acquired Portfolio pre-merger net investment income, plus $166,714 of pro-forma eliminated other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(b) $126,802,174 unrealized appreciation as reported at June 30, 2025, minus $(8,716,774) pro-forma December 31, 2024 unrealized depreciation, plus $17,351,600 net realized gain as reported at June 30, 2025, plus $(7,594,239) in net realized loss from the Acquired Portfolio pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Portfolio's Statement of Operations since April 25, 2025.

**12.** **Recent Accounting Update**

In December 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

**BHFTI-553**

------

**Brighthouse Funds Trust I**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the BlackRock High Yield Portfolio, PIMCO Total Return Portfolio and SSGA Emerging Markets Enhanced Index Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the BlackRock High Yield Portfolio, PIMCO Total Return Portfolio and SSGA Emerging Markets Enhanced Index Portfolio (the "Portfolios") (three of the portfolios constituting the Brighthouse Funds Trust I), as of June 30, 2025, the related statements of operations for the six months then ended, the statements of changes in net assets for the six months then ended and the year ended December 31, 2024, the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2024, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolios as of June 30, 2025, and the results of their operations for the six months then ended, the changes in their net assets for the six months then ended and the year ended December 31, 2024, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 22, 2025

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

**BHFTI-554**

------

**Brighthouse Funds Trust I**

**Shareholder Votes (Unaudited)**

At a Special Meeting of Shareholders, held February 18, 2025, the shareholders of SSGA Emerging Markets Enhanced Index Portfolio II voted for the following proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For** | **Against** | **Abstain** | **Total** |
| To approve an Agreement and Plan of Reorganization (the "Plan") <br> providing for the acquisition of all of the assets of SSGA Emerging <br> Markets Enhanced Index Portfolio II ("SSGA Portfolio II") by <br> SSGA Emerging Markets Enhanced Index Portfolio, (the <br> "Portfolio"), each a series of Brighthouse Funds Trust I, in <br> exchange for shares of the Portfolio and the assumption by the <br> Portfolio of the liabilities of the SSGA Portfolio II.<br>| &nbsp;&nbsp; 72813839.466 | &nbsp;&nbsp; 2955287.901 | &nbsp;&nbsp; 5969633.063 | &nbsp;&nbsp; 81738760.430 |

---

**BHFTI-555**

------

**Quarterly Portfolio Schedule**

The Trust files its complete schedule of portfolio holdings as an attachment to Form N-PORT for the first and third quarters of each fiscal year. The Trust's Form N-PORT filings are available on the Securities and Exchange Commission's website at http://www.sec.gov. Once filed, the most recent Form N-PORT will be available without charge, upon request, by calling (800) 848-3854.

**Proxy Voting Policies and Procedures**

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 848-3854 and on the Securities and Exchange Commission's website at http://www.sec.gov.

**Proxy Voting Record**

The Trust, on behalf of each of its Portfolios, has filed with the Securities and Exchange Commission its proxy voting record for the 12-month period ending June 30 on Form N-PX. Form N-PX must be filed by the Trust each year by August 31. Once filed, the most recent Form N-PX will be available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission's website at http://www.sec.gov.

------

![](g847693img40df88c61.jpg)

**American Funds Insurance Series**<sup>®</sup>

Financial Statements and Other Information

N-CSR Items 7-11

for the six months ended June 30, 2025

Lit. No. INGEFP2-998-0825© 2025 Capital Group. All rights reserved.

------

Global Growth Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.78% | Shares | Value<br> (000)<br>|
| **Information technology 28.43%** |  |  |
| Microsoft Corp.  | 1034832 | $514736 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 14139200 | 513061 |
| NVIDIA Corp.  | 2403112 | 379668 |
| Broadcom, Inc.  | 948982 | 261587 |
| ASML Holding NV (ADR)  | 147394 | 118120 |
| ASML Holding NV  | 124200 | 99134 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 654749 | 75525 |
| NEC Corp.  | 2416000 | 70783 |
| SAP SE  | 225367 | 68531 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 336935 | 65982 |
| Synopsys, Inc. <sup>(a)</sup>  | 114153 | 58524 |
| Samsung Electronics Co., Ltd.  | 1068680 | 47353 |
| Capgemini SE  | 255102 | 43587 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 95469 | 33422 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 187399 | 33136 |
| Adobe, Inc. <sup>(a)</sup>  | 45228 | 17498 |
| International Business Machines Corp.  | 48049 | 14164 |
| Keyence Corp.  | 30400 | 12210 |
| Ubiquiti, Inc.  | 20700 | 8521 |
| Xero, Ltd. <sup>(a)</sup>  | 61011 | 7220 |
|  |  | 2442762 |
| **Financials 16.20%** |  |  |
| 3i Group PLC  | 2750796 | 155566 |
| Visa, Inc., Class A  | 311603 | 110635 |
| Citigroup, Inc.  | 1104759 | 94037 |
| Aon PLC, Class A  | 244466 | 87216 |
| Fiserv, Inc. <sup>(a)</sup>  | 499162 | 86060 |
| Banco Bilbao Vizcaya Argentaria SA  | 5017421 | 77159 |
| Prudential PLC  | 5689457 | 71271 |
| Societe Generale  | 1237374 | 70765 |
| Brookfield Corp., Class A  | 1113070 | 68843 |
| AXA SA  | 1220825 | 59924 |
| Tradeweb Markets, Inc., Class A  | 332600 | 48693 |
| Swissquote Group Holding, Ltd.  | 80515 | 45603 |
| CVC Capital Partners PLC  | 1959718 | 40121 |
| Blackstone, Inc.  | 255000 | 38143 |
| Ameriprise Financial, Inc.  | 67606 | 36083 |
| Halyk Savings Bank of Kazakhstan OJSC (GDR)  | 1300992 | 31939 |
| Partners Group Holding AG  | 24055 | 31378 |
| Eurobank Ergasias Services and Holdings SA  | 8619374 | 29607 |
| CME Group, Inc., Class A  | 103473 | 28519 |
| XP, Inc., Class A  | 1360351 | 27479 |
| VZ Holding AG  | 122172 | 26730 |
| Japan Post Insurance Co., Ltd.  | 1156950 | 26199 |
| UniCredit SpA  | 359971 | 24131 |
| Aviva PLC  | 2408746 | 20473 |
| CaixaBank SA, non-registered shares  | 2148574 | 18612 |
| FinecoBank SpA  | 635542 | 14101 |
| Skandinaviska Enskilda Banken AB, Class A  | 608175 | 10613 |
| AIA Group, Ltd.  | 913107 | 8189 |
| Jackson Financial, Inc., Class A  | 44327 | 3936 |
|  |  | 1392025 |
| **Industrials 15.26%** |  |  |
| Safran SA  | 544489 | 176957 |
| Comfort Systems USA, Inc.  | 278016 | 149075 |
| TransDigm Group, Inc.  | 50071 | 76140 |
| Airbus SE, non-registered shares  | 364243 | 76055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| BAE Systems PLC  | 2424921 | $62793 |
| Ryanair Holdings PLC (ADR)  | 1069423 | 61674 |
| Copart, Inc. <sup>(a)</sup>  | 1011807 | 49649 |
| Howmet Aerospace, Inc.  | 262240 | 48811 |
| GT Capital Holdings, Inc.  | 4680871 | 47698 |
| Saab AB, Class B  | 797272 | 44461 |
| RELX PLC  | 721205 | 38975 |
| Crane Co.  | 204000 | 38738 |
| Siemens AG  | 150600 | 38611 |
| Honeywell International, Inc.  | 159884 | 37234 |
| Ingersoll-Rand, Inc.  | 433179 | 36032 |
| Boeing Co. (The) <sup>(a)</sup>  | 159644 | 33450 |
| Hitachi, Ltd.  | 1115800 | 32582 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 270675 | 31769 |
| General Electric Co.  | 112142 | 28864 |
| Alliance Global Group, Inc.  | 156400700 | 25044 |
| ASSA ABLOY AB, Class B  | 777100 | 24247 |
| Schneider Electric SE  | 88500 | 23539 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 303180 | 18297 |
| Carrier Global Corp.  | 242000 | 17712 |
| ITOCHU Corp.  | 312960 | 16421 |
| Kongsberg Gruppen ASA  | 404170 | 15673 |
| DSV A/S  | 59397 | 14273 |
| RS Group PLC  | 1745907 | 13768 |
| ATI, Inc. <sup>(a)</sup>  | 152323 | 13152 |
| Recruit Holdings Co., Ltd.  | 167400 | 9922 |
| Daikin Industries, Ltd.  | 76900 | 9091 |
|  |  | 1310707 |
| **Consumer discretionary 14.61%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 518956 | 113854 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1878200 | 105461 |
| Prosus NV, Class N  | 1846586 | 103256 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 39062 | 102094 |
| Booking Holdings, Inc.  | 15225 | 88141 |
| Renault SA  | 1688781 | 77841 |
| Compagnie Financiere Richemont SA, Class A  | 338392 | 63738 |
| Starbucks Corp.  | 616040 | 56448 |
| Trip.com Group, Ltd. (ADR)  | 932676 | 54692 |
| MGM China Holdings, Ltd.  | 28793200 | 47243 |
| Sanrio Co., Ltd.  | 950000 | 45968 |
| Entain PLC  | 3341847 | 41331 |
| InterContinental Hotels Group PLC  | 360000 | 41035 |
| LKQ Corp.  | 1041420 | 38543 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 126797 | 36233 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 64729 | 33900 |
| Moncler SpA  | 527245 | 30053 |
| Inchcape PLC  | 2991192 | 29808 |
| Ferrari NV (EUR denominated)  | 51774 | 25377 |
| Restaurant Brands International, Inc. (CAD denominated)  | 318949 | 21157 |
| Toll Brothers, Inc.  | 167692 | 19139 |
| Wynn Macau, Ltd.  | 21430000 | 14796 |
| YUM! Brands, Inc.  | 94493 | 14002 |
| Alibaba Group Holding, Ltd. (ADR)  | 98929 | 11219 |
| Industria de Diseno Textil SA  | 209813 | 10919 |
| Global-E Online, Ltd. <sup>(a)</sup>  | 300000 | 10062 |
| Tesla, Inc. <sup>(a)</sup>  | 29759 | 9453 |
| Hyundai Motor Co.  | 61211 | 9230 |
|  |  | 1254993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>2</sub>

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care 8.77%** |  |  |
| Eli Lilly and Co.  | 205754 | $160391 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 247071 | 109996 |
| Novo Nordisk AS, Class B  | 984147 | 68306 |
| Sanofi  | 640801 | 62055 |
| Argenx SE (ADR) <sup>(a)</sup>  | 97099 | 53523 |
| Regeneron Pharmaceuticals, Inc.  | 83600 | 43890 |
| Cigna Group (The)  | 132736 | 43880 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 123340 | 40220 |
| Pfizer, Inc.  | 1418993 | 34396 |
| Centene Corp. <sup>(a)</sup>  | 580852 | 31529 |
| EssilorLuxottica SA  | 91606 | 25131 |
| UnitedHealth Group, Inc.  | 70900 | 22119 |
| Siemens Healthineers AG  | 345670 | 19162 |
| Bayer AG  | 537074 | 16154 |
| Thermo Fisher Scientific, Inc.  | 32200 | 13056 |
| Pro Medicus, Ltd.  | 48121 | 9029 |
| Viatris, Inc.  | 110678 | 988 |
| Euroapi SA <sup>(a)(b)</sup>  | 5869 | 20 |
|  |  | 753845 |
| **Communication services 6.37%** |  |  |
| Meta Platforms, Inc., Class A  | 242200 | 178765 |
| Alphabet, Inc., Class A  | 881162 | 155287 |
| Spotify Technology SA <sup>(a)</sup>  | 97672 | 74948 |
| Publicis Groupe SA  | 408300 | 46018 |
| Nintendo Co., Ltd.  | 376100 | 36251 |
| Bharti Airtel, Ltd.  | 868779 | 20358 |
| Tencent Holdings, Ltd.  | 297100 | 19037 |
| CTS Eventim AG & Co. KGaA  | 135001 | 16761 |
|  |  | 547425 |
| **Consumer staples 3.17%** |  |  |
| Dollar General Corp.  | 408173 | 46687 |
| British American Tobacco PLC  | 863200 | 41032 |
| Costco Wholesale Corp.  | 35210 | 34856 |
| Carrefour SA, non-registered shares  | 2201230 | 31037 |
| Philip Morris International, Inc.  | 167000 | 30416 |
| Monster Beverage Corp. <sup>(a)</sup>  | 440000 | 27562 |
| Nestle SA  | 261067 | 25937 |
| Pernod Ricard SA  | 192833 | 19217 |
| Loblaw Companies, Ltd.  | 93102 | 15400 |
|  |  | 272144 |
| **Energy 2.22%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 1940000 | 60974 |
| TotalEnergies SE  | 679182 | 41682 |
| Tourmaline Oil Corp.  | 612792 | 29565 |
| NAC Kazatomprom JSC (GDR)  | 585731 | 25304 |
| Reliance Industries, Ltd.  | 1105000 | 19335 |
| Schlumberger NV  | 406169 | 13729 |
|  |  | 190589 |
| **Materials 2.13%** |  |  |
| Linde PLC  | 214708 | 100737 |
| Amcor PLC (CDI)  | 3567000 | 33336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **3** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 1128850 | $20053 |
| LyondellBasell Industries NV  | 250227 | 14478 |
| Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 2549209 | 14445 |
|  |  | 183049 |
| **Utilities 0.52%** |  |  |
| Torrent Power, Ltd.  | 1918769 | 32836 |
| FirstEnergy Corp.  | 286296 | 11526 |
|  |  | 44362 |
| **Real estate 0.10%** |  |  |
| Mirvac Group REIT  | 5948947 | 8614 |
| **Total common stocks** (cost: $4,866,714,000) |  | 8400515 |
| Preferred securities 0.19% |  |  |
| **Information technology 0.19%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares  | 460450 | 16888 |
| **Total preferred securities** (cost: $12,816,000) |  | 16888 |
| Short-term securities 2.77% |  |  |
| **Money market investments 2.77%** | **Money market investments 2.77%** | **Money market investments 2.77%** |
| Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup>  | 2375659 | 237566 |
| **Total short-term securities** (cost: $237,553,000) |  | 237566 |
| **Total investment securities 100.74%** (cost: $5,117,083,000) |  | 8654969 |
| Other assets less liabilities (0.74)% |  | (63517)<br>|
| **Net assets 100.00%** |  | $8591452 |

---

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.77%** |  |  |  |  |  |  |  |
| **Money market investments 2.77%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)</sup>  | $283574 | &nbsp;&nbsp; $775998 | &nbsp;&nbsp; $821926 | &nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp; $(39)<br>| &nbsp;&nbsp; $237566 | &nbsp;&nbsp; $5913 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $11,000, which represented less than 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(d)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> CDI = CREST Depository Interest <br> EUR = Euros

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> GDR = Global Depositary Receipts <br> REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>4</sub>

------

Global Small Capitalization Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 94.90% | Shares | Value<br> (000)<br>|
| **Industrials 22.49%** |  |  |
| Cleanaway Waste Management, Ltd.  | 16692698 | $29883 |
| International Container Terminal Services, Inc.  | 3892880 | 28404 |
| Takasago Thermal Engineering Co., Ltd.  | 550274 | 27081 |
| UL Solutions, Inc., Class A  | 357358 | 26037 |
| CBIZ, Inc. <sup>(a)</sup>  | 360344 | 25840 |
| ATI, Inc. <sup>(a)</sup>  | 273691 | 23630 |
| Diploma PLC  | 348043 | 23352 |
| Trelleborg AB, Class B  | 614656 | 22875 |
| Qantas Airways, Ltd.  | 3113684 | 22009 |
| Adecco Group AG  | 726245 | 21583 |
| Nexans SA  | 165102 | 21568 |
| VSE Corp.  | 161862 | 21201 |
| Comfort Systems USA, Inc.  | 31592 | 16940 |
| Inox Wind, Ltd. <sup>(a)</sup>  | 8025554 | 16409 |
| Carel Industries SpA  | 596421 | 15878 |
| Rumo SA  | 4466646 | 15234 |
| LS Electric Co., Ltd.  | 68327 | 15138 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 128613 | 14839 |
| Sinfonia Technology Co., Ltd.  | 218586 | 14815 |
| Air Lease Corp., Class A  | 250000 | 14622 |
| REV Group, Inc.  | 291763 | 13885 |
| Hensoldt AG  | 117338 | 13462 |
| RENK Group AG  | 157353 | 12578 |
| Kandenko Co., Ltd.  | 530900 | 12288 |
| Godrej Industries, Ltd. <sup>(a)</sup>  | 802102 | 11655 |
| ICF International, Inc.  | 120109 | 10174 |
| Alaska Air Group, Inc. <sup>(a)</sup>  | 200000 | 9896 |
| Howden Joinery Group PLC  | 831191 | 9766 |
| IMCD NV  | 71833 | 9650 |
| First Advantage Corp. <sup>(a)</sup>  | 578142 | 9603 |
| Applied Industrial Technologies, Inc.  | 39533 | 9189 |
| dormakaba Holding AG  | 9722 | 8883 |
| Addtech AB, Class B  | 245222 | 8346 |
| Visional, Inc. <sup>(a)</sup>  | 105238 | 8119 |
| XPO, Inc. <sup>(a)</sup>  | 63304 | 7995 |
| Engcon AB, Class B  | 770224 | 7343 |
| Reliance Worldwide Corp., Ltd.  | 2633607 | 7107 |
| Tetra Tech, Inc.  | 197183 | 7091 |
| Beijer Ref AB, Class B  | 445805 | 7037 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 75000 | 6534 |
| Localiza Rent a Car SA, ordinary nominative shares  | 855885 | 6383 |
| SPIE SA  | 111728 | 6278 |
| Georg Fischer AG  | 69127 | 5650 |
| CSW Industrials, Inc.  | 19652 | 5637 |
| Trex Co., Inc. <sup>(a)</sup>  | 102977 | 5600 |
| Byrna Technologies, Inc. <sup>(a)</sup>  | 166228 | 5133 |
| Kurita Water Industries, Ltd.  | 125000 | 4946 |
| SATS, Ltd.  | 2022100 | 4835 |
| Matson, Inc.  | 41560 | 4628 |
| AZEK Co., Inc. (The), Class A <sup>(a)</sup>  | 81825 | 4447 |
| WESCO International, Inc.  | 20529 | 3802 |
| IndiaMart InterMesh, Ltd.  | 122889 | 3723 |
| KEI Industries, Ltd.  | 84089 | 3719 |
| Wizz Air Holdings PLC <sup>(a)(b)</sup>  | 221203 | 3310 |
| Sterling Infrastructure, Inc. <sup>(a)</sup>  | 13897 | 3206 |
| Voyager Technologies, Inc., Class A <sup>(a)(b)</sup>  | 61500 | 2414 |
| Herc Holdings, Inc.  | 15514 | 2043 |
| Delhivery, Ltd. <sup>(a)</sup>  | 433780 | 1936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **5** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Mueller Industries, Inc.  | 23732 | $1886 |
| THK Co., Ltd.  | 64800 | 1736 |
| McGrath RentCorp  | 4336 | 503 |
|  |  | 689754 |
| **Financials 15.43%** |  |  |
| Cholamandalam Investment and Finance Co., Ltd.  | 1955819 | 37128 |
| Eurobank Ergasias Services and Holdings SA  | 9230606 | 31706 |
| Glacier Bancorp, Inc.  | 675237 | 29089 |
| HDFC Asset Management Co., Ltd.  | 480000 | 29059 |
| Vontobel Holding AG  | 354868 | 28669 |
| Stifel Financial Corp.  | 269807 | 28001 |
| SLM Corp.  | 824188 | 27025 |
| Max Financial Services, Ltd. <sup>(a)</sup>  | 982332 | 18867 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup>  | 436452 | 18684 |
| IIFL Finance, Ltd. <sup>(a)</sup>  | 3028075 | 16692 |
| Janus Henderson Group PLC  | 422023 | 16391 |
| SiriusPoint, Ltd. <sup>(a)</sup>  | 700000 | 14273 |
| Lazard, Inc., Class A  | 297467 | 14272 |
| Porto Seguro SA  | 1400932 | 14233 |
| Home BancShares, Inc.  | 495420 | 14100 |
| Pluxee NV  | 642301 | 13989 |
| Asia Commercial Joint Stock Bank  | 13830250 | 11278 |
| Banco del Bajio, SA  | 4062979 | 9819 |
| SouthState Corp.  | 102954 | 9475 |
| Essent Group, Ltd.  | 150000 | 9109 |
| First American Financial Corp.  | 143871 | 8832 |
| Patria Investments, Ltd., Class A  | 537189 | 7553 |
| 360 ONE WAM, Ltd.  | 469058 | 6533 |
| EFG International AG  | 334117 | 6190 |
| Discovery, Ltd.  | 483482 | 5866 |
| Sprott, Inc.  | 82833 | 5726 |
| CVB Financial Corp.  | 288772 | 5715 |
| Bridgepoint Group PLC  | 1232030 | 5256 |
| Kyoto Financial Group, Inc.  | 263300 | 4721 |
| PJT Partners, Inc., Class A  | 28318 | 4673 |
| Root, Inc., Class A <sup>(a)</sup>  | 35560 | 4551 |
| JB Financial Group Co., Ltd.  | 294756 | 4488 |
| Haci Omer Sabanci Holding AS  | 1751573 | 3944 |
| FirstCash Holdings, Inc.  | 25763 | 3482 |
| Capitec Bank Holdings, Ltd.  | 11138 | 2234 |
| BNK Financial Group, Inc.  | 173416 | 1600 |
|  |  | 473223 |
| **Information technology 13.18%** |  |  |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 1164843 | 39826 |
| PAR Technology Corp. <sup>(a)(c)</sup>  | 325484 | 22579 |
| PAR Technology Corp. <sup>(a)</sup>  | 155085 | 10758 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup>  | 225450 | 32305 |
| King Slide Works Co., Ltd.  | 361784 | 25203 |
| Silicon Laboratories, Inc. <sup>(a)</sup>  | 161697 | 23828 |
| Pegasystems, Inc.  | 359598 | 19465 |
| Kokusai Electric Corp.  | 802379 | 19318 |
| Q2 Holdings, Inc. <sup>(a)</sup>  | 198415 | 18570 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 194072 | 17969 |
| Semtech Corp. <sup>(a)</sup>  | 356911 | 16111 |
| eMemory Technology, Inc.  | 168430 | 13607 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 137966 | 13115 |
| Insight Enterprises, Inc. <sup>(a)</sup>  | 84243 | 11633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>6</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| Riken Keiki Co., Ltd.  | 543100 | $11408 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 328169 | 11020 |
| Maruwa Co., Ltd.  | 38254 | 10982 |
| Alphawave IP Group PLC <sup>(a)</sup>  | 3569476 | 8535 |
| Tokyo Seimitsu Co., Ltd.  | 124023 | 8279 |
| Ncino, Inc. <sup>(a)</sup>  | 269841 | 7547 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 25161 | 7414 |
| Unity Software, Inc. <sup>(a)</sup>  | 302073 | 7310 |
| Lattice Semiconductor Corp. <sup>(a)</sup>  | 139780 | 6848 |
| Topicus.com, Inc., subordinate voting shares <sup>(a)</sup>  | 51481 | 6450 |
| Confluent, Inc., Class A <sup>(a)</sup>  | 235033 | 5859 |
| MKS, Inc.  | 56170 | 5581 |
| Softcat PLC  | 211275 | 4979 |
| HPSP Co., Ltd.  | 182260 | 3748 |
| Cellebrite DI, Ltd. <sup>(a)</sup>  | 194979 | 3120 |
| Hexaware Technologies, Ltd.  | 265045 | 2629 |
| Blockchain Group (The) <sup>(a)(b)</sup>  | 490674 | 2491 |
| ASMPT, Ltd.  | 316400 | 2320 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 10484 | 2201 |
| Silvaco Group, Inc. <sup>(a)(b)</sup>  | 163728 | 773 |
| Yotpo, Ltd. <sup>(a)(c)(d)</sup>  | 678736 | 428 |
|  |  | 404209 |
| **Consumer discretionary 12.48%** |  |  |
| Entain PLC  | 3136472 | 38791 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 657778 | 28212 |
| Thor Industries, Inc.  | 281786 | 25025 |
| Sega Sammy Holdings, Inc.  | 918700 | 22042 |
| Genius Sports, Ltd. <sup>(a)</sup>  | 1640078 | 17057 |
| TopBuild Corp. <sup>(a)</sup>  | 52196 | 16898 |
| Light & Wonder, Inc. <sup>(a)</sup>  | 97580 | 9393 |
| Light & Wonder, Inc. Chess Depository Receipt <sup>(a)</sup>  | 75431 | 7319 |
| Inchcape PLC  | 1658830 | 16531 |
| Food & Life Cos., Ltd.  | 315200 | 15354 |
| Wyndham Hotels & Resorts, Inc.  | 180987 | 14698 |
| CAVA Group, Inc. <sup>(a)</sup>  | 172411 | 14522 |
| Guzman y Gomez, Ltd. <sup>(a)</sup>  | 626907 | 11672 |
| Champion Homes, Inc. <sup>(a)</sup>  | 181982 | 11394 |
| Acushnet Holdings Corp.  | 150000 | 10923 |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 78598 | 10358 |
| Grand Canyon Education, Inc. <sup>(a)</sup>  | 50511 | 9547 |
| Boot Barn Holdings, Inc. <sup>(a)</sup>  | 60630 | 9216 |
| Lottomatica Group SpA  | 324745 | 9012 |
| Sanrio Co., Ltd.  | 150500 | 7282 |
| Patrick Industries, Inc.  | 73088 | 6744 |
| tonies SE, Class A <sup>(a)</sup>  | 960519 | 6743 |
| MRF, Ltd.  | 4006 | 6650 |
| Steven Madden, Ltd.  | 270679 | 6491 |
| Camping World Holdings, Inc., Class A  | 363746 | 6253 |
| Aditya Vision, Ltd.  | 1409045 | 6129 |
| Yonex Co., Ltd.  | 300000 | 6041 |
| Tube Investments of India, Ltd.  | 166232 | 6026 |
| Five Below, Inc. <sup>(a)</sup>  | 41947 | 5503 |
| Cairn Homes PLC (EUR denominated)  | 2026044 | 5119 |
| Zalando SE, non-registered shares <sup>(a)</sup>  | 142442 | 4690 |
| Smartfit Escola de Ginastica e Danca SA  | 980320 | 4482 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **7** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Shoei Co., Ltd.  | 320200 | $3869 |
| Victoria's Secret & Co. <sup>(a)</sup>  | 137388 | 2544 |
| EIH, Ltd.  | 29163 | 126 |
|  |  | 382656 |
| **Health care 11.54%** |  |  |
| Insulet Corp. <sup>(a)</sup>  | 138345 | 43465 |
| Masimo Corp. <sup>(a)</sup>  | 176106 | 29625 |
| DiaSorin Italia SpA  | 218636 | 23400 |
| Ensign Group, Inc. (The)  | 131436 | 20275 |
| Max Healthcare Institute, Ltd.  | 1220256 | 18156 |
| Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup>  | 236775 | 15898 |
| Vimian Group AB (publ) <sup>(a)(b)</sup>  | 3741179 | 15818 |
| IDEAYA Biosciences, Inc. <sup>(a)</sup>  | 683100 | 14359 |
| Glenmark Pharmaceuticals, Ltd.  | 653989 | 13374 |
| Ambu AS, Class B, non-registered shares  | 799520 | 12547 |
| Addus HomeCare Corp. <sup>(a)</sup>  | 105462 | 12148 |
| BridgeBio Pharma, Inc. <sup>(a)</sup>  | 266511 | 11508 |
| Asker Healthcare Group AB <sup>(a)</sup>  | 964065 | 11107 |
| CONMED Corp.  | 189210 | 9854 |
| Encompass Health Corp.  | 78343 | 9607 |
| Haemonetics Corp. <sup>(a)</sup>  | 124768 | 9309 |
| iRhythm Technologies, Inc. <sup>(a)</sup>  | 49337 | 7596 |
| Aster DM Healthcare, Ltd.  | 1089547 | 7573 |
| Kymera Therapeutics, Inc. <sup>(a)</sup>  | 149795 | 6537 |
| Indegene, Ltd.  | 965116 | 6467 |
| Denali Therapeutics, Inc. <sup>(a)</sup>  | 454147 | 6354 |
| Integer Holdings Corp. <sup>(a)</sup>  | 50070 | 6157 |
| Bio-Techne Corp.  | 117228 | 6031 |
| Vaxcyte, Inc. <sup>(a)</sup>  | 180439 | 5866 |
| Dr. Lal PathLabs, Ltd.  | 151312 | 4934 |
| AddLife AB, Class B  | 241770 | 4822 |
| Vericel Corp. <sup>(a)</sup>  | 97455 | 4147 |
| Establishment Labs Holdings, Inc. <sup>(a)(b)</sup>  | 92322 | 3943 |
| Enliven Therapeutics, Inc. <sup>(a)(b)</sup>  | 149388 | 2997 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup>  | 32983 | 2634 |
| Angelalign Technology, Inc.  | 318348 | 2293 |
| Zealand Pharma AS <sup>(a)(b)</sup>  | 39000 | 2184 |
| Bachem Holding AG <sup>(b)</sup>  | 24766 | 1810 |
| Biohaven, Ltd. <sup>(a)</sup>  | 62303 | 879 |
|  |  | 353674 |
| **Materials 5.92%** |  |  |
| Materion Corp.  | 255673 | 20293 |
| Knife River Corp. <sup>(a)</sup>  | 242566 | 19803 |
| Resonac Holdings Co., Ltd.  | 827000 | 19233 |
| Sumitomo Bakelite Co., Ltd.  | 639359 | 18510 |
| Celanese Corp.  | 294262 | 16281 |
| Lundin Gold, Inc.  | 300000 | 15840 |
| Lundin Mining Corp.  | 1000000 | 10516 |
| Huhtamaki OYJ  | 276021 | 9845 |
| Dyno Nobel, Ltd.  | 5276174 | 9341 |
| LANXESS AG  | 241395 | 7183 |
| Acerinox, SA  | 507145 | 6464 |
| Osaka Soda Co., Ltd.  | 384900 | 4803 |
| Verallia SAS  | 140206 | 4657 |
| Cabot Corp.  | 48229 | 3617 |
| Arkema SA  | 43503 | 3205 |
| Vicat SACA  | 40492 | 2805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>8</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Umicore SA  | 181924 | $2674 |
| ASP Isotopes, Inc. <sup>(a)(b)</sup>  | 344175 | 2533 |
| NV Bekaert SA  | 53808 | 2222 |
| Mayr-Melnhof Karton AG, non-registered shares  | 17249 | 1552 |
|  |  | 181377 |
| **Communication services 4.39%** |  |  |
| Magnite, Inc. <sup>(a)</sup>  | 1533111 | 36979 |
| Nippon Television Holdings, Inc.  | 1086100 | 25236 |
| Indosat Tbk PT  | 135085677 | 17390 |
| Springer Nature AG & Co. KGaA, non-registered shares  | 609415 | 13395 |
| Rightmove PLC  | 1209594 | 13094 |
| New York Times Co., Class A  | 175000 | 9796 |
| Lionsgate Studios Corp. <sup>(a)</sup>  | 1051920 | 6112 |
| Future PLC  | 515448 | 5158 |
| JCDecaux SE  | 183003 | 3341 |
| Starz Entertainment Corp. <sup>(a)</sup>  | 151869 | 2441 |
| Bharti Hexacom, Ltd.  | 68127 | 1551 |
|  |  | 134493 |
| **Real estate 2.58%** |  |  |
| Embassy Office Parks REIT  | 5208572 | 23656 |
| Charter Hall Group REIT  | 1663583 | 21011 |
| Lodha Developers, Ltd.  | 442564 | 7143 |
| UMH Properties, Inc. REIT  | 410600 | 6894 |
| St. Joe Co.  | 124878 | 5956 |
| Mindspace Business Parks REIT  | 1250000 | 5831 |
| Corp. Inmobiliaria Vesta, SAB de CV <sup>(b)</sup>  | 1900000 | 5222 |
| Altus Group, Ltd.  | 89910 | 3479 |
|  |  | 79192 |
| **Consumer staples 2.50%** |  |  |
| Raia Drogasil SA, ordinary nominative shares  | 7178745 | 19978 |
| Universal Robina Corp.  | 11735715 | 18657 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 669472 | 18585 |
| Lamb Weston Holdings, Inc.  | 170000 | 8814 |
| Apotea Sverige AB <sup>(a)</sup>  | 845173 | 7879 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 22848 | 2843 |
|  |  | 76756 |
| **Energy 2.48%** |  |  |
| Weatherford International  | 512177 | 25768 |
| NuVista Energy, Ltd. <sup>(a)</sup>  | 1249839 | 13749 |
| CNX Resources Corp. <sup>(a)</sup>  | 350000 | 11788 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 202376 | 9676 |
| Aegis Logistics Ltd.  | 790464 | 7151 |
| Aegis Vopak Terminals, Ltd. <sup>(a)</sup>  | 711249 | 2035 |
| Aegis Vopak Terminals, Ltd. <sup>(a)(e)</sup>  | 241762 | 692 |
| NexGen Energy, Ltd. <sup>(a)</sup>  | 380341 | 2639 |
| Denison Mines Corp. <sup>(a)</sup>  | 1375744 | 2515 |
|  |  | 76013 |
| **Utilities 1.91%** |  |  |
| Neoenergia SA  | 4000086 | 18819 |
| Black Hills Corp.  | 197486 | 11079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **9** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Talen Energy Corp. <sup>(a)</sup>  | 36428 | $10592 |
| SembCorp Industries, Ltd.  | 1536800 | 8279 |
| Nippon Gas Co., Ltd.  | 411600 | 7577 |
| ACEN Corp.  | 50415592 | 2318 |
|  |  | 58664 |
| **Total common stocks** (cost: $2,104,018,000) |  | 2910011 |
| Preferred securities 0.77% |  |  |
| **Information technology 0.47%** |  |  |
| SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 3006 | 11470 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup>  | 2158609 | 1360 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup>  | 287894 | 181 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup>  | 274070 | 173 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup>  | 183819 | 116 |
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup>  | 89605 | 56 |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup>  | 75980 | 48 |
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 42368 | 27 |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup>  | 33838 | 21 |
| Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup>  | 154354 | 1070 |
|  |  | 14522 |
| **Financials 0.30%** |  |  |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup>  | 641250 | 9138 |
| **Total preferred securities** (cost: $28,669,000) |  | 23660 |
| Convertible stocks 0.43% |  |  |
| **Materials 0.43%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 406409 | 13046 |
| **Total convertible stocks** (cost: $12,428,000) |  | 13046 |
| Convertible bonds & notes 0.13% | Principal amount<br> (000)<br>|  |
| **Information technology 0.13%** |  |  |
| Alphawave IP Group PLC, convertible notes, 3.75% 3/1/2030  | USD600 | 908 |
| Wolfspeed, Inc., convertible notes, 0.25% 2/15/2028  | 3235 | 833 |
| Wolfspeed, Inc., convertible notes, 1.875% 12/1/2029  | 8923 | 2298 |
| **Total convertible bonds & notes** (cost: $4,448,000) |  | 4039 |
| Short-term securities 5.28% | Shares |  |
| **Money market investments 4.64%** | **Money market investments 4.64%** | **Money market investments 4.64%** |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)</sup>  | 1423124 | 142312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>10</sub>

------

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 0.64%** | **Money market investments purchased with collateral from securities on loan 0.64%** | **Money market investments purchased with collateral from securities on loan 0.64%** |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)(h)</sup>  | 138096 | $13810 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup>  | 5832209 | 5832 |
|  |  | 19642 |
| **Total short-term securities** (cost: $161,942,000) |  | 161954 |
| **Total investment securities 101.51%** (cost: $2,311,505,000) |  | 3112710 |
| Other assets less liabilities (1.51)% |  | (46233)<br>|
| **Net assets 100.00%** |  | $3066477 |

---

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| Lands' End, Inc. <sup>(a)(i)</sup>  | $27594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16981 | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $(12789)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Short-term securities 5.09%** |  |  |  |  |  |  |  |
| **Money market investments 4.64%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)</sup>  | 16001 | &nbsp;&nbsp; 418610 | &nbsp;&nbsp; 292289 | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 142312 | &nbsp;&nbsp; 2399 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.45%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)(h)</sup>  | 19927 |  | &nbsp;&nbsp; 6117 <br><sup>(j)</sup><br>|  |  | &nbsp;&nbsp; 13810 | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 156122 |  |
| **Total 5.09%** |  |  |  | &nbsp;&nbsp; $2156 | &nbsp;&nbsp; $(12779)<br>| &nbsp;&nbsp; $156122 | &nbsp;&nbsp; $2399 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **11** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| PAR Technology Corp. <sup>(a)</sup> <br>| 3/8/2024 | $12580 | $22579 | 0.74<br> %<br>|
| SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> <br>| 5/28/2021 | 14344 | 11470 | 0.37 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> <br>| 2/25/2021  | 4748 | 1360 | 0.05 |
| Yotpo, Ltd. <sup>(a)(d)</sup> <br>| 3/16/2021  | 1418 | 428 | 0.01 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 602 | 181 | 0.01 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 573 | 173 | 0.01 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 384 | 116 | 0.00 <br><sup>(l)</sup><br>|
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 187 | 56 | 0.00 <br><sup>(l)</sup><br>|
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 159 | 48 | 0.00 <br><sup>(l)</sup><br>|
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021 | 88 | 27 | 0.00 <br><sup>(l)</sup><br>|
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup> <br>| 3/16/2021  | 71 | 21 | 0.00 <br><sup>(l)</sup><br>|
| Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup> <br>| 5/27/2021 | 4517 | 1070 | 0.03 |
| **Total** |  | $39671 | $37529 | 1.22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $21,033,000, which represented 0.69% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $37,529,000, which represented 1.22% of the net assets of the fund. 

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $692,000, which represented 0.02% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(i)</sup> Affiliated issuer during the reporting period but no longer held at 6/30/2025.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| EUR = Euros |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>12</sub>

------

Growth Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.18% | Shares | Value<br> (000)<br>|
| **Information technology 27.11%** |  |  |
| NVIDIA Corp.  | 16406398 | $2592047 |
| Microsoft Corp.  | 4808489 | 2391790 |
| Broadcom, Inc.  | 7732511 | 2131467 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 4644781 | 909587 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 7554237 | 871381 |
| MicroStrategy, Inc., Class A <sup>(a)</sup>  | 1507861 | 609523 |
| Micron Technology, Inc.  | 4702712 | 579609 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 10759000 | 390406 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 371039 | 84037 |
| Apple, Inc.  | 2252048 | 462053 |
| Salesforce, Inc.  | 1191227 | 324836 |
| Constellation Software, Inc.  | 87642 | 321361 |
| Adobe, Inc. <sup>(a)</sup>  | 740568 | 286511 |
| Synopsys, Inc. <sup>(a)</sup>  | 548921 | 281421 |
| SK hynix, Inc.  | 1164664 | 251987 |
| Motorola Solutions, Inc.  | 392000 | 164820 |
| ASML Holding NV (ADR)  | 159102 | 127502 |
| ASML Holding NV  | 25261 | 20163 |
| KLA Corp.  | 145050 | 129927 |
| Oracle Corp.  | 588434 | 128649 |
| Unity Software, Inc. <sup>(a)</sup>  | 5288825 | 127990 |
| Palantir Technologies, Inc., Class A <sup>(a)</sup>  | 809801 | 110392 |
| AppLovin Corp., Class A <sup>(a)</sup>  | 270000 | 94522 |
| Datadog, Inc., Class A <sup>(a)</sup>  | 649685 | 87272 |
| DocuSign, Inc. <sup>(a)</sup>  | 922000 | 71815 |
| ARM Holdings PLC (ADR) <sup>(a)(b)</sup>  | 437756 | 70803 |
| Intel Corp.  | 2250000 | 50400 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 1465500 | 41547 |
| Atlassian Corp., Class A <sup>(a)</sup>  | 175462 | 35635 |
| ServiceNow, Inc. <sup>(a)</sup>  | 31490 | 32374 |
| Fair Isaac Corp. <sup>(a)</sup>  | 16963 | 31008 |
| ASM International NV  | 41358 | 26473 |
| Accenture PLC, Class A  | 74063 | 22137 |
| Applied Materials, Inc.  | 102877 | 18834 |
| MKS, Inc.  | 101047 | 10040 |
| HubSpot, Inc. <sup>(a)</sup>  | 14369 | 7998 |
| Stripe, Inc., Class B <sup>(a)(c)(d)</sup>  | 168598 | 5985 |
|  |  | 13904302 |
| **Communication services 19.98%** |  |  |
| Meta Platforms, Inc., Class A  | 6460365 | 4768331 |
| Netflix, Inc. <sup>(a)</sup>  | 1675116 | 2243198 |
| Alphabet, Inc., Class C  | 6355470 | 1127397 |
| Alphabet, Inc., Class A  | 5364896 | 945455 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 752094 | 307464 |
| Snap, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 27200000 | 236368 |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 1951083 | 205254 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 1297347 | 196263 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 355373 | 86302 |
| Comcast Corp., Class A  | 1343725 | 47957 |
| Nintendo Co., Ltd.  | 411400 | 39653 |
| T-Mobile US, Inc.  | 99374 | 23677 |
| Pinterest, Inc., Class A <sup>(a)</sup>  | 352109 | 12627 |
| Frontier Communications Parent, Inc. <sup>(a)</sup>  | 244130 | 8886 |
|  |  | 10248832 |
| **Consumer discretionary 13.76%** |  |  |
| Tesla, Inc. <sup>(a)</sup>  | 7509093 | 2385339 |
| Amazon.com, Inc. <sup>(a)</sup>  | 5592177 | 1226868 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **13** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Royal Caribbean Cruises, Ltd.  | 2278615 | $713525 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 1700000 | 419067 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 5026162 | 282219 |
| NIKE, Inc., Class B  | 3183461 | 226153 |
| Tractor Supply Co.  | 3325000 | 175460 |
| Hermes International  | 61000 | 165195 |
| Aramark  | 3218114 | 134742 |
| Burlington Stores, Inc. <sup>(a)</sup>  | 571948 | 133058 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup>  | 6094950 | 123606 |
| Booking Holdings, Inc.  | 21261 | 123085 |
| Home Depot, Inc.  | 315781 | 115778 |
| Duolingo, Inc., Class A <sup>(a)</sup>  | 267716 | 109769 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 330165 | 94348 |
| Rivian Automotive, Inc., Class A <sup>(a)(b)</sup>  | 5693160 | 78224 |
| Wayfair, Inc., Class A <sup>(a)</sup>  | 1406061 | 71906 |
| Service Corp. International  | 848647 | 69080 |
| D.R. Horton, Inc.  | 478018 | 61626 |
| Amadeus IT Group SA, Class A, non-registered shares  | 661683 | 55714 |
| Starbucks Corp.  | 443476 | 40636 |
| DraftKings, Inc., Class A <sup>(a)</sup>  | 908357 | 38959 |
| YUM! Brands, Inc.  | 246744 | 36563 |
| Floor & Decor Holdings, Inc., Class A <sup>(a)</sup>  | 437000 | 33194 |
| Five Below, Inc. <sup>(a)</sup>  | 252000 | 33057 |
| Churchill Downs, Inc.  | 295641 | 29860 |
| Marriott International, Inc., Class A  | 56000 | 15300 |
| Polaris, Inc.  | 371000 | 15081 |
| TopBuild Corp. <sup>(a)</sup>  | 40220 | 13021 |
| YETI Holdings, Inc. <sup>(a)</sup>  | 325329 | 10254 |
| Caesars Entertainment, Inc. <sup>(a)</sup>  | 356300 | 10115 |
| Hilton Worldwide Holdings, Inc.  | 36119 | 9620 |
| Helen of Troy, Ltd. <sup>(a)</sup>  | 269597 | 7651 |
|  |  | 7058073 |
| **Health care 11.06%** |  |  |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 1991933 | 1082437 |
| Eli Lilly and Co.  | 922850 | 719389 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1490615 | 663622 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 1686200 | 549853 |
| UnitedHealth Group, Inc.  | 930678 | 290344 |
| Boston Scientific Corp. <sup>(a)</sup>  | 2547986 | 273679 |
| HCA Healthcare, Inc.  | 627846 | 240528 |
| Thermo Fisher Scientific, Inc.  | 472926 | 191753 |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup>  | 2848145 | 141980 |
| Illumina, Inc. <sup>(a)</sup>  | 1344976 | 128324 |
| Regeneron Pharmaceuticals, Inc.  | 231073 | 121313 |
| Centene Corp. <sup>(a)</sup>  | 2053544 | 111466 |
| Bristol-Myers Squibb Co.  | 1979253 | 91620 |
| Guardant Health, Inc. <sup>(a)</sup>  | 1705050 | 88731 |
| Insmed, Inc. <sup>(a)</sup>  | 796167 | 80126 |
| Ascendis Pharma AS (ADR) <sup>(a)</sup>  | 444896 | 76789 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 62042 | 72882 |
| Align Technology, Inc. <sup>(a)</sup>  | 369578 | 69972 |
| Danaher Corp.  | 340644 | 67291 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 1674900 | 66175 |
| Novo Nordisk AS, Class B  | 917755 | 63698 |
| Exact Sciences Corp. <sup>(a)</sup>  | 1192321 | 63360 |
| EssilorLuxottica SA  | 229003 | 62826 |
| BioNTech SE (ADR) <sup>(a)(b)</sup>  | 562734 | 59914 |
| Abbott Laboratories  | 371669 | 50551 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 161327 | 48059 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

American Funds Insurance Series<sub>14</sub>

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| AstraZeneca PLC  | 343952 | $47779 |
| Royalty Pharma PLC, Class A  | 955185 | 34415 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 87585 | 25223 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 105500 | 16626 |
| CRISPR Therapeutics AG <sup>(a)(b)</sup>  | 334619 | 16276 |
| Amgen, Inc.  | 55569 | 15515 |
| Elevance Health, Inc.  | 26768 | 10412 |
| QIAGEN NV  | 215885 | 10375 |
| Verily Life Sciences, LLC <sup>(a)(c)(d)</sup>  | 300178 | 9825 |
| Sarepta Therapeutics, Inc. <sup>(a)</sup>  | 498337 | 8521 |
|  |  | 5671649 |
| **Industrials 10.54%** |  |  |
| TransDigm Group, Inc.  | 716472 | 1089496 |
| General Electric Co.  | 1544121 | 397441 |
| Quanta Services, Inc.  | 987626 | 373402 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 3500000 | 326550 |
| Axon Enterprise, Inc. <sup>(a)</sup>  | 366366 | 303329 |
| United Rentals, Inc.  | 343479 | 258777 |
| Ingersoll-Rand, Inc.  | 2632733 | 218991 |
| GE Vernova, Inc.  | 384741 | 203586 |
| United Airlines Holdings, Inc. <sup>(a)</sup>  | 2300410 | 183182 |
| ATI, Inc. <sup>(a)</sup>  | 2086140 | 180117 |
| Dayforce, Inc. <sup>(a)</sup>  | 3030416 | 167855 |
| Republic Services, Inc.  | 664509 | 163875 |
| Equifax, Inc.  | 626858 | 162588 |
| Boeing Co. (The) <sup>(a)</sup>  | 684135 | 143347 |
| FTAI Aviation, Ltd.  | 1094574 | 125920 |
| Copart, Inc. <sup>(a)</sup>  | 2348144 | 115223 |
| Northrop Grumman Corp.  | 202123 | 101057 |
| Airbus SE, non-registered shares  | 426445 | 89043 |
| Ryanair Holdings PLC (ADR)  | 1404492 | 80997 |
| Ryanair Holdings PLC  | 96554 | 2732 |
| Rocket Lab Corp. <sup>(a)(b)</sup>  | 2320675 | 83011 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 701174 | 80901 |
| Old Dominion Freight Line, Inc.  | 490000 | 79527 |
| Willscot Holdings Corp., Class A  | 2545837 | 69756 |
| Carrier Global Corp.  | 739587 | 54130 |
| ITT, Inc.  | 343000 | 53793 |
| Saia, Inc. <sup>(a)</sup>  | 192280 | 52683 |
| Honeywell International, Inc.  | 204196 | 47553 |
| HEICO Corp.  | 137622 | 45140 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 518058 | 45135 |
| XPO, Inc. <sup>(a)</sup>  | 263564 | 33286 |
| Lennox International, Inc.  | 43370 | 24861 |
| Safran SA  | 49416 | 16060 |
| FedEx Corp.  | 68327 | 15531 |
| Tetra Tech, Inc.  | 342234 | 12307 |
| Einride AB <sup>(a)(c)(d)</sup>  | 78648 | 2633 |
|  |  | 5403815 |
| **Financials 7.98%** |  |  |
| Visa, Inc., Class A  | 2685292 | 953413 |
| Bank of America Corp.  | 7760600 | 367232 |
| Fiserv, Inc. <sup>(a)</sup>  | 1979966 | 341366 |
| Toast, Inc., Class A <sup>(a)</sup>  | 7274350 | 322181 |
| Mastercard, Inc., Class A  | 492848 | 276951 |
| KKR & Co., Inc.  | 2009945 | 267383 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 3595701 | 248607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **15** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Apollo Asset Management, Inc.  | 1370731 | $194466 |
| Brookfield Corp., Class A  | 2314781 | 143169 |
| Capital One Financial Corp.  | 632231 | 134513 |
| Blackstone, Inc.  | 802515 | 120040 |
| Blue Owl Capital, Inc., Class A  | 4832647 | 92835 |
| Progressive Corp.  | 307337 | 82016 |
| Block, Inc., Class A <sup>(a)</sup>  | 1119780 | 76067 |
| UBS Group AG  | 2174000 | 73567 |
| Ryan Specialty Holdings, Inc., Class A  | 1007426 | 68495 |
| First Citizens BancShares, Inc., Class A  | 31833 | 62280 |
| Marsh & McLennan Cos., Inc.  | 275836 | 60309 |
| Ares Management Corp., Class A  | 346466 | 60008 |
| Truist Financial Corp.  | 1350366 | 58052 |
| Intercontinental Exchange, Inc.  | 176208 | 32329 |
| Aon PLC, Class A  | 57337 | 20455 |
| Kinsale Capital Group, Inc.  | 34500 | 16694 |
| Arch Capital Group, Ltd.  | 159854 | 14555 |
| Coinbase Global, Inc., Class A <sup>(a)</sup>  | 21116 | 7401 |
|  |  | 4094384 |
| **Consumer staples 2.05%** |  |  |
| Performance Food Group Co. <sup>(a)</sup>  | 3559500 | 311350 |
| Costco Wholesale Corp.  | 303405 | 300353 |
| Dollar General Corp.  | 665684 | 76141 |
| Mondelez International, Inc., Class A  | 861831 | 58122 |
| Bunge Global SA  | 679809 | 54575 |
| Philip Morris International, Inc.  | 298723 | 54406 |
| Constellation Brands, Inc., Class A  | 325000 | 52871 |
| Church & Dwight Co., Inc.  | 483136 | 46434 |
| Dollar Tree Stores, Inc. <sup>(a)</sup>  | 372328 | 36875 |
| Keurig Dr Pepper, Inc.  | 903000 | 29853 |
| Estee Lauder Cos., Inc. (The), Class A  | 350812 | 28346 |
| JUUL Labs, Inc., Class A <sup>(a)(c)(d)(e)</sup>  | 2496349 | 2671 |
|  |  | 1051997 |
| **Energy 1.98%** |  |  |
| EOG Resources, Inc.  | 2848235 | 340677 |
| MEG Energy Corp.  | 8273055 | 156318 |
| Baker Hughes Co., Class A  | 3500000 | 134190 |
| Cenovus Energy, Inc. (CAD denominated)  | 6693761 | 91085 |
| TechnipFMC PLC  | 2000000 | 68880 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 2160826 | 67915 |
| Diamondback Energy, Inc.  | 325000 | 44655 |
| EQT Corp.  | 701954 | 40938 |
| Tourmaline Oil Corp.  | 596759 | 28792 |
| Schlumberger NV  | 662103 | 22379 |
| ConocoPhillips  | 225174 | 20207 |
|  |  | 1016036 |
| **Materials 1.42%** |  |  |
| Wheaton Precious Metals Corp.  | 2574257 | 231168 |
| Grupo Mexico, SAB de CV, Series B  | 19156155 | 116032 |
| Royal Gold, Inc.  | 551247 | 98034 |
| Albemarle Corp.  | 1072000 | 67182 |
| Linde PLC  | 122857 | 57642 |
| Franco-Nevada Corp. (CAD denominated)  | 323280 | 53076 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **16** |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| LyondellBasell Industries NV  | 856344 | $49548 |
| Sherwin-Williams Co.  | 98004 | 33651 |
| Glencore PLC  | 5275000 | 20535 |
|  |  | 726868 |
| **Utilities 0.70%** |  |  |
| Constellation Energy Corp.  | 894062 | 288568 |
| PG&E Corp.  | 4145582 | 57789 |
| Southern Co. (The)  | 127300 | 11690 |
|  |  | 358047 |
| **Real estate 0.60%** |  |  |
| CoStar Group, Inc. <sup>(a)</sup>  | 2099529 | 168802 |
| Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup>  | 2008084 | 140666 |
|  |  | 309468 |
| **Total common stocks** (cost: $20,717,415,000) |  | 49843471 |
| Preferred securities 0.29% |  |  |
| **Information technology 0.28%** |  |  |
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 2763342 | 98099 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 52656 | 1869 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 906761 | 37291 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(c)(d)</sup>  | 56040 | 2305 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup>  | 406310 | 2056 |
|  |  | 141620 |
| **Industrials 0.01%** |  |  |
| Einride AB, Series C, preferred shares <sup>(a)(c)(d)</sup>  | 154765 | 5182 |
| **Total preferred securities** (cost: $96,054,000) |  | 146802 |
| Rights & warrants 0.04% |  |  |
| **Information technology 0.04%** |  |  |
| Openai Global, LLC, rights <sup>(a)(c)(d)</sup>  | 13740540 | 22672 |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup>  | 53352 | — <br><sup>(f)</sup><br>|
| **Total rights & warrants** (cost: $13,741,000) |  | 22672 |
| Convertible stocks 0.01% |  |  |
| **Materials 0.01%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 128700 | 4131 |
| **Industrials 0.00%** |  |  |
| ABL Space Systems Co., Class A-10, noncumulative convertible preferred shares <sup>(c)(d)</sup>  | 809003 | 566 |
| ABL Space Systems Co., Class A-9, noncumulative convertible preferred shares <sup>(c)(d)</sup>  | 171920 | 120 |
| **Total convertible stocks** (cost: $18,269,000) |  | 4817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **17** | American Funds Insurance Series |

---

------

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities 3.06% | Shares | Value<br> (000)<br>|
| **Money market investments 2.81%** | **Money market investments 2.81%** | **Money market investments 2.81%** |
| Capital Group Central Cash Fund 4.35% <sup>(g)(h)</sup>  | 14433847 | $1443384 |
| **Money market investments purchased with collateral from securities on loan 0.25%** | **Money market investments purchased with collateral from securities on loan 0.25%** | **Money market investments purchased with collateral from securities on loan 0.25%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(g)(i)</sup>  | 126327908 | 126327 |
| **Total short-term securities** (cost: $1,569,522,000) |  | 1569711 |
| **Total investment securities 100.58%** (cost: $22,415,001,000) |  | 51587473 |
| Other assets less liabilities (0.58)% |  | (297705)<br>|
| **Net assets 100.00%** |  | $51289768 |

---

**Investments in affiliates** <sup>(h)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.81%** |  |  |  |  |  |  |  |
| **Money market investments 2.81%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(g)</sup>  | $1045665 | &nbsp;&nbsp; $3192626 | &nbsp;&nbsp; $2794827 | &nbsp;&nbsp; $(73)<br>| &nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp; $1443384 | &nbsp;&nbsp; $28944 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(g)</sup>  | 4032 |  | &nbsp;&nbsp; 4032 <br><sup>(j)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|
| **Total 2.81%** |  |  |  | &nbsp;&nbsp; $(73)<br>| &nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp; $1443384 | &nbsp;&nbsp; $28944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **18** |

---

------

Growth Fund (continued)

**Restricted securities** <sup>(d)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(c)</sup> <br>| 3/15/2023 | $55637 | $98099 | 0.19<br> %<br>|
| Stripe, Inc., Class B <sup>(a)(c)</sup> <br>| 5/6/2021 | 6766 | 5985 | 0.01 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(c)</sup> <br>| 3/15/2021 | 2113 | 1869 | 0.01 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(c)</sup> <br>| 5/28/2021 | 23781 | 37291 | 0.07 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(c)</sup> <br>| 5/23/2025-6/3/2025 | 2305 | 2305 | 0.01 |
| Openai Global, LLC, rights <sup>(a)(c)</sup> <br>| 9/30/2024 | 13741 | 22672 | 0.04 |
| Verily Life Sciences, LLC <sup>(a)(c)</sup> <br>| 12/21/2018 | 37000 | 9825 | 0.02 |
| Einride AB, Series C, preferred shares <sup>(a)(c)</sup> <br>| 11/23/2022-8/1/2024 | 5262 | 5182 | 0.01 |
| Einride AB <sup>(a)(c)</sup> <br>| 2/1/2023 | 2674 | 2633 | 0.01 |
| JUUL Labs, Inc., Class A <sup>(a)(c)(e)</sup> <br>| 7/29/2024 | 19001 | 2671 | 0.00 <br><sup>(l)</sup><br>|
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(c)</sup> <br>| 12/1/2021 | 6956 | 2056 | 0.00 <br><sup>(l)</sup><br>|
| ABL Space Systems Co., Class A-10, noncumulative convertible <br> preferred shares <sup>(c)</sup> <br>| 12/14/2023 | 1382 | 566 | 0.00 <br><sup>(l)</sup><br>|
| ABL Space Systems Co., Class A-9, noncumulative convertible <br> preferred shares <sup>(c)</sup> <br>| 10/22/2021 | 10452 | 120 | 0.00 <br><sup>(l)</sup><br>|
| **Total** |  | $187070 | $191274 | 0.37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $137,026,000, which represented 0.27% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $191,274,000, which represented 0.37% of the net assets of the fund. 

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $2,671,000, which represented less than 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(h)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(i)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **19** | American Funds Insurance Series |

---

------

International Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 95.66% | Shares | Value<br> (000)<br>|
| **Industrials 18.27%** |  |  |
| Airbus SE, non-registered shares  | 1175038 | $245352 |
| Recruit Holdings Co., Ltd.  | 2441206 | 144687 |
| Rolls-Royce Holdings PLC  | 9280451 | 123261 |
| MTU Aero Engines AG  | 229720 | 102070 |
| Siemens AG  | 342280 | 87754 |
| Techtronic Industries Co., Ltd.  | 6692500 | 73575 |
| Melrose Industries PLC  | 9427170 | 68687 |
| Volvo AB, Class B  | 2202525 | 61786 |
| DSV A/S  | 196029 | 47106 |
| Diploma PLC  | 649753 | 43595 |
| Rumo SA  | 11921504 | 40659 |
| Localiza Rent a Car SA, ordinary nominative shares  | 5037704 | 37571 |
| Daikin Industries, Ltd.  | 284574 | 33644 |
| Schneider Electric SE  | 123293 | 32794 |
| Hitachi, Ltd.  | 1041000 | 30397 |
| Shenzhen Inovance Technology Co., Ltd., Class A  | 2154066 | 19411 |
| AtkinsRealis Group, Inc.  | 263382 | 18473 |
| Safran SA  | 56700 | 18427 |
| Marubeni Corp.  | 835500 | 16901 |
| Experian PLC  | 312810 | 16110 |
| ITOCHU Corp.  | 287300 | 15075 |
| Singapore Technologies Engineering, Ltd.  | 1938700 | 11878 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup>  | 2358675 | 11864 |
| IHI Corp.  | 82450 | 8955 |
| Ashtead Group PLC  | 105159 | 6739 |
|  |  | 1316771 |
| **Financials 16.42%** |  |  |
| Standard Chartered PLC  | 10643746 | 176344 |
| Banco Bilbao Vizcaya Argentaria SA  | 9692633 | 149055 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 9743513 | 133681 |
| KB Financial Group, Inc.  | 1185335 | 97402 |
| ING Groep NV  | 4427753 | 97147 |
| 3i Group PLC  | 1312886 | 74248 |
| Mizuho Financial Group, Inc.  | 2329200 | 64585 |
| AIA Group, Ltd.  | 5580497 | 50047 |
| China Merchants Bank Co., Ltd., Class A  | 6885237 | 44153 |
| Ping An Insurance (Group) Company of China, Ltd., Class A  | 5391410 | 41744 |
| Ping An Insurance (Group) Company of China, Ltd., Class H  | 5500 | 35 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 56655 | 36745 |
| Societe Generale  | 641452 | 36684 |
| Tokio Marine Holdings, Inc.  | 722100 | 30643 |
| Bank Central Asia Tbk PT  | 56767400 | 30333 |
| BNP Paribas SA  | 274697 | 24696 |
| Barclays PLC  | 4901727 | 22695 |
| Bank Mandiri (Persero) Tbk PT  | 74952600 | 22530 |
| ICICI Bank, Ltd.  | 1170642 | 19735 |
| NatWest Group PLC  | 2303704 | 16171 |
| Kotak Mahindra Bank, Ltd.  | 425144 | 10725 |
| Futu Holdings, Ltd. (ADR)  | 35499 | 4387 |
|  |  | 1183785 |
| **Information technology 13.29%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 9788936 | 355207 |
| SAP SE  | 457023 | 138975 |
| ASML Holding NV  | 131045 | 104598 |
| SK hynix, Inc.  | 474112 | 102579 |
| Tokyo Electron, Ltd.  | 526498 | 101201 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 387897 | 44744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **20** |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| STMicroelectronics NV  | 941936 | $28776 |
| Infineon Technologies AG  | 575649 | 24489 |
| Constellation Software, Inc.  | 3666 | 13442 |
| Tata Consultancy Services, Ltd.  | 242399 | 9785 |
| Keyence Corp.  | 22764 | 9143 |
| Renesas Electronics Corp.  | 608100 | 7555 |
| NEC Corp.  | 244075 | 7151 |
| Canva, Inc. <sup>(a)(b)(c)</sup>  | 4819 | 6168 |
| Elite Material Co., Ltd. <sup>(a)</sup>  | 142322 | 4297 |
|  |  | 958110 |
| **Communication services 9.09%** |  |  |
| SoftBank Group Corp.  | 2223300 | 162342 |
| Deutsche Telekom AG  | 3342675 | 121945 |
| Tencent Holdings, Ltd.  | 1728061 | 110729 |
| Bharti Airtel, Ltd.  | 4448767 | 104247 |
| Universal Music Group NV  | 1409146 | 45614 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 247921 | 39652 |
| NetEase, Inc.  | 879716 | 23646 |
| Advanced Info Service PCL, foreign registered shares  | 2166500 | 18560 |
| Singapore Telecommunications, Ltd.  | 5800500 | 17427 |
| Nintendo Co., Ltd.  | 117200 | 11296 |
|  |  | 655458 |
| **Consumer discretionary 9.02%** |  |  |
| MercadoLibre, Inc. <sup>(a)</sup>  | 34217 | 89431 |
| adidas AG  | 335638 | 78263 |
| Trip.com Group, Ltd.  | 1243307 | 72223 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 244696 | 69924 |
| Compagnie Financiere Richemont SA, Class A  | 273347 | 51486 |
| Maruti Suzuki India, Ltd.  | 313157 | 45279 |
| Ferrari NV (EUR denominated)  | 87650 | 42961 |
| NEXT PLC  | 242819 | 41463 |
| Hyundai Motor Co.  | 162486 | 24501 |
| Midea Group Co., Ltd., Class A  | 2284500 | 23019 |
| H World Group, Ltd. (ADR)  | 587501 | 19928 |
| Moncler SpA  | 341959 | 19492 |
| Galaxy Entertainment Group, Ltd.  | 4030000 | 17891 |
| Industria de Diseno Textil SA  | 266263 | 13857 |
| Fast Retailing Co., Ltd.  | 33500 | 11520 |
| Shimano, Inc.  | 71200 | 10336 |
| Coupang, Inc., Class A <sup>(a)</sup>  | 205714 | 6163 |
| Stellantis NV  | 499419 | 5006 |
| Hermes International  | 1637 | 4433 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 5799 | 3037 |
|  |  | 650213 |
| **Health care 8.62%** |  |  |
| Novo Nordisk AS, Class B  | 2797531 | 194165 |
| Daiichi Sankyo Co., Ltd.  | 6367450 | 148790 |
| Sanofi  | 1342290 | 129986 |
| Eurofins Scientific SE, non-registered shares  | 494520 | 35208 |
| Zealand Pharma AS <sup>(a)</sup>  | 566084 | 31702 |
| AstraZeneca PLC  | 196051 | 27234 |
| Alcon, Inc.  | 214923 | 19015 |
| Sandoz Group AG  | 212368 | 11621 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **21** | American Funds Insurance Series |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| EssilorLuxottica SA  | 36064 | $9894 |
| bioMerieux SA  | 63303 | 8754 |
| Ambu AS, Class B, non-registered shares  | 319853 | 5020 |
|  |  | 621389 |
| **Materials 7.87%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 14456903 | 256811 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 6385274 | 47969 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(c)</sup>  | 3675281 | 27610 |
| Rio Tinto PLC  | 930790 | 54236 |
| Shin-Etsu Chemical Co., Ltd.  | 1256900 | 41651 |
| Grupo Mexico, SAB de CV, Series B  | 5747400 | 34813 |
| Air Liquide SA  | 118039 | 24352 |
| Nitto Denko Corp.  | 1148055 | 22255 |
| Smurfit Westrock PLC  | 316723 | 13666 |
| Nippon Sanso Holdings Corp.  | 355500 | 13486 |
| Anglo American PLC  | 350603 | 10347 |
| Akzo Nobel NV  | 112948 | 7903 |
| Antofagasta PLC  | 291075 | 7230 |
| DSM-Firmenich AG  | 46001 | 4891 |
|  |  | 567220 |
| **Consumer staples 5.97%** |  |  |
| British American Tobacco PLC  | 2677738 | 127286 |
| Nestle SA  | 617355 | 61335 |
| Danone SA  | 740649 | 60513 |
| L'Oreal SA, non-registered shares  | 131934 | 56430 |
| Ajinomoto Co., Inc.  | 1796300 | 48760 |
| JBS NV (BDR) <sup>(a)</sup>  | 1940148 | 27928 |
| Kweichow Moutai Co., Ltd., Class A  | 90352 | 17773 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 262709 | 13394 |
| Uni-Charm Corp.  | 1184800 | 8561 |
| Imperial Brands PLC  | 193818 | 7654 |
| Suntory Beverage & Food, Ltd.  | 19800 | 634 |
|  |  | 430268 |
| **Energy 5.50%** |  |  |
| Reliance Industries, Ltd.  | 10489681 | 183545 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 4945487 | 155437 |
| Cenovus Energy, Inc. (CAD denominated)  | 2993045 | 40728 |
| Shell PLC (GBP denominated)  | 316792 | 11104 |
| Neste OYJ  | 391662 | 5315 |
|  |  | 396129 |
| **Utilities 1.61%** |  |  |
| Gulf Development PCL  | 36220543 | 43253 |
| E.ON SE  | 1586206 | 29195 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 760600 | 16677 |
| SembCorp Industries, Ltd.  | 2815100 | 15166 |
| Engie SA  | 511996 | 12017 |
|  |  | 116308 |
| **Total common stocks** (cost: $5,034,543,000) |  | 6895651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **22** |

---

------

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities 0.46% | Shares | Value<br> (000)<br>|
| **Financials 0.45%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 4838084 | $32903 |
| **Information technology 0.01%** |  |  |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 422 | 540 |
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 18 | 23 |
| Canva, Inc., Series A-4, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 1 | 2 |
|  |  | 565 |
| **Total preferred securities** (cost: $29,320,000) |  | 33468 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup>  | 7730 | — <br><sup>(d)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(d)</sup><br>|
| Short-term securities 4.59% |  |  |
| **Money market investments 4.59%** | **Money market investments 4.59%** | **Money market investments 4.59%** |
| Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup>  | 3308684 | 330868 |
| **Total short-term securities** (cost: $330,857,000) |  | 330868 |
| **Total investment securities 100.71%** (cost: $5,394,720,000) |  | 7259987 |
| Other assets less liabilities (0.71)% |  | (51283)<br>|
| **Net assets 100.00%** |  | $7208704 |

---

**Investments in affiliates** <sup>(f)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 4.59%** |  |  |  |  |  |  |  |
| **Money market investments 4.59%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)</sup>  | $396476 | &nbsp;&nbsp; $948672 | &nbsp;&nbsp; $1014187 | &nbsp;&nbsp; $(59)<br>| &nbsp;&nbsp; $(34)<br>| &nbsp;&nbsp; $330868 | &nbsp;&nbsp; $6773 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)</sup>  | 1000 |  | &nbsp;&nbsp; 1000 <br><sup>(g)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(h)</sup><br>|
| **Total 4.59%** |  |  |  | &nbsp;&nbsp; $(59)<br>| &nbsp;&nbsp; $(34)<br>| &nbsp;&nbsp; $330868 | &nbsp;&nbsp; $6773 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **23** | American Funds Insurance Series |

---

------

International Fund (continued)

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> <br>| 12/18/2023 | $32962 | $27610 | 0.38<br> %<br>|
| Canva, Inc. <sup>(a)(b)</sup> <br>| 8/26/2021-11/4/2021 | 8215 | 6168 | 0.09 |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 719 | 540 | 0.01 |
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 31 | 23 | 0.00 <br><sup>(i)</sup><br>|
| Canva, Inc., Series A-4, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 2 | 2 | 0.00 <br><sup>(i)</sup><br>|
| **Total** |  | $41929 | $34343 | 0.48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $34,343,000, which represented 0.48% of the net assets of the fund. 

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(f)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(h)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(i)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| CAD = Canadian dollars |
| EUR = Euros |
| GBP = British pounds |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **24** |

---

------

New World Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 92.43% | Shares | Value<br> (000)<br>|
| **Financials 18.97%** |  |  |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 3475989 | $47691 |
| Banco Bilbao Vizcaya Argentaria SA  | 3027732 | 46561 |
| Mastercard, Inc., Class A  | 53659 | 30153 |
| KB Financial Group, Inc.  | 330656 | 27171 |
| UniCredit SpA  | 389263 | 26095 |
| Kotak Mahindra Bank, Ltd.  | 1018993 | 25707 |
| HDFC Bank, Ltd.  | 920326 | 21479 |
| Capitec Bank Holdings, Ltd.  | 103880 | 20836 |
| Abu Dhabi Islamic Bank PJSC  | 3439751 | 20137 |
| XP, Inc., Class A  | 951063 | 19211 |
| ICICI Bank, Ltd.  | 777107 | 13101 |
| ICICI Bank, Ltd. (ADR)  | 158364 | 5327 |
| Eurobank Ergasias Services and Holdings SA  | 5246223 | 18020 |
| PICC Property and Casualty Co., Ltd., Class H  | 9028947 | 17483 |
| AIA Group, Ltd.  | 1823800 | 16356 |
| PB Fintech, Ltd. <sup>(a)</sup>  | 758548 | 16132 |
| Hana Financial Group, Inc.  | 237601 | 15193 |
| Standard Chartered PLC  | 898272 | 14882 |
| Cholamandalam Investment and Finance Co., Ltd.  | 768894 | 14596 |
| Bank Mandiri (Persero) Tbk PT  | 47604600 | 14309 |
| Bank Central Asia Tbk PT  | 24537323 | 13111 |
| Visa, Inc., Class A  | 35083 | 12456 |
| National Bank of Greece SA  | 882700 | 11261 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 1229490 | 11238 |
| AU Small Finance Bank, Ltd.  | 1119542 | 10672 |
| Hong Kong Exchanges and Clearing, Ltd.  | 199900 | 10665 |
| B3 SA - Brasil, Bolsa, Balcao  | 3890498 | 10440 |
| BSE, Ltd.  | 311729 | 10069 |
| Shriram Finance, Ltd.  | 1216175 | 10024 |
| S&P Global, Inc.  | 18499 | 9754 |
| Al Rajhi Banking and Investment Corp., non-registered shares  | 385958 | 9735 |
| Banco BTG Pactual SA, units  | 1168887 | 9090 |
| Brookfield Corp., Class A  | 140664 | 8700 |
| Woori Financial Group, Inc.  | 459527 | 7644 |
| Samsung Fire & Marine Insurance Co., Ltd.  | 23477 | 7550 |
| Emirates NBD Bank PJSC  | 1209547 | 7509 |
| Bank of the Philippine Islands  | 3239828 | 7477 |
| Alpha Bank SA  | 1994176 | 7024 |
| China Merchants Bank Co., Ltd., Class H  | 827500 | 5782 |
| China Merchants Bank Co., Ltd., Class A  | 120400 | 772 |
| People's Insurance Company (Group) of China, Ltd. (The), Class H  | 8466000 | 6439 |
| Banco Santander SA  | 727899 | 6025 |
| Bajaj Finance, Ltd.  | 539900 | 5896 |
| HSBC Holdings PLC (GBP denominated)  | 472913 | 5724 |
| Commercial International Bank - Egypt (CIB) SAE (GDR)  | 2502880 | 4205 |
| Commercial International Bank - Egypt (CIB) SAE  | 644623 | 1095 |
| Aon PLC, Class A  | 13063 | 4660 |
| Axis Bank, Ltd.  | 310838 | 4347 |
| Prudential PLC  | 340961 | 4271 |
| Futu Holdings, Ltd. (ADR)  | 33166 | 4099 |
| Central Depository Services (India), Ltd.  | 187676 | 3926 |
| Akbank TAS  | 1762454 | 3019 |
| Saudi National Bank (The)  | 304355 | 2931 |
| Canara Bank  | 2191124 | 2918 |
| Erste Group Bank AG  | 33639 | 2865 |
| Grupo Financiero Galicia SA, Class B (ADR)  | 55124 | 2778 |
| Vietnam Technological and Commercial JSCB (The) <sup>(a)</sup>  | 1840100 | 2554 |
| 360 ONE WAM, Ltd.  | 177690 | 2475 |
| BNP Paribas SA  | 27469 | 2470 |
| Discovery, Ltd.  | 193692 | 2350 |
| Ping An Insurance (Group) Company of China, Ltd., Class H  | 352544 | 2239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **25** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Edenred SA  | 64058 | $1984 |
| Kaspi.kz JSC (ADR)  | 22533 | 1913 |
| Abu Dhabi Commercial Bank PJSC  | 509562 | 1870 |
| Bajaj Finserv, Ltd.  | 73887 | 1771 |
| CVC Capital Partners PLC  | 83328 | 1706 |
| Bank of Ningbo Co., Ltd., Class A  | 404900 | 1546 |
| Industrial and Commercial Bank of China, Ltd., Class H  | 1873000 | 1484 |
| Saudi Awwal Bank SJSC, non-registered shares  | 157166 | 1412 |
| Swiss Re AG  | 6155 | 1064 |
| Kasikornbank PCL, foreign registered shares  | 222300 | 1052 |
| BDO Unibank, Inc.  | 303450 | 823 |
| Bank of Baroda  | 248531 | 721 |
| Haci Omer Sabanci Holding AS  | 277306 | 624 |
| Asia Commercial Joint Stock Bank  | 708170 | 578 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 2662164 | — <br><sup>(c)</sup><br>|
|  |  | 707247 |
| **Information technology 18.17%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 6705769 | 243329 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 11746 | 2660 |
| Microsoft Corp.  | 160306 | 79738 |
| SK hynix, Inc.  | 316700 | 68521 |
| Broadcom, Inc.  | 210647 | 58065 |
| NVIDIA Corp.  | 239839 | 37892 |
| ASML Holding NV  | 31681 | 25287 |
| ASML Holding NV (ADR)  | 2208 | 1770 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 86459 | 16931 |
| Synopsys, Inc. <sup>(a)</sup>  | 30581 | 15678 |
| SAP SE  | 39474 | 12004 |
| SAP SE (ADR)  | 4295 | 1306 |
| Capgemini SE  | 61733 | 10548 |
| E Ink Holdings, Inc.  | 1334000 | 10092 |
| Keyence Corp.  | 24300 | 9760 |
| Tokyo Electron, Ltd.  | 47000 | 9034 |
| MediaTek, Inc.  | 200000 | 8558 |
| Apple, Inc.  | 30219 | 6200 |
| KLA Corp.  | 6801 | 6092 |
| Coforge, Ltd.  | 264597 | 5938 |
| Elite Material Co., Ltd. <sup>(a)</sup>  | 180992 | 5465 |
| Samsung Electronics Co., Ltd.  | 111167 | 4926 |
| eMemory Technology, Inc.  | 59000 | 4767 |
| Oracle Corp.  | 21311 | 4659 |
| Advantech Co., Ltd.  | 341000 | 3969 |
| HCL Technologies, Ltd.  | 168613 | 3399 |
| Globant SA <sup>(a)</sup>  | 36165 | 3285 |
| TDK Corp.  | 236800 | 2788 |
| Micron Technology, Inc.  | 21422 | 2640 |
| ASM International NV  | 3936 | 2519 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 26663 | 2469 |
| Tata Consultancy Services, Ltd.  | 60004 | 2422 |
| Xiaomi Corp., Class B <sup>(a)</sup>  | 174600 | 1333 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 6651 | 1176 |
| Unity Software, Inc. <sup>(a)</sup>  | 46938 | 1136 |
| Canva, Inc. <sup>(a)(b)(d)</sup>  | 385 | 493 |
| Disco Corp.  | 1400 | 414 |
|  |  | 677263 |
| **Consumer discretionary 12.08%** |  |  |
| MercadoLibre, Inc. <sup>(a)</sup>  | 34697 | 90685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **26** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Trip.com Group, Ltd. (ADR)  | 439599 | $25778 |
| Trip.com Group, Ltd.  | 403445 | 23436 |
| BYD Co., Ltd., Class A  | 402408 | 18640 |
| BYD Co., Ltd., Class H  | 835500 | 13038 |
| Midea Group Co., Ltd., Class A  | 2728768 | 27495 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 37495 | 19637 |
| Eicher Motors, Ltd.  | 260810 | 17202 |
| Galaxy Entertainment Group, Ltd.  | 3645000 | 16182 |
| Meituan, Class B <sup>(a)</sup>  | 836900 | 13359 |
| Alibaba Group Holding, Ltd.  | 651172 | 9108 |
| Alibaba Group Holding, Ltd. (ADR)  | 30817 | 3495 |
| Jumbo SA  | 364196 | 12570 |
| Compagnie Financiere Richemont SA, Class A  | 65071 | 12256 |
| H World Group, Ltd. (ADR)  | 316639 | 10741 |
| H World Group, Ltd.  | 244900 | 828 |
| Ferrari NV (EUR denominated)  | 20115 | 9859 |
| Maruti Suzuki India, Ltd.  | 58873 | 8512 |
| Titan Co., Ltd.  | 195971 | 8433 |
| TVS Motor Co., Ltd.  | 232931 | 7926 |
| Ryohin Keikaku Co., Ltd.  | 158500 | 7622 |
| adidas AG  | 28112 | 6555 |
| Amadeus IT Group SA, Class A, non-registered shares  | 64781 | 5455 |
| Hermes International  | 1896 | 5135 |
| Naspers, Ltd., Class N  | 16462 | 5129 |
| MakeMyTrip, Ltd. <sup>(a)</sup>  | 47364 | 4643 |
| Sands China, Ltd.  | 2207600 | 4595 |
| Booking Holdings, Inc.  | 791 | 4579 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup>  | 39455 | 4129 |
| Wynn Resorts, Ltd.  | 43313 | 4057 |
| Industria de Diseno Textil SA  | 73400 | 3820 |
| Tesla, Inc. <sup>(a)</sup>  | 11265 | 3578 |
| Shenzhou International Group Holdings, Ltd.  | 495900 | 3525 |
| Inchcape PLC  | 303859 | 3028 |
| Royal Caribbean Cruises, Ltd.  | 9211 | 2884 |
| Li Ning Co., Ltd.  | 1304655 | 2812 |
| YUM! Brands, Inc.  | 17671 | 2619 |
| Starbucks Corp.  | 27127 | 2486 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 35729 | 2437 |
| Vibra Energia SA  | 570400 | 2274 |
| Mahindra & Mahindra, Ltd.  | 60173 | 2233 |
| Marriott International, Inc., Class A  | 7554 | 2064 |
| Swiggy, Ltd. <sup>(a)</sup>  | 344328 | 1608 |
| Evolution AB  | 18493 | 1469 |
| Hilton Worldwide Holdings, Inc.  | 5460 | 1454 |
| ANTA Sports Products, Ltd.  | 118700 | 1429 |
| Tube Investments of India, Ltd.  | 36685 | 1330 |
| NIKE, Inc., Class B  | 18711 | 1329 |
| Renault SA  | 25328 | 1167 |
| Hyundai Mobis Co., Ltd.  | 5052 | 1074 |
| Compagnie Generale des Etablissements Michelin  | 28554 | 1061 |
| Shangri-La Asia, Ltd.  | 1774000 | 965 |
| Cyrela Brazil Realty SA, ordinary nominative shares  | 179166 | 862 |
| Pop Mart International Group, Ltd.  | 25000 | 849 |
| Hyundai Motor India, Ltd. <sup>(a)</sup>  | 32248 | 835 |
| ITC Hotels, Ltd. <sup>(a)</sup>  | 33979 | 88 |
|  |  | 450359 |
| **Industrials 11.08%** |  |  |
| Airbus SE, non-registered shares  | 259078 | 54096 |
| Rolls-Royce Holdings PLC  | 2326727 | 30903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **27** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| International Container Terminal Services, Inc.  | 3894600 | $28416 |
| Rumo SA  | 5953921 | 20306 |
| Safran SA  | 58562 | 19032 |
| Copa Holdings SA, Class A  | 148121 | 16289 |
| Techtronic Industries Co., Ltd.  | 1363500 | 14990 |
| General Electric Co.  | 56239 | 14475 |
| Shenzhen Inovance Technology Co., Ltd., Class A  | 1505802 | 13569 |
| Hitachi, Ltd.  | 414600 | 12107 |
| BAE Systems PLC  | 464567 | 12030 |
| LS Electric Co., Ltd.  | 51458 | 11400 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 386440 | 8871 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR)  | 6194 | 1422 |
| TransDigm Group, Inc.  | 6399 | 9731 |
| Mitsubishi Heavy Industries, Ltd.  | 368500 | 9238 |
| Localiza Rent a Car SA, ordinary nominative shares  | 1230526 | 9177 |
| Contemporary Amperex Technology Co., Ltd., Class A  | 259276 | 9126 |
| Daikin Industries, Ltd.  | 75700 | 8950 |
| Larsen & Toubro, Ltd.  | 209113 | 8948 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 95102 | 8873 |
| Leonardo SpA  | 157004 | 8837 |
| Motiva Infraestrutura de Mobilidade SA  | 3342651 | 8484 |
| DSV A/S  | 33179 | 7973 |
| Siemens AG  | 29434 | 7546 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 655664 | 6588 |
| Weichai Power Co., Ltd., Class A  | 1845700 | 3962 |
| Weichai Power Co., Ltd., Class H  | 947000 | 1923 |
| Wizz Air Holdings PLC <sup>(a)(e)</sup>  | 272591 | 4078 |
| IMCD NV  | 30258 | 4065 |
| Schneider Electric SE  | 14918 | 3968 |
| Carrier Global Corp.  | 52454 | 3839 |
| Aselan Elektronik Sanayi ve Ticaret AS  | 1006320 | 3811 |
| InPost SA <sup>(a)</sup>  | 216724 | 3600 |
| Ayala Corp.  | 336470 | 3405 |
| GT Capital Holdings, Inc.  | 239920 | 2445 |
| Bureau Veritas SA  | 67515 | 2302 |
| Hanwha Aerospace Co., Ltd.  | 2973 | 1868 |
| Ingersoll-Rand, Inc.  | 22177 | 1845 |
| Boeing Co. (The) <sup>(a)</sup>  | 8316 | 1742 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup>  | 306584 | 1542 |
| GE Vernova, Inc.  | 2861 | 1514 |
| Epiroc AB, Class B  | 67124 | 1284 |
| SM Investments Corp.  | 70690 | 1094 |
| Airports of Thailand PCL, foreign registered shares  | 1080600 | 1007 |
| Legrand SA  | 7279 | 973 |
| Embraer SA  | 66072 | 937 |
| Haitian International Holdings, Ltd.  | 154146 | 401 |
|  |  | 412982 |
| **Communication services 9.75%** |  |  |
| Tencent Holdings, Ltd.  | 1173251 | 75178 |
| Meta Platforms, Inc., Class A  | 86453 | 63810 |
| Bharti Airtel, Ltd.  | 1701223 | 39865 |
| Bharti Airtel, Ltd., interim shares  | 51552 | 919 |
| NetEase, Inc.  | 1122300 | 30167 |
| Kanzhun, Ltd., Class A (ADR) <sup>(a)</sup>  | 1296931 | 23137 |
| MTN Group, Ltd.  | 2635868 | 20969 |
| Alphabet, Inc., Class C  | 66759 | 11842 |
| Alphabet, Inc., Class A  | 39299 | 6926 |
| Netflix, Inc. <sup>(a)</sup>  | 12144 | 16262 |
| KT Corp. (ADR)  | 662486 | 13766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **28** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services (continued)** |  |  |
| Tencent Music Entertainment Group, Class A (ADR)  | 602261 | $11738 |
| America Movil, SAB de CV, Class B (ADR)  | 539303 | 9675 |
| True Corp. PCL, foreign registered shares <sup>(a)</sup>  | 19498986 | 6670 |
| True Corp. PCL, nonvoting depositary receipts <sup>(a)</sup>  | 3864400 | 1322 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 34179000 | 5853 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 33685 | 5388 |
| TIM SA  | 1320002 | 5357 |
| Orange  | 301138 | 4581 |
| Baidu, Inc., Class A (ADR) <sup>(a)</sup>  | 48302 | 4142 |
| Indus Towers, Ltd. <sup>(a)</sup>  | 366083 | 1798 |
| Singapore Telecommunications, Ltd.  | 557100 | 1674 |
| Kuaishou Technology, Class B <sup>(a)</sup>  | 151800 | 1224 |
| JCDecaux SE  | 55457 | 1013 |
|  |  | 363276 |
| **Health care 6.12%** |  |  |
| Novo Nordisk AS, Class B  | 641758 | 44542 |
| Max Healthcare Institute, Ltd.  | 2750648 | 40926 |
| Eli Lilly and Co.  | 40343 | 31449 |
| Laurus Labs, Ltd.  | 1869207 | 15799 |
| AstraZeneca PLC  | 77534 | 10770 |
| Thermo Fisher Scientific, Inc.  | 23722 | 9618 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A  | 1008388 | 7304 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 260000 | 1782 |
| Rede D'Or Sao Luiz SA  | 1270637 | 8284 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup>  | 30564 | 7399 |
| BeOne Medicines, Ltd. <sup>(a)</sup>  | 36200 | 681 |
| Innovent Biologics, Inc. <sup>(a)</sup>  | 675873 | 6750 |
| Zai Lab, Ltd. (ADR) <sup>(a)(e)</sup>  | 174660 | 6108 |
| Abbott Laboratories  | 44758 | 6088 |
| EssilorLuxottica SA  | 15989 | 4386 |
| Danaher Corp.  | 18681 | 3690 |
| Mankind Pharma, Ltd. <sup>(a)</sup>  | 116150 | 3142 |
| OdontoPrev SA  | 1320175 | 2848 |
| Revvity, Inc.  | 24914 | 2410 |
| bioMerieux SA  | 16481 | 2279 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 133206 | 2232 |
| Lupin, Ltd.  | 85261 | 1927 |
| WuXi AppTec Co., Ltd., Class H  | 154400 | 1547 |
| Alcon, Inc.  | 17457 | 1544 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 1181 | 1387 |
| Asahi Intecc Co., Ltd.  | 71500 | 1134 |
| Medtronic PLC  | 12711 | 1108 |
| Wuxi Biologics (Cayman), Inc. <sup>(a)</sup>  | 240500 | 786 |
| CanSino Biologics, Inc., Class H <sup>(a)</sup>  | 35921 | 158 |
|  |  | 228078 |
| **Consumer staples 6.01%** |  |  |
| Kweichow Moutai Co., Ltd., Class A  | 175970 | 34615 |
| Nestle SA  | 195460 | 19419 |
| ITC, Ltd.  | 3337250 | 16206 |
| Dino Polska SA, non-registered shares <sup>(a)</sup>  | 88026 | 12846 |
| Arca Continental, SAB de CV  | 1023525 | 10818 |
| Carlsberg A/S, Class B  | 73053 | 10351 |
| JBS NV (BDR) <sup>(a)</sup>  | 649875 | 9355 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 164225 | 8373 |
| Anheuser-Busch InBev SA/NV  | 110064 | 7551 |
| KT&G Corp.  | 73530 | 6957 |
| Shoprite Holdings, Ltd.  | 411098 | 6431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **29** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples (continued)** |  |  |
| Tsingtao Brewery Co., Ltd., Class H  | 950634 | $6206 |
| Ajinomoto Co., Inc.  | 220098 | 5975 |
| Varun Beverages, Ltd.  | 1109686 | 5920 |
| Monster Beverage Corp. <sup>(a)</sup>  | 94046 | 5891 |
| Philip Morris International, Inc.  | 32137 | 5853 |
| L'Oreal SA, non-registered shares  | 12555 | 5370 |
| Constellation Brands, Inc., Class A  | 32052 | 5214 |
| United Spirits, Ltd.  | 271676 | 4524 |
| Raia Drogasil SA, ordinary nominative shares  | 1609884 | 4480 |
| British American Tobacco PLC  | 90968 | 4324 |
| Masan Group Corp. <sup>(a)</sup>  | 1415200 | 4161 |
| Budweiser Brewing Co., APAC, Ltd. <sup>(e)</sup>  | 3732500 | 3695 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 125631 | 3488 |
| Mondelez International, Inc., Class A  | 39313 | 2651 |
| Danone SA  | 26928 | 2200 |
| Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates  | 1143368 | 2092 |
| WH Group, Ltd.  | 2142000 | 2060 |
| Godrej Consumer Products, Ltd.  | 140237 | 1927 |
| Coca-Cola Co.  | 25766 | 1823 |
| Dabur India, Ltd.  | 279582 | 1582 |
| Chongqing Brewery Co., Ltd., Class A  | 142300 | 1094 |
| JD Health International, Inc. <sup>(a)</sup>  | 107650 | 590 |
|  |  | 224042 |
| **Materials 4.92%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 1714836 | 30462 |
| Linde PLC  | 40288 | 18902 |
| Freeport-McMoRan, Inc.  | 420670 | 18236 |
| Vale SA, ordinary nominative shares  | 1001048 | 9701 |
| Vale SA (ADR), ordinary nominative shares  | 724393 | 7034 |
| Barrick Mining Corp.  | 624702 | 13006 |
| APL Apollo Tubes, Ltd.  | 562052 | 11398 |
| Glencore PLC  | 2517627 | 9801 |
| Amcor PLC (CDI)  | 857203 | 8011 |
| Grupo Mexico, SAB de CV, Series B  | 1305403 | 7907 |
| BASF SE  | 116745 | 5756 |
| Sika AG  | 19448 | 5280 |
| Anhui Conch Cement Co., Ltd., Class H  | 1677500 | 4265 |
| Nutrien, Ltd. (CAD denominated)  | 71990 | 4195 |
| Southern Copper Corp.  | 34299 | 3470 |
| Impala Platinum Holdings, Ltd. <sup>(a)</sup>  | 303087 | 2721 |
| Fresnillo PLC  | 134845 | 2665 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 59708 | 2665 |
| Corteva, Inc.  | 34721 | 2588 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 343840 | 2583 |
| Wheaton Precious Metals Corp. (CAD denominated)  | 27361 | 2460 |
| Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup>  | 212030 | 2326 |
| SRF, Ltd.  | 48298 | 1826 |
| Asian Paints, Ltd.  | 63269 | 1727 |
| Akzo Nobel NV  | 20703 | 1449 |
| Arkema SA  | 14823 | 1092 |
| CEMEX, SAB de CV (ADR), ordinary participation certificates, units  | 98397 | 682 |
| Antofagasta PLC  | 20116 | 500 |
| Albemarle Corp.  | 5932 | 372 |
| Shin-Etsu Chemical Co., Ltd.  | 9800 | 325 |
| Gerdau SA (ADR)  | 55796 | 163 |
| Alrosa PJSC <sup>(b)</sup>  | 1123215 | — <br><sup>(c)</sup><br>|
|  |  | 183568 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **30** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy 2.23%** |  |  |
| Reliance Industries, Ltd.  | 1019587 | $17840 |
| TotalEnergies SE  | 245605 | 15073 |
| Adnoc Gas PLC  | 11725982 | 10920 |
| ADNOC Drilling Co. PJSC  | 6155841 | 9554 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 184959 | 8843 |
| Galp Energia, SGPS, SA, Class B  | 243804 | 4472 |
| Petroleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares  | 344847 | 4314 |
| Cheniere Energy, Inc.  | 17049 | 4152 |
| Shell PLC (GBP denominated)  | 92430 | 3240 |
| Chevron Corp.  | 15884 | 2274 |
| Schlumberger NV  | 61022 | 2063 |
| Borr Drilling, Ltd. <sup>(a)</sup>  | 149981 | 274 |
| Rosneft Oil Co. PJSC <sup>(b)</sup>  | 588661 | — <br><sup>(c)</sup><br>|
|  |  | 83019 |
| **Real estate 1.71%** |  |  |
| Lodha Developers, Ltd.  | 2312205 | 37320 |
| China Resources Mixc Lifestyle Services, Ltd.  | 1957600 | 9464 |
| China Resources Land, Ltd.  | 1274000 | 4317 |
| Emaar Properties PJSC  | 1115023 | 4129 |
| CK Asset Holdings, Ltd.  | 741500 | 3268 |
| KE Holdings, Inc., Class A (ADR)  | 128112 | 2273 |
| SM Prime Holdings, Inc.  | 5013400 | 2087 |
| Longfor Group Holdings, Ltd.  | 336846 | 397 |
| Fibra Uno Administracion REIT, SA de CV  | 214685 | 297 |
| ALLOS SA, ordinary nominative shares  | 60765 | 254 |
|  |  | 63806 |
| **Utilities 1.39%** |  |  |
| Equatorial Energia SA, ordinary nominative shares  | 1522946 | 10080 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 415797 | 9117 |
| Gulf Development PCL  | 7550993 | 9017 |
| Power Grid Corporation of India, Ltd.  | 1889109 | 6606 |
| SembCorp Industries, Ltd.  | 1194800 | 6437 |
| Torrent Power, Ltd.  | 240398 | 4114 |
| Engie SA  | 156238 | 3667 |
| CPFL Energia SA  | 254682 | 1915 |
| AES Corp.  | 74426 | 783 |
|  |  | 51736 |
| **Total common stocks** (cost: $2,102,932,000) |  | 3445376 |
| Preferred securities 0.74% |  |  |
| **Financials 0.32%** |  |  |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 1293179 | 8781 |
| Itau Unibanco Holding SA, preferred nominative shares  | 444376 | 3022 |
|  |  | 11803 |
| **Real estate 0.23%** |  |  |
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(d)</sup>  | 32657 | 6965 |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(d)</sup>  | 8400 | 1791 |
|  |  | 8756 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **31** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities (continued) | Shares | Value<br> (000)<br>|
| **Information technology 0.14%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares  | 140739 | $5162 |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)(d)</sup>  | 34 | 44 |
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)(d)</sup>  | 1 | 1 |
|  |  | 5207 |
| **Consumer discretionary 0.05%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares  | 35578 | 1758 |
| Getir BV, Series D, preferred shares <sup>(a)(b)(d)</sup>  | 7768 | — <br><sup>(c)</sup><br>|
|  |  | 1758 |
| **Total preferred securities** (cost: $28,667,000) |  | 27524 |
| Rights & warrants 0.00% |  |  |
| **Industrials 0.00%** |  |  |
| Hanwha Aerospace Co., Ltd., rights, expire 7/2/2025 <sup>(a)</sup>  | 215 | 26 |
| **Total rights & warrants** (cost: $0) |  | 26 |
| Convertible stocks 0.00% |  |  |
| **Materials 0.00%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 5700 | 183 |
| **Total convertible stocks** (cost: $286,000) | **Total convertible stocks** (cost: $286,000) | 183 |
| Bonds, notes & other debt instruments 3.42% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 3.03%** | **Bonds & notes of governments & government agencies outside the U.S. 3.03%** | **Bonds & notes of governments & government agencies outside the U.S. 3.03%** |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup>  | USD200 | 176 |
| Abu Dhabi (Emirate of) 5.50% 4/30/2054  | 905 | 903 |
| Angola (Republic of) 9.50% 11/12/2025  | 400 | 402 |
| Angola (Republic of) 8.25% 5/9/2028  | 600 | 566 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup>  | 445 | 405 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup>  | 280 | 248 |
| Argentine Republic 4.125% 7/9/2035 (4.75% on 7/9/2027) <sup>(g)</sup>  | 937 | 633 |
| Argentine Republic 5.00% 1/9/2038  | 601 | 430 |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL16,913 | 2954 |
| Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(h)</sup>  | 26460 | 4646 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 11625 | 1879 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(h)</sup>  | 3284 | 559 |
| Brazil (Federative Republic of) 10.00% 1/1/2033  | 27330 | 4280 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 71700 | 10893 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(h)</sup>  | 7526 | 1232 |
| Chile (Republic of) 5.30% 11/1/2037  | CLP425,000 | 444 |
| Chile (Republic of) 4.34% 3/7/2042  | USD350 | 304 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | CNY5,610 | 821 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051  | 23270 | 4429 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 1250 | 218 |
| China (People's Republic of), Series INBK, 2.57% 5/20/2054  | 4480 | 714 |
| Colombia (Republic of) 3.25% 4/22/2032  | USD700 | 555 |
| Colombia (Republic of) 8.50% 4/25/2035  | 400 | 416 |
| Colombia (Republic of) 8.00% 11/14/2035  | 200 | 201 |
| Colombia (Republic of) 5.20% 5/15/2049  | 755 | 508 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031  | COP4,320,700 | 858 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033  | 1734800 | 445 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | 1223500 | 219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **32** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(h)</sup>  | COP6,870 | $515 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042  | 4146300 | 780 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 4713300 | 693 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032  | EUR150 | 159 |
| Czech Republic 1.95% 7/30/2037  | CZK17,900 | 659 |
| Dominican Republic 8.625% 4/20/2027 <sup>(f)</sup>  | USD383 | 398 |
| Dominican Republic 5.50% 2/22/2029 <sup>(f)</sup>  | 275 | 274 |
| Dominican Republic 7.05% 2/3/2031 <sup>(f)</sup>  | 150 | 158 |
| Dominican Republic 5.875% 1/30/2060  | 885 | 745 |
| Egypt (Arab Republic of) 25.318% 8/13/2027  | EGP26,845 | 553 |
| Egypt (Arab Republic of) 6.375% 4/11/2031  | EUR100 | 109 |
| Egypt (Arab Republic of) 8.50% 1/31/2047  | USD400 | 325 |
| Egypt (Arab Republic of) 8.875% 5/29/2050  | 755 | 630 |
| Egypt (Arab Republic of) 8.15% 11/20/2059 <sup>(f)</sup>  | 500 | 386 |
| Gabonese Republic 7.00% 11/24/2031  | 500 | 399 |
| Honduras (Republic of) 6.25% 1/19/2027  | 875 | 877 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup>  | 281 | 269 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup>  | 330 | 345 |
| Hungary (Republic of), Series A, 2.00% 5/23/2029  | HUF255,550 | 643 |
| India (Republic of) 7.32% 11/13/2030  | INR3,480 | 43 |
| India (Republic of) 6.54% 1/17/2032  | 15620 | 185 |
| India (Republic of) 7.18% 7/24/2037  | 176070 | 2151 |
| India (Republic of) 7.09% 8/5/2054  | 280280 | 3303 |
| Indonesia (Republic of) 6.625% 2/17/2037  | USD300 | 334 |
| Indonesia (Republic of) 7.125% 8/15/2040  | IDR7,421,000 | 464 |
| Indonesia (Republic of), Series 82, 7.00% 9/15/2030  | 9590000 | 608 |
| Indonesia (Republic of), Series 91, 6.375% 4/15/2032  | 317000 | 19 |
| Indonesia (Republic of), Series 96, 7.00% 2/15/2033  | 16818000 | 1060 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29553000 | 1819 |
| Indonesia (Republic of), Series 80, 7.50% 6/15/2035  | 7953000 | 518 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup>  | USD945 | 951 |
| Kenya (Republic of) 6.30% 1/23/2034  | 645 | 523 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup>  | 555 | 524 |
| Kenya (Republic of) 9.50% 3/5/2036  | 330 | 312 |
| Malaysia (Federation of) 4.28% 3/23/2054  | MYR1,255 | 311 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | 8766 | 2132 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038  | 616 | 164 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 3245 | 801 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 2200 | 524 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049  | 1030 | 270 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050  | 2776 | 666 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052  | 989 | 286 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028  | USD490 | 508 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030  | EUR340 | 406 |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup>  | USD255 | 262 |
| Morocco (Kingdom of) 3.875% 4/2/2029  | EUR625 | 747 |
| Morocco (Kingdom of) 4.75% 4/2/2035  | 200 | 236 |
| Mozambique (Republic of) 9.00% 9/15/2031  | USD540 | 447 |
| Nigeria (Republic of) 7.625% 11/21/2025 <sup>(f)</sup>  | 358 | 361 |
| Nigeria (Republic of) 7.625% 11/21/2025  | 342 | 345 |
| Nigeria (Republic of) 18.50% 2/21/2031  | NGN730,360 | 480 |
| Oman (Sultanate of) 6.00% 8/1/2029  | USD715 | 751 |
| Oman (Sultanate of) 6.75% 1/17/2048  | 485 | 502 |
| Panama (Republic of) 3.75% 4/17/2026  | 100 | 99 |
| Panama (Republic of) 7.875% 3/1/2057  | 600 | 612 |
| Paraguay (Republic of) 4.95% 4/28/2031  | 320 | 319 |
| Peru (Republic of) 3.00% 1/15/2034  | 225 | 190 |
| Peru (Republic of) 6.55% 3/14/2037  | 360 | 392 |
| Peru (Republic of) 2.78% 12/1/2060  | 100 | 54 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup>  | 400 | 339 |
| Philippines (Republic of) 6.375% 10/23/2034  | 145 | 160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **33** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Philippines (Republic of) 3.95% 1/20/2040  | USD500 | $432 |
| Poland (Republic of) 5.75% 4/25/2029  | PLN2,410 | 693 |
| Poland (Republic of) 4.875% 10/4/2033  | USD560 | 557 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | PLN9,440 | 2732 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034  | 6920 | 1862 |
| Romania 2.00% 1/28/2032  | EUR950 | 910 |
| Romania 5.25% 5/30/2032  | 450 | 523 |
| Romania 5.25% 5/30/2032  | 230 | 267 |
| Romania 2.00% 4/14/2033  | 300 | 271 |
| Romania 5.625% 5/30/2037  | 390 | 434 |
| Romania 2.875% 4/13/2042  | 335 | 246 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054  | USD2,300 | 2195 |
| Senegal (Republic of) 4.75% 3/13/2028  | EUR600 | 560 |
| Senegal (Republic of) 4.75% 3/13/2028  | 200 | 187 |
| Sharjah (Emirate of) 4.625% 2/13/2032  | 651 | 769 |
| Sharjah Sukuk Programme, Ltd. 5.433% 4/17/2035 <sup>(f)</sup>  | USD1,010 | 1007 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup>  | 200 | 199 |
| South Africa (Republic of) 11.625% 3/31/2053  | ZAR22,337 | 1324 |
| South Africa (Republic of), Series R-213, 7.00% 2/28/2031  | 482 | 25 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 11495 | 621 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035  | 17388 | 920 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040  | 32571 | 1593 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044  | 15670 | 720 |
| Thailand (Kingdom of) 3.45% 6/17/2043  | THB40,963 | 1526 |
| Turkey (Republic of) 26.20% 10/5/2033  | TRY41,134 | 955 |
| Turkey (Republic of), Series 5Y, 12.60% 10/1/2025  | 35060 | 826 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028  | USD200 | 219 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028  | TRY23,445 | 417 |
| Turkey (Republic of), Series 30Y, 11.875% 1/15/2030  | USD500 | 619 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043  | 1710 | 1208 |
| United Mexican States 6.875% 5/13/2037  | 610 | 638 |
| United Mexican States 4.75% 3/8/2044  | 800 | 632 |
| United Mexican States 3.75% 4/19/2071  | 200 | 114 |
| United Mexican States, Series M20, 8.50% 5/31/2029  | MXN29,350 | 1560 |
| United Mexican States, Series M, 7.75% 5/29/2031  | 56500 | 2871 |
| United Mexican States, Series M, 7.50% 5/26/2033  | 51184 | 2493 |
| United Mexican States, Series M, 7.75% 11/23/2034  | 38324 | 1864 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21600 | 1059 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 26949 | 1182 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(h)</sup>  | 14702 | 678 |
| Venezuela (Bolivarian Republic of) 7.00% 12/1/2018 <sup>(i)</sup>  | USD75 | 11 |
| Venezuela (Bolivarian Republic of) 7.75% 10/13/2019 <sup>(i)</sup>  | 930 | 138 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(i)</sup>  | 805 | 113 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(i)</sup>  | 800 | 129 |
| Venezuela (Bolivarian Republic of) 8.25% 10/13/2024 <sup>(i)</sup>  | 180 | 30 |
| Venezuela (Bolivarian Republic of) 9.25% 5/7/2028  | 230 | 41 |
| Venezuela (Bolivarian Republic of) 7.00% 3/31/2038  | 65 | 11 |
|  |  | 112814 |
| **Corporate bonds, notes & loans 0.39%** | **Corporate bonds, notes & loans 0.39%** | **Corporate bonds, notes & loans 0.39%** |
| **Energy 0.09%** |  |  |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup>  | 410 | 415 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup>  | 255 | 249 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 175 | 174 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 1210 | 1095 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030  | 200 | 187 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup>  | 430 | 310 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **34** |

---

------

New World Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup>  | USD250 | $263 |
| Vista Energy Argentina SAU 7.625% 12/10/2035 <sup>(f)</sup>  | 390 | 379 |
| YPF SA 8.25% 1/17/2034 <sup>(f)</sup>  | 335 | 336 |
|  |  | 3408 |
| **Communication services 0.07%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,710 | 753 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 24000 | 1283 |
| PLDT, Inc. 2.50% 1/23/2031  | USD210 | 189 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup>  | 380 | 258 |
|  |  | 2483 |
| **Consumer discretionary 0.04%** |  |  |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051  | 410 | 266 |
| Meituan 3.05% 10/28/2030 <sup>(f)</sup>  | 400 | 369 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup>  | 345 | 349 |
| MercadoLibre, Inc. 3.125% 1/14/2031  | 200 | 180 |
| Sands China, Ltd. 4.375% 6/18/2030  | 220 | 211 |
| Wynn Macau, Ltd. 5.625% 8/26/2028  | 260 | 256 |
|  |  | 1631 |
| **Utilities 0.04%** |  |  |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup>  | 275 | 292 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup>  | 264 | 241 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029 <sup>(f)</sup>  | 412 | 381 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup>  | 176 | 173 |
| Greenko Dutch BV 3.85% 3/29/2026  | 176 | 173 |
| San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 6.404% on 3/2/2030) <sup>(g)</sup>  | 350 | 347 |
|  |  | 1607 |
| **Materials 0.04%** |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup>  | 355 | 311 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup>  | 400 | 397 |
| PT Krakatau Posco 6.375% 6/11/2027  | 345 | 347 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(d)</sup>  | 520 | 515 |
|  |  | 1570 |
| **Financials 0.04%** |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(g)</sup>  | 400 | 372 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(f)(g)</sup>  | 340 | 360 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030  | 300 | 277 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(g)</sup>  | 400 | 430 |
|  |  | 1439 |
| **Industrials 0.03%** |  |  |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup>  | 335 | 336 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  | 355 | 363 |
| Mexico City Airport Trust 4.25% 10/31/2026  | 200 | 196 |
|  |  | 895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **35** | American Funds Insurance Series |

---

------

New World Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples 0.02%** | **Consumer staples 0.02%** |  |  |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | USD200 | $204 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(d)</sup>  | NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(d)</sup>  | 200 | 201 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(d)</sup>  | NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(d)</sup>  | 420 | 423 |
|  |  |  | 828 |
| **Health care 0.02%** | **Health care 0.02%** |  |  |
| Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(f)</sup>  | Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(f)</sup>  | 260 | 247 |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | Rede D'Or Finance SARL 4.50% 1/22/2030  | 480 | 456 |
|  |  |  | 703 |
| **Total corporate bonds, notes & loans** | **Total corporate bonds, notes & loans** |  | 14564 |
| **Total bonds, notes & other debt instruments** (cost: $127,773,000) | **Total bonds, notes & other debt instruments** (cost: $127,773,000) |  | 127378 |
| Short-term securities 4.09% |  | Shares |  |
| **Money market investments 3.96%** | **Money market investments 3.96%** | **Money market investments 3.96%** | **Money market investments 3.96%** |
| Capital Group Central Cash Fund 4.35% <sup>(j)(k)</sup>  | Capital Group Central Cash Fund 4.35% <sup>(j)(k)</sup>  | 1476818 | 147681 |
| **Money market investments purchased with collateral from securities on loan 0.12%** | **Money market investments purchased with collateral from securities on loan 0.12%** | **Money market investments purchased with collateral from securities on loan 0.12%** | **Money market investments purchased with collateral from securities on loan 0.12%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(j)(l)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(j)(l)</sup>  | 4305789 | 4306 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** | **Bills & notes of governments & government agencies outside the U.S. 0.01%** |
| Egypt (Arab Republic of) 9/9/2025  | 21.357<br> %<br>| EGP11,900 | 228 |
| Egypt (Arab Republic of) 1/6/2026  | 19.531 | 12600 | 222 |
|  |  |  | 450 |
| **Total short-term securities** (cost: $152,427,000) | **Total short-term securities** (cost: $152,427,000) | **Total short-term securities** (cost: $152,427,000) | 152437 |
| **Total investment securities 100.68%** (cost: $2,412,085,000) | **Total investment securities 100.68%** (cost: $2,412,085,000) | **Total investment securities 100.68%** (cost: $2,412,085,000) | 3752924 |
| Other assets less liabilities (0.68)% | Other assets less liabilities (0.68)% |  | (25264)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $3727660 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Short | 2 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(416)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| 5 Year Euro-Bobl Futures | Short | 14 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1941)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| 5 Year U.S. Treasury Note Futures | Short | 3 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 10 Year Euro-Bund Futures | Short | 15 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **36** |

---

------

New World Fund (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 1 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 1 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| CNH | 6810 | USD | 952 | Standard Chartered Bank | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(c)</sup><br>|
| USD | 471 | MYR | 1995 | BNP Paribas | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| INR | 1695 | USD | 20 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| USD | 962 | EUR | 839 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| EUR | 490 | USD | 560 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| MXN | 1228 | USD | 64 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 64 | MXN | 1228 | Bank of New York Mellon | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| THB | 39695 | USD | 1226 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 297 | THB | 9665 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| CNH | 7185 | USD | 1003 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 1371 | ZAR | 24367 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2447 | EUR | 2127 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| USD | 38 | IDR | 622415 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| USD | 861 | BRL | 4817 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 717 | COP | 3027600 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
| USD | 47 | MYR | 201 | BNP Paribas | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| USD | 98 | PLN | 360 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1285 | MYR | 5447 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| IDR | 3560000 | USD | 217 | HSBC Bank | 7/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| EUR | 76 | USD | 88 | Morgan Stanley | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| INR | 12140 | USD | 141 | BNP Paribas | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 98 | MXN | 1875 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| CZK | 31590 | USD | 1496 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| HUF | 348902 | USD | 1021 | HSBC Bank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| CZK | 20855 | USD | 947 | Citibank | 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| USD | 653 | ZAR | 11850 | Goldman Sachs | 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(78)<br>|

---

**Investments in affiliates** <sup>(k)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.96%** |  |  |  |  |  |  |  |
| **Money market investments 3.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(j)</sup>  | $94686 | &nbsp;&nbsp; $320134 | &nbsp;&nbsp; $267116 | &nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $147681 | &nbsp;&nbsp; $2879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **37** | American Funds Insurance Series |

---

------

New World Fund (continued)

**Restricted securities** <sup>(d)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup> <br>| 5/26/2021 | $5258 | $6965 | 0.19<br> %<br>|
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup> <br>| 12/20/2021 | 1716 | 1791 | 0.05 |
| NBM US Holdings, Inc. 6.625% 8/6/2029  | 7/8/2022  | 410 | 423 | 0.01 |
| NBM US Holdings, Inc. 7.00% 5/14/2026  | 5/16/2023 | 197 | 201 | 0.01 |
| Canva, Inc. <sup>(a)(b)</sup> <br>| 8/26/2021-11/4/2021 | 656 | 493 | 0.01 |
| Canva, Inc., Series A, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 58 | 44 | 0.00 <br><sup>(m)</sup><br>|
| Canva, Inc., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup> <br>| 11/4/2021 | 2 | 1 | 0.00 <br><sup>(m)</sup><br>|
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 1/24/2024  | 525 | 515 | 0.01 |
| Getir BV, Series D, preferred shares <sup>(a)(b)</sup> <br>| 5/27/2021 | 3500 | — <br><sup>(c</sup>)<br>| 0.00 <br><sup>(m)</sup><br>|
| **Total** |  | $12322 | $10433 | 0.28<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $10,433,000, which represented 0.28% of the net assets of the fund. 

<sup>(e)</sup> All or a portion of this security was on loan. The total value of all such securities was $7,151,000, which represented 0.19% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $12,331,000, which represented 0.33% of the net assets of the fund. 

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(i)</sup> Scheduled interest and/or principal payment was not received.

<sup>(j)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(k)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CLP = Chilean pesos |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| EGP = Egyptian pounds |
| EUR = Euros |
| GBP = British pounds |
| GDR = Global Depositary Receipts |

---

---

| |
|:---|
| HUF = Hungarian forints |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NGN = Nigerian naira |
| PLN = Polish zloty |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **38** |

---

------

Washington Mutual Investors Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.21% | Shares | Value<br> (000)<br>|
| **Information technology 22.40%** |  |  |
| Broadcom, Inc.  | 3180875 | $876808 |
| Microsoft Corp.  | 1477941 | 735143 |
| NVIDIA Corp.  | 1376003 | 217395 |
| Apple, Inc.  | 959455 | 196851 |
| KLA Corp.  | 125916 | 112788 |
| ASML Holding NV (ADR)  | 112763 | 90367 |
| Motorola Solutions, Inc.  | 149143 | 62709 |
| International Business Machines Corp.  | 210325 | 62000 |
| Accenture PLC, Class A  | 143216 | 42806 |
| SAP SE (ADR)  | 135006 | 41055 |
| Texas Instruments, Inc.  | 180420 | 37459 |
| Oracle Corp.  | 148419 | 32449 |
| Salesforce, Inc.  | 97867 | 26687 |
| Applied Materials, Inc.  | 100045 | 18315 |
| Synopsys, Inc. <sup>(a)</sup>  | 31950 | 16380 |
| ASM International NV (ADR)  | 21707 | 13913 |
| Adobe, Inc. <sup>(a)</sup>  | 34743 | 13441 |
| Intel Corp.  | 545538 | 12220 |
| TE Connectivity Public, Ltd. Co.  | 36193 | 6105 |
|  |  | 2614891 |
| **Financials 18.36%** |  |  |
| Marsh & McLennan Cos., Inc.  | 1137983 | 248808 |
| JPMorgan Chase & Co.  | 666861 | 193330 |
| BlackRock, Inc.  | 166414 | 174610 |
| Visa, Inc., Class A  | 471682 | 167471 |
| Mastercard, Inc., Class A  | 230802 | 129697 |
| Capital One Financial Corp.  | 603410 | 128381 |
| Chubb, Ltd.  | 393830 | 114100 |
| Arthur J. Gallagher & Co.  | 340478 | 108994 |
| Bank of America Corp.  | 2241655 | 106075 |
| Wells Fargo & Co.  | 1022919 | 81956 |
| Truist Financial Corp.  | 1752492 | 75340 |
| Morgan Stanley  | 514896 | 72528 |
| Apollo Asset Management, Inc.  | 429153 | 60884 |
| Citizens Financial Group, Inc.  | 1320920 | 59111 |
| KKR & Co., Inc.  | 432202 | 57496 |
| Blackstone, Inc.  | 338091 | 50572 |
| CME Group, Inc., Class A  | 134224 | 36995 |
| Aon PLC, Class A  | 100447 | 35835 |
| American Express Co.  | 111170 | 35461 |
| S&P Global, Inc.  | 66315 | 34967 |
| Progressive Corp.  | 128261 | 34228 |
| Brookfield Asset Management, Ltd., Class A  | 483694 | 26739 |
| Goldman Sachs Group, Inc.  | 29966 | 21208 |
| Citigroup, Inc.  | 233574 | 19882 |
| AXA SA (ADR)  | 365158 | 17936 |
| Carlyle Group, Inc. (The)  | 270192 | 13888 |
| PNC Financial Services Group, Inc.  | 68886 | 12842 |
| Intercontinental Exchange, Inc.  | 52537 | 9639 |
| Fifth Third Bancorp  | 178306 | 7334 |
| KeyCorp  | 397800 | 6930 |
|  |  | 2143237 |
| **Industrials 11.50%** |  |  |
| RTX Corp.  | 1224474 | 178798 |
| General Electric Co.  | 641966 | 165236 |
| Northrop Grumman Corp.  | 283061 | 141525 |
| Boeing Co. (The) <sup>(a)</sup>  | 374770 | 78526 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Honeywell International, Inc.  | 324457 | $75560 |
| Union Pacific Corp.  | 289892 | 66698 |
| Paychex, Inc.  | 451500 | 65675 |
| 3M Co.  | 398062 | 60601 |
| L3Harris Technologies, Inc.  | 234851 | 58910 |
| Caterpillar, Inc.  | 145015 | 56296 |
| Deere & Co.  | 102849 | 52298 |
| Delta Air Lines, Inc.  | 769587 | 37848 |
| Ingersoll-Rand, Inc.  | 444378 | 36963 |
| Equifax, Inc.  | 139296 | 36129 |
| Carrier Global Corp.  | 438946 | 32126 |
| Parker-Hannifin Corp.  | 41006 | 28642 |
| PACCAR, Inc.  | 209348 | 19901 |
| Waste Connections, Inc.  | 99256 | 18533 |
| FedEx Corp.  | 79115 | 17984 |
| Johnson Controls International PLC  | 162291 | 17141 |
| Siemens AG (ADR)  | 132607 | 17089 |
| BAE Systems PLC (ADR)  | 161872 | 17008 |
| Republic Services, Inc.  | 67539 | 16656 |
| HEICO Corp.  | 44486 | 14591 |
| CSX Corp.  | 440277 | 14366 |
| Eaton Corp. PLC  | 17329 | 6186 |
| Lennox International, Inc.  | 8982 | 5149 |
| Deutsche Post AG (ADR)  | 94500 | 4390 |
| TransUnion  | 21970 | 1933 |
| Veralto Corp.  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
|  |  | 1342758 |
| **Health care 11.37%** |  |  |
| Eli Lilly and Co.  | 288964 | 225256 |
| UnitedHealth Group, Inc.  | 488501 | 152398 |
| Abbott Laboratories  | 1103923 | 150145 |
| Amgen, Inc.  | 521767 | 145682 |
| CVS Health Corp.  | 1797053 | 123961 |
| Gilead Sciences, Inc.  | 780218 | 86503 |
| AstraZeneca PLC (ADR)  | 1172994 | 81969 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 174716 | 77783 |
| Danaher Corp.  | 299736 | 59210 |
| AbbVie, Inc.  | 301318 | 55931 |
| Elevance Health, Inc.  | 129557 | 50392 |
| Sanofi (ADR)  | 450166 | 21747 |
| Bristol-Myers Squibb Co.  | 425890 | 19714 |
| Zimmer Biomet Holdings, Inc.  | 210007 | 19155 |
| Novo Nordisk AS, Class B (ADR)  | 193034 | 13323 |
| Thermo Fisher Scientific, Inc.  | 30868 | 12516 |
| Humana, Inc.  | 31515 | 7705 |
| Illumina, Inc. <sup>(a)</sup>  | 80452 | 7676 |
| Regeneron Pharmaceuticals, Inc.  | 13923 | 7310 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 79881 | 5684 |
| Zoetis, Inc., Class A  | 20870 | 3255 |
|  |  | 1327315 |
| **Consumer staples 8.74%** |  |  |
| Philip Morris International, Inc.  | 2426916 | 442014 |
| British American Tobacco PLC (ADR)  | 1900519 | 89952 |
| Keurig Dr Pepper, Inc.  | 2618399 | 86564 |
| Altria Group, Inc.  | 1020176 | 59813 |
| Constellation Brands, Inc., Class A  | 347154 | 56475 |
| Mondelez International, Inc., Class A  | 776532 | 52369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **40** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples (continued)** |  |  |
| Coca-Cola Co.  | 590211 | $41757 |
| Procter & Gamble Co.  | 216242 | 34452 |
| Costco Wholesale Corp.  | 33711 | 33372 |
| Hershey Co.  | 120501 | 19997 |
| Church & Dwight Co., Inc.  | 184306 | 17714 |
| Nestlé SA (ADR)  | 178302 | 17709 |
| Dollar General Corp.  | 138016 | 15786 |
| Kimberly-Clark Corp.  | 103829 | 13386 |
| Estee Lauder Cos., Inc. (The), Class A  | 145769 | 11778 |
| Kraft Heinz Co. (The)  | 412788 | 10658 |
| Target Corp.  | 98519 | 9719 |
| Bunge Global SA  | 80582 | 6469 |
|  |  | 1019984 |
| **Consumer discretionary 6.59%** |  |  |
| Royal Caribbean Cruises, Ltd.  | 568612 | 178055 |
| Home Depot, Inc.  | 250518 | 91850 |
| Starbucks Corp.  | 949091 | 86965 |
| YUM! Brands, Inc.  | 530703 | 78640 |
| Amazon.com, Inc. <sup>(a)</sup>  | 356329 | 78175 |
| Darden Restaurants, Inc.  | 342240 | 74598 |
| TJX Companies, Inc. (The)  | 336253 | 41524 |
| Marriott International, Inc., Class A  | 100754 | 27527 |
| NIKE, Inc., Class B  | 360727 | 25626 |
| D.R. Horton, Inc.  | 171613 | 22124 |
| Vail Resorts, Inc.  | 118995 | 18698 |
| Tractor Supply Co.  | 340785 | 17983 |
| General Motors Co.  | 226927 | 11167 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 165637 | 9301 |
| Sony Group Corp. (ADR) <sup>(c)</sup>  | 268839 | 6998 |
|  |  | 769231 |
| **Communication services 4.85%** |  |  |
| Alphabet, Inc., Class C  | 591921 | 105001 |
| Alphabet, Inc., Class A  | 449491 | 79214 |
| Meta Platforms, Inc., Class A  | 241141 | 177984 |
| Comcast Corp., Class A  | 3506395 | 125143 |
| Walt Disney Co. (The)  | 323772 | 40151 |
| Electronic Arts, Inc.  | 144232 | 23034 |
| Deutsche Telekom AG (ADR)  | 267761 | 9797 |
| AT&T, Inc.  | 189961 | 5497 |
|  |  | 565821 |
| **Utilities 3.74%** |  |  |
| Constellation Energy Corp.  | 389313 | 125655 |
| Sempra  | 1188525 | 90054 |
| Southern Co. (The)  | 821429 | 75432 |
| FirstEnergy Corp.  | 1235342 | 49735 |
| DTE Energy Co.  | 225528 | 29873 |
| CenterPoint Energy, Inc.  | 560529 | 20594 |
| Entergy Corp.  | 238997 | 19865 |
| Public Service Enterprise Group, Inc.  | 192090 | 16170 |
| NextEra Energy, Inc.  | 125161 | 8689 |
|  |  | 436067 |
| **Energy 3.52%** |  |  |
| EOG Resources, Inc.  | 1101276 | 131724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **41** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Exxon Mobil Corp.  | 818910 | $88278 |
| ConocoPhillips  | 625790 | 56158 |
| Canadian Natural Resources, Ltd.  | 1752296 | 55022 |
| Shell PLC (ADR)  | 378073 | 26620 |
| TC Energy Corp.  | 434970 | 21222 |
| Cenovus Energy, Inc.  | 951373 | 12939 |
| Halliburton Co.  | 398694 | 8125 |
| Schlumberger NV  | 216823 | 7329 |
| Chevron Corp.  | 20964 | 3002 |
|  |  | 410419 |
| **Materials 2.86%** |  |  |
| Linde PLC  | 187287 | 87871 |
| Corteva, Inc.  | 873022 | 65066 |
| Wheaton Precious Metals Corp.  | 565165 | 50752 |
| Air Products and Chemicals, Inc.  | 177158 | 49969 |
| International Paper Co.  | 770696 | 36092 |
| Freeport-McMoRan, Inc.  | 258172 | 11192 |
| Rio Tinto PLC (ADR)  | 156586 | 9134 |
| LyondellBasell Industries NV  | 153562 | 8885 |
| Royal Gold, Inc.  | 44934 | 7991 |
| H.B. Fuller Co.  | 114890 | 6911 |
|  |  | 333863 |
| **Real estate 2.28%** |  |  |
| Welltower, Inc. REIT  | 912865 | 140335 |
| Mid-America Apartment Communities, Inc. REIT  | 327583 | 48486 |
| Prologis, Inc. REIT  | 262923 | 27638 |
| American Tower Corp. REIT  | 87159 | 19264 |
| Simon Property Group, Inc. REIT  | 93346 | 15006 |
| AvalonBay Communities, Inc. REIT  | 43005 | 8751 |
| Extra Space Storage, Inc. REIT  | 42274 | 6233 |
|  |  | 265713 |
| **Total common stocks** (cost: $6,870,557,000) |  | 11229299 |
| Convertible stocks 0.50% |  |  |
| **Industrials 0.27%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 455591 | 30980 |
| **Financials 0.23%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 436775 | 23411 |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 54000 | 4042 |
|  |  | 27453 |
| **Total convertible stocks** (cost: $47,807,000) |  | 58433 |
| Short-term securities 3.14% |  |  |
| **Money market investments 3.14%** | **Money market investments 3.14%** | **Money market investments 3.14%** |
| Capital Group Central Cash Fund 4.35% <sup>(d)(e)</sup>  | 3667823 | 366782 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **42** |

---

------

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan 0.00%** | **Money market investments purchased with collateral from securities on loan 0.00%** | **Money market investments purchased with collateral from securities on loan 0.00%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(d)(f)</sup>  | 4082 | $4 |
| **Total short-term securities** (cost: $366,736,000) |  | 366786 |
| **Total investment securities 99.85%** (cost: $7,285,100,000) |  | 11654518 |
| Other assets less liabilities 0.15% |  | 17171 |
| **Net assets 100.00%** |  | $11671689 |

---

**Investments in affiliates** <sup>(e)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.14%** |  |  |  |  |  |  |  |
| **Money market investments 3.14%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(d)</sup>  | $245250 | &nbsp;&nbsp; $902891 | &nbsp;&nbsp; $781291 | &nbsp;&nbsp; $(31)<br>| &nbsp;&nbsp; $(37)<br>| &nbsp;&nbsp; $366782 | &nbsp;&nbsp; $7099 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(d)</sup>  | 9850 |  | &nbsp;&nbsp; 9850 <br><sup>(g)</sup><br>|  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(h)</sup><br>|
| **Total 3.14%** |  |  |  | &nbsp;&nbsp; $(31)<br>| &nbsp;&nbsp; $(37)<br>| &nbsp;&nbsp; $366782 | &nbsp;&nbsp; $7099 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> All or a portion of this security was on loan. The total value of all such securities was $4,000, which represented less than 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(d)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(e)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(f)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(h)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **43** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 96.54% | Shares | Value<br> (000)<br>|
| **Financials 23.50%** |  |  |
| Capital One Financial Corp.  | 2354 | $501 |
| Brown & Brown, Inc.  | 3591 | 398 |
| Fifth Third Bancorp  | 7211 | 297 |
| Victory Capital Holdings, Inc., Class A  | 4402 | 280 |
| RenaissanceRe Holdings, Ltd.  | 1100 | 267 |
| KeyCorp  | 13000 | 227 |
| TPG, Inc., Class A  | 3952 | 207 |
| LPL Financial Holdings, Inc.  | 534 | 200 |
| Hamilton Lane, Inc., Class A  | 1186 | 169 |
| StepStone Group, Inc., Class A  | 2938 | 163 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 2094 | 145 |
| Aspen Insurance Holdings, Ltd., Class A <sup>(a)</sup>  | 4099 | 129 |
| WEX, Inc. <sup>(a)</sup>  | 864 | 127 |
| Radian Group, Inc.  | 3119 | 112 |
| Tradeweb Markets, Inc., Class A  | 614 | 90 |
| Ameriprise Financial, Inc.  | 158 | 84 |
| Artisan Partners Asset Management, Inc., Class A  | 1682 | 75 |
| Ally Financial, Inc.  | 1756 | 68 |
| Citizens Financial Group, Inc.  | 1105 | 50 |
| Kinsale Capital Group, Inc.  | 91 | 44 |
| Arthur J. Gallagher & Co.  | 109 | 35 |
| Block, Inc., Class A <sup>(a)</sup>  | 521 | 35 |
|  |  | 3703 |
| **Industrials 20.22%** |  |  |
| XPO, Inc. <sup>(a)</sup>  | 2218 | 280 |
| United Rentals, Inc.  | 342 | 258 |
| Karman Holdings, Inc. <sup>(a)</sup>  | 4909 | 247 |
| Crane Co.  | 1255 | 238 |
| Ingersoll-Rand, Inc.  | 2725 | 227 |
| ATI, Inc. <sup>(a)</sup>  | 1884 | 163 |
| Comfort Systems USA, Inc.  | 284 | 152 |
| AGCO Corp.  | 1407 | 145 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 2211 | 133 |
| Generac Holdings, Inc. <sup>(a)</sup>  | 853 | 122 |
| Kadant, Inc.  | 378 | 120 |
| APi Group Corp. <sup>(a)</sup>  | 2013 | 103 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 830 | 100 |
| Advanced Drainage Systems, Inc.  | 718 | 83 |
| Copart, Inc. <sup>(a)</sup>  | 1583 | 78 |
| PACCAR, Inc.  | 756 | 72 |
| Applied Industrial Technologies, Inc.  | 306 | 71 |
| Toro Co. (The)  | 897 | 63 |
| HEICO Corp.  | 180 | 59 |
| Alight, Inc., Class A  | 10335 | 59 |
| L3Harris Technologies, Inc.  | 192 | 48 |
| Robert Half, Inc.  | 1150 | 47 |
| Graco, Inc.  | 521 | 45 |
| AMETEK, Inc.  | 246 | 45 |
| Fluor Corp. <sup>(a)</sup>  | 774 | 40 |
| Bloom Energy Corp., Class A <sup>(a)</sup>  | 1537 | 37 |
| Nextracker, Inc., Class A <sup>(a)</sup>  | 598 | 33 |
| Oshkosh Corp.  | 282 | 32 |
| CBIZ, Inc. <sup>(a)</sup>  | 408 | 29 |
| FTI Consulting, Inc. <sup>(a)</sup>  | 139 | 22 |
| FTAI Aviation, Ltd.  | 186 | 21 |
| Regal Rexnord Corp.  | 98 | 14 |
|  |  | 3186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **44** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary 16.33%** |  |  |
| YUM! Brands, Inc.  | 2323 | $344 |
| Hilton Worldwide Holdings, Inc.  | 1003 | 267 |
| Vail Resorts, Inc.  | 1634 | 257 |
| LKQ Corp.  | 6101 | 226 |
| Aptiv Holdings, Ltd. <sup>(a)</sup>  | 2253 | 154 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 970 | 120 |
| Wingstop, Inc.  | 341 | 115 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 400 | 114 |
| Five Below, Inc. <sup>(a)</sup>  | 714 | 94 |
| Darden Restaurants, Inc.  | 422 | 92 |
| General Motors Co.  | 1825 | 90 |
| Williams-Sonoma, Inc.  | 475 | 77 |
| Polaris, Inc.  | 1836 | 75 |
| Murphy USA, Inc.  | 154 | 63 |
| TopBuild Corp. <sup>(a)</sup>  | 191 | 62 |
| Chewy, Inc., Class A <sup>(a)</sup>  | 1441 | 61 |
| Texas Roadhouse, Inc.  | 321 | 60 |
| Royal Caribbean Cruises, Ltd.  | 181 | 57 |
| D.R. Horton, Inc.  | 396 | 51 |
| Brinker International, Inc. <sup>(a)</sup>  | 266 | 48 |
| Toll Brothers, Inc.  | 408 | 46 |
| Cavco Industries, Inc. <sup>(a)</sup>  | 78 | 34 |
| AutoZone, Inc. <sup>(a)</sup>  | 9 | 33 |
| CAVA Group, Inc. <sup>(a)</sup>  | 385 | 32 |
|  |  | 2572 |
| **Information technology 10.90%** |  |  |
| Ingram Micro Holding Corp.  | 12295 | 256 |
| Insight Enterprises, Inc. <sup>(a)</sup>  | 1116 | 154 |
| Fabrinet, non-registered shares <sup>(a)</sup>  | 513 | 151 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 836 | 137 |
| Flex, Ltd. <sup>(a)</sup>  | 2187 | 109 |
| Lumentum Holdings, Inc. <sup>(a)</sup>  | 1084 | 103 |
| Vontier Corp.  | 2653 | 98 |
| Procore Technologies, Inc. <sup>(a)</sup>  | 1410 | 97 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 394 | 77 |
| Pure Storage, Inc., Class A <sup>(a)</sup>  | 1273 | 73 |
| TD SYNNEX Corp.  | 472 | 64 |
| MongoDB, Inc., Class A <sup>(a)</sup>  | 293 | 62 |
| Ciena Corp. <sup>(a)</sup>  | 657 | 54 |
| CDW Corp.  | 276 | 49 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 221 | 39 |
| RingCentral, Inc., Class A <sup>(a)</sup>  | 1316 | 37 |
| Okta, Inc., Class A <sup>(a)</sup>  | 369 | 37 |
| Fair Isaac Corp. <sup>(a)</sup>  | 18 | 33 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup>  | 1392 | 31 |
| Klaviyo, Inc., Class A <sup>(a)</sup>  | 693 | 23 |
| ServiceTitan, Inc., Class A <sup>(a)</sup>  | 160 | 17 |
| Circle Internet Group, Inc. <sup>(a)(b)</sup>  | 96 | 17 |
|  |  | 1718 |
| **Consumer staples 8.32%** |  |  |
| US Foods Holding Corp. <sup>(a)</sup>  | 4947 | 381 |
| Monster Beverage Corp. <sup>(a)</sup>  | 3877 | 243 |
| e.l.f. Beauty, Inc. <sup>(a)</sup>  | 1295 | 161 |
| Kimberly-Clark Corp.  | 801 | 103 |
| Casey's General Stores, Inc.  | 189 | 96 |
| Dollar General Corp.  | 823 | 94 |
| Estee Lauder Cos., Inc. (The), Class A  | 801 | 65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **45** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples (continued)** |  |  |
| Keurig Dr Pepper, Inc.  | 1967 | $65 |
| Maplebear, Inc. <sup>(a)</sup>  | 1127 | 51 |
| Target Corp.  | 347 | 34 |
| Constellation Brands, Inc., Class A  | 75 | 12 |
| Bunge Global SA  | 56 | 5 |
|  |  | 1310 |
| **Health care 7.45%** |  |  |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup>  | 2204 | 110 |
| Medpace Holdings, Inc. <sup>(a)</sup>  | 305 | 96 |
| Exact Sciences Corp. <sup>(a)</sup>  | 1764 | 94 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 2386 | 94 |
| Align Technology, Inc. <sup>(a)</sup>  | 458 | 87 |
| Illumina, Inc. <sup>(a)</sup>  | 885 | 84 |
| Veeva Systems, Inc., Class A <sup>(a)</sup>  | 291 | 84 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 1132 | 81 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 233 | 69 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 1133 | 59 |
| Doximity, Inc., Class A <sup>(a)</sup>  | 884 | 54 |
| Penumbra, Inc. <sup>(a)</sup>  | 203 | 52 |
| Natera, Inc. <sup>(a)</sup>  | 275 | 47 |
| Zimmer Biomet Holdings, Inc.  | 328 | 30 |
| NewAmsterdam Pharma Co. NV <sup>(a)</sup>  | 1638 | 30 |
| DexCom, Inc. <sup>(a)</sup>  | 310 | 27 |
| Humana, Inc.  | 95 | 23 |
| Krystal Biotech, Inc. <sup>(a)</sup>  | 147 | 20 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 34 | 11 |
| agilon health, Inc. <sup>(a)</sup>  | 4503 | 10 |
| Caris Life Sciences, Inc., Class A <sup>(a)</sup>  | 345 | 9 |
| GRAIL, Inc. <sup>(a)(b)</sup>  | 57 | 3 |
|  |  | 1174 |
| **Communication services 3.44%** |  |  |
| ROBLOX Corp., Class A <sup>(a)</sup>  | 2872 | 302 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 613 | 93 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 128 | 52 |
| Trade Desk, Inc. (The), Class A <sup>(a)</sup>  | 669 | 48 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 192 | 47 |
|  |  | 542 |
| **Real estate 2.79%** |  |  |
| Mid-America Apartment Communities, Inc. REIT  | 898 | 133 |
| Essex Property Trust, Inc. REIT  | 370 | 105 |
| Crown Castle, Inc. REIT  | 828 | 85 |
| NNN REIT, Inc.  | 1771 | 76 |
| Lineage, Inc. REIT  | 937 | 41 |
|  |  | 440 |
| **Energy 2.03%** |  |  |
| Diamondback Energy, Inc.  | 883 | 121 |
| Baker Hughes Co., Class A  | 2254 | 87 |
| Viper Energy, Inc., Class A  | 1358 | 52 |
| Permian Resources Corp., Class A  | 3106 | 42 |
| Cheniere Energy, Inc.  | 71 | 17 |
|  |  | 319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **46** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 1.46%** |  |  |
| International Paper Co.  | 3154 | $148 |
| Element Solutions, Inc.  | 2825 | 64 |
| Albemarle Corp.  | 295 | 18 |
|  |  | 230 |
| **Utilities 0.10%** |  |  |
| FirstEnergy Corp.  | 364 | 15 |
| **Total common stocks** (cost: $14,596,000) |  | 15209 |
| Short-term securities 3.28% |  |  |
| **Money market investments 3.24%** | **Money market investments 3.24%** | **Money market investments 3.24%** |
| Capital Group Central Cash Fund 4.35% <sup>(c)(d)</sup>  | 5099 | 510 |
| **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** | **Money market investments purchased with collateral from securities on loan 0.04%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(c)(e)</sup>  | 6301 | 7 |
| **Total short-term securities** (cost: $516,000) |  | 517 |
| **Total investment securities 99.82%** (cost: $15,112,000) |  | 15726 |
| Other assets less liabilities 0.18% |  | 29 |
| **Net assets 100.00%** |  | $15755 |

---

**Investments in affiliates** <sup>(d)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.24%** |  |  |  |  |  |  |  |
| **Money market investments 3.24%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)</sup>  | $288 | &nbsp;&nbsp; $2214 | &nbsp;&nbsp; $1992 | &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $— <br><sup>(f)</sup><br>| &nbsp;&nbsp; $510 | &nbsp;&nbsp; $7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $7,000, which represented 0.04% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(d)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| REIT = Real Estate Investment Trust |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **47** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 95.96% | Shares | Value<br> (000)<br>|
| **Information technology 21.38%** |  |  |
| Broadcom, Inc.  | 322908 | $89010 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 2154772 | 78189 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 3201 | 725 |
| Microsoft Corp.  | 148122 | 73677 |
| NVIDIA Corp.  | 275672 | 43553 |
| Apple, Inc.  | 106641 | 21880 |
| ASML Holding NV  | 17464 | 13939 |
| ASML Holding NV (ADR)  | 1512 | 1212 |
| International Business Machines Corp.  | 41677 | 12286 |
| Micron Technology, Inc.  | 97542 | 12022 |
| Tokyo Electron, Ltd.  | 50675 | 9741 |
| Oracle Corp.  | 35633 | 7790 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 65481 | 7553 |
| SAP SE  | 20143 | 6125 |
| Texas Instruments, Inc.  | 25295 | 5252 |
| MediaTek, Inc.  | 122094 | 5224 |
| Seagate Technology Holdings PLC  | 27052 | 3904 |
| ANSYS, Inc. <sup>(a)</sup>  | 10370 | 3642 |
| Accenture PLC, Class A  | 10695 | 3197 |
| KLA Corp.  | 3423 | 3066 |
| Salesforce, Inc.  | 10034 | 2736 |
| Constellation Software, Inc.  | 721 | 2644 |
| Intel Corp.  | 116540 | 2611 |
| Capgemini SE  | 14221 | 2430 |
| Allegro MicroSystems, Inc. <sup>(a)</sup>  | 64600 | 2209 |
| Keyence Corp.  | 5100 | 2048 |
| Synopsys, Inc. <sup>(a)</sup>  | 3579 | 1835 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 10025 | 1773 |
| Cloudflare, Inc., Class A <sup>(a)</sup>  | 8686 | 1701 |
| Ciena Corp. <sup>(a)</sup>  | 17848 | 1452 |
| Adobe, Inc. <sup>(a)</sup>  | 3195 | 1236 |
| Elastic NV, non-registered shares <sup>(a)</sup>  | 11780 | 993 |
| Fair Isaac Corp. <sup>(a)</sup>  | 458 | 837 |
| Advantech Co., Ltd.  | 36098 | 420 |
| Applied Materials, Inc.  | 743 | 136 |
|  |  | 427048 |
| **Financials 15.86%** |  |  |
| Zurich Insurance Group AG  | 20837 | 14565 |
| JPMorgan Chase & Co.  | 44526 | 12909 |
| AXA SA  | 262359 | 12878 |
| Chubb, Ltd.  | 41672 | 12073 |
| Mastercard, Inc., Class A  | 18748 | 10535 |
| BlackRock, Inc.  | 9891 | 10378 |
| Apollo Asset Management, Inc.  | 70768 | 10040 |
| Capital One Financial Corp.  | 46086 | 9805 |
| Citigroup, Inc.  | 110046 | 9367 |
| Aviva PLC  | 1042205 | 8858 |
| NatWest Group PLC  | 1253488 | 8799 |
| ING Groep NV  | 342713 | 7519 |
| Arthur J. Gallagher & Co.  | 22995 | 7361 |
| Blackstone, Inc.  | 47902 | 7165 |
| American Express Co.  | 22216 | 7086 |
| Banco Bilbao Vizcaya Argentaria SA  | 444681 | 6838 |
| Ping An Insurance (Group) Company of China, Ltd., Class H  | 1005280 | 6384 |
| Ping An Insurance (Group) Company of China, Ltd., Class A  | 35100 | 272 |
| UniCredit SpA  | 93613 | 6276 |
| Visa, Inc., Class A  | 17504 | 6215 |
| HSBC Holdings PLC (GBP denominated)  | 351246 | 4252 |
| HSBC Holdings PLC (HKD denominated)  | 130000 | 1572 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **48** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| HDFC Life Insurance Co., Ltd.  | 598632 | $5684 |
| Wells Fargo & Co.  | 70909 | 5681 |
| 3i Group PLC  | 93637 | 5295 |
| Marsh & McLennan Cos., Inc.  | 22870 | 5000 |
| Bank of America Corp.  | 104457 | 4943 |
| Aon PLC, Class A  | 12988 | 4634 |
| Blue Owl Capital, Inc., Class A  | 230174 | 4422 |
| CVC Capital Partners PLC  | 207761 | 4253 |
| Israel Discount Bank, Ltd., Class A  | 426539 | 4250 |
| Ares Management Corp., Class A  | 24360 | 4219 |
| Partners Group Holding AG  | 3100 | 4044 |
| Postal Savings Bank of China Co., Ltd., Class H  | 5705383 | 3983 |
| Progressive Corp.  | 14883 | 3972 |
| BNP Paribas SA  | 42005 | 3776 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 5305 | 3441 |
| KB Financial Group, Inc.  | 40508 | 3329 |
| AIA Group, Ltd.  | 365869 | 3281 |
| Mizuho Financial Group, Inc.  | 116000 | 3216 |
| FinecoBank SpA  | 139663 | 3099 |
| Axis Bank, Ltd.  | 213293 | 2983 |
| Erste Group Bank AG  | 34767 | 2961 |
| Danske Bank AS  | 71120 | 2900 |
| Morgan Stanley  | 20517 | 2890 |
| Svenska Handelsbanken AB, Class A  | 193544 | 2587 |
| China Merchants Bank Co., Ltd., Class A  | 256800 | 1647 |
| China Merchants Bank Co., Ltd., Class H  | 122403 | 855 |
| Brown & Brown, Inc.  | 22407 | 2484 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated)  | 44450 | 2460 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 174140 | 2389 |
| DBS Group Holdings, Ltd.  | 67000 | 2367 |
| HDFC Bank, Ltd.  | 66556 | 1553 |
| HDFC Bank, Ltd. (ADR)  | 8629 | 662 |
| CaixaBank SA, non-registered shares  | 249398 | 2160 |
| Bank Central Asia Tbk PT  | 4024400 | 2150 |
| B3 SA - Brasil, Bolsa, Balcao  | 732050 | 1965 |
| American International Group, Inc.  | 22219 | 1902 |
| TPG, Inc., Class A  | 34713 | 1821 |
| KKR & Co., Inc.  | 12817 | 1705 |
| National Bank of Canada  | 14828 | 1530 |
| Skandinaviska Enskilda Banken AB, Class A  | 84086 | 1467 |
| Societe Generale  | 24943 | 1427 |
| Banco Comercial Portugues, SA  | 1692704 | 1317 |
| Sumitomo Mitsui Financial Group, Inc.  | 50300 | 1269 |
| Fiserv, Inc. <sup>(a)</sup>  | 6083 | 1049 |
| Fidelity National Information Services, Inc.  | 11892 | 968 |
| Bank Hapoalim BM  | 46715 | 896 |
| Goldman Sachs Group, Inc.  | 1233 | 873 |
| Abu Dhabi Islamic Bank PJSC  | 141991 | 831 |
| Federal Home Loan Mortgage Corp. <sup>(a)(b)</sup>  | 98292 | 810 |
| Fannie Mae <sup>(a)</sup>  | 77815 | 742 |
| XP, Inc., Class A  | 36512 | 738 |
| Macquarie Group, Ltd.  | 4650 | 700 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 3196952 | — <br><sup>(d)</sup><br>|
|  |  | 316727 |
| **Industrials 15.14%** |  |  |
| General Electric Co.  | 121801 | 31350 |
| BAE Systems PLC  | 911124 | 23594 |
| Airbus SE, non-registered shares  | 93536 | 19531 |
| RTX Corp.  | 113584 | 16586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **49** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Siemens AG  | 63126 | $16184 |
| TransDigm Group, Inc.  | 10394 | 15806 |
| Leonardo SpA  | 245803 | 13834 |
| Carrier Global Corp.  | 143154 | 10478 |
| Deere & Co.  | 20164 | 10253 |
| Melrose Industries PLC  | 1341959 | 9778 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 80853 | 9490 |
| Ryanair Holdings PLC (ADR)  | 153215 | 8836 |
| Safran SA  | 22275 | 7239 |
| United Rentals, Inc.  | 9359 | 7051 |
| Hitachi, Ltd.  | 237400 | 6932 |
| RELX PLC  | 121544 | 6568 |
| Deutsche Post AG  | 135573 | 6262 |
| Rolls-Royce Holdings PLC  | 447691 | 5946 |
| Mitsui & Co., Ltd.  | 253700 | 5192 |
| L3Harris Technologies, Inc.  | 20021 | 5022 |
| Lockheed Martin Corp.  | 10375 | 4805 |
| Siemens Energy AG <sup>(a)</sup>  | 40154 | 4638 |
| Volvo AB, Class B  | 161206 | 4522 |
| Bureau Veritas SA  | 130575 | 4451 |
| Ingersoll-Rand, Inc.  | 51987 | 4324 |
| Parker-Hannifin Corp.  | 5942 | 4150 |
| Techtronic Industries Co., Ltd.  | 359000 | 3947 |
| Recruit Holdings Co., Ltd.  | 65950 | 3909 |
| MTU Aero Engines AG  | 8343 | 3707 |
| Saab AB, Class B  | 50858 | 2836 |
| ITOCHU Corp.  | 49800 | 2613 |
| International Consolidated Airlines Group SA (CDI)  | 547301 | 2563 |
| XPO, Inc. <sup>(a)</sup>  | 15581 | 1968 |
| Crane Co.  | 10233 | 1943 |
| Comfort Systems USA, Inc.  | 2936 | 1574 |
| CSX Corp.  | 45296 | 1478 |
| AMETEK, Inc.  | 7650 | 1384 |
| Weir Group PLC (The)  | 40053 | 1369 |
| Bunzl PLC  | 42369 | 1349 |
| SS&C Technologies Holdings, Inc.  | 13786 | 1142 |
| FTAI Aviation, Ltd.  | 9560 | 1100 |
| Boeing Co. (The) <sup>(a)</sup>  | 4235 | 887 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 37007 | 850 |
| Howmet Aerospace, Inc.  | 4460 | 830 |
| Woodward, Inc.  | 3354 | 822 |
| Diploma PLC  | 11469 | 770 |
| Core & Main, Inc., Class A <sup>(a)</sup>  | 12400 | 748 |
| Ferguson Enterprises, Inc.  | 2880 | 627 |
| Arcadis NV, non-registered shares  | 10404 | 505 |
| FedEx Corp.  | 1469 | 334 |
| Marubeni Corp.  | 13600 | 275 |
| GE Vernova, Inc.  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
|  |  | 302352 |
| **Consumer discretionary 9.07%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 140588 | 30844 |
| Starbucks Corp.  | 160763 | 14731 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 44504 | 12717 |
| Royal Caribbean Cruises, Ltd.  | 35581 | 11142 |
| Las Vegas Sands Corp.  | 253300 | 11021 |
| Compagnie Financiere Richemont SA, Class A  | 50832 | 9574 |
| Trip.com Group, Ltd. (ADR)  | 81904 | 4803 |
| Trip.com Group, Ltd.  | 77436 | 4498 |
| Industria de Diseno Textil SA  | 172358 | 8970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **50** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Tesla, Inc. <sup>(a)</sup>  | 26703 | $8483 |
| NEXT PLC  | 49226 | 8406 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 2554 | 6675 |
| Home Depot, Inc.  | 15110 | 5540 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 10539 | 5519 |
| Booking Holdings, Inc.  | 891 | 5158 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 82008 | 4605 |
| Moncler SpA  | 60825 | 3467 |
| Hermes International  | 1159 | 3139 |
| Marriott International, Inc., Class A  | 8912 | 2435 |
| Shimano, Inc.  | 16700 | 2424 |
| Restaurant Brands International, Inc. (CAD denominated)  | 28394 | 1884 |
| Aristocrat Leisure, Ltd.  | 39374 | 1689 |
| Dollarama, Inc.  | 11674 | 1645 |
| D.R. Horton, Inc.  | 12445 | 1604 |
| InterContinental Hotels Group PLC  | 13475 | 1536 |
| Hyundai Motor Co.  | 9840 | 1484 |
| adidas AG  | 5898 | 1375 |
| Ferrari NV (EUR denominated)  | 2794 | 1369 |
| Midea Group Co., Ltd., Class A  | 123300 | 1242 |
| Suzuki Motor Corp.  | 98300 | 1190 |
| Compass Group PLC  | 24325 | 824 |
| BYD Co., Ltd., Class H  | 42000 | 655 |
| Stellantis NV  | 60662 | 608 |
|  |  | 181256 |
| **Health care 8.41%** |  |  |
| Eli Lilly and Co.  | 40598 | 31647 |
| Abbott Laboratories  | 157539 | 21427 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 46256 | 20593 |
| Stryker Corp.  | 27929 | 11050 |
| Novo Nordisk AS, Class B  | 149699 | 10390 |
| Gilead Sciences, Inc.  | 87671 | 9720 |
| Sanofi  | 80343 | 7780 |
| Medtronic PLC  | 75839 | 6611 |
| UnitedHealth Group, Inc.  | 20150 | 6286 |
| Takeda Pharmaceutical Co., Ltd.  | 189200 | 5814 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 15146 | 4512 |
| Amgen, Inc.  | 14806 | 4134 |
| Daiichi Sankyo Co., Ltd.  | 152300 | 3559 |
| Novartis AG  | 28740 | 3483 |
| Insulet Corp. <sup>(a)</sup>  | 10680 | 3356 |
| EssilorLuxottica SA  | 11285 | 3096 |
| Thermo Fisher Scientific, Inc.  | 7404 | 3002 |
| GE HealthCare Technologies, Inc.  | 21529 | 1595 |
| Haleon PLC  | 246030 | 1264 |
| Boston Scientific Corp. <sup>(a)</sup>  | 10781 | 1158 |
| Lonza Group AG  | 1598 | 1138 |
| CVS Health Corp.  | 16336 | 1127 |
| AstraZeneca PLC  | 7502 | 1042 |
| Cigna Group (The)  | 3100 | 1025 |
| Chugai Pharmaceutical Co., Ltd.  | 17100 | 894 |
| Rede D'Or Sao Luiz SA  | 122458 | 798 |
| Coloplast AS, Class B  | 6002 | 570 |
| Centene Corp. <sup>(a)</sup>  | 8628 | 468 |
| agilon health, Inc. <sup>(a)</sup>  | 125582 | 289 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 568 | 185 |
|  |  | 168013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **51** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services 8.30%** |  |  |
| Meta Platforms, Inc., Class A  | 55225 | $40761 |
| Alphabet, Inc., Class A  | 91743 | 16168 |
| Alphabet, Inc., Class C  | 61561 | 10920 |
| Netflix, Inc. <sup>(a)</sup>  | 9626 | 12891 |
| Deutsche Telekom AG  | 330282 | 12049 |
| Publicis Groupe SA  | 106720 | 12028 |
| SoftBank Group Corp.  | 116000 | 8470 |
| AT&T, Inc.  | 240744 | 6967 |
| NetEase, Inc.  | 216200 | 5811 |
| NetEase, Inc. (ADR)  | 4665 | 628 |
| Singapore Telecommunications, Ltd.  | 2083063 | 6258 |
| Bharti Airtel, Ltd.  | 230486 | 5401 |
| Bharti Airtel, Ltd., interim shares  | 7924 | 141 |
| Universal Music Group NV  | 170542 | 5521 |
| SoftBank Corp.  | 3155950 | 4887 |
| Tencent Holdings, Ltd.  | 58900 | 3774 |
| Comcast Corp., Class A  | 100858 | 3600 |
| Nintendo Co., Ltd.  | 34000 | 3277 |
| Spotify Technology SA <sup>(a)</sup>  | 3523 | 2703 |
| Omnicom Group, Inc.  | 19663 | 1415 |
| Walt Disney Co. (The)  | 10921 | 1354 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 4749 | 760 |
| Advanced Info Service PCL, foreign registered shares  | 7000 | 60 |
|  |  | 165844 |
| **Consumer staples 6.05%** |  |  |
| Philip Morris International, Inc.  | 270760 | 49313 |
| Nestle SA  | 120933 | 12015 |
| Imperial Brands PLC  | 302229 | 11935 |
| British American Tobacco PLC  | 242773 | 11540 |
| Kroger Co.  | 117170 | 8405 |
| JBS NV (BDR) <sup>(a)</sup>  | 238801 | 3438 |
| Ajinomoto Co., Inc.  | 123600 | 3355 |
| Ocado Group PLC <sup>(a)</sup>  | 792264 | 2468 |
| Costco Wholesale Corp.  | 2306 | 2283 |
| Danone SA  | 27147 | 2218 |
| Sysco Corp.  | 24507 | 1856 |
| Kweichow Moutai Co., Ltd., Class A  | 9100 | 1790 |
| Bunge Global SA  | 17875 | 1435 |
| Procter & Gamble Co.  | 7660 | 1220 |
| Uni-Charm Corp.  | 147000 | 1062 |
| Suntory Beverage & Food, Ltd. <sup>(b)</sup>  | 31400 | 1005 |
| US Foods Holding Corp. <sup>(a)</sup>  | 12968 | 999 |
| Arca Continental, SAB de CV  | 87378 | 924 |
| L'Oreal SA, non-registered shares  | 2062 | 882 |
| Loblaw Companies, Ltd.  | 5274 | 872 |
| Coca-Cola Co.  | 11233 | 795 |
| Keurig Dr Pepper, Inc.  | 19565 | 647 |
| Altria Group, Inc.  | 6282 | 368 |
| General Mills, Inc.  | 1805 | 93 |
|  |  | 120918 |
| **Materials 5.30%** |  |  |
| Freeport-McMoRan, Inc.  | 411150 | 17823 |
| Linde PLC  | 27617 | 12957 |
| Heidelberg Materials AG, non-registered shares  | 45768 | 10753 |
| Vale SA, ordinary nominative shares  | 962864 | 9331 |
| Vale SA (ADR), ordinary nominative shares  | 140029 | 1359 |
| Rio Tinto PLC  | 159054 | 9268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **52** |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 366873 | $6517 |
| Air Products and Chemicals, Inc.  | 18638 | 5257 |
| Corteva, Inc.  | 68862 | 5132 |
| Glencore PLC  | 982063 | 3823 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 450844 | 3387 |
| Air Liquide SA  | 15673 | 3234 |
| Smurfit Westrock PLC  | 63371 | 2735 |
| Dow, Inc.  | 84736 | 2244 |
| Agnico Eagle Mines, Ltd./ Mines Agnico Eagle Limitee  | 17572 | 2094 |
| Grupo Mexico, SAB de CV, Series B  | 249082 | 1509 |
| Southern Copper Corp.  | 14886 | 1506 |
| Shin-Etsu Chemical Co., Ltd.  | 31900 | 1057 |
| Akzo Nobel NV  | 14643 | 1025 |
| Lundin Mining Corp.  | 95894 | 1008 |
| CRH PLC  | 10569 | 970 |
| Franco-Nevada Corp.  | 5675 | 930 |
| Antofagasta PLC  | 35642 | 885 |
| Anglogold Ashanti PLC  | 15965 | 728 |
| Evonik Industries AG  | 20222 | 417 |
| Anglo American PLC  | — <br><sup>(d)</sup><br>| — <br><sup>(d)</sup><br>|
|  |  | 105949 |
| **Energy 3.99%** |  |  |
| Shell PLC (GBP denominated)  | 444092 | 15565 |
| Shell PLC (EUR denominated)  | 14064 | 497 |
| EOG Resources, Inc.  | 125943 | 15064 |
| Cameco Corp. (CAD denominated)  | 127926 | 9500 |
| Cameco Corp.  | 39775 | 2953 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 333819 | 10492 |
| TC Energy Corp. (CAD denominated) <sup>(b)</sup>  | 153662 | 7502 |
| Tourmaline Oil Corp.  | 64998 | 3136 |
| Baker Hughes Co., Class A  | 76799 | 2944 |
| BP PLC  | 567500 | 2849 |
| Suncor Energy, Inc.  | 68296 | 2558 |
| ConocoPhillips  | 21973 | 1972 |
| Expand Energy Corp.  | 12380 | 1448 |
| Neste OYJ  | 85724 | 1163 |
| Schlumberger NV  | 21356 | 722 |
| TotalEnergies SE  | 11680 | 717 |
| ADNOC Drilling Co. PJSC  | 381223 | 592 |
|  |  | 79674 |
| **Utilities 1.69%** |  |  |
| E.ON SE  | 252314 | 4644 |
| Iberdrola SA, non-registered shares  | 231736 | 4447 |
| Constellation Energy Corp.  | 11628 | 3753 |
| Pinnacle West Capital Corp.  | 36700 | 3284 |
| Engie SA  | 134866 | 3165 |
| NextEra Energy, Inc.  | 38632 | 2682 |
| Dominion Energy, Inc.  | 39815 | 2250 |
| Duke Energy Corp.  | 18764 | 2214 |
| China Resources Gas Group, Ltd.  | 728832 | 1862 |
| National Grid PLC  | 105993 | 1544 |
| DTE Energy Co.  | 10763 | 1426 |
| Public Service Enterprise Group, Inc.  | 11944 | 1005 |
| FirstEnergy Corp.  | 24064 | 969 |
| Southern Co. (The)  | 5700 | 523 |
|  |  | 33768 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **53** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 0.77%** |  |  |
| Prologis, Inc. REIT  | 44269 | $4653 |
| China Resources Mixc Lifestyle Services, Ltd.  | 943600 | 4562 |
| VICI Properties, Inc. REIT  | 134656 | 4390 |
| Simon Property Group, Inc. REIT  | 6679 | 1074 |
| Longfor Group Holdings, Ltd. <sup>(b)</sup>  | 668238 | 788 |
|  |  | 15467 |
| **Total common stocks** (cost: $1,143,827,000) |  | 1917016 |
| Preferred securities 0.26% |  |  |
| **Financials 0.26%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares  | 320549 | 2180 |
| Itau Unibanco Holding SA (ADR), preferred nominative shares  | 219472 | 1490 |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)(b)</sup>  | 58679 | 880 |
| Fannie Mae, Series T, 8.25% noncumulative preferred shares <sup>(a)</sup>  | 700 | 10 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup>  | 37228 | 531 |
|  |  | 5091 |
| **Total preferred securities** (cost: $4,428,000) |  | 5091 |
| Bonds, notes & other debt instruments 0.07% | Principal amount<br> (000)<br>|  |
| **Corporate bonds, notes & loans 0.04%** | **Corporate bonds, notes & loans 0.04%** | **Corporate bonds, notes & loans 0.04%** |
| **Financials 0.02%** |  |  |
| Lloyds Banking Group PLC 3.369% 12/14/2046 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.50% on 12/14/2041) <sup>(e)</sup>  | USD709 | 505 |
| **Health care 0.02%** |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | 432 | 424 |
| **Total corporate bonds, notes & loans** |  | 929 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** | **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | BRL3,300 | 577 |
| **Total bonds, notes & other debt instruments** (cost: $1,581,000) |  | 1506 |
| Short-term securities 4.22% | Shares |  |
| **Money market investments 3.82%** | **Money market investments 3.82%** | **Money market investments 3.82%** |
| Capital Group Central Cash Fund 4.35% <sup>(f)(g)</sup>  | 762860 | 76286 |
| **Money market investments purchased with collateral from securities on loan 0.40%** | **Money market investments purchased with collateral from securities on loan 0.40%** | **Money market investments purchased with collateral from securities on loan 0.40%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(f)(h)</sup>  | 8089301 | 8089 |
| **Total short-term securities** (cost: $84,370,000) | **Total short-term securities** (cost: $84,370,000) | 84375 |
| **Total investment securities 100.51%** (cost: $1,234,206,000) | **Total investment securities 100.51%** (cost: $1,234,206,000) | 2007988 |
| Other assets less liabilities (0.51)% |  | (10284)<br>|
| **Net assets 100.00%** |  | $1997704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **54** |

---

------

Capital World Growth and Income Fund (continued)

**Investments in affiliates** <sup>(g)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.82%** |  |  |  |  |  |  |  |
| **Money market investments 3.82%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(f)</sup>  | $46673 | &nbsp;&nbsp; $205977 | &nbsp;&nbsp; $176354 | &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $76286 | &nbsp;&nbsp; $1606 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $8,902,000, which represented 0.45% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Step bond; coupon rate may change at a later date.

<sup>(f)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(g)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| BRL = Brazilian reais |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **55** | American Funds Insurance Series |

---

------

Growth-Income Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 97.21% | Shares | Value<br> (000)<br>|
| **Information technology 27.82%** |  |  |
| Microsoft Corp.  | 6355199 | $3161140 |
| NVIDIA Corp.  | 15063719 | 2379917 |
| Broadcom, Inc.  | 7692044 | 2120312 |
| Apple, Inc.  | 5646237 | 1158438 |
| Accenture PLC, Class A  | 1488978 | 445041 |
| Oracle Corp.  | 1909313 | 417433 |
| Amphenol Corp., Class A  | 3069782 | 303141 |
| Arista Networks, Inc. <sup>(a)</sup>  | 2911504 | 297876 |
| Cognizant Technology Solutions Corp., Class A  | 3381043 | 263823 |
| Seagate Technology Holdings PLC  | 1823912 | 263245 |
| Texas Instruments, Inc.  | 993770 | 206327 |
| Salesforce, Inc.  | 684185 | 186570 |
| Applied Materials, Inc.  | 933753 | 170942 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 4102000 | 148847 |
| Microchip Technology, Inc.  | 1828376 | 128663 |
| Adobe, Inc. <sup>(a)</sup>  | 163526 | 63265 |
| Palo Alto Networks, Inc. <sup>(a)</sup>  | 220554 | 45134 |
| Micron Technology, Inc.  | 268034 | 33035 |
| ASML Holding NV  | 28845 | 23023 |
| QUALCOMM, Inc.  | 141313 | 22506 |
|  |  | 11838678 |
| **Industrials 15.48%** |  |  |
| RTX Corp.  | 7207131 | 1052385 |
| Automatic Data Processing, Inc.  | 1993331 | 614743 |
| Boeing Co. (The) <sup>(a)</sup>  | 2376190 | 497883 |
| Carrier Global Corp.  | 6092070 | 445878 |
| General Dynamics Corp.  | 1519363 | 443137 |
| GFL Environmental, Inc., subordinate voting shares  | 8442865 | 426027 |
| Woodward, Inc.  | 1642573 | 402578 |
| Airbus SE, non-registered shares  | 1921964 | 401313 |
| General Electric Co.  | 1504665 | 387286 |
| United Rentals, Inc.  | 293723 | 221291 |
| Paychex, Inc.  | 1519430 | 221016 |
| XPO, Inc. <sup>(a)</sup>  | 1749629 | 220961 |
| Honeywell International, Inc.  | 828971 | 193051 |
| Ingersoll-Rand, Inc.  | 2182540 | 181544 |
| Caterpillar, Inc.  | 418832 | 162595 |
| APi Group Corp. <sup>(a)</sup>  | 2760328 | 140915 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 1288242 | 120193 |
| CSX Corp.  | 3114334 | 101621 |
| TransDigm Group, Inc.  | 65897 | 100206 |
| L3Harris Technologies, Inc.  | 381989 | 95818 |
| Union Pacific Corp.  | 360831 | 83020 |
| StandardAero, Inc. <sup>(a)</sup>  | 1589110 | 50295 |
| Waste Management, Inc.  | 113395 | 25947 |
|  |  | 6589703 |
| **Financials 12.23%** |  |  |
| JPMorgan Chase & Co.  | 2970358 | 861136 |
| Mastercard, Inc., Class A  | 1095825 | 615788 |
| Fidelity National Information Services, Inc.  | 6648960 | 541292 |
| BlackRock, Inc.  | 504695 | 529551 |
| Wells Fargo & Co.  | 3777575 | 302659 |
| Marsh & McLennan Cos., Inc.  | 1141737 | 249629 |
| Capital One Financial Corp.  | 1018858 | 216772 |
| Chubb, Ltd.  | 559859 | 162202 |
| Visa, Inc., Class A  | 445602 | 158211 |
| B3 SA - Brasil, Bolsa, Balcao  | 56528755 | 151698 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **56** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Morgan Stanley  | 957257 | $134839 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup>  | 269334 | 130834 |
| Pinnacle Financial Partners, Inc.  | 1131294 | 124906 |
| Arthur J. Gallagher & Co.  | 386229 | 123640 |
| Goldman Sachs Group, Inc.  | 174257 | 123330 |
| Progressive Corp.  | 441636 | 117855 |
| PNC Financial Services Group, Inc.  | 520903 | 97107 |
| PayPal Holdings, Inc. <sup>(a)</sup>  | 1170785 | 87013 |
| S&P Global, Inc.  | 165000 | 87003 |
| CME Group, Inc., Class A  | 292470 | 80611 |
| State Street Corp.  | 681940 | 72518 |
| American Express Co.  | 214890 | 68546 |
| American International Group, Inc.  | 704000 | 60255 |
| First Citizens BancShares, Inc., Class A  | 27589 | 53977 |
| Apollo Asset Management, Inc.  | 373721 | 53020 |
|  |  | 5204392 |
| **Consumer discretionary 10.82%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 7885129 | 1729918 |
| Starbucks Corp.  | 5895185 | 540176 |
| Royal Caribbean Cruises, Ltd.  | 1347194 | 421860 |
| Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | 4703154 | 381943 |
| Home Depot, Inc.  | 851415 | 312163 |
| Tesla, Inc. <sup>(a)</sup>  | 809068 | 257009 |
| Las Vegas Sands Corp.  | 5713687 | 248603 |
| Sony Group Corp.  | 5225500 | 135350 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 2360527 | 125793 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 2131290 | 119672 |
| Hasbro, Inc.  | 1121640 | 82799 |
| TJX Companies, Inc. (The)  | 495864 | 61234 |
| DoorDash, Inc., Class A <sup>(a)</sup>  | 176256 | 43449 |
| Carvana Co., Class A <sup>(a)</sup>  | 122390 | 41241 |
| YUM! Brands, Inc.  | 272921 | 40441 |
| Hilton Worldwide Holdings, Inc.  | 151393 | 40322 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 44522 | 23317 |
|  |  | 4605290 |
| **Health care 9.29%** |  |  |
| Eli Lilly and Co.  | 1455976 | 1134977 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1278119 | 569019 |
| AbbVie, Inc.  | 1919793 | 356352 |
| Abbott Laboratories  | 2330871 | 317022 |
| Thermo Fisher Scientific, Inc.  | 529687 | 214767 |
| Revvity, Inc.  | 1740393 | 168331 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 861315 | 135735 |
| Johnson & Johnson  | 807444 | 123337 |
| Sanofi  | 1245837 | 120646 |
| Cencora, Inc.  | 401982 | 120534 |
| Insulet Corp. <sup>(a)</sup>  | 303962 | 95499 |
| Gilead Sciences, Inc.  | 715085 | 79281 |
| UnitedHealth Group, Inc.  | 238376 | 74366 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 129867 | 70571 |
| Cigna Group (The)  | 169900 | 56165 |
| Stryker Corp.  | 138782 | 54906 |
| Danaher Corp.  | 250263 | 49437 |
| GE HealthCare Technologies, Inc.  | 626693 | 46419 |
| Amgen, Inc.  | 151000 | 42161 |
| CVS Health Corp.  | 535085 | 36910 |
| DexCom, Inc. <sup>(a)</sup>  | 390182 | 34059 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **57** | American Funds Insurance Series |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Masimo Corp. <sup>(a)</sup>  | 119168 | $20046 |
| Medtronic PLC  | 210000 | 18306 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 44175 | 14405 |
|  |  | 3953251 |
| **Communication services 8.98%** |  |  |
| Meta Platforms, Inc., Class A  | 2978719 | 2198563 |
| Alphabet, Inc., Class A  | 4123004 | 726597 |
| Alphabet, Inc., Class C  | 2168410 | 384654 |
| Netflix, Inc. <sup>(a)</sup>  | 262557 | 351598 |
| Universal Music Group NV  | 3239458 | 104862 |
| SoftBank Group Corp.  | 484100 | 35348 |
| Comcast Corp., Class A  | 624053 | 22272 |
|  |  | 3823894 |
| **Consumer staples 3.14%** |  |  |
| British American Tobacco PLC  | 11381282 | 541008 |
| Procter & Gamble Co.  | 1370988 | 218426 |
| Philip Morris International, Inc.  | 1042193 | 189815 |
| Coca-Cola Co.  | 2053492 | 145284 |
| Imperial Brands PLC  | 3663668 | 144682 |
| Mondelez International, Inc., Class A  | 851894 | 57452 |
| Keurig Dr Pepper, Inc.  | 1164623 | 38502 |
|  |  | 1335169 |
| **Energy 2.99%** |  |  |
| Baker Hughes Co., Class A  | 8415638 | 322656 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 9452456 | 297092 |
| Exxon Mobil Corp.  | 2651600 | 285843 |
| Expand Energy Corp.  | 715878 | 83715 |
| TC Energy Corp.  | 1629755 | 79516 |
| EOG Resources, Inc.  | 575078 | 68785 |
| Chevron Corp.  | 444985 | 63717 |
| ConocoPhillips  | 434738 | 39013 |
| Halliburton Co.  | 1672003 | 34075 |
|  |  | 1274412 |
| **Materials 2.72%** |  |  |
| Air Products and Chemicals, Inc.  | 1428502 | 402923 |
| International Paper Co.  | 5806574 | 271922 |
| Linde PLC  | 565683 | 265407 |
| Eastman Chemical Co.  | 1388765 | 103685 |
| LyondellBasell Industries NV  | 769974 | 44551 |
| Freeport-McMoRan, Inc.  | 1005668 | 43596 |
| Albemarle Corp.  | 431100 | 27017 |
|  |  | 1159101 |
| **Utilities 1.97%** |  |  |
| PG&E Corp.  | 18016861 | 251155 |
| Dominion Energy, Inc.  | 4402764 | 248844 |
| CenterPoint Energy, Inc.  | 3037684 | 111605 |
| Entergy Corp.  | 1337004 | 111132 |
| Sempra  | 800000 | 60616 |
| NextEra Energy, Inc.  | 793264 | 55068 |
|  |  | 838420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **58** |

---

------

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate 1.77%** |  |  |
| VICI Properties, Inc. REIT  | 10163137 | $331319 |
| Equinix, Inc. REIT  | 235188 | 187085 |
| American Tower Corp. REIT  | 428106 | 94620 |
| Prologis, Inc. REIT  | 866060 | 91040 |
| Welltower, Inc. REIT  | 306310 | 47089 |
|  |  | 751153 |
| **Total common stocks** (cost: $22,661,815,000) |  | 41373463 |
| Bonds, notes & other debt instruments 0.00% | Principal amount<br> (000)<br>|  |
| **Corporate bonds, notes & loans 0.00%** | **Corporate bonds, notes & loans 0.00%** | **Corporate bonds, notes & loans 0.00%** |
| **Consumer discretionary 0.00%** |  |  |
| General Motors Financial Co., Inc. 4.30% 7/13/2025  | USD160 | 160 |
| General Motors Financial Co., Inc. 5.25% 3/1/2026  | 827 | 828 |
| **Total corporate bonds, notes & loans** |  | 988 |
| **Total bonds, notes & other debt instruments** (cost: $969,000) |  | 988 |
| Short-term securities 2.96% | Shares |  |
| **Money market investments 2.96%** | **Money market investments 2.96%** | **Money market investments 2.96%** |
| Capital Group Central Cash Fund 4.35% <sup>(b)(c)</sup>  | 12613746 | 1261375 |
| **Total short-term securities** (cost: $1,261,311,000) |  | 1261375 |
| **Total investment securities 100.17%** (cost: $23,924,095,000) |  | 42635826 |
| Other assets less liabilities (0.17)% |  | (73509)<br>|
| **Net assets 100.00%** |  | $42562317 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 0.90%** |  |  |  |  |  |  |  |
| **Consumer discretionary 0.90%** |  |  |  |  |  |  |  |
| Wyndham Hotels & Resorts, Inc.  | $509003 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32068 | &nbsp;&nbsp; $6460 | &nbsp;&nbsp; $(101452)<br>| &nbsp;&nbsp; $381943 | &nbsp;&nbsp; $3857 |
| **Short-term securities 2.96%** |  |  |  |  |  |  |  |
| **Money market investments 2.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(c)</sup>  | 1471964 | &nbsp;&nbsp; 3884821 | &nbsp;&nbsp; 4095042 | &nbsp;&nbsp; (247)<br>| &nbsp;&nbsp; (121)<br>| &nbsp;&nbsp; 1261375 | &nbsp;&nbsp; 33418 |
| **Total 3.86%** |  |  |  | &nbsp;&nbsp; $6213 | &nbsp;&nbsp; $(101573)<br>| &nbsp;&nbsp; $1643318 | &nbsp;&nbsp; $37275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(c)</sup> Rate represents the seven-day yield at 6/30/2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAD = Canadian dollars |
| REIT = Real Estate Investment Trust |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **59** | American Funds Insurance Series |

---

------

International Growth and Income Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 95.81% | Shares | Value<br> (000)<br>|
| **Financials 24.20%** |  |  |
| UniCredit SpA  | 82015 | $5498 |
| AXA SA  | 98049 | 4813 |
| Societe Generale  | 83606 | 4781 |
| Skandinaviska Enskilda Banken AB, Class A  | 213375 | 3724 |
| DBS Group Holdings, Ltd.  | 92484 | 3267 |
| Banco Bilbao Vizcaya Argentaria SA  | 207319 | 3188 |
| Zurich Insurance Group AG  | 4329 | 3026 |
| CaixaBank SA, non-registered shares  | 346304 | 3000 |
| HSBC Holdings PLC (GBP denominated)  | 187318 | 2267 |
| HSBC Holdings PLC (HKD denominated)  | 57200 | 692 |
| KB Financial Group, Inc.  | 33773 | 2775 |
| Hana Financial Group, Inc.  | 38096 | 2436 |
| AIA Group, Ltd.  | 269000 | 2412 |
| Banco Santander SA  | 278262 | 2303 |
| Euronext NV  | 13050 | 2231 |
| Prudential PLC  | 176972 | 2217 |
| PICC Property and Casualty Co., Ltd., Class H  | 1140000 | 2207 |
| NatWest Group PLC  | 307586 | 2159 |
| Deutsche Bank AG  | 72520 | 2150 |
| Resona Holdings, Inc.  | 231000 | 2137 |
| HDFC Bank, Ltd.  | 84415 | 1970 |
| Bank Hapoalim BM  | 100063 | 1920 |
| Aviva PLC  | 214434 | 1823 |
| London Stock Exchange Group PLC  | 11847 | 1729 |
| Kotak Mahindra Bank, Ltd.  | 67163 | 1694 |
| Bank Leumi le-Israel BM  | 85824 | 1596 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 2352 | 1525 |
| Allianz SE  | 3670 | 1488 |
| Ping An Insurance (Group) Company of China, Ltd., Class H  | 198500 | 1261 |
| Abu Dhabi Islamic Bank PJSC  | 213614 | 1251 |
| 3i Group PLC  | 22022 | 1245 |
| Tokio Marine Holdings, Inc.  | 27700 | 1175 |
| Edenred SA  | 36354 | 1126 |
| Aon PLC, Class A  | 2980 | 1063 |
| CVC Capital Partners PLC  | 50136 | 1026 |
| XP, Inc., Class A  | 45340 | 916 |
| ICICI Bank, Ltd. (ADR)  | 26538 | 893 |
| Mediobanca SpA <sup>(a)</sup>  | 37649 | 875 |
| Adyen NV <sup>(b)</sup>  | 463 | 850 |
| Etoro Group, Ltd., Class A <sup>(b)</sup>  | 12624 | 841 |
| Hiscox, Ltd.  | 48322 | 832 |
| Hong Kong Exchanges and Clearing, Ltd.  | 15500 | 827 |
| Tryg A/S  | 31592 | 816 |
| Macquarie Group, Ltd.  | 5051 | 760 |
| Pluxee NV  | 34882 | 760 |
| Canadian Imperial Bank of Commerce  | 9407 | 668 |
| Partners Group Holding AG  | 510 | 665 |
| Mizuho Financial Group, Inc.  | 23700 | 657 |
| Plus500, Ltd.  | 13607 | 634 |
| Brookfield Corp., Class A (CAD denominated)  | 8991 | 556 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 56281 | 514 |
| People's Insurance Company (Group) of China, Ltd. (The), Class H  | 640000 | 487 |
| Banco BTG Pactual SA, units  | 61713 | 480 |
| Canara Bank  | 300837 | 401 |
| Sampo OYJ, Class A  | 36843 | 396 |
| Intesa Sanpaolo SpA  | 64163 | 370 |
| Grupo Financiero Inbursa, SAB de CV  | 139929 | 361 |
| MS&AD Insurance Group Holdings, Inc.  | 16000 | 359 |
| Saudi National Bank (The)  | 36707 | 354 |
| Bank Central Asia Tbk PT  | 641400 | 343 |
| Banca Generali SpA  | 6155 | 342 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **60** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| Japan Post Bank Co., Ltd.  | 28500 | $308 |
| ING Groep NV  | 10568 | 232 |
| Hang Seng Bank, Ltd.  | 12900 | 193 |
| Sberbank of Russia PJSC <sup>(c)</sup>  | 476388 | — <br><sup>(d)</sup><br>|
|  |  | 95865 |
| **Industrials 16.00%** |  |  |
| BAE Systems PLC  | 371144 | 9611 |
| Airbus SE, non-registered shares  | 27613 | 5766 |
| Ryanair Holdings PLC (ADR)  | 76887 | 4434 |
| Siemens AG  | 11090 | 2843 |
| Rheinmetall AG, non-registered shares  | 1264 | 2676 |
| Hitachi, Ltd.  | 88400 | 2581 |
| ABB, Ltd.  | 42447 | 2531 |
| Safran SA  | 7110 | 2311 |
| Deutsche Post AG  | 45152 | 2085 |
| RELX PLC  | 38138 | 2061 |
| ITOCHU Corp.  | 34700 | 1821 |
| DSV A/S  | 7290 | 1752 |
| Epiroc AB, Class B  | 42138 | 806 |
| Epiroc AB, Class A  | 33488 | 727 |
| Motiva Infraestrutura de Mobilidade SA  | 599534 | 1522 |
| Canadian National Railway Co. (CAD denominated)  | 13158 | 1371 |
| Diploma PLC  | 19393 | 1301 |
| Alliance Global Group, Inc.  | 7546600 | 1208 |
| Copa Holdings SA, Class A  | 10519 | 1157 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 9633 | 1131 |
| SMC Corp.  | 3000 | 1084 |
| Volvo AB, Class B  | 38529 | 1081 |
| Deutsche Lufthansa AG  | 123520 | 1045 |
| Singapore Technologies Engineering, Ltd.  | 166300 | 1019 |
| ASSA ABLOY AB, Class B  | 31106 | 971 |
| SPIE SA  | 15845 | 890 |
| SGH, Ltd.  | 22731 | 809 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 34778 | 798 |
| Komatsu, Ltd.  | 20200 | 664 |
| Brambles, Ltd.  | 34999 | 539 |
| Kingspan Group PLC  | 6112 | 520 |
| Metso Corp.  | 39888 | 516 |
| Daikin Industries, Ltd.  | 4000 | 473 |
| Caterpillar, Inc.  | 1195 | 464 |
| Bombardier, Inc., Class B <sup>(b)</sup>  | 4952 | 431 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 40100 | 403 |
| Mitsui & Co., Ltd.  | 15800 | 323 |
| Rolls-Royce Holdings PLC  | 23754 | 316 |
| International Consolidated Airlines Group SA (CDI)  | 66727 | 313 |
| Ashtead Group PLC  | 4715 | 302 |
| Salik Co. PJSC  | 174803 | 288 |
| International Container Terminal Services, Inc.  | 32510 | 237 |
| Wizz Air Holdings PLC <sup>(b)</sup>  | 12727 | 190 |
|  |  | 63371 |
| **Information technology 11.17%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 403000 | 14623 |
| ASML Holding NV  | 7732 | 6171 |
| MediaTek, Inc.  | 90000 | 3851 |
| Samsung Electronics Co., Ltd.  | 71381 | 3163 |
| Broadcom, Inc.  | 8075 | 2226 |
| SAP SE  | 7175 | 2182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **61** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** |  |  |
| NEC Corp.  | 55900 | $1638 |
| Sage Group PLC (The)  | 68516 | 1176 |
| Capgemini SE  | 6781 | 1159 |
| ASMPT, Ltd.  | 137500 | 1008 |
| SK hynix, Inc.  | 4609 | 997 |
| Halma PLC  | 20776 | 913 |
| ASM International NV  | 1296 | 830 |
| Fujitsu, Ltd.  | 31500 | 769 |
| Tokyo Electron, Ltd.  | 3900 | 750 |
| E Ink Holdings, Inc.  | 95000 | 719 |
| Bechtle AG, non-registered shares  | 12590 | 590 |
| Lumine Group, Inc., subordinate voting shares <sup>(b)</sup>  | 10419 | 366 |
| Tata Consultancy Services, Ltd.  | 8945 | 361 |
| Keyence Corp.  | 800 | 321 |
| eMemory Technology, Inc.  | 3000 | 242 |
| Newgen Software Technologies, Ltd.  | 13433 | 183 |
|  |  | 44238 |
| **Consumer staples 8.81%** |  |  |
| British American Tobacco PLC  | 131714 | 6261 |
| Philip Morris International, Inc.  | 27581 | 5023 |
| Nestle SA  | 44604 | 4431 |
| Imperial Brands PLC  | 91475 | 3613 |
| Carlsberg A/S, Class B  | 14001 | 1984 |
| KT&G Corp.  | 18007 | 1704 |
| Pernod Ricard SA  | 16278 | 1622 |
| Arca Continental, SAB de CV  | 127111 | 1344 |
| L'Oreal SA, non-registered shares  | 3110 | 1330 |
| Carrefour SA, non-registered shares  | 91237 | 1286 |
| Danone SA  | 13637 | 1114 |
| Anheuser-Busch InBev SA/NV  | 15787 | 1083 |
| Yamazaki Baking Co., Ltd.  | 39500 | 886 |
| Tsingtao Brewery Co., Ltd., Class H  | 129738 | 847 |
| Kweichow Moutai Co., Ltd., Class A  | 3290 | 647 |
| Ocado Group PLC <sup>(b)</sup>  | 175541 | 547 |
| Unilever PLC  | 8946 | 543 |
| United Spirits, Ltd.  | 19088 | 318 |
| Seven & i Holdings Co., Ltd.  | 18100 | 292 |
|  |  | 34875 |
| **Consumer discretionary 8.23%** |  |  |
| Industria de Diseno Textil SA  | 85241 | 4436 |
| Renault SA  | 67213 | 3098 |
| Trip.com Group, Ltd. (ADR)  | 37365 | 2191 |
| Trip.com Group, Ltd.  | 10050 | 584 |
| Prosus NV, Class N  | 48589 | 2717 |
| MGM China Holdings, Ltd.  | 1190000 | 1952 |
| Amadeus IT Group SA, Class A, non-registered shares  | 17324 | 1459 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 2363 | 1238 |
| Aristocrat Leisure, Ltd.  | 28439 | 1220 |
| Evolution AB  | 13052 | 1037 |
| Entain PLC  | 83159 | 1028 |
| Midea Group Co., Ltd., Class A  | 95500 | 962 |
| ANTA Sports Products, Ltd.  | 72700 | 875 |
| Compagnie Financiere Richemont SA, Class A  | 4098 | 772 |
| InterContinental Hotels Group PLC  | 6711 | 765 |
| Hyundai Motor Co.  | 5056 | 762 |
| Suzuki Motor Corp.  | 51100 | 618 |
| Games Workshop Group PLC  | 2664 | 593 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **62** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** |  |  |
| Restaurant Brands International, Inc. (CAD denominated)  | 8197 | $544 |
| D'Ieteren Group  | 2461 | 529 |
| B&M European Value Retail SA  | 138745 | 517 |
| Meituan, Class B <sup>(b)</sup>  | 32000 | 511 |
| Dixon Technologies (India), Ltd.  | 2917 | 510 |
| Accor SA  | 9691 | 506 |
| Nitori Holdings Co., Ltd.  | 4900 | 474 |
| H World Group, Ltd. (ADR)  | 12538 | 425 |
| JD.com, Inc., Class A (ADR)  | 12568 | 410 |
| Paltac Corp.  | 14300 | 401 |
| Galaxy Entertainment Group, Ltd.  | 89361 | 397 |
| Amber Enterprises India, Ltd. <sup>(b)</sup>  | 4368 | 345 |
| BYD Co., Ltd., Class A  | 6400 | 296 |
| Maruti Suzuki India, Ltd.  | 1989 | 288 |
| Jumbo SA  | 3722 | 128 |
|  |  | 32588 |
| **Communication services 7.32%** |  |  |
| Koninklijke KPN NV  | 950618 | 4631 |
| Singapore Telecommunications, Ltd.  | 972800 | 2923 |
| Publicis Groupe SA  | 24160 | 2723 |
| Tencent Holdings, Ltd.  | 32500 | 2082 |
| Deutsche Telekom AG  | 49481 | 1805 |
| Nintendo Co., Ltd.  | 17500 | 1687 |
| Bharti Airtel, Ltd.  | 62029 | 1453 |
| MTN Group, Ltd.  | 181961 | 1448 |
| BT Group PLC  | 487864 | 1297 |
| Orange  | 82607 | 1257 |
| Kanzhun, Ltd., Class A (ADR) <sup>(b)</sup>  | 61210 | 1092 |
| Swisscom AG <sup>(b)</sup>  | 1375 | 975 |
| NetEase, Inc.  | 34200 | 919 |
| Nippon Television Holdings, Inc.  | 38500 | 895 |
| HYBE Co., Ltd.  | 3666 | 839 |
| Indus Towers, Ltd. <sup>(b)</sup>  | 153766 | 755 |
| America Movil, SAB de CV, Class B (ADR)  | 37216 | 668 |
| Universal Music Group NV  | 20503 | 664 |
| KT Corp. (ADR)  | 22308 | 464 |
| Vend Marketplaces ASA, Class A  | 11389 | 401 |
|  |  | 28978 |
| **Health care 6.52%** |  |  |
| Sanofi  | 67985 | 6584 |
| AstraZeneca PLC  | 38492 | 5347 |
| EssilorLuxottica SA  | 11732 | 3219 |
| Novo Nordisk AS, Class B  | 44521 | 3090 |
| Chugai Pharmaceutical Co., Ltd.  | 24300 | 1270 |
| bioMerieux SA  | 8453 | 1169 |
| Haleon PLC  | 180035 | 925 |
| Grifols SA, Class B (ADR) <sup>(b)</sup>  | 96958 | 876 |
| Roche Holding AG, nonvoting non-registered shares  | 2659 | 866 |
| Bayer AG  | 25374 | 763 |
| Genus PLC  | 15716 | 441 |
| Max Healthcare Institute, Ltd.  | 27843 | 414 |
| Fresenius SE & Co. KGaA  | 7058 | 355 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(b)</sup>  | 40000 | 274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **63** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| HOYA Corp.  | 1100 | $131 |
| Akums Drugs and Pharmaceuticals, Ltd. <sup>(b)</sup>  | 16884 | 115 |
| Euroapi SA <sup>(a)(b)</sup>  | 1412 | 5 |
|  |  | 25844 |
| **Materials 5.20%** |  |  |
| Barrick Mining Corp.  | 145374 | 3027 |
| Linde PLC  | 4443 | 2084 |
| Glencore PLC  | 443045 | 1725 |
| BASF SE  | 34443 | 1698 |
| Agnico Eagle Mines, Ltd./ Mines Agnico Eagle Limitee  | 11435 | 1362 |
| Shin-Etsu Chemical Co., Ltd.  | 35500 | 1176 |
| Vale SA (ADR), ordinary nominative shares  | 84314 | 819 |
| Vale SA, ordinary nominative shares  | 32911 | 319 |
| Heidelberg Materials AG, non-registered shares  | 3882 | 912 |
| Anhui Conch Cement Co., Ltd., Class H  | 345000 | 877 |
| Norsk Hydro ASA  | 141880 | 810 |
| Nutrien, Ltd. (CAD denominated)  | 13615 | 793 |
| Air Liquide SA  | 3426 | 707 |
| Rio Tinto PLC  | 11504 | 670 |
| Grupo Mexico, SAB de CV, Series B  | 102232 | 619 |
| Sika AG  | 2232 | 606 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 11207 | 500 |
| Valterra Platinum, Ltd. (GBP denominated) <sup>(b)</sup>  | 1235 | 54 |
| Fresnillo PLC  | 25025 | 495 |
| Franco-Nevada Corp. (CAD denominated)  | 2647 | 435 |
| Anglo American PLC  | 10633 | 314 |
| Fortescue, Ltd.  | 23624 | 238 |
| Givaudan SA  | 43 | 208 |
| Freeport-McMoRan, Inc.  | 3152 | 137 |
| Alrosa PJSC <sup>(c)</sup>  | 53607 | — <br><sup>(d)</sup><br>|
|  |  | 20585 |
| **Energy 4.55%** |  |  |
| TotalEnergies SE  | 113612 | 6972 |
| Cameco Corp. (CAD denominated)  | 32219 | 2393 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 59516 | 1871 |
| Shell PLC (GBP denominated)  | 50148 | 1758 |
| Gaztransport & Technigaz SA  | 4044 | 801 |
| Cenovus Energy, Inc. (CAD denominated)  | 37928 | 516 |
| Cenovus Energy, Inc.  | 12761 | 174 |
| Repsol SA, non-registered shares  | 46619 | 683 |
| TC Energy Corp. (CAD denominated)  | 13038 | 636 |
| BP PLC  | 125880 | 632 |
| ADNOC Drilling Co. PJSC  | 316861 | 492 |
| Petroleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares  | 30053 | 376 |
| Tourmaline Oil Corp.  | 7613 | 367 |
| Schlumberger NV  | 7986 | 270 |
| South Bow Corp. <sup>(a)</sup>  | 2470 | 64 |
| Sovcomflot PAO <sup>(c)</sup>  | 356717 | — <br><sup>(d)</sup><br>|
|  |  | 18005 |
| **Utilities 2.76%** |  |  |
| Engie SA  | 138827 | 3258 |
| SSE PLC  | 64755 | 1628 |
| Iberdrola SA, non-registered shares  | 80462 | 1544 |
| Brookfield Infrastructure Partners, LP  | 37345 | 1251 |
| RWE AG  | 29722 | 1240 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **64** |

---

------

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Veolia Environnement SA  | 18018 | $642 |
| National Grid PLC  | 42387 | 618 |
| CPFL Energia SA  | 58911 | 443 |
| NTPC, Ltd.  | 81979 | 320 |
|  |  | 10944 |
| **Real estate 1.05%** |  |  |
| Mitsubishi Estate Co., Ltd.  | 42900 | 805 |
| Prologis Property Mexico, SA de CV, REIT  | 186799 | 706 |
| CK Asset Holdings, Ltd.  | 124000 | 547 |
| Link REIT  | 93568 | 500 |
| Sun Hung Kai Properties, Ltd.  | 34000 | 390 |
| CapitaLand Integrated Commercial Trust REIT  | 222900 | 380 |
| Henderson Land Development Co., Ltd.  | 92000 | 322 |
| Longfor Group Holdings, Ltd.  | 248742 | 293 |
| Goodman Logistics (HK), Ltd. REIT  | 10467 | 236 |
|  |  | 4179 |
| **Total common stocks** (cost: $274,155,000) |  | 379472 |
| Preferred securities 0.04% |  |  |
| **Materials 0.04%** |  |  |
| Gerdau SA, preferred nominative shares  | 58932 | 174 |
| **Total preferred securities** (cost: $222,000) |  | 174 |
| Short-term securities 4.17% |  |  |
| **Money market investments 3.96%** | **Money market investments 3.96%** | **Money market investments 3.96%** |
| Capital Group Central Cash Fund 4.35% <sup>(e)(f)</sup>  | 156755 | 15675 |
| **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(e)(g)</sup>  | 842889 | 843 |
| **Total short-term securities** (cost: $16,516,000) |  | 16518 |
| **Total investment securities 100.02%** (cost: $290,893,000) |  | 396164 |
| Other assets less liabilities (0.02)% |  | (99)<br>|
| **Net assets 100.00%** |  | $396065 |

---

**Investments in affiliates** <sup>(f)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.96%** |  |  |  |  |  |  |  |
| **Money market investments 3.96%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(e)</sup>  | $11674 | &nbsp;&nbsp; $48655 | &nbsp;&nbsp; $44653 | &nbsp;&nbsp; $— <br><sup>(d)</sup><br>| &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $15675 | &nbsp;&nbsp; $272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **65** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security was on loan. The total value of all such securities was $891,000, which represented 0.22% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(b)</sup> Security did not produce income during the last 12 months.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(f)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| GBP = British pounds |
| HKD = Hong Kong dollars |
| REIT = Real Estate Investment Trust |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **66** |

---

------

Capital Income Builder

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 74.97% | Shares | Value<br> (000)<br>|
| **Financials 14.92%** |  |  |
| JPMorgan Chase & Co.  | 85808 | $24877 |
| Morgan Stanley  | 105303 | 14833 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 20000 | 12972 |
| Zurich Insurance Group AG  | 17253 | 12059 |
| NatWest Group PLC  | 1714879 | 12038 |
| ING Groep NV  | 431972 | 9478 |
| BlackRock, Inc.  | 8807 | 9241 |
| Wells Fargo & Co.  | 100287 | 8035 |
| Intact Financial Corp.  | 34475 | 8017 |
| DBS Group Holdings, Ltd.  | 213416 | 7538 |
| PNC Financial Services Group, Inc.  | 33774 | 6296 |
| Truist Financial Corp.  | 133958 | 5759 |
| KB Financial Group, Inc.  | 67130 | 5516 |
| Tokio Marine Holdings, Inc.  | 104800 | 4447 |
| Hana Financial Group, Inc.  | 69407 | 4438 |
| Euronext NV  | 22802 | 3897 |
| American International Group, Inc.  | 43446 | 3719 |
| AIA Group, Ltd.  | 400000 | 3587 |
| TPG, Inc., Class A  | 68006 | 3567 |
| National Bank of Canada  | 33144 | 3420 |
| BNP Paribas SA  | 36399 | 3272 |
| Banco Santander SA  | 392996 | 3253 |
| East West Bancorp, Inc.  | 31456 | 3176 |
| Sampo OYJ, Class A  | 289641 | 3115 |
| Progressive Corp.  | 11438 | 3052 |
| 360 ONE WAM, Ltd.  | 213984 | 2981 |
| Toronto-Dominion Bank (The) (CAD denominated)  | 38971 | 2866 |
| Power Corporation of Canada, subordinate voting shares <sup>(a)</sup>  | 71810 | 2805 |
| Banco Bilbao Vizcaya Argentaria SA  | 178297 | 2742 |
| UniCredit SpA  | 38177 | 2559 |
| Apollo Asset Management, Inc.  | 17756 | 2519 |
| CME Group, Inc., Class A  | 9068 | 2499 |
| PICC Property and Casualty Co., Ltd., Class H  | 1252000 | 2424 |
| 3i Group PLC  | 35575 | 2012 |
| Blackstone, Inc.  | 13386 | 2002 |
| EFG International AG  | 105100 | 1947 |
| Kaspi.kz JSC  | 21756 | 1916 |
| Webster Financial Corp.  | 33891 | 1851 |
| Skandinaviska Enskilda Banken AB, Class A  | 105131 | 1835 |
| Mizuho Financial Group, Inc.  | 64500 | 1789 |
| Swiss Re AG  | 10267 | 1775 |
| Samsung Fire & Marine Insurance Co., Ltd.  | 5329 | 1714 |
| Deutsche Bank AG  | 53468 | 1585 |
| State Street Corp.  | 14738 | 1567 |
| Hong Kong Exchanges and Clearing, Ltd.  | 28000 | 1494 |
| Standard Chartered PLC  | 87032 | 1442 |
| SouthState Corp.  | 12116 | 1115 |
| Patria Investments, Ltd., Class A  | 70098 | 986 |
| Bank Central Asia Tbk PT  | 1673400 | 894 |
| Canadian Imperial Bank of Commerce  | 12050 | 855 |
| Western Union Co.  | 98671 | 831 |
| Marsh & McLennan Cos., Inc.  | 3782 | 827 |
| Citizens Financial Group, Inc.  | 17188 | 769 |
| Vontobel Holding AG  | 9350 | 755 |
| Houlihan Lokey, Inc., Class A  | 3658 | 658 |
| Great-West Lifeco, Inc.  | 17173 | 653 |
| Resona Holdings, Inc.  | 62400 | 577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **67** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** |  |  |
| First American Financial Corp.  | 6638 | $408 |
| Bank Mandiri (Persero) Tbk PT  | 1301701 | 391 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 204176 | — <br><sup>(c)</sup><br>|
|  |  | 233645 |
| **Information technology 9.73%** |  |  |
| Broadcom, Inc.  | 218318 | 60179 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 821800 | 29820 |
| Microsoft Corp.  | 47315 | 23535 |
| Accenture PLC, Class A  | 24540 | 7335 |
| Seagate Technology Holdings PLC  | 33236 | 4797 |
| Tokyo Electron, Ltd.  | 23200 | 4459 |
| Texas Instruments, Inc.  | 21302 | 4423 |
| SAP SE  | 12964 | 3942 |
| KLA Corp.  | 3797 | 3401 |
| HCL Technologies, Ltd.  | 134835 | 2718 |
| MediaTek, Inc.  | 50000 | 2140 |
| TE Connectivity Public, Ltd. Co.  | 10940 | 1845 |
| Analog Devices, Inc.  | 7300 | 1738 |
| TDK Corp.  | 140100 | 1649 |
| Capgemini SE  | 2349 | 401 |
|  |  | 152382 |
| **Industrials 8.67%** |  |  |
| RTX Corp.  | 200678 | 29303 |
| Volvo AB, Class B  | 331726 | 9306 |
| Siemens AG  | 34165 | 8759 |
| Deutsche Post AG  | 170160 | 7859 |
| BAE Systems PLC  | 287802 | 7453 |
| RELX PLC  | 110698 | 5982 |
| Paychex, Inc.  | 35883 | 5220 |
| Mitsubishi Corp.  | 228781 | 4588 |
| Singapore Technologies Engineering, Ltd.  | 716900 | 4392 |
| Marubeni Corp.  | 211300 | 4274 |
| FedEx Corp.  | 17546 | 3988 |
| Honeywell International, Inc.  | 16873 | 3929 |
| Automatic Data Processing, Inc.  | 12139 | 3744 |
| Carrier Global Corp.  | 43991 | 3220 |
| Broadridge Financial Solutions, Inc.  | 13014 | 3163 |
| Airbus SE, non-registered shares  | 12725 | 2657 |
| Canadian National Railway Co. (CAD denominated)  | 23624 | 2462 |
| Northrop Grumman Corp.  | 4914 | 2457 |
| Union Pacific Corp.  | 10554 | 2428 |
| ITOCHU Corp.  | 41500 | 2178 |
| Localiza Rent a Car SA, ordinary nominative shares  | 272638 | 2033 |
| Bureau Veritas SA  | 58499 | 1994 |
| Robert Half, Inc.  | 41739 | 1713 |
| Epiroc AB, Class A  | 60943 | 1323 |
| Epiroc AB, Class B  | 4933 | 95 |
| Trinity Industries, Inc.  | 51776 | 1399 |
| Schneider Electric SE  | 5014 | 1334 |
| UL Solutions, Inc., Class A  | 16361 | 1192 |
| SGS SA  | 11681 | 1185 |
| PACCAR, Inc.  | 12078 | 1148 |
| Transurban Group  | 121112 | 1114 |
| Sulzer AG  | 5386 | 972 |
| Logista Integral SA, non-registered shares  | 23729 | 777 |
| ABB, Ltd.  | 11891 | 709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **68** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Brambles, Ltd.  | 40818 | $629 |
| Computershare Ltd.  | 22570 | 593 |
| Watsco, Inc.  | 415 | 183 |
|  |  | 135755 |
| **Consumer staples 8.60%** |  |  |
| Philip Morris International, Inc.  | 232304 | 42309 |
| British American Tobacco PLC  | 501602 | 23843 |
| British American Tobacco PLC (ADR)  | 40836 | 1933 |
| Mondelez International, Inc., Class A  | 220906 | 14898 |
| Imperial Brands PLC  | 229612 | 9068 |
| Nestle SA  | 60265 | 5987 |
| Sysco Corp.  | 57604 | 4363 |
| Danone SA  | 45261 | 3698 |
| ITC, Ltd.  | 710417 | 3450 |
| Altria Group, Inc.  | 58605 | 3436 |
| Carlsberg A/S, Class B  | 21785 | 3087 |
| Coca-Cola Co.  | 42247 | 2989 |
| Kimberly-Clark Corp.  | 19552 | 2521 |
| General Mills, Inc.  | 42990 | 2227 |
| WH Group, Ltd.  | 2022500 | 1945 |
| Suntory Beverage & Food, Ltd.  | 51300 | 1642 |
| Procter & Gamble Co.  | 9712 | 1547 |
| Dollar General Corp.  | 10394 | 1189 |
| PepsiCo, Inc.  | 8237 | 1088 |
| Unilever PLC  | 16272 | 988 |
| Anheuser-Busch InBev SA/NV  | 12112 | 831 |
| Molson Coors Beverage Co., Class B, restricted voting shares  | 15116 | 727 |
| Pernod Ricard SA  | 5475 | 545 |
| Constellation Brands, Inc., Class A  | 1891 | 308 |
| Scandinavian Tobacco Group A/S  | 9175 | 122 |
|  |  | 134741 |
| **Health care 8.10%** |  |  |
| AbbVie, Inc.  | 109793 | 20380 |
| Abbott Laboratories  | 124644 | 16953 |
| Amgen, Inc.  | 49129 | 13717 |
| Gilead Sciences, Inc.  | 117805 | 13061 |
| AstraZeneca PLC  | 88789 | 12334 |
| Sanofi  | 108546 | 10512 |
| Novo Nordisk AS, Class B  | 110487 | 7668 |
| Medtronic PLC  | 82172 | 7163 |
| UnitedHealth Group, Inc.  | 14130 | 4408 |
| Bristol-Myers Squibb Co.  | 85101 | 3939 |
| Takeda Pharmaceutical Co., Ltd.  | 106625 | 3276 |
| Merck & Co., Inc.  | 28632 | 2267 |
| CVS Health Corp.  | 31588 | 2179 |
| EBOS Group, Ltd.  | 81078 | 1899 |
| EssilorLuxottica SA  | 6880 | 1887 |
| Roche Holding AG, nonvoting non-registered shares  | 4650 | 1514 |
| Novartis AG  | 9389 | 1138 |
| Sandoz Group AG  | 18029 | 987 |
| GSK PLC  | 43796 | 836 |
| Royalty Pharma PLC, Class A  | 22537 | 812 |
|  |  | 126930 |
| **Utilities 5.29%** |  |  |
| Engie SA  | 348234 | 8173 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **69** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** |  |  |
| Iberdrola SA, non-registered shares  | 391173 | $7506 |
| E.ON SE  | 386133 | 7107 |
| Dominion Energy, Inc.  | 124159 | 7017 |
| National Grid PLC  | 446695 | 6509 |
| SSE PLC  | 209134 | 5256 |
| Pinnacle West Capital Corp.  | 56998 | 5100 |
| DTE Energy Co.  | 37944 | 5026 |
| CenterPoint Energy, Inc.  | 124795 | 4585 |
| Duke Energy Corp.  | 33133 | 3910 |
| Southern Co. (The)  | 41174 | 3781 |
| Entergy Corp.  | 37644 | 3129 |
| Sempra  | 39487 | 2992 |
| Atmos Energy Corp.  | 15655 | 2413 |
| Enel SpA  | 230994 | 2192 |
| Power Grid Corporation of India, Ltd.  | 616919 | 2157 |
| SembCorp Industries, Ltd.  | 268900 | 1449 |
| AES Corp.  | 132318 | 1392 |
| NextEra Energy, Inc.  | 18420 | 1279 |
| Edison International  | 21128 | 1090 |
| Power Assets Holdings, Ltd.  | 127000 | 816 |
|  |  | 82879 |
| **Consumer discretionary 4.85%** |  |  |
| McDonald's Corp.  | 32086 | 9375 |
| Industria de Diseno Textil SA  | 154521 | 8042 |
| Home Depot, Inc.  | 19698 | 7222 |
| Starbucks Corp.  | 74312 | 6809 |
| YUM! Brands, Inc.  | 33673 | 4990 |
| Midea Group Co., Ltd., Class A  | 484566 | 4882 |
| Royal Caribbean Cruises, Ltd.  | 11474 | 3593 |
| Compagnie Generale des Etablissements Michelin  | 92890 | 3451 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 6411 | 3358 |
| Evolution AB  | 39788 | 3161 |
| Amadeus IT Group SA, Class A, non-registered shares  | 33725 | 2840 |
| Tractor Supply Co.  | 42150 | 2224 |
| NEXT PLC  | 12951 | 2211 |
| Compagnie Financiere Richemont SA, Class A  | 11374 | 2142 |
| Aristocrat Leisure, Ltd.  | 49212 | 2111 |
| Darden Restaurants, Inc.  | 9659 | 2105 |
| Vail Resorts, Inc.  | 12620 | 1983 |
| Restaurant Brands International, Inc.  | 27181 | 1802 |
| Galaxy Entertainment Group, Ltd.  | 283000 | 1256 |
| Las Vegas Sands Corp.  | 26266 | 1143 |
| OPAP SA  | 26284 | 596 |
| Jumbo SA  | 13271 | 458 |
| International Game Technology PLC  | 17882 | 283 |
|  |  | 76037 |
| **Energy 4.64%** |  |  |
| Exxon Mobil Corp.  | 134162 | 14463 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 372833 | 11718 |
| TC Energy Corp. (CAD denominated) <sup>(a)</sup>  | 195019 | 9521 |
| Shell PLC (GBP denominated)  | 187059 | 6557 |
| Shell PLC (ADR)  | 9821 | 691 |
| TotalEnergies SE  | 100624 | 6175 |
| EOG Resources, Inc.  | 42410 | 5073 |
| ConocoPhillips  | 52067 | 4672 |
| South Bow Corp. <sup>(a)</sup>  | 156968 | 4075 |
| EQT Corp.  | 62823 | 3664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **70** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Chevron Corp.  | 18330 | $2625 |
| Cenovus Energy, Inc.  | 93424 | 1271 |
| DT Midstream, Inc.  | 10047 | 1104 |
| Schlumberger NV  | 17806 | 602 |
| BP PLC  | 99480 | 499 |
| New Fortress Energy, Inc., Class A <sup>(d)</sup>  | 950 | 3 |
|  |  | 72713 |
| **Communication services 3.51%** |  |  |
| Singapore Telecommunications, Ltd.  | 3454300 | 10378 |
| T-Mobile US, Inc.  | 30317 | 7223 |
| Publicis Groupe SA  | 59664 | 6725 |
| AT&T, Inc.  | 208493 | 6034 |
| Deutsche Telekom AG  | 135327 | 4937 |
| Koninklijke KPN NV  | 881213 | 4293 |
| Comcast Corp., Class A  | 108926 | 3888 |
| Verizon Communications, Inc.  | 65877 | 2850 |
| NetEase, Inc.  | 86600 | 2328 |
| Nintendo Co., Ltd.  | 18200 | 1754 |
| America Movil, SAB de CV, Class B (ADR)  | 82076 | 1472 |
| HKT Trust and HKT, Ltd., units  | 984240 | 1469 |
| Omnicom Group, Inc.  | 12215 | 879 |
| Swisscom AG <sup>(d)</sup>  | 566 | 401 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 2242000 | 384 |
|  |  | 55015 |
| **Real estate 3.43%** |  |  |
| VICI Properties, Inc. REIT  | 627033 | 20441 |
| Welltower, Inc. REIT  | 45047 | 6925 |
| Prologis, Inc. REIT  | 37913 | 3985 |
| Extra Space Storage, Inc. REIT  | 23759 | 3503 |
| American Tower Corp. REIT  | 14128 | 3123 |
| Rexford Industrial Realty, Inc. REIT  | 84140 | 2993 |
| Mindspace Business Parks REIT  | 399976 | 1866 |
| Link REIT  | 302148 | 1613 |
| CTP NV  | 75076 | 1578 |
| CK Asset Holdings, Ltd.  | 322500 | 1421 |
| UDR, Inc. REIT  | 34393 | 1404 |
| Equinix, Inc. REIT  | 1676 | 1333 |
| SBA Communications Corp. REIT, Class A  | 4761 | 1118 |
| Sun Communities, Inc. REIT  | 5902 | 747 |
| Embassy Office Parks REIT  | 140661 | 639 |
| Lineage, Inc. REIT <sup>(a)</sup>  | 9785 | 426 |
| Longfor Group Holdings, Ltd.  | 357634 | 422 |
| Kimco Realty Corp. REIT  | 5095 | 107 |
|  |  | 53644 |
| **Materials 3.23%** |  |  |
| Air Products and Chemicals, Inc.  | 28543 | 8051 |
| Rio Tinto PLC  | 117196 | 6829 |
| Smurfit Westrock PLC  | 148945 | 6427 |
| Shin-Etsu Chemical Co., Ltd.  | 191162 | 6335 |
| Nitto Denko Corp.  | 218938 | 4244 |
| Linde PLC  | 8566 | 4019 |
| Vale SA, ordinary nominative shares  | 211978 | 2054 |
| Vale SA (ADR), ordinary nominative shares  | 91722 | 891 |
| International Paper Co.  | 55076 | 2579 |
| Anglo American PLC  | 75013 | 2214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **71** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** |  |  |
| Antofagasta PLC  | 47581 | $1182 |
| BASF SE  | 23462 | 1157 |
| Dow, Inc.  | 31474 | 833 |
| Eastman Chemical Co.  | 11125 | 830 |
| Barrick Mining Corp.  | 34519 | 719 |
| Evonik Industries AG  | 27512 | 567 |
| Givaudan SA  | 110 | 532 |
| Air Liquide SA  | 2512 | 518 |
| BHP Group, Ltd. (CDI)  | 19509 | 468 |
| Valterra Platinum, Ltd. (GBP denominated) <sup>(d)</sup>  | 3257 | 143 |
|  |  | 50592 |
| **Total common stocks** (cost: $810,358,000) |  | 1174333 |
| Convertible stocks 0.43% |  |  |
| **Information technology 0.19%** |  |  |
| Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028  | 44749 | 2982 |
| **Utilities 0.13%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 31400 | 1390 |
| PG&E Corp., Class A, convertible preferred shares, 6.00% 12/1/2027  | 18300 | 688 |
|  |  | 2078 |
| **Materials 0.06%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027  | 30256 | 971 |
| **Financials 0.05%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028  | 13000 | 697 |
| **Total convertible stocks** (cost: $6,289,000) |  | 6728 |
| Bonds, notes & other debt instruments 13.99% | Principal amount<br> (000)<br>|  |
| **Mortgage-backed obligations 5.57%** | **Mortgage-backed obligations 5.57%** | **Mortgage-backed obligations 5.57%** |
| **Federal agency mortgage-backed obligations 4.63%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(e)</sup>  | USD— <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(e)</sup>  | 802 | 757 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(e)</sup>  | 273 | 255 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(e)</sup>  | 4 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(e)</sup>  | 2 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(e)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(e)</sup>  | 7 | 7 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(e)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(e)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(e)</sup>  | 3 | 3 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(e)</sup>  | 2 | 2 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(e)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(e)</sup>  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(e)</sup>  | 26 | 25 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(e)</sup>  | 15 | 15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **72** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(e)</sup>  | USD22 | $21 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(e)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(e)</sup>  | 3 | 3 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(e)</sup>  | 29 | 27 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(e)</sup>  | 162 | 149 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(e)</sup>  | 1853 | 1702 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(e)</sup>  | 2584 | 2279 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(e)</sup>  | 296 | 263 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(e)</sup>  | 115 | 100 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(e)</sup>  | 76 | 67 |
| Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(e)</sup>  | 42 | 37 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(e)</sup>  | 12 | 10 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(e)</sup>  | 127 | 111 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(e)</sup>  | 82 | 71 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(e)</sup>  | 43 | 34 |
| Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(e)</sup>  | 125 | 110 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(e)</sup>  | 185 | 147 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(e)</sup>  | 22 | 17 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(e)</sup>  | 157 | 137 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(e)</sup>  | 19 | 17 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(e)</sup>  | 14 | 13 |
| Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(e)</sup>  | 110 | 96 |
| Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(e)</sup>  | 171 | 136 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(e)</sup>  | 18 | 17 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(e)</sup>  | 4 | 3 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(e)</sup>  | 71 | 64 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(e)</sup>  | 806 | 710 |
| Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(e)</sup>  | 460 | 403 |
| Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(e)</sup>  | 269 | 244 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(e)</sup>  | 4 | 4 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(e)</sup>  | 105 | 98 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(e)</sup>  | 9 | 8 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(e)</sup>  | 53 | 53 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(e)</sup>  | 150 | 119 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(e)</sup>  | 107 | 107 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(e)</sup>  | 97 | 97 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(e)</sup>  | 148 | 148 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(e)</sup>  | 93 | 93 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(e)</sup>  | 90 | 89 |
| Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(e)</sup>  | 798 | 743 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(e)</sup>  | 71 | 70 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(e)</sup>  | 232 | 228 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(e)</sup>  | 59 | 58 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(e)</sup>  | 253 | 253 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(e)</sup>  | 1378 | 1406 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(e)</sup>  | 313 | 313 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(e)</sup>  | 369 | 376 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(e)</sup>  | 229 | 234 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(e)</sup>  | 173 | 177 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(e)</sup>  | 268 | 249 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(e)</sup>  | 99 | 94 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(e)</sup>  | 123 | 121 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(e)</sup>  | 93 | 92 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(e)</sup>  | 815 | 817 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(e)</sup>  | 409 | 416 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(e)</sup>  | 911 | 848 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(e)</sup>  | 8 | 8 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(e)</sup>  | 45 | 46 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(e)</sup>  | 669 | 682 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(e)</sup>  | 68 | 71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **73** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(e)</sup>  | USD24 | $25 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(e)</sup>  | 27 | 28 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(e)</sup>  | 869 | 871 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(e)</sup>  | 117 | 119 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(e)</sup>  | 62 | 63 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(e)</sup>  | 948 | 955 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(e)</sup>  | 115 | 117 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(e)</sup>  | 71 | 71 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(e)</sup>  | 395 | 405 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(e)</sup>  | 125 | 127 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(e)</sup>  | 26 | 27 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(e)</sup>  | 19 | 19 |
| Fannie Mae Pool #DB4399 6.50% 6/1/2054 <sup>(e)</sup>  | 21 | 22 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(e)</sup>  | 153 | 153 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(e)</sup>  | 843 | 857 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(e)</sup>  | 185 | 188 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(e)</sup>  | 165 | 169 |
| Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(e)</sup>  | 109 | 111 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(e)</sup>  | 97 | 100 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(e)</sup>  | 80 | 81 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(e)</sup>  | 20 | 20 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(e)</sup>  | 465 | 490 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(e)</sup>  | 2755 | 2820 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(e)</sup>  | 358 | 364 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(e)</sup>  | 9 | 10 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(e)</sup>  | 9 | 10 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(e)</sup>  | 10 | 10 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(e)</sup>  | 9 | 9 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(e)</sup>  | 7 | 7 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(e)</sup>  | 18 | 19 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(e)</sup>  | 240 | 240 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(e)</sup>  | 34 | 34 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(e)</sup>  | 237 | 237 |
| Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(e)</sup>  | 575 | 551 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(e)</sup>  | 200 | 196 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(e)</sup>  | 1177 | 1095 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(e)</sup>  | 44 | 45 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(e)</sup>  | 628 | 639 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(e)</sup>  | 318 | 305 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(e)</sup>  | 25 | 25 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(e)</sup>  | 334 | 320 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(e)</sup>  | 79 | 80 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(e)</sup>  | 20 | 19 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(e)</sup>  | 204 | 208 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(e)</sup>  | 14 | 14 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(e)</sup>  | 1 | 1 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(e)</sup>  | 207 | 214 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(e)</sup>  | 328 | 338 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(e)</sup>  | 218 | 220 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(e)</sup>  | 535 | 514 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(e)</sup>  | 368 | 317 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(e)</sup>  | 401 | 375 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(e)</sup>  | 115 | 107 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(e)</sup>  | 63 | 54 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(e)</sup>  | 109 | 94 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(e)</sup>  | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(e)</sup>  | 181 | 171 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(e)</sup>  | 15 | 14 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(e)</sup>  | 12 | 11 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(e)</sup>  | 7 | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **74** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(e)</sup>  | USD23 | $22 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(e)</sup>  | 10 | 10 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(e)</sup>  | 41 | 40 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(e)</sup>  | 19 | 19 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(e)</sup>  | 14 | 13 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(e)</sup>  | 946 | 923 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(e)</sup>  | 12 | 11 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(e)</sup>  | 136 | 119 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(e)</sup>  | 64 | 56 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(e)</sup>  | 129 | 113 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(e)</sup>  | 48 | 40 |
| Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(e)</sup>  | 102 | 89 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(e)</sup>  | 243 | 193 |
| Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(e)</sup>  | 110 | 95 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(e)</sup>  | 796 | 691 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(e)</sup>  | 455 | 394 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(e)</sup>  | 313 | 292 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(e)</sup>  | 753 | 722 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(e)</sup>  | 146 | 127 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(e)</sup>  | 44 | 35 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(e)</sup>  | 111 | 96 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(e)</sup>  | 165 | 160 |
| Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(e)</sup>  | 586 | 577 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(e)</sup>  | 287 | 288 |
| Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(e)</sup>  | 26 | 24 |
| Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(e)</sup>  | 2430 | 2191 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(e)</sup>  | 103 | 103 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(e)</sup>  | 23 | 20 |
| Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(e)</sup>  | 437 | 419 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(e)</sup>  | 754 | 703 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(e)</sup>  | 93 | 92 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(e)</sup>  | 517 | 518 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(e)</sup>  | 391 | 392 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(e)</sup>  | 31 | 31 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(e)</sup>  | 979 | 981 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(e)</sup>  | 79 | 80 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(e)</sup>  | 15 | 16 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(e)</sup>  | 12 | 13 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(e)</sup>  | 12 | 13 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(e)</sup>  | 13 | 13 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(e)</sup>  | 8 | 9 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(e)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(e)</sup>  | 4 | 4 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(e)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(e)</sup>  | 32 | 32 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(e)</sup>  | 18 | 19 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(e)</sup>  | 17 | 17 |
| Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(e)</sup>  | 214 | 215 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(e)</sup>  | 850 | 835 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(e)</sup>  | 45 | 45 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(e)</sup>  | 9 | 10 |
| Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(e)</sup>  | 53 | 49 |
| Freddie Mac Pool #SD8386 7.00% 12/1/2053 <sup>(e)</sup>  | 243 | 256 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(e)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(e)</sup>  | 17 | 17 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(e)</sup>  | 1190 | 1211 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(e)</sup>  | 874 | 875 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(e)</sup>  | 18 | 18 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(e)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(e)</sup>  | 450 | 461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **75** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(e)</sup>  | USD9 | $10 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(e)</sup>  | 270 | 272 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(e)</sup>  | 53 | 53 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(e)</sup>  | 17 | 17 |
| Freddie Mac Pool #QI5199 6.50% 5/1/2054 <sup>(e)</sup>  | 25 | 26 |
| Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(e)</sup>  | 116 | 116 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(e)</sup>  | 24 | 24 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(e)</sup>  | 1 | 1 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(e)</sup>  | 76 | 77 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(e)</sup>  | 64 | 64 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(e)</sup>  | 358 | 365 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(e)</sup>  | 291 | 300 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(e)</sup>  | 252 | 256 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(e)</sup>  | 76 | 77 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(e)</sup>  | 18 | 19 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(e)</sup>  | 16 | 16 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(e)</sup>  | 176 | 179 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(e)</sup>  | 18 | 18 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(e)</sup>  | 9 | 10 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(e)</sup>  | 5 | 5 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(e)</sup>  | 38 | 39 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(e)</sup>  | 19 | 20 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(e)</sup>  | 18 | 19 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(e)</sup>  | 19 | 19 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(e)</sup>  | 9 | 9 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(e)</sup>  | 82 | 79 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(e)</sup>  | 53 | 52 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(e)</sup>  | 63 | 63 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(e)</sup>  | 18 | 18 |
| Freddie Mac Pool #SD8489 4.50% 12/1/2054 <sup>(e)</sup>  | 568 | 543 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(e)</sup>  | 339 | 339 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(e)</sup>  | 37 | 35 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(e)</sup>  | 171 | 175 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(e)</sup>  | 84 | 85 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(e)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(e)</sup>  | 12 | 13 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(e)</sup>  | 3033 | 3134 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(e)</sup>  | 12 | 12 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(e)</sup>  | 350 | 356 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(e)</sup>  | 20 | 19 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(e)</sup>  | 92 | 93 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(e)</sup>  | 15 | 15 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(e)</sup>  | 1 | 1 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(e)</sup>  | 79 | 80 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(e)(f)</sup>  | 160 | 160 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(e)(f)</sup>  | 89 | 84 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(e)</sup>  | 187 | 174 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(e)(f)</sup>  | 180 | 169 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(e)(f)</sup>  | 81 | 73 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(e)</sup>  | 68 | 61 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(e)</sup>  | 13 | 13 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(e)</sup>  | 837 | 749 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(e)</sup>  | 289 | 278 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(e)</sup>  | 457 | 437 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(e)</sup>  | 12 | 12 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(e)</sup>  | 8 | 7 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(e)</sup>  | 688 | 669 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(e)</sup>  | 995 | 946 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(e)(g)</sup>  | 609 | 610 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(e)</sup>  | 160 | 156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **76** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(e)</sup>  | USD2,792 | $2611 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(e)</sup>  | 59 | 55 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(e)</sup>  | 208 | 194 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(e)</sup>  | 380 | 375 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(e)</sup>  | 1022 | 1007 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(e)</sup>  | 25 | 23 |
| Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(e)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(e)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(e)(g)</sup>  | 1951 | 1618 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(e)(g)</sup>  | 1431 | 1289 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(e)(g)</sup>  | 88 | 82 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(e)(g)</sup>  | 164 | 157 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(e)(g)</sup>  | 162 | 159 |
| Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(e)(g)</sup>  | 191 | 191 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(e)(g)</sup>  | 1703 | 1731 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(e)(g)</sup>  | 3754 | 3953 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(e)(g)</sup>  | 51 | 40 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(e)(g)</sup>  | 872 | 754 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(e)(g)</sup>  | 187 | 174 |
| Uniform Mortgage-Backed Security 6.00% 8/1/2055 <sup>(e)(g)</sup>  | 156 | 158 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(e)(g)</sup>  | 154 | 159 |
| Uniform Mortgage-Backed Security 7.00% 8/1/2055 <sup>(e)(g)</sup>  | 243 | 255 |
|  |  | 72469 |
| **Commercial mortgage-backed securities 0.47%** |  |  |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.409% 11/10/2029 <sup>(e)(f)(h)</sup>  | 296 | 302 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(e)</sup>  | 41 | 43 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(e)(f)</sup>  | 122 | 128 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(e)(f)(h)</sup>  | 332 | 334 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.853% 5/15/2034 <sup>(e)(f)(h)</sup>  | 105 | 106 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(e)(f)(h)</sup>  | 628 | 626 |
| BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 6.072% 10/15/2036 <sup>(e)(f)(h)</sup>  | 100 | 100 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(e)(f)(h)</sup>  | 97 | 97 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(e)(f)(h)</sup>  | 152 | 152 |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 5.826% 6/15/2038 <sup>(e)(f)(h)</sup>  | 88 | 88 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.926% 11/15/2038 <sup>(e)(f)(h)</sup>  | 86 | 86 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(e)(f)(h)</sup>  | 176 | 177 |
| BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.763% 8/15/2039 <sup>(e)(f)(h)</sup>  | 39 | 39 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(e)(f)(h)</sup>  | 590 | 599 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% <br> 7/15/2041 <sup>(e)(f)(h)</sup>  | 100 | 100 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(e)(f)(h)</sup>  | 120 | 120 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(e)(f)(h)</sup>  | 237 | 245 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043 <sup>(e)(f)(h)</sup>  | 574 | 582 |
| ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(e)(f)(h)</sup>  | 213 | 215 |
| ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(e)(f)(h)</sup>  | 191 | 192 |
| ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(e)(f)(h)</sup>  | 133 | 134 |
| ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(e)(f)(h)</sup>  | 120 | 121 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(e)(f)(h)</sup>  | 100 | 100 |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(e)(f)(h)</sup>  | 100 | 100 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(e)</sup>  | 73 | 75 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(e)(f)(h)</sup>  | 592 | 596 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(e)(f)(h)</sup>  | 329 | 338 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(e)(f)(h)</sup>  | 100 | 101 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(e)(f)(h)</sup>  | 243 | 245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **77** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(e)(f)(h)</sup>  | USD541 | $558 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 7.055% 7/25/2054 <sup>(e)(f)(h)</sup>  | 110 | 111 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) <br> 6.953% 3/15/2042 <sup>(e)(f)(h)</sup>  | 597 | 592 |
|  |  | 7402 |
| **Collateralized mortgage-backed obligations (privately originated) 0.47%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(e)(f)(h)</sup>  | 86 | 78 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(e)(h)(i)</sup>  | 514 | 498 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(e)(f)(h)</sup>  | 60 | 56 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(e)(f)(h)</sup>  | 175 | 173 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(e)(f)(h)</sup>  | 398 | 390 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(e)(f)(h)</sup>  | 139 | 133 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(e)(f)(h)</sup>  | 6 | 6 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.705% 12/25/2042 <sup>(e)(f)(h)</sup>  | 28 | 29 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 6.205% 6/25/2043 <sup>(e)(f)(h)</sup>  | 244 | 246 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 6.005% 7/25/2043 <sup>(e)(f)(h)</sup>  | 82 | 82 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 5.405% 5/25/2044 <sup>(e)(f)(h)</sup>  | 66 | 66 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.905% 9/25/2044 <sup>(e)(f)(h)</sup>  | 87 | 87 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(e)(f)(h)</sup>  | 11 | 12 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 8.005% 9/25/2042 <sup>(e)(f)(h)</sup>  | 64 | 67 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.505% 5/25/2044 <sup>(e)(f)(h)</sup>  | 208 | 209 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.755% 10/25/2044 <sup>(e)(f)(h)</sup>  | 90 | 90 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, <br>(30-day Average USD-SOFR + 1.814%) 6.12% 1/25/2050 <sup>(e)(f)(h)</sup>  | 7 | 7 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(e)(h)(i)</sup>  | 97 | 98 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(e)(h)</sup>  | 59 | 58 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(e)(h)(i)</sup>  | 765 | 770 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(e)(h)</sup>  | 57 | 57 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (6.25% on 11/25/2025) <sup>(e)(h)(i)</sup>  | 96 | 96 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(e)(h)(i)</sup>  | 516 | 514 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(e)(h)(i)</sup>  | 119 | 120 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.645% 3/25/2053 <sup>(e)(f)(h)</sup>  | 152 | 150 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(e)(h)(i)</sup>  | 172 | 174 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(e)(h)(i)</sup>  | 387 | 391 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(e)(h)(i)</sup>  | 969 | 975 |
| Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(e)(h)</sup>  | 554 | 520 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(e)(h)</sup>  | 96 | 93 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 6.062% 10/17/2041 <sup>(e)(f)(h)</sup>  | 140 | 141 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(e)(f)(h)</sup>  | 18 | 17 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(e)(f)(h)</sup>  | 16 | 16 |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(e)(f)(h)</sup>  | 9 | 9 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(e)(h)</sup>  | 329 | 299 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(h)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(e)(h)</sup>  | 195 | 190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **78** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(e)(h)</sup>  | USD167 | $167 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(e)(h)(i)</sup>  | 77 | 78 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(e)(f)(h)</sup>  | 98 | 98 |
|  |  | 7360 |
| **Total mortgage-backed obligations** |  | 87231 |
| **U.S. Treasury bonds & notes 4.93%** | **U.S. Treasury bonds & notes 4.93%** | **U.S. Treasury bonds & notes 4.93%** |
| **U.S. Treasury 4.93%** |  |  |
| U.S. Treasury 4.00% 2/15/2026  | 2369 | 2367 |
| U.S. Treasury 0.75% 3/31/2026  | 1 | 1 |
| U.S. Treasury 0.75% 5/31/2026  | 3850 | 3737 |
| U.S. Treasury 1.875% 6/30/2026  | 3855 | 3775 |
| U.S. Treasury 1.125% 10/31/2026  | 995 | 960 |
| U.S. Treasury 2.00% 11/15/2026 <sup>(j)</sup>  | 2800 | 2731 |
| U.S. Treasury 4.625% 11/15/2026  | 1200 | 1212 |
| U.S. Treasury 4.00% 1/15/2027 <sup>(j)</sup>  | 6541 | 6557 |
| U.S. Treasury 0.50% 4/30/2027  | 2375 | 2240 |
| U.S. Treasury 2.625% 5/31/2027  | 80 | 78 |
| U.S. Treasury 3.875% 5/31/2027  | 3009 | 3016 |
| U.S. Treasury 3.75% 6/30/2027  | 11364 | 11371 |
| U.S. Treasury 4.00% 2/29/2028  | 745 | 751 |
| U.S. Treasury 1.25% 3/31/2028  | 1350 | 1264 |
| U.S. Treasury 3.625% 3/31/2028  | 4 | 4 |
| U.S. Treasury 3.875% 6/15/2028  | 7447 | 7486 |
| U.S. Treasury 4.00% 7/31/2029  | 25 | 25 |
| U.S. Treasury 6.25% 5/15/2030  | 345 | 382 |
| U.S. Treasury 4.00% 5/31/2030  | 917 | 955 |
| U.S. Treasury 3.875% 6/30/2030  | 10178 | 10217 |
| U.S. Treasury 4.00% 6/30/2032  | 7532 | 7536 |
| U.S. Treasury 4.125% 11/15/2032  | 9 | 9 |
| U.S. Treasury 4.375% 5/15/2034  | 18 | 18 |
| U.S. Treasury 4.25% 5/15/2035  | 3046 | 3050 |
| U.S. Treasury 4.50% 8/15/2039  | 1045 | 1041 |
| U.S. Treasury 4.75% 2/15/2041  | 1730 | 1753 |
| U.S. Treasury 2.00% 11/15/2041 <sup>(j)</sup>  | 300 | 206 |
| U.S. Treasury 5.00% 5/15/2045  | 585 | 601 |
| U.S. Treasury 2.375% 5/15/2051 <sup>(j)</sup>  | 196 | 125 |
| U.S. Treasury 4.00% 11/15/2052  | 152 | 133 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(j)</sup>  | 3276 | 3189 |
| U.S. Treasury 4.75% 5/15/2055  | 310 | 308 |
| **Total U.S. Treasury bonds & notes** |  | 77098 |
| **Corporate bonds, notes & loans 2.47%** | **Corporate bonds, notes & loans 2.47%** | **Corporate bonds, notes & loans 2.47%** |
| **Financials 0.47%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) <br>7.61% 11/17/2029 <sup>(b)(f)(h)(k)</sup>  | 264 | 262 |
| American Express Co. 4.90% 2/13/2026  | 28 | 28 |
| American Express Co. 5.085% 1/30/2031 (USD-SOFR + 1.02% on 1/30/2030) <sup>(i)</sup>  | 50 | 51 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(i)</sup>  | 28 | 29 |
| American International Group, Inc. 4.85% 5/7/2030  | 99 | 101 |
| American International Group, Inc. 5.125% 3/27/2033  | 17 | 17 |
| Aon Corp. 5.35% 2/28/2033  | 21 | 22 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 125 | 127 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032  | 50 | 51 |
| Bank of America Corp. 2.884% 10/22/2030 (3-month USD CME Term SOFR + 1.19% on 10/22/2029) <sup>(i)</sup>  | 26 | 24 |
| Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) <sup>(i)</sup>  | 238 | 244 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(i)</sup>  | 118 | 120 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **79** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Bank of America Corp. 5.511% 1/24/2036 (USD-SOFR + 1.31% on 1/24/2035) <sup>(i)</sup>  | USD75 | $77 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(h)(i)</sup>  | 400 | 414 |
| CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(h)(i)</sup>  | 200 | 209 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(i)</sup>  | 45 | 48 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(i)</sup>  | 95 | 99 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 35 | 36 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(i)</sup>  | 50 | 51 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(i)</sup>  | 36 | 36 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(i)</sup>  | 35 | 31 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(i)</sup>  | 44 | 45 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(i)</sup>  | 55 | 56 |
| Citizens Financial Group, Inc. 5.841% 1/23/2030 (USD-SOFR + 2.01% on 1/23/2029) <sup>(i)</sup>  | 120 | 124 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 180 | 176 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 32 | 30 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 7 | 6 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br>4/1/2027) <sup>(h)(i)</sup>  | 200 | 199 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(i)</sup>  | 300 | 320 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(i)</sup>  | 150 | 151 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(i)</sup>  | 5 | 5 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(i)</sup>  | 45 | 45 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(i)</sup>  | 60 | 63 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(i)</sup>  | 40 | 41 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(i)</sup>  | 197 | 202 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(i)</sup>  | 65 | 66 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(i)</sup>  | 50 | 52 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(i)</sup>  | 198 | 202 |
| JPMorgan Chase & Co. 5.103% 4/22/2031 (USD-SOFR + 1.435% on 4/22/2030) <sup>(i)</sup>  | 52 | 53 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(i)</sup>  | 20 | 17 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(i)</sup>  | 328 | 334 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(i)</sup>  | 162 | 168 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 25 | 25 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 25 | 24 |
| Mastercard, Inc. 4.875% 3/9/2028  | 31 | 32 |
| Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) <sup>(i)</sup>  | 25 | 26 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(i)</sup>  | 10 | 10 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(i)</sup>  | 140 | 145 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(i)</sup>  | 488 | 489 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(i)</sup>  | 35 | 36 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(i)</sup>  | 57 | 58 |
| Morgan Stanley 5.587% 1/18/2036 (USD-SOFR + 1.418% on 1/18/2035) <sup>(i)</sup>  | 38 | 39 |
| Morgan Stanley 5.664% 4/17/2036 (USD-SOFR + 1.757% on 4/17/2035) <sup>(i)</sup>  | 92 | 95 |
| Navient Corp. 5.00% 3/15/2027  | 150 | 150 |
| New York Life Global Funding 3.00% 1/10/2028 <sup>(h)</sup>  | 150 | 146 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 340 | 350 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(i)</sup>  | 50 | 52 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(h)</sup>  | 100 | 101 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(i)</sup>  | 11 | 11 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(i)</sup>  | 50 | 51 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(i)</sup>  | 10 | 10 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(i)</sup>  | 40 | 42 |
| U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(i)</sup>  | 70 | 73 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(i)</sup>  | 85 | 88 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(h)(i)</sup>  | 200 | 208 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(h)(i)</sup>  | 374 | 366 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(i)</sup>  | 98 | 100 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(i)</sup>  | 55 | 56 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **80** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(i)</sup>  | USD104 | $114 |
| Wells Fargo & Co. 5.211% 12/3/2035 (USD-SOFR + 1.38% on 12/3/2034) <sup>(i)</sup>  | 25 | 25 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(i)</sup>  | 56 | 58 |
|  |  | 7412 |
| **Health care 0.34%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 175 | 178 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 240 | 234 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 5.507% 3/2/2026  | 30 | 30 |
| Amgen, Inc. 5.15% 3/2/2028  | 55 | 56 |
| Amgen, Inc. 4.05% 8/18/2029  | 100 | 99 |
| Amgen, Inc. 5.25% 3/2/2030  | 124 | 128 |
| Amgen, Inc. 4.20% 3/1/2033  | 133 | 128 |
| Amgen, Inc. 5.25% 3/2/2033  | 71 | 73 |
| Amgen, Inc. 5.60% 3/2/2043  | 105 | 104 |
| Amgen, Inc. 4.20% 2/22/2052  | 19 | 15 |
| Amgen, Inc. 4.875% 3/1/2053  | 25 | 22 |
| Amgen, Inc. 5.65% 3/2/2053  | 37 | 36 |
| Amgen, Inc. 5.75% 3/2/2063  | 85 | 83 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 50 | 51 |
| Baxter International, Inc. 3.132% 12/1/2051  | 25 | 16 |
| Bristol-Myers Squibb Co. 4.90% 2/22/2029  | 95 | 97 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 260 | 269 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 295 | 302 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 25 | 25 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 325 | 317 |
| Bristol-Myers Squibb Co. 5.65% 2/22/2064  | 100 | 97 |
| Centene Corp. 4.625% 12/15/2029  | 530 | 516 |
| Centene Corp. 2.625% 8/1/2031  | 40 | 34 |
| CVS Health Corp. 5.125% 2/21/2030  | 50 | 51 |
| CVS Health Corp. 5.25% 2/21/2033  | 23 | 23 |
| CVS Health Corp. 5.70% 6/1/2034  | 97 | 100 |
| CVS Health Corp. 6.00% 6/1/2044  | 50 | 50 |
| CVS Health Corp. 5.625% 2/21/2053  | 55 | 51 |
| CVS Health Corp. 6.05% 6/1/2054  | 50 | 49 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 30 | 30 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 13 | 13 |
| Gilead Sciences, Inc. 1.65% 10/1/2030  | 8 | 7 |
| HCA, Inc. 2.375% 7/15/2031  | 18 | 16 |
| Humana, Inc. 3.70% 3/23/2029  | 12 | 12 |
| Humana, Inc. 5.375% 4/15/2031  | 35 | 36 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(h)</sup>  | 380 | 391 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 118 | 113 |
| Merck & Co., Inc. 3.40% 3/7/2029  | 110 | 107 |
| Merck & Co., Inc. 4.50% 5/17/2033  | 35 | 35 |
| Merck & Co., Inc. 4.90% 5/17/2044  | 35 | 33 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(h)</sup>  | 40 | 36 |
| Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030  | 10 | 10 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 23 | 23 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 17 | 16 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026  | 7 | 7 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 362 | 364 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 600 | 655 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 89 | 64 |
|  |  | 5251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **81** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy 0.25%** |  |  |
| APA Corp. 4.25% 1/15/2030 <sup>(h)</sup>  | USD385 | $369 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(h)</sup>  | 600 | 573 |
| Cenovus Energy, Inc. 5.40% 6/15/2047  | 44 | 39 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(h)</sup>  | 9 | 9 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 50 | 47 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(h)</sup>  | 270 | 258 |
| Energy Transfer, LP 6.10% 12/1/2028  | 41 | 43 |
| Energy Transfer, LP 5.25% 7/1/2029  | 23 | 24 |
| Energy Transfer, LP 6.40% 12/1/2030  | 34 | 37 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 6 | 6 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 110 | 112 |
| Equinor ASA 2.375% 5/22/2030  | 365 | 335 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 210 | 149 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(h)</sup>  | 35 | 36 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(h)</sup>  | 400 | 384 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(h)</sup>  | 148 | 67 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 124 | 122 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 20 | 20 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 177 | 183 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(h)</sup>  | 200 | 188 |
| TotalEnergies Capital SA 4.724% 9/10/2034  | 17 | 17 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(h)</sup>  | 595 | 551 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(h)</sup>  | 195 | 195 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(h)</sup>  | 75 | 81 |
|  |  | 3845 |
| **Utilities 0.23%** |  |  |
| AEP Transmission Co., LLC 2.75% 8/15/2051  | 50 | 31 |
| DTE Energy Co. 3.00% 3/1/2032  | 42 | 38 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 25 | 26 |
| Edison International 4.125% 3/15/2028  | 132 | 127 |
| Edison International 5.45% 6/15/2029  | 100 | 99 |
| Edison International 5.25% 3/15/2032  | 389 | 369 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(h)(i)</sup>  | 200 | 226 |
| FirstEnergy Corp. 2.65% 3/1/2030  | 393 | 361 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 107 | 95 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 35 | 36 |
| NiSource, Inc. 5.40% 6/30/2033  | 25 | 26 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 97 | 96 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 105 | 102 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 284 | 283 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 375 | 326 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 50 | 52 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 377 | 374 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 162 | 131 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 256 | 164 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 25 | 23 |
| PacifiCorp 5.50% 5/15/2054  | 95 | 87 |
| PacifiCorp 5.80% 1/15/2055  | 25 | 24 |
| Southern California Edison Co. 5.20% 6/1/2034  | 40 | 39 |
| Southern California Edison Co. 3.60% 2/1/2045  | 206 | 142 |
| Southern California Edison Co. 5.90% 3/1/2055  | 30 | 27 |
| Union Electric Co. 3.90% 4/1/2052  | 25 | 19 |
| WEC Energy Group, Inc. 5.15% 10/1/2027  | 25 | 25 |
| Xcel Energy, Inc. 4.75% 3/21/2028  | 264 | 267 |
|  |  | 3615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **82** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Communication services 0.23%** |  |  |
| America Movil, SAB de CV, 8.46% 12/18/2036  | MXN1,300 | $61 |
| AT&T, Inc. 3.50% 6/1/2041  | USD75 | 59 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(h)</sup>  | 25 | 24 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(h)</sup>  | 655 | 584 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 41 | 43 |
| Meta Platforms, Inc. 4.30% 8/15/2029  | 40 | 40 |
| Meta Platforms, Inc. 4.75% 8/15/2034  | 53 | 53 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 29 | 28 |
| Meta Platforms, Inc. 5.55% 8/15/2064  | 40 | 39 |
| Netflix, Inc. 4.90% 8/15/2034  | 16 | 16 |
| Netflix, Inc. 5.40% 8/15/2054  | 6 | 6 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(h)</sup>  | 253 | 243 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(h)</sup>  | 780 | 750 |
| TEGNA, Inc. 5.00% 9/15/2029  | 360 | 344 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 625 | 607 |
| T-Mobile USA, Inc. 2.55% 2/15/2031  | 203 | 182 |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | 69 | 70 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(h)</sup>  | 340 | 334 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 142 | 123 |
|  |  | 3606 |
| **Consumer discretionary 0.20%** |  |  |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 18 | 17 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 12 | 11 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 150 | 156 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(h)</sup>  | 290 | 285 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(h)</sup>  | 25 | 23 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(h)</sup>  | 175 | 179 |
| Daimler Trucks Finance North America, LLC 5.15% 1/16/2026 <sup>(h)</sup>  | 150 | 151 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2027 <sup>(h)</sup>  | 150 | 152 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031 <sup>(h)</sup>  | 150 | 130 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026  | 306 | 298 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 604 | 600 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 622 | 628 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 200 | 207 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034  | 27 | 27 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(h)</sup>  | 55 | 56 |
| McDonald's Corp. 5.15% 9/9/2052  | 10 | 9 |
| Toyota Motor Credit Corp. 5.40% 11/10/2025  | 228 | 229 |
|  |  | 3158 |
| **Industrials 0.19%** |  |  |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(h)</sup>  | 200 | 205 |
| Boeing Co. (The) 2.75% 2/1/2026  | 91 | 90 |
| Boeing Co. (The) 6.259% 5/1/2027  | 376 | 387 |
| Boeing Co. (The) 6.298% 5/1/2029  | 12 | 13 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 168 |
| Boeing Co. (The) 6.388% 5/1/2031  | 92 | 99 |
| Boeing Co. (The) 6.528% 5/1/2034  | 921 | 1001 |
| Boeing Co. (The) 5.805% 5/1/2050  | 136 | 131 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 25 | 18 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 80 | 53 |
| CSX Corp. 4.75% 11/15/2048  | 50 | 44 |
| CSX Corp. 4.50% 11/15/2052  | 35 | 29 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(h)</sup>  | 90 | 94 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 15 | 15 |
| L3Harris Technologies, Inc. 5.60% 7/31/2053  | 13 | 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **83** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| Moog, Inc. 4.25% 12/9/2027 <sup>(h)</sup>  | USD55 | $54 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 51 | 49 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 21 | 19 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(h)</sup>  | 190 | 196 |
| Republic Services, Inc. 5.00% 4/1/2034  | 13 | 13 |
| RTX Corp. 6.00% 3/15/2031  | 35 | 38 |
| RTX Corp. 6.10% 3/15/2034  | 27 | 29 |
| RTX Corp. 6.40% 3/15/2054  | 22 | 24 |
| Union Pacific Corp. 2.80% 2/14/2032  | 17 | 15 |
| Union Pacific Corp. 3.50% 2/14/2053  | 20 | 14 |
| Waste Management, Inc. 4.625% 2/15/2030  | 60 | 61 |
| Waste Management, Inc. 4.95% 3/15/2035  | 16 | 16 |
| Waste Management, Inc. 5.35% 10/15/2054  | 25 | 24 |
|  |  | 2912 |
| **Real estate 0.16%** |  |  |
| American Tower Corp. 4.05% 3/15/2032  | 11 | 10 |
| Boston Properties, LP 2.45% 10/1/2033  | 7 | 6 |
| Boston Properties, LP 6.50% 1/15/2034  | 38 | 41 |
| Boston Properties, LP 5.75% 1/15/2035  | 95 | 96 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 54 | 55 |
| Equinix, Inc. 1.55% 3/15/2028  | 25 | 23 |
| Equinix, Inc. 3.20% 11/18/2029  | 144 | 137 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(h)</sup>  | 530 | 505 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 550 | 496 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(h)</sup>  | 20 | 21 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 475 | 439 |
| Prologis, LP 5.00% 3/15/2034  | 40 | 40 |
| Service Properties Trust 8.375% 6/15/2029  | 680 | 708 |
|  |  | 2577 |
| **Consumer staples 0.16%** |  |  |
| Altria Group, Inc. 4.875% 2/4/2028  | 13 | 13 |
| Altria Group, Inc. 5.625% 2/6/2035  | 48 | 49 |
| BAT Capital Corp. 4.70% 4/2/2027  | 105 | 105 |
| BAT Capital Corp. 6.343% 8/2/2030  | 9 | 10 |
| BAT Capital Corp. 5.35% 8/15/2032  | 413 | 423 |
| BAT Capital Corp. 6.421% 8/2/2033  | 38 | 41 |
| BAT Capital Corp. 7.079% 8/2/2043  | 31 | 34 |
| BAT Capital Corp. 4.54% 8/15/2047  | 55 | 44 |
| BAT Capital Corp. 4.758% 9/6/2049  | 121 | 100 |
| BAT Capital Corp. 7.081% 8/2/2053  | 69 | 77 |
| BAT International Finance PLC 4.448% 3/16/2028  | 150 | 150 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 235 | 202 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(h)</sup>  | 25 | 25 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(h)</sup>  | 165 | 167 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(h)</sup>  | 71 | 71 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(h)</sup>  | 145 | 145 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(h)</sup>  | 24 | 24 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 127 | 126 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 43 | 44 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 23 | 24 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 56 | 58 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 70 | 73 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 16 | 17 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 55 | 57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **84** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples (continued)** |  |  |
| Philip Morris International, Inc. 5.625% 9/7/2033  | USD30 | $31 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 90 | 90 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(h)</sup>  | 330 | 334 |
|  |  | 2534 |
| **Information technology 0.13%** |  |  |
| Broadcom, Inc. 5.05% 7/12/2027  | 40 | 41 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(h)</sup>  | 3 | 3 |
| Broadcom, Inc. 5.05% 7/12/2029  | 45 | 46 |
| Broadcom, Inc. 5.15% 11/15/2031  | 104 | 107 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(h)</sup>  | 11 | 11 |
| Broadcom, Inc. 4.80% 10/15/2034  | 12 | 12 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(h)</sup>  | 2 | 2 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 11 | 11 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 4 | 4 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 14 | 14 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 8 | 8 |
| Cisco Systems, Inc. 5.35% 2/26/2064  | 11 | 11 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(h)</sup>  | 250 | 266 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(h)</sup>  | 100 | 101 |
| Oracle Corp. 5.50% 8/3/2035  | 18 | 18 |
| ServiceNow, Inc. 1.40% 9/1/2030  | 54 | 47 |
| Synopsys, Inc. 4.65% 4/1/2028  | 40 | 40 |
| Synopsys, Inc. 4.85% 4/1/2030  | 40 | 41 |
| Synopsys, Inc. 5.00% 4/1/2032  | 40 | 40 |
| Synopsys, Inc. 5.15% 4/1/2035  | 780 | 786 |
| Synopsys, Inc. 5.70% 4/1/2055  | 380 | 378 |
|  |  | 1987 |
| **Materials 0.11%** |  |  |
| BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026  | 35 | 35 |
| BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028  | 35 | 36 |
| BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033  | 16 | 16 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 7 | 7 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 36 | 38 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 27 | 28 |
| Celanese US Holdings, LLC 6.629% 7/15/2032  | 10 | 10 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 23 | 24 |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(h)</sup>  | 20 | 20 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(h)</sup>  | 125 | 121 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(h)</sup>  | 750 | 647 |
| Dow Chemical Co. (The) 5.15% 2/15/2034  | 19 | 19 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 11 | 11 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 15 | 14 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 75 | 51 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 6 | 6 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 53 | 48 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027 <sup>(h)</sup>  | 249 | 250 |
| LYB International Finance III, LLC 3.625% 4/1/2051  | 102 | 68 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(h)</sup>  | 10 | 11 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(h)</sup>  | 325 | 313 |
|  |  | 1773 |
| **Total corporate bonds, notes & loans** |  | 38670 |
| **Asset-backed obligations 0.95%** | **Asset-backed obligations 0.95%** | **Asset-backed obligations 0.95%** |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(e)(h)</sup>  | 215 | 216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **85** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052 <sup>(e)(h)</sup>  | USD82 | $82 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052 <sup>(e)(h)</sup>  | 100 | 100 |
| Auxilior Term Funding, LLC, Series 24-1, Class A2, 5.84% 3/15/2027 <sup>(e)(h)</sup>  | 277 | 278 |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(e)(h)</sup>  | 400 | 399 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(e)(h)</sup>  | 197 | 195 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(e)(h)</sup>  | 100 | 99 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(e)(h)</sup>  | 339 | 353 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(e)(h)</sup>  | 344 | 347 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(e)(h)</sup>  | 78 | 78 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(e)(h)</sup>  | 662 | 672 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(e)(h)</sup>  | 351 | 347 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(e)(h)</sup>  | 87 | 80 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(e)(h)</sup>  | 90 | 89 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(e)(h)</sup>  | 90 | 81 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(e)(h)</sup>  | 316 | 304 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(e)(h)</sup>  | 489 | 490 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(e)(h)</sup>  | 301 | 301 |
| CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(e)(h)</sup>  | 497 | 501 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(e)</sup>  | 139 | 140 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(e)(h)</sup>  | 323 | 324 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(e)(h)</sup>  | 206 | 206 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(e)(h)</sup>  | 394 | 397 |
| EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(e)(h)</sup>  | 149 | 151 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(e)(h)</sup>  | 176 | 179 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(e)(h)</sup>  | 181 | 187 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(e)(h)</sup>  | 188 | 189 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(e)(h)</sup>  | 345 | 326 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(e)(h)</sup>  | 64 | 59 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039 <sup>(e)(h)</sup>  | 83 | 81 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(e)(h)</sup>  | 314 | 300 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(e)(h)</sup>  | 59 | 59 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(e)(h)</sup>  | 88 | 88 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(e)(h)</sup>  | 285 | 292 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(e)(h)</sup>  | 184 | 191 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(e)</sup>  | 18 | 18 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(e)</sup>  | 48 | 48 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(e)(h)</sup>  | 268 | 258 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(e)(h)</sup>  | 100 | 96 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(e)(h)</sup>  | 100 | 96 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(e)(h)</sup>  | 187 | 190 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(e)(h)</sup>  | 364 | 365 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(e)</sup>  | 15 | 14 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(e)</sup>  | 28 | 28 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(e)(h)</sup>  | 172 | 173 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(e)(h)</sup>  | 246 | 246 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(e)(h)</sup>  | 26 | 24 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(e)(h)</sup>  | 47 | 43 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(e)(h)</sup>  | 111 | 104 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(e)(h)</sup>  | 220 | 206 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% <br>4/20/2062 <sup>(e)(f)(h)</sup>  | 114 | 114 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(e)(h)</sup>  | 935 | 881 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(e)(h)</sup>  | 445 | 447 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(e)(h)</sup>  | 100 | 101 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(e)(h)</sup>  | 127 | 126 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(e)(h)</sup>  | 36 | 35 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(e)(h)</sup>  | 153 | 153 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(e)(h)</sup>  | 214 | 216 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027 <sup>(e)(h)</sup>  | 100 | 100 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(e)(h)</sup>  | 175 | 176 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(e)(h)</sup>  | 198 | 197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **86** |

---

------

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(e)(h)</sup>  | USD102 | $103 |
| Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(e)(h)</sup>  | 195 | 195 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(e)</sup>  | 94 | 94 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(e)(h)</sup>  | 72 | 72 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(e)(h)</sup>  | 43 | 38 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(e)(h)</sup>  | 78 | 75 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(e)(f)(h)</sup>  | 335 | 328 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(e)(h)</sup>  | 257 | 257 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(e)(h)</sup>  | 84 | 86 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(e)(h)</sup>  | 799 | 804 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(e)(h)</sup>  | 215 | 216 |
|  |  | 14904 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** | **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |
| Peru (Republic of) 2.783% 1/23/2031  | 190 | 171 |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028  | 200 | 197 |
| United Mexican States 3.25% 4/16/2030  | 200 | 184 |
| United Mexican States 7.375% 5/13/2055  | 245 | 253 |
|  |  | 805 |
| **Municipals 0.02%** | **Municipals 0.02%** | **Municipals 0.02%** |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 196 | 197 |
| **Massachusetts 0.01%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 135 | 139 |
| **Total municipals** |  | 336 |
| **Total bonds, notes & other debt instruments** (cost: $220,241,000) |  | 219044 |
| Investment funds 2.06% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(l)</sup>  | 3819323 | 32235 |
| **Total Investment funds** (cost: $35,212,000) |  | 32235 |
| Short-term securities 8.35% |  |  |
| **Money market investments 7.34%** | **Money market investments 7.34%** | **Money market investments 7.34%** |
| Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup>  | 1150689 | 115069 |
| **Money market investments purchased with collateral from securities on loan 1.01%** | **Money market investments purchased with collateral from securities on loan 1.01%** | **Money market investments purchased with collateral from securities on loan 1.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup>  | 15786027 | 15786 |
| **Total short-term securities** (cost: $130,837,000) |  | 130855 |
| **Total investment securities 99.80%** (cost: $1,202,937,000) |  | 1563195 |
| Other assets less liabilities 0.20% |  | 3128 |
| **Net assets 100.00%** |  | $1566323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **87** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SOFR Futures | Long | 269 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD64,335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44 |
| 2 Year U.S. Treasury Note Futures | Long | 217 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| 5 Year U.S. Treasury Note Futures | Long | 375 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 |
| 10 Year U.S. Treasury Note Futures | Long | 147 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 25 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2857)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 44 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 72 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1409 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 3.16% | At maturity | U.S. Urban CPI | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD350 | &nbsp;&nbsp;&nbsp; $— <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— <br><sup>(c)</sup><br>|
| U.S. Urban CPI | At maturity | 3.17% | At maturity | &nbsp;&nbsp;&nbsp; 6/23/2026 | &nbsp;&nbsp;&nbsp; USD690 | &nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| SOFR | Annual | 3.055% | Annual | &nbsp;&nbsp;&nbsp; 4/6/2031 | &nbsp;&nbsp;&nbsp; USD6,700 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144 |
| SOFR | Annual | 2.91% | Annual | &nbsp;&nbsp;&nbsp; 9/18/2050 | &nbsp;&nbsp;&nbsp; USD592 | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $243 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $243 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <sup>(p)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,015 | &nbsp;&nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp;&nbsp; $12 |

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 2.06%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $30920 | &nbsp;&nbsp; $750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $565 | &nbsp;&nbsp; $32235 | &nbsp;&nbsp; $750 |
| **Short-term securities 7.34%** |  |  |  |  |  |  |  |
| **Money market investments 7.34%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(m)</sup>  | 60575 | &nbsp;&nbsp; 199935 | &nbsp;&nbsp; 145437 | &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 115069 | &nbsp;&nbsp; 1854 |
| **Total 9.40%** |  |  |  | &nbsp;&nbsp; $— <br><sup>(c)</sup><br>| &nbsp;&nbsp; $561 | &nbsp;&nbsp; $147304 | &nbsp;&nbsp; $2604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **88** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security was on loan. The total value of all such securities was $16,714,000, which represented 1.07% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Security did not produce income during the last 12 months.

<sup>(e)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(f)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(g)</sup> Represents securities transacted on a TBA basis.

<sup>(h)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $40,844,000, which represented 2.61% of the net assets of the fund. 

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

<sup>(j)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,008,000, which represented 0.13% of the net assets of the fund. 

<sup>(k)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $262,000, which represented 0.02% of the net assets of the fund. 

<sup>(l)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(n)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(o)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(p)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| CME = CME Group |
| CPI = Consumer Price Index |
| DAC = Designated Activity Company |
| Fncg. = Financing |
| GBP = British pounds |

---

---

| |
|:---|
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| MXN = Mexican pesos |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **89** | American Funds Insurance Series |

---

------

Asset Allocation Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 67.14% | Shares | Value<br> (000)<br>|
| **Information technology 16.85%** |  |  |
| Broadcom, Inc.  | 5212782 | $1436903 |
| Microsoft Corp.  | 2083449 | 1036328 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 2973803 | 673537 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 773000 | 28049 |
| NVIDIA Corp.  | 2594429 | 409894 |
| Apple, Inc.  | 1032637 | 211866 |
| Intel Corp.  | 6095959 | 136550 |
| ASML Holding NV (ADR)  | 145009 | 116209 |
| MicroStrategy, Inc., Class A <sup>(a)</sup>  | 246870 | 99792 |
| Micron Technology, Inc.  | 726977 | 89600 |
| KLA Corp.  | 94152 | 84336 |
| International Business Machines Corp.  | 275000 | 81065 |
| Adobe, Inc. <sup>(a)</sup>  | 202715 | 78426 |
| Synopsys, Inc. <sup>(a)</sup>  | 90490 | 46392 |
| Oracle Corp.  | 185267 | 40505 |
| Diebold Nixdorf, Inc. <sup>(a)</sup>  | 532940 | 29525 |
| Salesforce, Inc.  | 102608 | 27980 |
| Applied Materials, Inc.  | 113846 | 20842 |
| Motorola Solutions, Inc.  | 35587 | 14963 |
|  |  | 4662762 |
| **Financials 12.18%** |  |  |
| Apollo Asset Management, Inc.  | 2534818 | 359615 |
| Arthur J. Gallagher & Co.  | 1010070 | 323344 |
| Aon PLC, Class A  | 752130 | 268330 |
| Mastercard, Inc., Class A  | 360948 | 202831 |
| Synchrony Financial  | 3000000 | 200220 |
| Capital One Financial Corp.  | 889662 | 189284 |
| Visa, Inc., Class A  | 525963 | 186743 |
| Ares Management Corp., Class A  | 1004749 | 174022 |
| Blue Owl Capital, Inc., Class A  | 9047540 | 173803 |
| Bank of America Corp.  | 2784601 | 131767 |
| Blackstone, Inc.  | 837355 | 125252 |
| Wells Fargo & Co.  | 1413342 | 113237 |
| American Express Co.  | 337999 | 107815 |
| Brown & Brown, Inc.  | 964468 | 106931 |
| Fiserv, Inc. <sup>(a)</sup>  | 584262 | 100733 |
| BlackRock, Inc.  | 88049 | 92385 |
| JPMorgan Chase & Co.  | 318591 | 92363 |
| Chubb, Ltd.  | 273887 | 79351 |
| Progressive Corp.  | 280641 | 74892 |
| Citigroup, Inc.  | 875000 | 74480 |
| AXA SA  | 1445264 | 70941 |
| KKR & Co., Inc.  | 273886 | 36435 |
| Brookfield Corp., Class A  | 486973 | 30119 |
| Goldman Sachs Group, Inc.  | 30100 | 21303 |
| Intercontinental Exchange, Inc.  | 110132 | 20206 |
| UniCredit SpA  | 214008 | 14346 |
| Sberbank of Russia PJSC <sup>(b)</sup>  | 8880000 | — <br><sup>(c)</sup><br>|
|  |  | 3370748 |
| **Industrials 9.09%** |  |  |
| ATI, Inc. <sup>(a)</sup>  | 3762816 | 324882 |
| Boeing Co. (The) <sup>(a)</sup>  | 1355000 | 283913 |
| TransDigm Group, Inc.  | 160869 | 244624 |
| L3Harris Technologies, Inc.  | 870418 | 218336 |
| General Electric Co.  | 722399 | 185938 |
| Honeywell International, Inc.  | 641747 | 149450 |
| Deere & Co.  | 270815 | 137707 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **90** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Parker-Hannifin Corp.  | 183050 | $127855 |
| Caterpillar, Inc.  | 290000 | 112581 |
| Ingersoll-Rand, Inc.  | 1251137 | 104070 |
| Safran SA  | 312100 | 101431 |
| United Rentals, Inc.  | 129402 | 97491 |
| Northrop Grumman Corp.  | 126468 | 63232 |
| Trane Technologies PLC  | 137366 | 60085 |
| Quanta Services, Inc.  | 152260 | 57566 |
| Copart, Inc. <sup>(a)</sup>  | 835833 | 41014 |
| Republic Services, Inc.  | 158509 | 39090 |
| RTX Corp.  | 260623 | 38056 |
| Union Pacific Corp.  | 158202 | 36399 |
| Carrier Global Corp.  | 382605 | 28003 |
| GE Vernova, Inc.  | 44366 | 23476 |
| FTAI Aviation, Ltd.  | 181908 | 20927 |
| Airbus SE, non-registered shares  | 94296 | 19689 |
|  |  | 2515815 |
| **Consumer discretionary 7.00%** |  |  |
| Booking Holdings, Inc.  | 68188 | 394757 |
| Amazon.com, Inc. <sup>(a)</sup>  | 1331622 | 292145 |
| Royal Caribbean Cruises, Ltd.  | 808815 | 253272 |
| Starbucks Corp.  | 1827909 | 167491 |
| Home Depot, Inc.  | 367100 | 134594 |
| NIKE, Inc., Class B  | 1485288 | 105515 |
| Darden Restaurants, Inc.  | 448084 | 97669 |
| D.R. Horton, Inc.  | 650250 | 83830 |
| Carnival Corp. <sup>(a)</sup>  | 2758206 | 77561 |
| Compagnie Financiere Richemont SA, Class A  | 381887 | 71930 |
| Moncler SpA  | 1254665 | 71517 |
| Texas Roadhouse, Inc.  | 325829 | 61064 |
| Hilton Worldwide Holdings, Inc.  | 139547 | 37167 |
| Restaurant Brands International, Inc.  | 498700 | 33059 |
| Tesla, Inc. <sup>(a)</sup>  | 79806 | 25351 |
| YUM! Brands, Inc.  | 91381 | 13541 |
| lululemon athletica, Inc. <sup>(a)</sup>  | 44474 | 10566 |
| AutoZone, Inc. <sup>(a)</sup>  | 1687 | 6262 |
| Aimbridge Topco, LLC <sup>(a)(b)</sup>  | 10722 | 807 |
| Party City Holdco, Inc. <sup>(a)(b)</sup>  | 68158 | — <br><sup>(c)</sup><br>|
| Party City Holdco, Inc. <sup>(a)(b)(d)</sup>  | 681 | — <br><sup>(c)</sup><br>|
|  |  | 1938098 |
| **Health care 6.79%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 992755 | 441974 |
| Gilead Sciences, Inc.  | 2987938 | 331273 |
| Eli Lilly and Co.  | 314292 | 245000 |
| UnitedHealth Group, Inc.  | 480370 | 149861 |
| Amgen, Inc.  | 473094 | 132093 |
| CVS Health Corp.  | 1451353 | 100114 |
| Thermo Fisher Scientific, Inc.  | 179059 | 72601 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 205917 | 67147 |
| Abbott Laboratories  | 487227 | 66268 |
| Illumina, Inc. <sup>(a)</sup>  | 599260 | 57175 |
| Cooper Cos., Inc. <sup>(a)</sup>  | 731383 | 52045 |
| Centene Corp. <sup>(a)</sup>  | 675000 | 36639 |
| AbbVie, Inc.  | 176323 | 32729 |
| Boston Scientific Corp. <sup>(a)</sup>  | 198062 | 21274 |
| Exact Sciences Corp. <sup>(a)</sup>  | 388980 | 20670 |
| Danaher Corp.  | 95660 | 18897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **91** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** |  |  |
| Rotech Healthcare, Inc. <sup>(a)(b)(e)</sup>  | 184138 | $13864 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 36950 | 11007 |
| Novo Nordisk AS, Class B  | 70320 | 4881 |
| Endo, Inc. <sup>(a)</sup>  | 140115 | 2941 |
| Endo, Inc., 1L 7.50% Escrow <sup>(a)(b)</sup>  | 9648000 | — <br><sup>(c)</sup><br>|
| Carbon Health Technologies, Inc., Class A <sup>(a)(b)</sup>  | 4955500 | 50 |
|  |  | 1878503 |
| **Materials 4.82%** |  |  |
| Franco-Nevada Corp. (CAD denominated)  | 1925000 | 316044 |
| Wheaton Precious Metals Corp.  | 3349100 | 300749 |
| Royal Gold, Inc.  | 1405000 | 249865 |
| Lundin Mining Corp.  | 16017925 | 168443 |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 5805000 | 103119 |
| Linde PLC  | 145263 | 68154 |
| Freeport-McMoRan, Inc.  | 1400000 | 60690 |
| Corteva, Inc.  | 571302 | 42579 |
| Air Products and Chemicals, Inc.  | 45664 | 12880 |
| Avery Dennison Corp.  | 65336 | 11465 |
| Venator Materials PLC <sup>(a)(b)</sup>  | 4096 | — <br><sup>(c)</sup><br>|
|  |  | 1333988 |
| **Consumer staples 4.33%** |  |  |
| Philip Morris International, Inc.  | 4082884 | 743615 |
| Keurig Dr Pepper, Inc.  | 3252056 | 107513 |
| Constellation Brands, Inc., Class A  | 499955 | 81333 |
| Costco Wholesale Corp.  | 69889 | 69186 |
| Nestle SA  | 617055 | 61305 |
| US Foods Holding Corp. <sup>(a)</sup>  | 514932 | 39655 |
| Estee Lauder Cos., Inc. (The), Class A  | 440395 | 35584 |
| Altria Group, Inc.  | 527643 | 30936 |
| Bunge Global SA  | 197085 | 15822 |
| Procter & Gamble Co.  | 75358 | 12006 |
|  |  | 1196955 |
| **Communication services 3.78%** |  |  |
| Meta Platforms, Inc., Class A  | 581159 | 428948 |
| Alphabet, Inc., Class C  | 1206415 | 214006 |
| Alphabet, Inc., Class A  | 344016 | 60626 |
| Comcast Corp., Class A  | 6366969 | 227237 |
| Charter Communications, Inc., Class A <sup>(a)</sup>  | 179040 | 73193 |
| Nintendo Co., Ltd.  | 265200 | 25561 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 67585 | 16413 |
|  |  | 1045984 |
| **Energy 1.29%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 4009172 | 126009 |
| ConocoPhillips  | 824000 | 73946 |
| Shell PLC (GBP denominated)  | 1914457 | 67103 |
| EOG Resources, Inc.  | 254319 | 30419 |
| Noble Corp. PLC, Class A  | 771174 | 20474 |
| Halliburton Co.  | 960000 | 19565 |
| Schlumberger NV  | 286500 | 9684 |
| Exxon Mobil Corp.  | 66470 | 7165 |
| Constellation Oil Services Holding SA (NDR) <sup>(a)</sup>  | 1564956 | 699 |
| New Fortress Energy, Inc., Class A <sup>(a)</sup>  | 150315 | 499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **92** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy (continued)** |  |  |
| Altera Infrastructure, LP <sup>(b)</sup>  | 16129 | $498 |
| Expand Energy Corp.  | 277 | 32 |
| Bighorn Permian Resources, LLC <sup>(b)</sup>  | 4392 | — <br><sup>(c)</sup><br>|
|  |  | 356093 |
| **Real estate 0.53%** |  |  |
| VICI Properties, Inc. REIT  | 2308795 | 75267 |
| American Tower Corp. REIT  | 136942 | 30267 |
| Simon Property Group, Inc. REIT  | 119922 | 19279 |
| Crown Castle, Inc. REIT  | 134329 | 13799 |
| Alexandria Real Estate Equities, Inc. REIT  | 121544 | 8828 |
|  |  | 147440 |
| **Utilities 0.48%** |  |  |
| DTE Energy Co.  | 848144 | 112345 |
| FirstEnergy Corp.  | 323684 | 13032 |
| Southern Co. (The)  | 83100 | 7631 |
|  |  | 133008 |
| **Total common stocks** (cost: $10,832,516,000) |  | 18579394 |
| Preferred securities 0.00% |  |  |
| **Industrials 0.00%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(b)(d)</sup>  | 450 | 647 |
| **Total preferred securities** (cost: $466,000) |  | 647 |
| Rights & warrants 0.00% |  |  |
| **Energy 0.00%** |  |  |
| Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(a)</sup>  | 524 | 54 |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(b)</sup>  | 4 | — <br><sup>(c)</sup><br>|
| **Total rights & warrants** (cost: $313,000) |  | 54 |
| Convertible stocks 0.14% |  |  |
| **Information technology 0.07%** |  |  |
| MicroStrategy, Inc., 8.00% perpetual convertible preferred shares <sup>(f)</sup>  | 168200 | 20354 |
| **Industrials 0.07%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027  | 262145 | 17826 |
| **Total convertible stocks** (cost: $29,379,000) |  | 38180 |
| Bonds, notes & other debt instruments 26.96% | Principal amount<br> (000)<br>|  |
| **Mortgage-backed obligations 10.51%** | **Mortgage-backed obligations 10.51%** | **Mortgage-backed obligations 10.51%** |
| **Federal agency mortgage-backed obligations 9.44%** |  |  |
| Fannie Mae Pool #AE3069 4.00% 9/1/2025 <sup>(g)</sup>  | USD— <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #AH0829 4.00% 1/1/2026 <sup>(g)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(g)</sup>  | 24 | 24 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(g)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(g)</sup>  | 2 | 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **93** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(g)</sup>  | USD— <br><sup>(c)</sup><br>| $— <br><sup>(c)</sup><br>|
| Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(g)</sup>  | 6 | 6 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(g)</sup>  | 7 | 7 |
| Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(g)</sup>  | 133 | 136 |
| Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(g)</sup>  | 85 | 87 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(g)</sup>  | 238 | 238 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(g)</sup>  | 243 | 229 |
| Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(g)</sup>  | 254 | 262 |
| Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(g)</sup>  | 496 | 520 |
| Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(g)</sup>  | 125 | 131 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(g)</sup>  | 4020 | 3808 |
| Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(g)</sup>  | 11 | 11 |
| Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(g)</sup>  | 41 | 43 |
| Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(g)</sup>  | 369 | 387 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(g)</sup>  | 69 | 71 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(g)</sup>  | 124 | 116 |
| Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(g)</sup>  | 39 | 40 |
| Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(g)</sup>  | 586 | 614 |
| Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(g)</sup>  | 7 | 7 |
| Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(g)</sup>  | 228 | 240 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(g)</sup>  | 724 | 762 |
| Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(g)</sup>  | 6 | 6 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(g)</sup>  | 231 | 242 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(g)</sup>  | 141 | 147 |
| Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(g)</sup>  | 13 | 14 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(g)</sup>  | 504 | 528 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(g)</sup>  | 69 | 72 |
| Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(g)</sup>  | 10 | 11 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(g)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(g)</sup>  | 47 | 49 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(g)</sup>  | 137 | 144 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(g)</sup>  | 167 | 174 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(g)</sup>  | 336 | 351 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(g)</sup>  | 5520 | 4763 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(g)</sup>  | 16669 | 13782 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(g)</sup>  | 2457 | 2308 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(g)</sup>  | 1527 | 1471 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(g)</sup>  | 830 | 800 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(g)</sup>  | 815 | 786 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(g)</sup>  | 4247 | 3986 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(g)</sup>  | 6952 | 6458 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(g)</sup>  | 989 | 921 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(g)</sup>  | 2175 | 2019 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(g)</sup>  | 80 | 76 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(g)</sup>  | 290 | 261 |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(g)</sup>  | 1234 | 1170 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(g)</sup>  | 1226 | 1128 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(g)</sup>  | 1825 | 1681 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(g)</sup>  | 375 | 337 |
| Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(g)</sup>  | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(g)</sup>  | 1259 | 1153 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(g)</sup>  | 2105 | 1999 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(g)</sup>  | 8 | 8 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(g)</sup>  | 9 | 9 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(g)</sup>  | 13393 | 12303 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(g)</sup>  | 1798 | 1672 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(g)</sup>  | 1390 | 1234 |
| Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(g)</sup>  | 31 | 26 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(g)</sup>  | 4580 | 3862 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(g)</sup>  | 404 | 336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **94** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(g)</sup>  | USD10,266 | $8665 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(g)</sup>  | 304 | 266 |
| Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(g)</sup>  | 2329 | 1848 |
| Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(g)</sup>  | 8416 | 7083 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(g)</sup>  | 1305 | 1103 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(g)</sup>  | 715 | 595 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(g)</sup>  | 11550 | 10313 |
| Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(g)</sup>  | 1956 | 1552 |
| Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(g)</sup>  | 1609 | 1275 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(g)</sup>  | 1036 | 1008 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(g)</sup>  | 5151 | 4110 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(g)</sup>  | 778 | 647 |
| Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(g)</sup>  | 79 | 66 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(g)</sup>  | 29 | 24 |
| Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(g)</sup>  | 6030 | 4780 |
| Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(g)</sup>  | 1837 | 1456 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(g)</sup>  | 3200 | 2701 |
| Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(g)</sup>  | 60 | 50 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(g)</sup>  | 4141 | 3287 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(g)</sup>  | 1760 | 1395 |
| Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(g)</sup>  | 96 | 80 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(g)</sup>  | 4542 | 3969 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(g)</sup>  | 559 | 489 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(g)</sup>  | 828 | 688 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(g)</sup>  | 778 | 646 |
| Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(g)</sup>  | 34956 | 29022 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(g)</sup>  | 9291 | 7714 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(g)</sup>  | 414 | 362 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(g)</sup>  | 154 | 123 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(g)</sup>  | 2059 | 1710 |
| Fannie Mae Pool #FM8434 2.00% 8/1/2051 <sup>(g)</sup>  | 5970 | 4733 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(g)</sup>  | 3904 | 3456 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(g)</sup>  | 71 | 62 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(g)</sup>  | 1338 | 1111 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(g)</sup>  | 661 | 549 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(g)</sup>  | 840 | 698 |
| Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(g)</sup>  | 536 | 445 |
| Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(g)</sup>  | 134 | 111 |
| Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(g)</sup>  | 92 | 77 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(g)</sup>  | 7704 | 6123 |
| Fannie Mae Pool #FM9646 2.00% 11/1/2051 <sup>(g)</sup>  | 5300 | 4201 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(g)</sup>  | 7975 | 6967 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(g)</sup>  | 2437 | 1937 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(g)</sup>  | 14266 | 11989 |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(g)</sup>  | 6680 | 5611 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(g)</sup>  | 162 | 136 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(g)</sup>  | 78 | 66 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(g)</sup>  | 77 | 65 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(g)</sup>  | 77 | 65 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(g)</sup>  | 2944 | 2338 |
| Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(g)</sup>  | 124 | 103 |
| Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(g)</sup>  | 65 | 54 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(g)</sup>  | 10085 | 8812 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(g)</sup>  | 6678 | 5298 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(g)</sup>  | 5115 | 4063 |
| Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(g)</sup>  | 1824 | 1447 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(g)</sup>  | 991 | 786 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(g)</sup>  | 2133 | 1774 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(g)</sup>  | 1947 | 1617 |
| Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(g)</sup>  | 728 | 607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **95** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(g)</sup>  | USD636 | $528 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(g)</sup>  | 53834 | 47420 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(g)</sup>  | 2963 | 2348 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(g)</sup>  | 2462 | 1956 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(g)</sup>  | 1826 | 1449 |
| Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(g)</sup>  | 1312 | 1040 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(g)</sup>  | 1300 | 1030 |
| Fannie Mae Pool #BV0162 2.00% 3/1/2052 <sup>(g)</sup>  | 115 | 91 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(g)</sup>  | 813 | 678 |
| Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(g)</sup>  | 739 | 616 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(g)</sup>  | 642 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(g)</sup>  | 163 | 136 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(g)</sup>  | 24 | 20 |
| Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(g)</sup>  | 352 | 305 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(g)</sup>  | 5929 | 4714 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(g)</sup>  | 3022 | 2400 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(g)</sup>  | 909 | 757 |
| Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(g)</sup>  | 880 | 733 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(g)</sup>  | 877 | 731 |
| Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(g)</sup>  | 162 | 135 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(g)</sup>  | 138 | 115 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(g)</sup>  | 657 | 613 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(g)</sup>  | 9713 | 7721 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(g)</sup>  | 940 | 783 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(g)</sup>  | 869 | 723 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(g)</sup>  | 153 | 127 |
| Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(g)</sup>  | 153 | 127 |
| Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(g)</sup>  | 118 | 98 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(g)</sup>  | 2416 | 1917 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(g)</sup>  | 786 | 654 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(g)</sup>  | 5830 | 5436 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(g)</sup>  | 1363 | 1272 |
| Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(g)</sup>  | 5085 | 4876 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(g)</sup>  | 5004 | 3968 |
| Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(g)</sup>  | 23 | 21 |
| Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(g)</sup>  | 156 | 130 |
| Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(g)</sup>  | 94 | 78 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(g)</sup>  | 629 | 602 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(g)</sup>  | 1007 | 995 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(g)</sup>  | 16546 | 13126 |
| Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(g)</sup>  | 15 | 14 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(g)</sup>  | 10696 | 10257 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(g)</sup>  | 839 | 806 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(g)</sup>  | 450 | 444 |
| Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(g)</sup>  | 982 | 915 |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(g)</sup>  | 936 | 873 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(g)</sup>  | 9896 | 9490 |
| Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(g)</sup>  | 2995 | 2873 |
| Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(g)</sup>  | 887 | 738 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(g)</sup>  | 2361 | 2369 |
| Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(g)</sup>  | 22 | 20 |
| Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(g)</sup>  | 2695 | 2582 |
| Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(g)</sup>  | 569 | 530 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(g)</sup>  | 982 | 985 |
| Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(g)</sup>  | 902 | 841 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(g)</sup>  | 2515 | 2533 |
| Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(g)</sup>  | 327 | 304 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(g)</sup>  | 2143 | 2108 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(g)</sup>  | 6967 | 6492 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(g)</sup>  | 10714 | 10537 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **96** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(g)</sup>  | USD765 | $756 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(g)</sup>  | 963 | 964 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(g)</sup>  | 170 | 171 |
| Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(g)</sup>  | 239 | 248 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(g)</sup>  | 285 | 247 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(g)</sup>  | 25639 | 25196 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(g)</sup>  | 613 | 614 |
| Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(g)</sup>  | 1250 | 1302 |
| Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(g)</sup>  | 444 | 461 |
| Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(g)</sup>  | 325 | 339 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(g)</sup>  | 11488 | 9125 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(g)</sup>  | 840 | 697 |
| Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(g)</sup>  | 786 | 653 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(g)</sup>  | 9490 | 8840 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(g)</sup>  | 13850 | 13277 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(g)</sup>  | 2308 | 2313 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(g)</sup>  | 101 | 101 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(g)</sup>  | 5473 | 5487 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(g)</sup>  | 20042 | 20408 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(g)</sup>  | 1775 | 1778 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(g)</sup>  | 4871 | 4960 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(g)</sup>  | 15359 | 14300 |
| Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(g)</sup>  | 14504 | 13506 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(g)</sup>  | 4114 | 4121 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(g)</sup>  | 7362 | 7497 |
| Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(g)</sup>  | 11356 | 10574 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(g)</sup>  | 273 | 273 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(g)</sup>  | 7518 | 7774 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(g)</sup>  | 2197 | 2283 |
| Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(g)</sup>  | 12395 | 11537 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(g)</sup>  | 1962 | 1826 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(g)</sup>  | 636 | 637 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(g)</sup>  | 542 | 542 |
| Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(g)</sup>  | 3263 | 3330 |
| Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(g)</sup>  | 2266 | 2344 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(g)</sup>  | 11351 | 11359 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(g)</sup>  | 4859 | 4873 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(g)</sup>  | 896 | 912 |
| Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(g)</sup>  | 888 | 909 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(g)</sup>  | 9 | 9 |
| Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(g)</sup>  | 7444 | 7469 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(g)</sup>  | 1120 | 1121 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(g)</sup>  | 2259 | 2299 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(g)</sup>  | 1021 | 1045 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(g)</sup>  | 993 | 1016 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(g)</sup>  | 860 | 877 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(g)</sup>  | 805 | 825 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(g)</sup>  | 1009 | 1048 |
| Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(g)</sup>  | 60 | 62 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(g)</sup>  | 6048 | 6053 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(g)</sup>  | 2419 | 2423 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(g)</sup>  | 1495 | 1497 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(g)</sup>  | 12501 | 12716 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(g)</sup>  | 1411 | 1436 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(g)</sup>  | 698 | 713 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(g)</sup>  | 504 | 514 |
| Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(g)</sup>  | 6917 | 7149 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(g)</sup>  | 4621 | 4812 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(g)</sup>  | 3438 | 3580 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(g)</sup>  | 1573 | 1638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **97** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(g)</sup>  | USD469 | $488 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(g)</sup>  | 270 | 281 |
| Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(g)</sup>  | 454 | 445 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(g)</sup>  | 1403 | 1408 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(g)</sup>  | 9453 | 9617 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(g)</sup>  | 2887 | 2956 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(g)</sup>  | 1614 | 1645 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(g)</sup>  | 1361 | 1387 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(g)</sup>  | 1183 | 1210 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(g)</sup>  | 1167 | 1188 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(g)</sup>  | 954 | 970 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(g)</sup>  | 356 | 364 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(g)</sup>  | 279 | 285 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(g)</sup>  | 275 | 281 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(g)</sup>  | 1830 | 1906 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(g)</sup>  | 1337 | 1392 |
| Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(g)</sup>  | 3829 | 3841 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(g)</sup>  | 2421 | 2435 |
| Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(g)</sup>  | 2298 | 2310 |
| Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(g)</sup>  | 1169 | 1170 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(g)</sup>  | 2955 | 3023 |
| Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(g)</sup>  | 6658 | 6197 |
| Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(g)</sup>  | 1872 | 1743 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(g)</sup>  | 20081 | 19697 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(g)</sup>  | 1900 | 1903 |
| Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(g)</sup>  | 502 | 502 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(g)</sup>  | 310 | 310 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(g)</sup>  | 24032 | 23574 |
| Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(g)</sup>  | 1095 | 1076 |
| Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(g)</sup>  | 1450 | 1452 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(g)</sup>  | 27343 | 27808 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(g)</sup>  | 3069 | 3120 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(g)</sup>  | 341 | 347 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(g)</sup>  | 841 | 783 |
| Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(g)</sup>  | 13705 | 13118 |
| Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(g)</sup>  | 1956 | 1921 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(g)</sup>  | 4789 | 4871 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(g)</sup>  | 2808 | 2855 |
| Fannie Mae Pool #DC9721 6.50% 1/1/2055 <sup>(g)</sup>  | 17221 | 17806 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(g)</sup>  | 1825 | 1827 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(g)</sup>  | 22612 | 22994 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(g)</sup>  | 5681 | 5870 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(g)</sup>  | 14938 | 14298 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(g)</sup>  | 7363 | 7486 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(g)</sup>  | 25308 | 23550 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(g)</sup>  | 15703 | 15030 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(g)</sup>  | 6045 | 6148 |
| Fannie Mae Pool #MA5675 6.50% 4/1/2055 <sup>(g)</sup>  | 259 | 268 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(g)</sup>  | 3888 | 3813 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(g)</sup>  | 10004 | 10172 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(g)</sup>  | 1988 | 1949 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(g)</sup>  | 168 | 168 |
| Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(g)</sup>  | 5401 | 5043 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(g)</sup>  | 9400 | 9090 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(g)</sup>  | 3321 | 2864 |
| Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(g)</sup>  | 9297 | 7394 |
| Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(g)</sup>  | 763 | 645 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(g)</sup>  | 3230 | 2861 |
| Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(g)</sup>  | 3613 | 3341 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(g)</sup>  | 19 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **98** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(g)</sup>  | USD54 | $55 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(g)</sup>  | 26 | 23 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(g)</sup>  | 7241 | 6866 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(g)</sup>  | 183 | 171 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(g)</sup>  | 52 | 49 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(g)</sup>  | 327 | 332 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(g)</sup>  | 37 | 39 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(g)</sup>  | 49 | 49 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(g)</sup>  | 18245 | 15828 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(g)</sup>  | 479 | 486 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(g)</sup>  | 1243 | 1202 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(g)</sup>  | 901 | 869 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(g)</sup>  | 586 | 566 |
| Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(g)(h)</sup>  | 140 | 139 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(g)</sup>  | 3958 | 3768 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(g)</sup>  | 3780 | 3607 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(g)</sup>  | 3337 | 3032 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(g)</sup>  | 191 | 187 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(g)</sup>  | 192 | 188 |
| Freddie Mac Pool #760015 3.45% 1/1/2047 <sup>(g)(h)</sup>  | 344 | 335 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(g)</sup>  | 1055 | 974 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(g)</sup>  | 1837 | 1740 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(g)</sup>  | 1581 | 1540 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(g)</sup>  | 755 | 628 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(g)</sup>  | 309 | 271 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(g)</sup>  | 25275 | 20177 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(g)</sup>  | 14701 | 11844 |
| Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(g)</sup>  | 1783 | 1413 |
| Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(g)</sup>  | 34 | 28 |
| Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(g)</sup>  | 24 | 20 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(g)</sup>  | 58 | 48 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(g)</sup>  | 26126 | 21009 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(g)</sup>  | 668 | 555 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(g)</sup>  | 336 | 296 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(g)</sup>  | 793 | 631 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(g)</sup>  | 8375 | 7055 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(g)</sup>  | 5715 | 4823 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(g)</sup>  | 808 | 671 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(g)</sup>  | 48 | 40 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(g)</sup>  | 5553 | 4888 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(g)</sup>  | 640 | 554 |
| Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(g)</sup>  | 2955 | 2453 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(g)</sup>  | 149 | 132 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(g)</sup>  | 3771 | 2991 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(g)</sup>  | 1621 | 1288 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(g)</sup>  | 5655 | 4750 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(g)</sup>  | 2642 | 2195 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(g)</sup>  | 1987 | 1674 |
| Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(g)</sup>  | 918 | 763 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(g)</sup>  | 284 | 250 |
| Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(g)</sup>  | 1663 | 1320 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(g)</sup>  | 1598 | 1268 |
| Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(g)</sup>  | 853 | 676 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(g)</sup>  | 828 | 658 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(g)</sup>  | 538 | 449 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(g)</sup>  | 822 | 746 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(g)</sup>  | 3841 | 3050 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(g)</sup>  | 2909 | 2311 |
| Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(g)</sup>  | 1742 | 1381 |
| Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(g)</sup>  | 1077 | 854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **99** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(g)</sup>  | USD854 | $677 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(g)</sup>  | 255 | 202 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(g)</sup>  | 56 | 45 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(g)</sup>  | 838 | 698 |
| Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(g)</sup>  | 29 | 24 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(g)</sup>  | 2950 | 2343 |
| Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(g)</sup>  | 1836 | 1456 |
| Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(g)</sup>  | 1559 | 1237 |
| Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(g)</sup>  | 1064 | 843 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(g)</sup>  | 772 | 643 |
| Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(g)</sup>  | 591 | 492 |
| Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(g)</sup>  | 359 | 298 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(g)</sup>  | 111 | 92 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(g)</sup>  | 76 | 64 |
| Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(g)</sup>  | 812 | 676 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(g)</sup>  | 156 | 130 |
| Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(g)</sup>  | 118 | 98 |
| Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(g)</sup>  | 24 | 20 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(g)</sup>  | 29984 | 26009 |
| Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(g)</sup>  | 3568 | 2841 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(g)</sup>  | 15027 | 13020 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(g)</sup>  | 2152 | 2006 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(g)</sup>  | 29751 | 25803 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(g)</sup>  | 1164 | 1020 |
| Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(g)(i)</sup>  | 36298 | 34932 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(g)</sup>  | 176 | 169 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(g)</sup>  | 863 | 717 |
| Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(g)</sup>  | 100 | 83 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(g)</sup>  | 808 | 775 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(g)</sup>  | 203 | 195 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(g)</sup>  | 119 | 114 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(g)</sup>  | 1051 | 1035 |
| Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(g)</sup>  | 29 | 27 |
| Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(g)</sup>  | 1160 | 1112 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(g)</sup>  | 79 | 76 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(g)</sup>  | 2998 | 2875 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(g)</sup>  | 5187 | 5111 |
| Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(g)</sup>  | 223 | 186 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(g)</sup>  | 16126 | 15466 |
| Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(g)</sup>  | 927 | 771 |
| Freddie Mac Pool #QF7871 2.50% 2/1/2053 <sup>(g)</sup>  | 744 | 618 |
| Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(g)</sup>  | 1846 | 1720 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(g)</sup>  | 16971 | 15796 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(g)</sup>  | 1188 | 1174 |
| Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(g)</sup>  | 11519 | 10734 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(g)</sup>  | 81 | 77 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(g)</sup>  | 10350 | 10171 |
| Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(g)</sup>  | 3365 | 3132 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(g)</sup>  | 3633 | 3570 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(g)</sup>  | 2741 | 2747 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(g)</sup>  | 589 | 613 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(g)</sup>  | 511 | 532 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(g)</sup>  | 494 | 516 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(g)</sup>  | 480 | 502 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(g)</sup>  | 338 | 354 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(g)</sup>  | 258 | 269 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(g)</sup>  | 163 | 169 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(g)</sup>  | 142 | 151 |
| Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(g)</sup>  | 863 | 719 |
| Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(g)</sup>  | 9181 | 8549 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **100** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(g)</sup>  | USD28 | $28 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(g)</sup>  | 8411 | 8433 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(g)</sup>  | 693 | 712 |
| Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(g)</sup>  | 388 | 362 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(g)</sup>  | 26525 | 26569 |
| Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(g)</sup>  | 849 | 705 |
| Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(g)</sup>  | 102 | 85 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(g)</sup>  | 4872 | 4961 |
| Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(g)</sup>  | 1962 | 1826 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(g)</sup>  | 127362 | 125162 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(g)</sup>  | 23225 | 23285 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(g)</sup>  | 728 | 756 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(g)</sup>  | 587 | 608 |
| Freddie Mac Pool #SD8397 6.50% 1/1/2054 <sup>(g)</sup>  | 455 | 470 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(g)</sup>  | 295 | 306 |
| Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(g)</sup>  | 40 | 39 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(g)</sup>  | 438 | 438 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(g)</sup>  | 13204 | 13438 |
| Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(g)</sup>  | 302 | 281 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(g)</sup>  | 11702 | 11711 |
| Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(g)</sup>  | 120 | 125 |
| Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(g)</sup>  | 673 | 627 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(g)</sup>  | 1590 | 1602 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(g)</sup>  | 1160 | 1163 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(g)</sup>  | 402 | 410 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(g)</sup>  | 15641 | 15754 |
| Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(g)</sup>  | 7744 | 7755 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(g)</sup>  | 2939 | 2943 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(g)</sup>  | 511 | 524 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(g)</sup>  | 440 | 442 |
| Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(g)</sup>  | 1650 | 1689 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(g)</sup>  | 1166 | 1195 |
| Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(g)</sup>  | 1774 | 1837 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(g)</sup>  | 508 | 531 |
| Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(g)</sup>  | 1956 | 1920 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(g)</sup>  | 1021 | 1022 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(g)</sup>  | 751 | 752 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(g)</sup>  | 632 | 632 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(g)</sup>  | 6950 | 7070 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(g)</sup>  | 3099 | 3177 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(g)</sup>  | 712 | 725 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(g)</sup>  | 209 | 213 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(g)</sup>  | 5999 | 6201 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(g)</sup>  | 5428 | 5620 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(g)</sup>  | 2113 | 2200 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(g)</sup>  | 377 | 371 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(g)</sup>  | 268 | 263 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(g)</sup>  | 240 | 235 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(g)</sup>  | 6211 | 6230 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(g)</sup>  | 3978 | 3992 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(g)</sup>  | 3559 | 3566 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(g)</sup>  | 1171 | 1179 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(g)</sup>  | 652 | 656 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(g)</sup>  | 5281 | 5371 |
| Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(g)</sup>  | 2900 | 2976 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(g)</sup>  | 2862 | 2916 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(g)</sup>  | 1821 | 1863 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(g)</sup>  | 967 | 985 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(g)</sup>  | 1766 | 1839 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(g)</sup>  | 1464 | 1524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **101** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(g)</sup>  | USD875 | $907 |
| Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(g)</sup>  | 3633 | 3645 |
| Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(g)</sup>  | 3093 | 3120 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(g)</sup>  | 2393 | 2401 |
| Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(g)</sup>  | 2384 | 2385 |
| Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(g)</sup>  | 1536 | 1546 |
| Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(g)</sup>  | 1383 | 1386 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(g)</sup>  | 1180 | 1181 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(g)</sup>  | 6273 | 6392 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(g)</sup>  | 3411 | 3490 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(g)</sup>  | 3220 | 3305 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(g)</sup>  | 2991 | 3070 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(g)</sup>  | 1833 | 1867 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(g)</sup>  | 829 | 843 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(g)</sup>  | 7787 | 8048 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(g)</sup>  | 1177 | 1221 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(g)</sup>  | 597 | 622 |
| Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(g)</sup>  | 383 | 397 |
| Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(g)</sup>  | 265 | 276 |
| Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(g)</sup>  | 141 | 146 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(g)</sup>  | 1589 | 1590 |
| Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(g)</sup>  | 419 | 433 |
| Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(g)</sup>  | 2355 | 2256 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(g)</sup>  | 134 | 128 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(g)</sup>  | 5821 | 5710 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(g)</sup>  | 6584 | 6589 |
| Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(g)</sup>  | 5900 | 5915 |
| Freddie Mac Pool #SD8489 4.50% 12/1/2054 <sup>(g)</sup>  | 41540 | 39760 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(g)</sup>  | 6398 | 6282 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(g)</sup>  | 3747 | 3677 |
| Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(g)</sup>  | 936 | 920 |
| Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(g)</sup>  | 309 | 304 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(g)</sup>  | 3278 | 3280 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(g)</sup>  | 1307 | 1309 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(g)</sup>  | 293 | 293 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(g)</sup>  | 4392 | 4394 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(g)</sup>  | 1917 | 1949 |
| Freddie Mac Pool #SD8486 6.50% 1/1/2055 <sup>(g)</sup>  | 100 | 103 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(g)</sup>  | 3172 | 2951 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(g)</sup>  | 3997 | 3827 |
| Freddie Mac Pool #SD8505 5.00% 2/1/2055 <sup>(g)</sup>  | 2987 | 2929 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(g)</sup>  | 182 | 182 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(g)</sup>  | 2934 | 2983 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(g)</sup>  | 1074 | 1074 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(g)</sup>  | 390 | 396 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(g)</sup>  | 1785 | 1845 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(g)</sup>  | 1687 | 1655 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(g)</sup>  | 5518 | 5611 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(g)</sup>  | 5359 | 5449 |
| Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(g)</sup>  | 4855 | 5017 |
| Freddie Mac Pool #SD8526 6.50% 4/1/2055 <sup>(g)</sup>  | 1640 | 1694 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(g)</sup>  | 3572 | 3504 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(g)</sup>  | 61 | 61 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(g)</sup>  | 1422 | 1445 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(g)</sup>  | 765 | 778 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(g)</sup>  | 704 | 716 |
| Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(g)</sup>  | 42 | 39 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(g)</sup>  | 2098 | 2057 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(g)</sup>  | 386 | 386 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(g)</sup>  | 26271 | 26711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **102** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac, Series T041, Class 3A, 4.45% 7/25/2032 <sup>(g)(h)</sup>  | USD148 | $136 |
| Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(g)</sup>  | 10192 | 10655 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(g)(h)</sup>  | 2047 | 1923 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(g)(h)</sup>  | 884 | 840 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(g)</sup>  | 4060 | 3793 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(g)(h)</sup>  | 3930 | 3686 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(g)(h)</sup>  | 765 | 690 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(g)</sup>  | 639 | 574 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(g)</sup>  | 1240 | 1196 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(g)</sup>  | 1628 | 1460 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(g)</sup>  | 6893 | 6591 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(g)</sup>  | 4032 | 3739 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(g)</sup>  | 1606 | 1562 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(g)</sup>  | 3146 | 3050 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(g)</sup>  | 2455 | 2374 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(g)</sup>  | 1955 | 1857 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(g)</sup>  | 411 | 384 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(g)</sup>  | 256 | 250 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(g)</sup>  | 152 | 148 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(g)</sup>  | 6651 | 5424 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(g)</sup>  | 66491 | 54207 |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(g)</sup>  | 1322 | 1289 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(g)</sup>  | 364 | 355 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(g)</sup>  | 138 | 118 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(g)</sup>  | 19601 | 16674 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(g)</sup>  | 4775 | 4062 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(g)</sup>  | 17975 | 15920 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(g)</sup>  | 772 | 656 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(g)</sup>  | 13647 | 12084 |
| Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(g)</sup>  | 128 | 117 |
| Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(g)</sup>  | 824 | 703 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(g)</sup>  | 628 | 573 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(g)</sup>  | 9635 | 9027 |
| Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(g)</sup>  | 30121 | 27525 |
| Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(g)</sup>  | 2178 | 1852 |
| Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(g)</sup>  | 1859 | 1594 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(g)</sup>  | 2934 | 2822 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(g)</sup>  | 24822 | 23853 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(g)</sup>  | 5140 | 4787 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(g)</sup>  | 2023 | 1479 |
| Uniform Mortgage-Backed Security 2.00% 7/1/2055 <sup>(g)(j)</sup>  | 27010 | 21388 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(g)(j)</sup>  | 184341 | 152871 |
| Uniform Mortgage-Backed Security 3.00% 7/1/2055 <sup>(g)(j)</sup>  | 329 | 285 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(g)(j)</sup>  | 16339 | 14712 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(g)(j)</sup>  | 5029 | 4677 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(g)(j)</sup>  | 33 | 32 |
| Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(g)(j)</sup>  | 2036 | 2036 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(g)(j)</sup>  | 81295 | 82618 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(g)(j)</sup>  | 1024 | 811 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(g)(j)</sup>  | 7719 | 6679 |
| Uniform Mortgage-Backed Security 3.50% 8/1/2055 <sup>(g)(j)</sup>  | 133584 | 120248 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(g)(j)</sup>  | 10641 | 9894 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(g)(j)</sup>  | 107699 | 111049 |
|  |  | 2613173 |
| **Commercial mortgage-backed securities 0.84%** |  |  |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(g)</sup>  | 1400 | 1356 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(g)</sup>  | 645 | 655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **103** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(g)</sup>  | USD5,368 | $5662 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(g)(h)</sup>  | 857 | 918 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(g)</sup>  | 4615 | 4782 |
| Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(g)</sup>  | 1380 | 1441 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(g)(h)</sup>  | 4062 | 4265 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(g)(h)</sup>  | 1914 | 2001 |
| Bank Commercial Mortgage Trust, Series 2025-BNK49, Class A5, 5.623% 3/15/2058 <sup>(g)(h)</sup>  | 2753 | 2882 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(g)</sup>  | 2909 | 2621 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(g)(h)</sup>  | 490 | 484 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(g)</sup>  | 3006 | 3108 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(g)(h)</sup>  | 1792 | 1912 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(g)</sup>  | 1828 | 1892 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(g)</sup>  | 1000 | 981 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(g)</sup>  | 2960 | 2624 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(g)(h)</sup>  | 750 | 745 |
| Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(g)</sup>  | 2112 | 2186 |
| Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(g)(h)</sup>  | 590 | 614 |
| Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(g)</sup>  | 618 | 633 |
| BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(g)(h)</sup>  | 1750 | 1760 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(g)</sup>  | 1117 | 1167 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(g)(h)</sup>  | 6990 | 7260 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(g)(h)</sup>  | 1450 | 1506 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(g)</sup>  | 3334 | 3484 |
| BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.754% 4/15/2029 <sup>(d)(g)(h)</sup>  | 4665 | 4681 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 5.015% 9/15/2034 <sup>(d)(g)(h)</sup>  | 5608 | 5592 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(g)(h)</sup>  | 4365 | 4352 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 5.325% 10/15/2036 <sup>(d)(g)(h)</sup>  | 7968 | 7963 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 5.723% 10/15/2036 <sup>(d)(g)(h)</sup>  | 5348 | 5344 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(d)(g)(h)</sup>  | 3970 | 3970 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 5.296% 6/15/2038 <sup>(d)(g)(h)</sup>  | 1070 | 1070 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 5.526% 6/15/2038 <sup>(d)(g)(h)</sup>  | 965 | 965 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 5.276% 11/15/2038 <sup>(d)(g)(h)</sup>  | 4504 | 4504 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 5.302% 2/15/2039 <sup>(d)(g)(h)</sup>  | 6334 | 6333 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(d)(g)(h)</sup>  | 7668 | 7708 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(d)(g)(h)</sup>  | 11410 | 11575 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% <br> 7/15/2041 <sup>(d)(g)(h)</sup>  | 1153 | 1156 |
| CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.652% <br> 7/15/2041 <sup>(d)(g)(h)</sup>  | 1414 | 1419 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(d)(g)(h)</sup>  | 5162 | 5151 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(g)(h)</sup>  | 3606 | 3727 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/2040 <sup>(d)(g)</sup>  | 3677 | 3839 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 5.506% <br> 7/15/2038 <sup>(d)(g)(h)</sup>  | 1350 | 1351 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 5.806% <br> 7/15/2038 <sup>(d)(g)(h)</sup>  | 1105 | 1106 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 6.126% <br> 7/15/2038 <sup>(d)(g)(h)</sup>  | 1154 | 1155 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 12/15/2029 <sup>(d)(g)(h)</sup>  | 2748 | 2752 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(d)(g)</sup>  | 3795 | 3338 |
| Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% <br> 5/15/2041 <sup>(d)(g)(h)</sup>  | 8302 | 8335 |
| GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 5.101% 9/15/2038 <sup>(d)(g)(h)</sup>  | 1214 | 1211 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(g)</sup>  | 2489 | 2246 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% <br>3/15/2042 <sup>(d)(g)(h)</sup>  | 2059 | 2063 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(g)(h)</sup>  | 5246 | 5393 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(g)(h)</sup>  | 10151 | 10475 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(d)(g)</sup>  | 1522 | 1388 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **104** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(d)(g)</sup>  | USD578 | $516 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% <br> 1/5/2039 <sup>(d)(g)(h)</sup>  | 100 | 85 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + <br> 1.593%) 5.905% 11/15/2039 <sup>(d)(g)(h)</sup>  | 1960 | 1964 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(d)(g)</sup>  | 13772 | 13031 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + <br> 0.915%) 5.227% 4/15/2038 <sup>(d)(g)(h)</sup>  | 487 | 488 |
| Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.792% 4/15/2055 <sup>(g)(h)</sup>  | 370 | 345 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) <br> 6.705% 5/25/2055 <sup>(d)(g)(h)</sup>  | 577 | 579 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.703% 5/15/2039 <sup>(d)(g)(h)</sup>  | 3964 | 3964 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(d)(g)</sup>  | 2194 | 1927 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 5.157% 11/15/2038 <sup>(d)(g)(h)</sup>  | 4033 | 4032 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + <br> 1.00%) 5.312% 1/15/2039 <sup>(d)(g)(h)</sup>  | 10709 | 10674 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.755% 3/15/2042 <sup>(d)(g)(h)</sup>  | 9322 | 9268 |
| Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(g)(h)</sup>  | 1620 | 1532 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(g)</sup>  | 430 | 451 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + <br> 2.789%) 7.101% 11/15/2027 <sup>(d)(g)(h)</sup>  | 5716 | 5728 |
|  |  | 231685 |
| **Collateralized mortgage-backed obligations (privately originated) 0.23%** |  |  |
| Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(d)(g)(k)</sup>  | 6136 | 6161 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(d)(g)(h)</sup>  | 672 | 607 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br>5/1/2027) <sup>(d)(g)(k)</sup>  | 546 | 550 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(d)(g)(h)</sup>  | 5671 | 5552 |
| CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(d)(g)(k)</sup>  | 1575 | 1558 |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(d)(g)(k)</sup>  | 2751 | 2757 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(g)</sup>  | 112 | 114 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(d)(g)(k)</sup>  | 6582 | 6340 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(d)(g)(h)</sup>  | 306 | 308 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.25%) 5.555% 5/25/2044 <sup>(d)(g)(h)</sup>  | 3642 | 3659 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(d)(g)</sup>  | 3645 | 3510 |
| IRV Trust, Series 2025-200P, Class A, 5.471% 3/14/2047 <sup>(d)(g)(h)</sup>  | 6890 | 6980 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(g)</sup>  | 212 | 213 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% <br> on 5/1/2028) <sup>(d)(g)(k)</sup>  | 2448 | 2475 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on <br> 5/1/2029) <sup>(d)(g)(k)</sup>  | 680 | 683 |
| Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(d)(g)(k)</sup>  | 4511 | 4519 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(d)(g)</sup>  | 2635 | 2483 |
| Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(d)(g)</sup>  | 2446 | 2385 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 6.062% 10/17/2041 <sup>(d)(g)(h)</sup>  | 4925 | 4957 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 2/17/2042 <sup>(d)(g)(h)</sup>  | 675 | 676 |
| Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(d)(g)</sup>  | 2490 | 2409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **105** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(d)(g)(k)</sup>  | USD1,910 | $1923 |
| Verus Securitization Trust, Series 24-R1, Class A1, 5.218% 9/25/2069 (6.218% on 10/1/2028) <sup>(d)(g)(k)</sup>  | 1943 | 1943 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(d)(g)(k)</sup>  | 1217 | 1230 |
|  |  | 63992 |
| **Total mortgage-backed obligations** |  | 2908850 |
| **Corporate bonds, notes & loans 7.30%** | **Corporate bonds, notes & loans 7.30%** | **Corporate bonds, notes & loans 7.30%** |
| **Financials 1.75%** |  |  |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 4890 | 4766 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) <br>7.61% 11/17/2029 <sup>(b)(d)(h)(l)</sup>  | 5453 | 5412 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(d)</sup>  | 4470 | 4474 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(d)</sup>  | 1072 | 1111 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025) <sup>(d)(k)</sup>  | 4250 | 4286 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(d)</sup>  | 1940 | 1906 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(d)</sup>  | 2295 | 2264 |
| Ally Financial, Inc. 8.00% 11/1/2031  | 2688 | 3040 |
| American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025) <sup>(k)</sup>  | 4810 | 4839 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(k)</sup>  | 2407 | 2623 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(k)</sup>  | 5885 | 6010 |
| American International Group, Inc. 5.125% 3/27/2033  | 2937 | 2988 |
| American International Group, Inc. 5.45% 5/7/2035  | 530 | 544 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(d)</sup>  | 1348 | 1311 |
| Aon North America, Inc. 5.45% 3/1/2034  | 600 | 617 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(d)</sup>  | 2415 | 2543 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(d)</sup>  | 1250 | 1266 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032  | 750 | 761 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 5444 | 5450 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 2586 | 2482 |
| Athene Holding, Ltd. 6.625% 5/19/2055  | 770 | 794 |
| Banco Santander, SA 5.147% 8/18/2025  | 1400 | 1401 |
| Banco Santander, SA 5.565% 1/17/2030  | 6400 | 6647 |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.90% on 9/25/2029) <sup>(k)</sup>  | 2176 | 2026 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(k)</sup>  | 485 | 455 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(k)</sup>  | 5533 | 5765 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(k)</sup>  | 1000 | 872 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(k)</sup>  | 4064 | 4147 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(k)</sup>  | 1182 | 1212 |
| Bank of New York Mellon Corp. 4.975% 3/14/2030 (USD-SOFR + 1.085% on 3/14/2029) <sup>(k)</sup>  | 3477 | 3561 |
| Bank of New York Mellon Corp. 5.225% 11/20/2035 (USD-SOFR + 1.253% on 11/20/2034) <sup>(k)</sup>  | 326 | 332 |
| Bank of New York Mellon Corp. 5.316% 6/6/2036 (USD-SOFR + 1.35% on 6/6/2035) <sup>(k)</sup>  | 3359 | 3430 |
| BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on <br> 2/11/2030) <sup>(d)(k)</sup>  | 2220 | 2285 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026  | 448 | 445 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 2020 | 1976 |
| Block, Inc. 3.50% 6/1/2031  | 2325 | 2134 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 1230 | 1223 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 800 | 823 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(d)(k)</sup>  | 2535 | 2350 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(d)</sup>  | 1150 | 1222 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(d)(k)</sup>  | 8155 | 8462 |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(d)(k)</sup>  | 3015 | 3071 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(d)(k)</sup>  | 9000 | 9456 |
| BPCE SA 6.027% 5/28/2036 (USD-SOFR + 1.956% on 5/28/2035) <sup>(d)(k)</sup>  | 4295 | 4426 |
| Brown & Brown, Inc. 4.60% 12/23/2026  | 1250 | 1256 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 358 | 365 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 7665 | 7819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **106** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Brown & Brown, Inc. 6.25% 6/23/2055  | USD5,952 | $6141 |
| CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(d)(k)</sup>  | 938 | 975 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(d)(k)</sup>  | 4764 | 4928 |
| CaixaBank, SA 4.885% 7/3/2031 (USD-SOFR + 1.36% on 7/3/2030) <sup>(d)(k)</sup>  | 5200 | 5223 |
| CaixaBank, SA 5.581% 7/3/2036 (USD-SOFR + 1.79% on 7/3/2035) <sup>(d)(k)</sup>  | 4887 | 4939 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(k)</sup>  | 2859 | 2981 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 880 | 873 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4623 | 4712 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 400 | 346 |
| Citibank, NA 4.914% 5/29/2030  | 4825 | 4919 |
| Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025) <sup>(k)</sup>  | 8000 | 8018 |
| Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(k)</sup>  | 7250 | 7303 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(k)</sup>  | 2242 | 2288 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(k)</sup>  | 4750 | 4729 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(k)</sup>  | 2506 | 2192 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(k)</sup>  | 1299 | 1335 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(k)</sup>  | 1650 | 1664 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(k)</sup>  | 4213 | 4360 |
| Citizens Financial Group, Inc. 6.645% 4/25/2035 (USD-SOFR + 2.325% on 4/25/2034) <sup>(k)</sup>  | 3808 | 4107 |
| CME Group, Inc. 3.75% 6/15/2028  | 3069 | 3050 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(d)</sup>  | 6514 | 6112 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(d)</sup>  | 5766 | 5139 |
| Cooperatieve Rabobank UA 4.375% 8/4/2025  | 4032 | 4030 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 914 | 902 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 556 | 545 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 315 | 296 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 182 | 153 |
| Corebridge Financial, Inc. 4.40% 4/5/2052  | 438 | 351 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(k)</sup>  | 6650 | 6461 |
| Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(k)</sup>  | 1109 | 1128 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(k)</sup>  | 2250 | 2364 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(k)</sup>  | 750 | 800 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(k)</sup>  | 300 | 281 |
| DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025) <sup>(d)(k)</sup>  | 6945 | 6971 |
| First Citizens BancShares, Inc. 5.231% 3/12/2031 (USD-SOFR + 1.41% on 3/12/2030) <sup>(k)</sup>  | 4540 | 4565 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(k)</sup>  | 2198 | 2129 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(k)</sup>  | 4000 | 3886 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(k)</sup>  | 1980 | 1996 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(k)</sup>  | 8513 | 8540 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(k)</sup>  | 1443 | 1480 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(k)</sup>  | 2000 | 1497 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(k)</sup>  | 937 | 833 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(k)</sup>  | 873 | 773 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(k)</sup>  | 15084 | 15173 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(k)</sup>  | 809 | 832 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(k)</sup>  | 537 | 577 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(d)</sup>  | 690 | 722 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031  | 2020 | 2095 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% <br> on 11/21/2032) <sup>(d)(k)</sup>  | 4122 | 4787 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(d)(k)</sup>  | 3245 | 3644 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(d)</sup>  | 3015 | 3102 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(d)</sup>  | 3010 | 3121 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(k)</sup>  | 2666 | 2611 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(k)</sup>  | 1066 | 1076 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(k)</sup>  | 1550 | 1549 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(k)</sup>  | 3351 | 3387 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(k)</sup>  | 3630 | 3642 |
| JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(k)</sup>  | 4250 | 4468 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **107** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(k)</sup>  | USD1,262 | $1311 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(k)</sup>  | 4718 | 4735 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(k)</sup>  | 1081 | 1100 |
| JPMorgan Chase & Co. 5.502% 1/24/2036 (USD-SOFR + 1.315% on 1/24/2035) <sup>(k)</sup>  | 2952 | 3042 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(k)</sup>  | 1222 | 1190 |
| Marsh & McLennan Cos., Inc. 4.375% 3/15/2029  | 1705 | 1712 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031  | 7000 | 7112 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2250 | 2251 |
| Marsh & McLennan Cos., Inc. 4.90% 3/15/2049  | 719 | 650 |
| Marsh & McLennan Cos., Inc. 2.90% 12/15/2051  | 920 | 579 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2000 | 1929 |
| Mastercard, Inc. 4.35% 1/15/2032  | 4801 | 4782 |
| Mastercard, Inc. 4.85% 3/9/2033  | 2258 | 2302 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(d)</sup>  | 1600 | 1625 |
| Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025) <sup>(k)</sup>  | 2450 | 2450 |
| Morgan Stanley 3.125% 7/27/2026  | 325 | 321 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(k)</sup>  | 463 | 470 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(k)</sup>  | 3995 | 4074 |
| Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(k)</sup>  | 3097 | 3186 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(k)</sup>  | 3584 | 3646 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(k)</sup>  | 1506 | 1542 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(k)</sup>  | 1031 | 951 |
| Morgan Stanley 5.516% 11/19/2055 (USD-SOFR + 1.71% on 11/19/2054) <sup>(k)</sup>  | 3500 | 3423 |
| MPT Finance Corp. 7.00% 2/15/2032  | EUR2,075 | 2508 |
| Nationstar Mortgage Holdings, Inc. 7.125% 2/1/2032 <sup>(d)</sup>  | USD1,230 | 1278 |
| Navient Corp. 6.75% 6/15/2026  | 150 | 152 |
| Navient Corp. 5.50% 3/15/2029  | 11105 | 10884 |
| Navient Corp. 11.50% 3/15/2031  | 4860 | 5510 |
| Navient Corp. 7.875% 6/15/2032  | 1095 | 1140 |
| New York Life Global Funding 2.35% 7/14/2026 <sup>(d)</sup>  | 529 | 518 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(d)</sup>  | 1132 | 1108 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(d)</sup>  | 2240 | 2162 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(d)</sup>  | 2420 | 2427 |
| PayPal Holdings, Inc. 2.65% 10/1/2026  | 593 | 582 |
| PayPal Holdings, Inc. 2.30% 6/1/2030  | 552 | 502 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(d)</sup>  | 1375 | 1411 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(d)</sup>  | 540 | 541 |
| PNC Bank, National Association, 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(k)</sup>  | 1720 | 1721 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(k)</sup>  | 4180 | 4310 |
| Power Finance Corp., Ltd. 5.25% 8/10/2028  | 383 | 388 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028  | 350 | 364 |
| Power Finance Corp., Ltd. 4.50% 6/18/2029  | 554 | 546 |
| Power Finance Corp., Ltd. 3.95% 4/23/2030  | 1213 | 1163 |
| Prudential Financial, Inc. 4.35% 2/25/2050  | 1976 | 1642 |
| Prudential Financial, Inc. 3.70% 3/13/2051  | 677 | 498 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(d)</sup>  | 2110 | 2059 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(d)</sup>  | 1505 | 1431 |
| SLM Corp. 6.50% 1/31/2030  | 1460 | 1534 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(d)</sup>  | 3580 | 3549 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(d)</sup>  | 970 | 1021 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(d)</sup>  | 525 | 543 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 <br>(5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029) <sup>(d)(k)</sup>  | 1000 | 999 |
| Travelers Cos., Inc. 4.00% 5/30/2047  | 771 | 618 |
| Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(k)</sup>  | 2000 | 2003 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(k)</sup>  | 1677 | 1814 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(k)</sup>  | 506 | 514 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(h)(l)</sup>  | 2190 | 2221 |
| U.S. Bancorp 2.375% 7/22/2026  | 3584 | 3520 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **108** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(k)</sup>  | USD3,808 | $3882 |
| UBS Group AG 4.125% 9/24/2025 <sup>(d)</sup>  | 2750 | 2746 |
| UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028) <sup>(d)(k)(m)</sup>  | 800 | 788 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br>2/8/2029) <sup>(d)(k)</sup>  | 3575 | 3672 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(d)</sup>  | 625 | 625 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(d)</sup>  | 5950 | 6194 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(k)</sup>  | 7025 | 7180 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(k)</sup>  | 400 | 385 |
| Wells Fargo & Co. 4.97% 4/23/2029 (USD-SOFR + 1.37% on 4/23/2028) <sup>(k)</sup>  | 2070 | 2099 |
| Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(k)</sup>  | 7225 | 7637 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(k)</sup>  | 3360 | 3674 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(k)</sup>  | 390 | 403 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 11/15/2030) <sup>(k)</sup>  | 2980 | 2630 |
| Westpac Banking Corp. 2.963% 11/16/2040  | 1344 | 996 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(d)</sup>  | 1025 | 1035 |
|  |  | 485259 |
| **Communication services 0.86%** |  |  |
| Alphabet, Inc. 5.25% 5/15/2055  | 821 | 809 |
| Alphabet, Inc. 5.30% 5/15/2065  | 1876 | 1838 |
| AT&T, Inc. 2.25% 2/1/2032  | 800 | 689 |
| AT&T, Inc. 3.50% 9/15/2053  | 5140 | 3482 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(d)</sup>  | 1350 | 1309 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(d)</sup>  | 5750 | 5486 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(d)</sup>  | 9361 | 8751 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(d)</sup>  | 3115 | 2957 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 7189 | 6699 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(d)</sup>  | 2085 | 1907 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(d)</sup>  | 1135 | 1011 |
| Charter Communications Operating, LLC 4.908% 7/23/2025  | 116 | 116 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1000 | 942 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 4823 | 3862 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 5493 | 3662 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 8760 | 6017 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 4965 | 4221 |
| Comcast Corp. 2.35% 1/15/2027  | 3584 | 3488 |
| Comcast Corp. 4.80% 5/15/2033  | 2165 | 2161 |
| Comcast Corp. 5.65% 6/1/2054  | 2281 | 2218 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(d)</sup>  | 6425 | 6466 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(d)</sup>  | 1400 | 1338 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 9.00% 4/15/2027 <sup>(h)(l)</sup>  | 972 | 949 |
| CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.812% 1/18/2028 <sup>(h)(l)</sup>  | 2666 | 2632 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(d)</sup>  | 4713 | 4701 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(d)</sup>  | 10154 | 10475 |
| EchoStar Corp. 10.75% 11/30/2029  | 4409 | 4545 |
| EchoStar Corp. 6.75% PIK 11/30/2030 <sup>(n)</sup>  | 1964 | 1793 |
| Embarq, LLC 7.995% 6/1/2036  | 8084 | 3712 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(d)</sup>  | 6550 | 6640 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 5591 | 5651 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(d)</sup>  | 3196 | 3240 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(d)</sup>  | 1100 | 1151 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(d)</sup>  | 7305 | 7853 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(d)</sup>  | 1656 | 1254 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(d)</sup>  | 4790 | 3596 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.574% 6/4/2029 <sup>(h)(l)</sup>  | 1086 | 1086 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(d)</sup>  | 8871 | 9068 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **109** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Communication services (continued)** |  |  |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(d)(n)(o)</sup>  | USD7,331 | $2529 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 10/4/2025 <sup>(b)(l)(n)</sup>  | 1540 | 1540 |
| Meta Platforms, Inc. 4.75% 8/15/2034  | 3584 | 3602 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 3584 | 3498 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(d)</sup>  | 1875 | 1872 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(d)</sup>  | 2950 | 2875 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(d)</sup>  | 7802 | 7488 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(d)</sup>  | 1375 | 1390 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(d)</sup>  | 6650 | 6392 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(d)</sup>  | 7282 | 6719 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(d)</sup>  | 7547 | 6713 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032  | 2185 | 2071 |
| T-Mobile USA, Inc. 1.50% 2/15/2026  | 500 | 490 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | 325 | 307 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 1918 | 1951 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 4000 | 4054 |
| T-Mobile USA, Inc. 5.125% 5/15/2032  | 3623 | 3696 |
| T-Mobile USA, Inc. 5.30% 5/15/2035  | 4665 | 4725 |
| Univision Communications, Inc. 6.625% 6/1/2027 <sup>(d)</sup>  | 6300 | 6289 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(d)</sup>  | 300 | 305 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(d)</sup>  | 6234 | 5674 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(d)</sup>  | 1216 | 1196 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 410 | 368 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 2944 | 2539 |
| Verizon Communications, Inc. 5.05% 5/9/2033  | 1946 | 1974 |
| Verizon Communications, Inc. 5.25% 4/2/2035  | 6205 | 6259 |
| Verizon Communications, Inc. 2.875% 11/20/2050  | 601 | 375 |
| Verizon Communications, Inc. 2.987% 10/30/2056  | 1537 | 926 |
| Vodafone Group PLC 4.25% 9/17/2050  | 3898 | 3041 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 1018 | 950 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 4748 | 3335 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(l)</sup>  | 2675 | 2604 |
| X Corp., Term Loan B, (USD-SOFR + 6.50%) 10.927% 10/26/2029 <sup>(h)(l)</sup>  | 2776 | 2716 |
|  |  | 238238 |
| **Health care 0.78%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(d)</sup>  | 1840 | 1857 |
| AbbVie, Inc. 5.20% 3/15/2035  | 3056 | 3123 |
| AbbVie, Inc. 5.40% 3/15/2054  | 7250 | 7055 |
| AbbVie, Inc. 5.60% 3/15/2055  | 2261 | 2264 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(d)</sup>  | 645 | 647 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(d)</sup>  | 1990 | 1877 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(d)</sup>  | 1010 | 961 |
| Amgen, Inc. 5.25% 3/2/2030  | 1244 | 1282 |
| Amgen, Inc. 5.25% 3/2/2033  | 2990 | 3063 |
| Amgen, Inc. 5.60% 3/2/2043  | 1500 | 1489 |
| Amgen, Inc. 5.65% 3/2/2053  | 2750 | 2687 |
| Amgen, Inc. 4.40% 2/22/2062  | 1697 | 1326 |
| Amgen, Inc. 5.75% 3/2/2063  | 858 | 835 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028  | 1677 | 1573 |
| AstraZeneca Finance, LLC 4.90% 2/26/2031  | 1658 | 1704 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031  | 665 | 595 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 3181 | 3244 |
| AstraZeneca PLC 3.375% 11/16/2025  | 1022 | 1018 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(d)</sup>  | 1025 | 865 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(d)</sup>  | 1525 | 1511 |
| Baxter International, Inc. 1.915% 2/1/2027  | 4739 | 4564 |
| Baxter International, Inc. 2.272% 12/1/2028  | 3180 | 2961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **110** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(d)</sup>  | USD5,419 | $5509 |
| Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(d)</sup>  | 3092 | 3248 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 1800 | 1865 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 825 | 845 |
| Bristol-Myers Squibb Co. 5.65% 2/22/2064  | 2550 | 2478 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(d)</sup>  | 1750 | 1685 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(d)</sup>  | 285 | 302 |
| CVS Health Corp. 5.00% 1/30/2029  | 3831 | 3890 |
| CVS Health Corp. 5.40% 6/1/2029  | 4144 | 4266 |
| CVS Health Corp. 5.55% 6/1/2031  | 3039 | 3158 |
| CVS Health Corp. 5.70% 6/1/2034  | 4053 | 4175 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(d)</sup>  | 2865 | 2608 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(d)</sup>  | 810 | 840 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(d)</sup>  | 1600 | 1653 |
| Elevance Health, Inc. 4.90% 2/8/2026  | 1417 | 1417 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 610 | 617 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 308 | 275 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 8075 | 8280 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(d)</sup>  | 2200 | 2332 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(h)(l)</sup>  | 2556 | 2557 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 1522 | 1545 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 2642 | 2734 |
| Gilead Sciences, Inc. 5.10% 6/15/2035  | 500 | 507 |
| Grifols SA 3.875% 10/15/2028  | EUR800 | 904 |
| Grifols SA 7.50% 5/1/2030  | 400 | 494 |
| HCA, Inc. 3.375% 3/15/2029  | USD720 | 692 |
| HCA, Inc. 3.625% 3/15/2032  | 896 | 827 |
| HCA, Inc. 4.375% 3/15/2042  | 1344 | 1125 |
| HCA, Inc. 4.625% 3/15/2052  | 1299 | 1045 |
| Humana, Inc. 5.375% 4/15/2031  | 3194 | 3268 |
| Humana, Inc. 5.55% 5/1/2035  | 6289 | 6327 |
| Humana, Inc. 5.75% 4/15/2054  | 1359 | 1267 |
| Humana, Inc. 6.00% 5/1/2055  | 230 | 222 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(d)</sup>  | 885 | 923 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(d)</sup>  | 2050 | 2109 |
| Medtronic Global Holdings S.C.A. 4.25% 3/30/2028  | 1983 | 1994 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(d)</sup>  | 545 | 533 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(d)</sup>  | 2899 | 2698 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(d)</sup>  | 5110 | 4655 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(d)</sup>  | 1900 | 1935 |
| Novant Health, Inc. 3.168% 11/1/2051  | 3360 | 2212 |
| Novartis Capital Corp. 2.00% 2/14/2027  | 570 | 554 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(d)</sup>  | 5360 | 4809 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(d)</sup>  | 2300 | 2163 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 1000 | 945 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(d)</sup>  | 2445 | 2454 |
| Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% <br> Cash 1/31/2029 <sup>(h)(l)(n)</sup>  | 3369 | 3362 |
| Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(d)</sup>  | 3450 | 3458 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(d)</sup>  | 2244 | 2222 |
| Summa Health 3.511% 11/15/2051  | 1483 | 1223 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 8987 | 8992 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055  | 1983 | 1994 |
| Tenet Healthcare Corp. 4.625% 6/15/2028  | 645 | 637 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1975 | 1917 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026  | 5360 | 5259 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 11995 | 12073 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2000 | 2267 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 5863 | 5940 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 3650 | 3689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **111** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | USD4,818 | $4912 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 2900 | 2815 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 3754 | 3815 |
| Viatris, Inc. 4.00% 6/22/2050  | 3161 | 2107 |
|  |  | 214124 |
| **Energy 0.70%** |  |  |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(d)</sup>  | 2390 | 2374 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(d)</sup>  | 175 | 181 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(d)</sup>  | 1270 | 1273 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(d)</sup>  | 510 | 519 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(d)</sup>  | 430 | 437 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(d)</sup>  | 3087 | 2822 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(d)</sup>  | 1298 | 1149 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025  | 861 | 860 |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047  | 1397 | 1196 |
| Chevron USA, Inc. 4.687% 4/15/2030  | 8472 | 8644 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(d)</sup>  | 1325 | 1354 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(d)</sup>  | 2075 | 2164 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(d)</sup>  | 480 | 474 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(d)</sup>  | 2780 | 2850 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(d)</sup>  | 525 | 533 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(d)</sup>  | 735 | 744 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(d)</sup>  | 1055 | 999 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(d)</sup>  | 2675 | 2687 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(d)</sup>  | 553 | 577 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(d)</sup>  | 1180 | 1223 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 3823 | 3631 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(d)</sup>  | 2320 | 2363 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(d)</sup>  | 1510 | 1476 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(d)</sup>  | 1210 | 1158 |
| Devon Energy Corp. 5.20% 9/15/2034  | 2157 | 2096 |
| Devon Energy Corp. 5.75% 9/15/2054  | 7806 | 7034 |
| Diamondback Energy, Inc. 5.55% 4/1/2035  | 3000 | 3034 |
| Diamondback Energy, Inc. 5.75% 4/18/2054  | 5000 | 4646 |
| Enbridge, Inc. 3.70% 7/15/2027  | 56 | 55 |
| Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(d)</sup>  | 395 | 437 |
| Energy Transfer, LP 4.75% 1/15/2026  | 2235 | 2235 |
| Eni SpA 5.75% 5/19/2035 <sup>(d)</sup>  | 360 | 368 |
| Eni SpA 5.95% 5/15/2054 <sup>(d)</sup>  | 831 | 805 |
| Enterprise Products Operating, LLC 5.05% 1/10/2026  | 3153 | 3160 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046  | 448 | 403 |
| EOG Resources, Inc. 4.40% 7/15/2028  | 410 | 412 |
| EOG Resources, Inc. 5.65% 12/1/2054  | 3079 | 3009 |
| EQT Corp. 7.50% 6/1/2030 <sup>(d)</sup>  | 642 | 706 |
| EQT Corp. 4.75% 1/15/2031 <sup>(d)</sup>  | 1635 | 1610 |
| Equinor ASA 4.25% 11/23/2041  | 1792 | 1589 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(d)</sup>  | 790 | 794 |
| Expand Energy Corp. 5.375% 3/15/2030  | 1645 | 1651 |
| Expand Energy Corp. 4.75% 2/1/2032  | 810 | 788 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(o)</sup>  | 7225 | 29 |
| Exxon Mobil Corp. 2.44% 8/16/2029  | 213 | 201 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 555 | 394 |
| Genesis Energy, LP 7.75% 2/1/2028  | 350 | 355 |
| Genesis Energy, LP 8.25% 1/15/2029  | 670 | 701 |
| Genesis Energy, LP 8.875% 4/15/2030  | 884 | 939 |
| Genesis Energy, LP 7.875% 5/15/2032  | 1120 | 1165 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(d)</sup>  | 1135 | 1149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **112** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| GreenSaif Pipelines Bidco SARL 6.129% 2/23/2038  | USD3,477 | $3588 |
| GreenSaif Pipelines Bidco SARL 6.51% 2/23/2042  | 2003 | 2077 |
| GreenSaif Pipelines Bidco SARL 6.103% 8/23/2042 <sup>(d)</sup>  | 4257 | 4263 |
| Halliburton Co. 3.80% 11/15/2025  | 6 | 6 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(d)</sup>  | 420 | 427 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(d)</sup>  | 190 | 201 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(d)</sup>  | 750 | 762 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(d)</sup>  | 1655 | 1645 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(d)</sup>  | 960 | 924 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(d)</sup>  | 400 | 402 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(d)</sup>  | 465 | 452 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(d)</sup>  | 540 | 523 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(d)</sup>  | 475 | 493 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(d)</sup>  | 1325 | 1327 |
| MPLX, LP 4.125% 3/1/2027  | 448 | 446 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(d)</sup>  | 1745 | 1672 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(d)</sup>  | 1375 | 764 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(d)</sup>  | 20423 | 9289 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(d)</sup>  | 300 | 310 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 2268 | 2237 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 6482 | 5946 |
| Parkland Corp. 5.875% 7/15/2027 <sup>(d)</sup>  | 1550 | 1552 |
| Parkland Corp. 4.625% 5/1/2030 <sup>(d)</sup>  | 510 | 489 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(d)</sup>  | 586 | 642 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(d)</sup>  | 1020 | 1058 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(d)</sup>  | 800 | 808 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 2517 | 2516 |
| Petroleos Mexicanos 4.50% 1/23/2026  | 400 | 395 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 850 | 851 |
| Petroleos Mexicanos 6.50% 3/13/2027  | 2500 | 2484 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 4260 | 4118 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 3280 | 2968 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 5793 | 5387 |
| Petroleos Mexicanos 6.50% 6/2/2041  | 41 | 31 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 16 | 11 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 139 | 101 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 23 | 16 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 2548 | 2006 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 163 | 117 |
| Plains All American Pipeline, LP 3.80% 9/15/2030  | 101 | 97 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(d)</sup>  | 2689 | 2642 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(d)</sup>  | 4040 | 3797 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(d)</sup>  | 625 | 637 |
| South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029 <sup>(d)</sup>  | 1668 | 1674 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(d)</sup>  | 1475 | 1523 |
| Sunoco, LP 4.50% 5/15/2029  | 925 | 899 |
| Sunoco, LP 4.50% 4/30/2030  | 1105 | 1063 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(d)</sup>  | 530 | 539 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(d)</sup>  | 500 | 512 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(d)</sup>  | 85 | 87 |
| TGS ASA 8.50% 1/15/2030 <sup>(d)</sup>  | 1235 | 1280 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(d)</sup>  | 445 | 458 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 3750 | 3514 |
| TransCanada Pipelines, Ltd. 4.25% 5/15/2028  | 977 | 974 |
| TransCanada Pipelines, Ltd. 4.10% 4/15/2030  | 536 | 525 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(d)</sup>  | 400 | 407 |
| Transocean, Inc. 8.00% 2/1/2027 <sup>(d)</sup>  | 105 | 104 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(d)</sup>  | 2000 | 1787 |
| Valero Energy Corp. 4.00% 4/1/2029  | 3584 | 3516 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(d)</sup>  | 1030 | 972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **113** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(d)</sup>  | USD840 | $778 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(d)</sup>  | 3680 | 3825 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br>Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(d)(k)</sup>  | 2000 | 1946 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(d)</sup>  | 2215 | 2373 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(d)</sup>  | 2730 | 2730 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(d)</sup>  | 2035 | 2035 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(d)</sup>  | 8996 | 9278 |
|  |  | 194729 |
| **Consumer discretionary 0.70%** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.935% <br>3/11/2030 <sup>(b)(h)(l)</sup>  | 127 | 127 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.947% Cash 3/11/2030 <sup>(b)(h)(l)(n)</sup>  | 116 | 116 |
| Alibaba Group Holding, Ltd. 2.125% 2/9/2031  | 501 | 444 |
| Alibaba Group Holding, Ltd. 4.50% 11/28/2034  | 766 | 739 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037  | 200 | 176 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(d)</sup>  | 2115 | 2044 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 350 | 363 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(d)</sup>  | 2075 | 2150 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(d)</sup>  | 2375 | 2326 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(d)</sup>  | 1270 | 1300 |
| Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(d)</sup>  | 6570 | 6657 |
| Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(d)</sup>  | 604 | 613 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(d)</sup>  | 1350 | 1260 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(d)</sup>  | 3281 | 3345 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(d)</sup>  | 8140 | 8333 |
| Daimler Trucks Finance North America, LLC 5.375% 6/25/2034 <sup>(d)</sup>  | 1070 | 1073 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(d)</sup>  | 3580 | 3431 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 2111 | 2188 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3385 | 3393 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 6830 | 6853 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 1425 | 1480 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 4370 | 4366 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030  | 10705 | 10840 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034  | 1894 | 1858 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 9342 | 9397 |
| Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(d)</sup>  | 1300 | 1273 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(d)</sup>  | 3525 | 3453 |
| Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(d)</sup>  | 1385 | 1425 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(d)</sup>  | 1625 | 1722 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(d)</sup>  | 1885 | 1774 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(d)</sup>  | 3580 | 3446 |
| Home Depot, Inc. 1.50% 9/15/2028  | 3000 | 2773 |
| Home Depot, Inc. 3.90% 12/6/2028  | 825 | 823 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1174 | 1124 |
| Home Depot, Inc. 1.875% 9/15/2031  | 3000 | 2584 |
| Home Depot, Inc. 4.50% 12/6/2048  | 428 | 367 |
| Home Depot, Inc. 5.30% 6/25/2054  | 3000 | 2883 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 3726 | 3767 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 3520 | 3615 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(d)</sup>  | 762 | 740 |
| Hyundai Capital America 5.45% 6/24/2026 <sup>(d)</sup>  | 3905 | 3937 |
| Hyundai Capital America 4.875% 6/23/2027 <sup>(d)</sup>  | 1334 | 1342 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(d)</sup>  | 6273 | 6355 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(d)</sup>  | 2311 | 2198 |
| Hyundai Capital America 4.90% 6/23/2028 <sup>(d)</sup>  | 4992 | 5029 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **114** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Hyundai Capital America 2.10% 9/15/2028 <sup>(d)</sup>  | USD2,756 | $2544 |
| Hyundai Capital America 5.30% 1/8/2030 <sup>(d)</sup>  | 10081 | 10301 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(d)</sup>  | 4980 | 5036 |
| Hyundai Capital America 5.40% 1/8/2031 <sup>(d)</sup>  | 991 | 1013 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(d)</sup>  | 2445 | 2425 |
| KB Home 7.25% 7/15/2030  | 1295 | 1341 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(d)</sup>  | 440 | 428 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(d)</sup>  | 1025 | 1091 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(d)</sup>  | 2900 | 2768 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(d)</sup>  | 1025 | 975 |
| Marriott International, Inc. 4.90% 4/15/2029  | 1207 | 1229 |
| Marriott International, Inc. 2.75% 10/15/2033  | 2500 | 2129 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(d)</sup>  | 528 | 507 |
| McDonald's Corp. 4.60% 9/9/2032  | 642 | 643 |
| McDonald's Corp. 4.95% 3/3/2035  | 4392 | 4391 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(d)</sup>  | 1710 | 1675 |
| Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025 <sup>(d)</sup>  | 1344 | 1348 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(d)</sup>  | 715 | 753 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 1850 | 1835 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 535 | 522 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 385 | 368 |
| Newell Brands, Inc. 6.875% 4/1/2036  | 1025 | 984 |
| Newell Brands, Inc. 7.00% 4/1/2046  | 475 | 407 |
| Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026 <sup>(d)</sup>  | 320 | 305 |
| Nissan Motor Co., Ltd. 3.522% 9/17/2025 <sup>(d)</sup>  | 200 | 199 |
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(b)(d)(n)(o)</sup>  | 1355 | 135 |
| Petco Health and Wellness Co., Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.807% <br> 3/3/2028 <sup>(h)(l)</sup>  | 875 | 809 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(d)</sup>  | 575 | 592 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(d)</sup>  | 910 | 916 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(d)</sup>  | 1030 | 1051 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 920 | 945 |
| Sands China, Ltd. 2.30% 3/8/2027  | 1859 | 1786 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(d)</sup>  | 3645 | 3539 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(d)</sup>  | 2215 | 2107 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026  | 384 | 377 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027  | 2240 | 2165 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(d)</sup>  | 2100 | 2031 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(d)</sup>  | 600 | 587 |
| Volkswagen Group of America Finance, LLC 4.625% 11/13/2025 <sup>(d)</sup>  | 3446 | 3444 |
| Voyager Parent, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.75%) 9.083% 5/10/2032 <sup>(h)(l)</sup>  | 2115 | 2096 |
|  |  | 193299 |
| **Information technology 0.56%** |  |  |
| Accenture Capital, Inc. 4.25% 10/4/2031  | 4734 | 4691 |
| Accenture Capital, Inc. 4.50% 10/4/2034  | 4453 | 4335 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 1281 | 1314 |
| Analog Devices, Inc. 5.30% 4/1/2054  | 1762 | 1700 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(d)</sup>  | 600 | 506 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 313 | 322 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 12 | 12 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 9674 | 9906 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(d)</sup>  | 4125 | 4166 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(d)</sup>  | 3750 | 3891 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(d)</sup>  | 2975 | 3169 |
| Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% <br>3/29/2029 <sup>(h)(l)</sup>  | 3816 | 3823 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(d)</sup>  | 5703 | 5560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **115** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Information technology (continued)** |  |  |
| CommScope, LLC 8.25% 3/1/2027 <sup>(d)</sup>  | USD1,527 | $1522 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(d)</sup>  | 1973 | 1941 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(d)</sup>  | 400 | 419 |
| Commscope, LLC, Term Loan, (3-month USD CME Term SOFR + 5.25%) 9.577% 12/17/2029 <sup>(h)(l)</sup>  | 485 | 492 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(d)</sup>  | 1525 | 1560 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(d)</sup>  | 7575 | 8055 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(h)(l)</sup>  | 225 | 230 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(d)</sup>  | 1050 | 1023 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(d)</sup>  | 3925 | 3971 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(e)(h)(l)</sup>  | 2614 | 2633 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(e)(h)(l)</sup>  | 54 | 55 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(d)</sup>  | 1375 | 1415 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 12971 | 11556 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 9228 | 6579 |
| ION Trading Technologies SARL 9.50% 5/30/2029 <sup>(d)</sup>  | 560 | 578 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(h)(l)</sup>  | 1746 | 1755 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(h)(l)</sup>  | 900 | 903 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 3000 | 3049 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 6361 | 6455 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(d)</sup>  | 4144 | 4542 |
| Open Text Holdings, Inc. 4.125% 12/1/2031 <sup>(d)</sup>  | 400 | 369 |
| Oracle Corp. 5.25% 2/3/2032  | 4750 | 4874 |
| Oracle Corp. 5.50% 8/3/2035  | 6232 | 6373 |
| Shift4 Payments, LLC, 6.75% 8/15/2032 <sup>(d)</sup>  | 2400 | 2494 |
| Synopsys, Inc. 5.15% 4/1/2035  | 6898 | 6956 |
| Synopsys, Inc. 5.70% 4/1/2055  | 5521 | 5493 |
| Texas Instruments, Inc. 4.60% 2/8/2029  | 2222 | 2261 |
| Texas Instruments, Inc. 4.85% 2/8/2034  | 1203 | 1223 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(d)</sup>  | 950 | 986 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(d)</sup>  | 1228 | 1266 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(d)</sup>  | 6733 | 6711 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(d)</sup>  | 1900 | 1797 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(d)</sup>  | 6626 | 5746 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(e)(k)(n)</sup>  | 1014 | 1026 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/23/2026) <sup>(e)(k)(n)</sup>  | 336 | 340 |
| X.Ai Corp. 12.50% 6/30/2030  | 2485 | 2485 |
| Xerox Holdings Corp. 5.50% 8/15/2028 <sup>(d)</sup>  | 600 | 459 |
| Xerox Holdings Corp. 8.875% 11/30/2029 <sup>(d)</sup>  | 779 | 589 |
|  |  | 153576 |
| **Industrials 0.51%** |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(d)</sup>  | 335 | 334 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(d)</sup>  | 6000 | 6138 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(d)</sup>  | 601 | 569 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(d)</sup>  | 5175 | 5335 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(d)</sup>  | 5835 | 6023 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(d)</sup>  | 3403 | 3489 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(d)</sup>  | 2663 | 2754 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(d)</sup>  | 2772 | 2835 |
| BAE Systems PLC 5.50% 3/26/2054 <sup>(d)</sup>  | 599 | 592 |
| Beach Acquisition Bidco, LLC, 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(d)(n)</sup>  | 2125 | 2208 |
| Boeing Co. (The) 3.10% 5/1/2026  | 251 | 248 |
| Boeing Co. (The) 3.25% 2/1/2028  | 2000 | 1940 |
| Boeing Co. (The) 5.15% 5/1/2030  | 945 | 963 |
| Boeing Co. (The) 3.625% 2/1/2031  | 178 | 168 |
| Boeing Co. (The) 6.388% 5/1/2031  | 227 | 244 |
| Boeing Co. (The) 3.60% 5/1/2034  | 2500 | 2205 |
| Boeing Co. (The) 6.528% 5/1/2034  | 5453 | 5928 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **116** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 5.805% 5/1/2050  | USD3,605 | $3461 |
| Boeing Co. (The) 6.858% 5/1/2054  | 2361 | 2587 |
| Boeing Co. (The) 7.008% 5/1/2064  | 1301 | 1430 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(d)</sup>  | 2385 | 2372 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(d)</sup>  | 485 | 500 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(d)</sup>  | 850 | 886 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026  | 1385 | 1337 |
| Canadian Pacific Railway Co. 5.20% 3/30/2035  | 2705 | 2744 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 209 | 152 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 653 | 430 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(d)</sup>  | 1347 | 1412 |
| CSX Corp. 4.25% 3/15/2029  | 1062 | 1063 |
| CSX Corp. 5.05% 6/15/2035  | 6111 | 6149 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(d)</sup>  | 1540 | 1533 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(d)</sup>  | 1510 | 1578 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(d)</sup>  | 505 | 529 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 2535 | 2458 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 2500 | 2104 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 4059 | 4171 |
| LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(d)</sup>  | 4250 | 4277 |
| Lockheed Martin Corp. 5.10% 11/15/2027  | 852 | 874 |
| Lockheed Martin Corp. 4.45% 5/15/2028  | 2604 | 2635 |
| Lockheed Martin Corp. 5.70% 11/15/2054  | 1657 | 1673 |
| Norfolk Southern Corp. 4.45% 3/1/2033  | 1515 | 1483 |
| Norfolk Southern Corp. 5.10% 5/1/2035  | 2842 | 2857 |
| Norfolk Southern Corp. 3.05% 5/15/2050  | 2746 | 1808 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 4136 | 3954 |
| Northrop Grumman Corp. 3.25% 1/15/2028  | 3132 | 3061 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(d)</sup>  | 1125 | 1172 |
| Otis Worldwide Corp. 2.293% 4/5/2027  | 1913 | 1852 |
| Paychex, Inc. 5.60% 4/15/2035  | 427 | 442 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(d)</sup>  | 1455 | 1503 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(d)</sup>  | 1035 | 985 |
| RTX Corp. 5.15% 2/27/2033  | 2669 | 2729 |
| RTX Corp. 5.375% 2/27/2053  | 3950 | 3784 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(d)</sup>  | 2225 | 2330 |
| Siemens Funding BV 5.80% 5/28/2055 <sup>(d)</sup>  | 6288 | 6496 |
| Siemens Funding BV 5.90% 5/28/2065 <sup>(d)</sup>  | 5581 | 5782 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(b)(d)</sup>  | 400 | 400 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(d)</sup>  | 1485 | 1539 |
| Triumph Group, Inc. 9.00% 3/15/2028 <sup>(d)</sup>  | 1310 | 1370 |
| Union Pacific Corp. 2.40% 2/5/2030  | 2163 | 1996 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2865 | 2915 |
| Union Pacific Corp. 2.95% 3/10/2052  | 1000 | 639 |
| Union Pacific Corp. 5.60% 12/1/2054  | 2487 | 2476 |
| Union Pacific Corp. 3.839% 3/20/2060  | 546 | 393 |
| Union Pacific Corp. 3.799% 4/6/2071  | 545 | 374 |
|  |  | 140668 |
| **Real estate 0.39%** |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026  | 282 | 280 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028  | 1093 | 1081 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029  | 1738 | 1606 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031  | 1183 | 1094 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033  | 3670 | 2936 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049  | 367 | 308 |
| American Tower Corp. 1.45% 9/15/2026  | 2369 | 2289 |
| American Tower Corp. 3.55% 7/15/2027  | 1277 | 1259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **117** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Real estate (continued)** |  |  |
| American Tower Corp. 3.60% 1/15/2028  | USD896 | $880 |
| American Tower Corp. 1.50% 1/31/2028  | 2240 | 2087 |
| American Tower Corp. 2.30% 9/15/2031  | 1344 | 1167 |
| American Tower Corp. 2.95% 1/15/2051  | 1792 | 1136 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(d)</sup>  | 3040 | 2670 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(d)</sup>  | 1975 | 1847 |
| Boston Properties, LP 6.50% 1/15/2034  | 2223 | 2381 |
| Boston Properties, LP 5.75% 1/15/2035  | 3143 | 3165 |
| Brookfield Property REIT, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.56% 5/30/2030 <sup>(h)(l)</sup>  | 945 | 945 |
| Extra Space Storage, LP 2.35% 3/15/2032  | 1241 | 1054 |
| Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(d)</sup>  | 1185 | 1236 |
| Host Hotels & Resorts, LP 4.50% 2/1/2026  | 318 | 317 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(d)</sup>  | 1705 | 1693 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(d)</sup>  | 2855 | 2721 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(d)</sup>  | 3900 | 3602 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031  | 2152 | 1833 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(d)</sup>  | 3785 | 3736 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(d)</sup>  | 2650 | 2527 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 1884 | 1897 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 12137 | 11221 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 630 | 497 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(d)</sup>  | 3968 | 4156 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(d)</sup>  | 2280 | 2210 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(d)</sup>  | 1000 | 1029 |
| Prologis, LP 4.875% 6/15/2028  | 1357 | 1385 |
| Prologis, LP 4.75% 6/15/2033  | 2359 | 2354 |
| Prologis, LP 5.00% 3/15/2034  | 1850 | 1856 |
| Prologis, LP 5.00% 1/31/2035  | 1033 | 1033 |
| Public Storage Operating Co. 1.85% 5/1/2028  | 2231 | 2096 |
| Public Storage Operating Co. 1.95% 11/9/2028  | 1816 | 1692 |
| Public Storage Operating Co. 2.30% 5/1/2031  | 644 | 573 |
| Scentre Group Trust 1 3.25% 10/28/2025 <sup>(d)</sup>  | 896 | 892 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(d)</sup>  | 2178 | 2153 |
| Service Properties Trust 5.25% 2/15/2026  | 510 | 508 |
| Service Properties Trust 4.75% 10/1/2026  | 1635 | 1613 |
| Service Properties Trust 4.95% 2/15/2027  | 1540 | 1521 |
| Service Properties Trust 5.50% 12/15/2027  | 655 | 649 |
| Service Properties Trust 3.95% 1/15/2028  | 1815 | 1678 |
| Service Properties Trust 8.375% 6/15/2029  | 4228 | 4401 |
| Service Properties Trust 4.95% 10/1/2029  | 2715 | 2372 |
| Service Properties Trust 4.375% 2/15/2030  | 705 | 593 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(d)</sup>  | 6775 | 7278 |
| Service Properties Trust 8.875% 6/15/2032  | 3803 | 3914 |
| Sun Communities Operating, LP 2.30% 11/1/2028  | 1653 | 1548 |
| Sun Communities Operating, LP 2.70% 7/15/2031  | 785 | 696 |
| UDR, Inc. 2.95% 9/1/2026  | 681 | 670 |
|  |  | 108335 |
| **Consumer staples 0.38%** |  |  |
| 7-Eleven, Inc. 0.95% 2/10/2026 <sup>(d)</sup>  | 739 | 723 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(d)</sup>  | 1000 | 984 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 1000 | 912 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(d)</sup>  | 1750 | 1687 |
| BAT Capital Corp. 6.343% 8/2/2030  | 1191 | 1284 |
| BAT Capital Corp. 6.421% 8/2/2033  | 1290 | 1402 |
| BAT Capital Corp. 5.625% 8/15/2035  | 6074 | 6183 |
| BAT Capital Corp. 4.54% 8/15/2047  | 627 | 507 |
| Campbell's Co. (The) 4.75% 3/23/2035  | 952 | 915 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **118** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples (continued)** |  |  |
| Coca-Cola Co. 1.00% 3/15/2028  | USD842 | $782 |
| Coca-Cola Co. 4.65% 8/14/2034  | 1618 | 1627 |
| Constellation Brands, Inc. 3.60% 2/15/2028  | 625 | 614 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1487 | 1289 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(d)</sup>  | 400 | 423 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(d)</sup>  | 3643 | 3657 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(d)</sup>  | 2101 | 2132 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028  | 2385 | 2507 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033  | 1554 | 1669 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043  | 229 | 243 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053  | 806 | 862 |
| Kroger Co. 5.00% 9/15/2034  | 4462 | 4433 |
| Kroger Co. 5.50% 9/15/2054  | 1983 | 1884 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(d)</sup>  | 3408 | 3454 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(d)</sup>  | 1855 | 1881 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(d)</sup>  | 385 | 390 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(d)</sup>  | 6678 | 6666 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 837 | 828 |
| Mondelez International, Inc. 5.125% 5/6/2035  | 2176 | 2188 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 3073 | 3135 |
| Philip Morris International, Inc. 4.875% 2/15/2028  | 6000 | 6103 |
| Philip Morris International, Inc. 4.625% 11/1/2029  | 6764 | 6830 |
| Philip Morris International, Inc. 5.625% 11/17/2029  | 1482 | 1557 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 4166 | 4288 |
| Philip Morris International, Inc. 4.375% 4/30/2030  | 2554 | 2548 |
| Philip Morris International, Inc. 5.125% 2/13/2031  | 2275 | 2344 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 6194 | 6243 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 6755 | 6728 |
| Philip Morris International, Inc. 4.875% 4/30/2035  | 1907 | 1882 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(d)</sup>  | 2886 | 2777 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(d)</sup>  | 3279 | 3374 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(d)</sup>  | 1115 | 1028 |
| Reynolds American, Inc. 5.85% 8/15/2045  | 2030 | 1960 |
| Walgreens Boots Alliance, Inc. 3.45% 6/1/2026  | 1595 | 1562 |
|  |  | 104485 |
| **Utilities 0.36%** |  |  |
| AEP Transmission Co., LLC 5.375% 6/15/2035  | 50 | 51 |
| Calpine Corp. 3.75% 3/1/2031 <sup>(d)</sup>  | 1975 | 1875 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(k)</sup>  | 1375 | 1382 |
| Commonwealth Edison Co. 4.35% 11/15/2045  | 972 | 823 |
| Commonwealth Edison Co. 3.85% 3/15/2052  | 2330 | 1762 |
| Connecticut Light and Power Co. (The) 4.95% 8/15/2034  | 1837 | 1838 |
| Consumers Energy Co. 5.05% 5/15/2035  | 525 | 529 |
| Duke Energy Indiana, LLC 3.25% 10/1/2049  | 850 | 577 |
| Duke Energy Progress, LLC 3.70% 10/15/2046  | 457 | 345 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 202 | 117 |
| Duke Energy Progress, LLC 2.90% 8/15/2051  | 91 | 57 |
| Edison International 4.125% 3/15/2028  | 1225 | 1183 |
| Edison International 5.25% 11/15/2028  | 1537 | 1522 |
| Edison International 5.45% 6/15/2029  | 917 | 907 |
| Edison International 6.95% 11/15/2029  | 2461 | 2559 |
| Edison International 6.25% 3/15/2030  | 3740 | 3800 |
| Edison International 5.25% 3/15/2032  | 7445 | 7067 |
| Electricite de France SA 6.25% 5/23/2033 <sup>(d)</sup>  | 1075 | 1152 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(d)(k)</sup>  | 1475 | 1667 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **119** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Utilities (continued)** |  |  |
| Emera US Finance, LP 3.55% 6/15/2026  | USD287 | $284 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(k)</sup>  | 1000 | 1018 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(d)</sup>  | 605 | 577 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(d)</sup>  | 1000 | 1032 |
| Long Ridge Energy, LLC, 8.75% 2/15/2032 <sup>(d)</sup>  | 2605 | 2708 |
| Long Ridge Energy, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 2/19/2032 <sup>(h)(l)</sup>  | 1920 | 1901 |
| MidAmerican Energy Co. 5.85% 9/15/2054  | 875 | 902 |
| Northern States Power Co. 2.60% 6/1/2051  | 735 | 444 |
| Northern States Power Co. 5.65% 5/15/2055  | 175 | 175 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 125 | 118 |
| Pacific Gas and Electric Co. 5.00% 6/4/2028  | 450 | 451 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 800 | 796 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 192 | 201 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 5560 | 5988 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 13859 | 13742 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 4962 | 5020 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 90 | 64 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 2950 | 2381 |
| PacifiCorp 5.30% 2/15/2031  | 1404 | 1447 |
| PacifiCorp 5.45% 2/15/2034  | 796 | 808 |
| PacifiCorp 5.35% 12/1/2053  | 3298 | 2968 |
| PacifiCorp 5.80% 1/15/2055  | 575 | 551 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047  | 548 | 407 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(d)</sup>  | 1495 | 1562 |
| Southern California Edison Co. 2.85% 8/1/2029  | 4450 | 4120 |
| Southern California Edison Co. 5.45% 6/1/2031  | 2500 | 2546 |
| Southern California Edison Co. 5.20% 6/1/2034  | 2522 | 2448 |
| Southern California Edison Co. 5.75% 4/1/2035  | 675 | 689 |
| Southern California Edison Co. 5.35% 7/15/2035  | 3000 | 2925 |
| Southern California Edison Co. 3.65% 2/1/2050  | 234 | 155 |
| Southern California Edison Co. 6.20% 9/15/2055  | 4770 | 4572 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(d)</sup>  | 400 | 429 |
| Trinidad Generation Unlimited 7.75% 6/16/2033 <sup>(d)</sup>  | 2295 | 2379 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2307 | 2002 |
| Xcel Energy, Inc. 2.60% 12/1/2029  | 1131 | 1047 |
| Xcel Energy, Inc. 5.50% 3/15/2034  | 285 | 290 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(d)</sup>  | 1150 | 1229 |
|  |  | 99589 |
| **Materials 0.31%** |  |  |
| Avient Corp. 7.125% 8/1/2030 <sup>(d)</sup>  | 855 | 882 |
| Avient Corp. 6.25% 11/1/2031 <sup>(d)</sup>  | 170 | 172 |
| Celanese US Holdings, LLC 6.415% 7/15/2027  | 1996 | 2068 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 2501 | 2634 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1618 | 1719 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027  | 5425 | 5424 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(d)</sup>  | 3625 | 3332 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(d)</sup>  | 1650 | 1626 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(d)</sup>  | 2275 | 2203 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(d)</sup>  | 775 | 664 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(d)</sup>  | 2000 | 1931 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(d)</sup>  | 2695 | 2544 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(d)</sup>  | 1480 | 1453 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 2674 | 2661 |
| Dow Chemical Co. (The) 4.80% 5/15/2049  | 435 | 358 |
| Dow Chemical Co. (The) 3.60% 11/15/2050  | 1057 | 716 |
| Dow Chemical Co. (The) 5.95% 3/15/2055  | 4720 | 4503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **120** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Materials (continued)** |  |  |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(d)</sup>  | USD5,370 | $5706 |
| First Quantum Minerals, Ltd. 8.00% 3/1/2033 <sup>(d)</sup>  | 950 | 976 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(d)</sup>  | 4517 | 3980 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(d)</sup>  | 2181 | 1931 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(d)</sup>  | 1406 | 1325 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(d)</sup>  | 1700 | 1716 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(d)</sup>  | 1335 | 1358 |
| Linde, Inc. 1.10% 8/10/2030  | 2633 | 2266 |
| LYB International Finance III, LLC 6.15% 5/15/2035  | 757 | 786 |
| Methanex Corp. 5.125% 10/15/2027  | 6305 | 6288 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(d)</sup>  | 330 | 329 |
| Minera Mexico SA de CV, 5.625% 2/12/2032 <sup>(d)</sup>  | 6734 | 6856 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(d)</sup>  | 945 | 968 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(d)</sup>  | 1525 | 1519 |
| Mosaic Co. 4.05% 11/15/2027  | 941 | 934 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(d)</sup>  | 1785 | 1718 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(d)</sup>  | 775 | 838 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(d)</sup>  | 1130 | 1185 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(d)</sup>  | 555 | 571 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(d)</sup>  | 1050 | 1084 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1339 | 1363 |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055  | 3244 | 3251 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash <br>1/16/2026 <sup>(b)(h)(l)(n)</sup>  | 766 | 421 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash <br>7/16/2026 <sup>(b)(h)(l)(n)</sup>  | 770 | 423 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(b)(h)(l)(n)</sup>  | 1267 | 697 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(d)</sup>  | 640 | 694 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(d)</sup>  | 2212 | 2259 |
| Westlake Corp. 4.375% 11/15/2047  | 448 | 350 |
|  |  | 86682 |
| **Total corporate bonds, notes & loans** |  | 2018984 |
| **U.S. Treasury bonds & notes 6.89%** | **U.S. Treasury bonds & notes 6.89%** | **U.S. Treasury bonds & notes 6.89%** |
| **U.S. Treasury 6.71%** |  |  |
| U.S. Treasury 4.75% 7/31/2025  | 50547 | 50563 |
| U.S. Treasury 5.00% 10/31/2025  | 2167 | 2172 |
| U.S. Treasury 4.875% 11/30/2025  | 12250 | 12278 |
| U.S. Treasury 0.50% 2/28/2026  | 42515 | 41501 |
| U.S. Treasury 4.625% 2/28/2026  | 1878 | 1883 |
| U.S. Treasury 3.625% 5/15/2026  | 1071 | 1067 |
| U.S. Treasury 4.625% 6/30/2026  | 17210 | 17312 |
| U.S. Treasury 4.125% 2/15/2027  | 1258 | 1264 |
| U.S. Treasury 2.625% 5/31/2027  | 96250 | 94271 |
| U.S. Treasury 3.875% 5/31/2027  | 87803 | 88007 |
| U.S. Treasury 0.50% 6/30/2027  | 28098 | 26368 |
| U.S. Treasury 3.75% 6/30/2027  | 130554 | 130641 |
| U.S. Treasury 4.125% 9/30/2027  | 90000 | 90817 |
| U.S. Treasury 4.00% 2/29/2028  | 46200 | 46549 |
| U.S. Treasury 3.625% 3/31/2028  | 9 | 9 |
| U.S. Treasury 3.50% 4/30/2028  | 5600 | 5569 |
| U.S. Treasury 3.875% 6/15/2028  | 17264 | 17355 |
| U.S. Treasury 4.00% 1/31/2029  | 8844 | 8924 |
| U.S. Treasury 2.875% 4/30/2029  | 50000 | 48478 |
| U.S. Treasury 4.25% 6/30/2029  | 28885 | 29425 |
| U.S. Treasury 4.00% 3/31/2030  | 83865 | 84645 |
| U.S. Treasury 0.625% 5/15/2030  | 9358 | 8051 |
| U.S. Treasury 4.00% 5/31/2030  | 25757 | 26005 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **121** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 3.875% 6/30/2030  | USD230,050 | $230940 |
| U.S. Treasury 4.00% 7/31/2030  | 8160 | 8231 |
| U.S. Treasury 4.875% 10/31/2030  | 45491 | 47751 |
| U.S. Treasury 4.25% 6/30/2031  | 17165 | 17479 |
| U.S. Treasury 2.875% 5/15/2032  | 50000 | 46649 |
| U.S. Treasury 4.00% 6/30/2032  | 59074 | 59106 |
| U.S. Treasury 4.125% 11/15/2032  | 648 | 652 |
| U.S. Treasury 3.50% 2/15/2033  | 27034 | 26060 |
| U.S. Treasury 3.875% 8/15/2033  | 114911 | 113196 |
| U.S. Treasury 4.375% 5/15/2034  | 14285 | 14514 |
| U.S. Treasury 4.25% 11/15/2034  | 2075 | 2082 |
| U.S. Treasury 4.25% 5/15/2035  | 18803 | 18828 |
| U.S. Treasury 1.375% 11/15/2040  | 51338 | 32696 |
| U.S. Treasury 1.75% 8/15/2041  | 24960 | 16570 |
| U.S. Treasury 2.00% 11/15/2041  | 1058 | 728 |
| U.S. Treasury 4.625% 5/15/2044  | 14928 | 14638 |
| U.S. Treasury 5.00% 5/15/2045  | 99575 | 102275 |
| U.S. Treasury 2.50% 2/15/2046  | 3365 | 2332 |
| U.S. Treasury 3.00% 5/15/2047  | 8383 | 6277 |
| U.S. Treasury 3.00% 2/15/2048  | 301 | 224 |
| U.S. Treasury 2.25% 2/15/2052  | 72025 | 43985 |
| U.S. Treasury 4.00% 11/15/2052  | 5700 | 4987 |
| U.S. Treasury 3.625% 2/15/2053 <sup>(i)</sup>  | 121025 | 98766 |
| U.S. Treasury 3.625% 5/15/2053  | 18989 | 15484 |
| U.S. Treasury 4.25% 2/15/2054  | 17191 | 15688 |
| U.S. Treasury 4.25% 8/15/2054  | 37315 | 34073 |
| U.S. Treasury 4.625% 2/15/2055  | 49676 | 48353 |
|  |  | 1855718 |
| **U.S. Treasury inflation-protected securities 0.18%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(p)</sup>  | 4485 | 4483 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025 <sup>(p)</sup>  | 3767 | 3755 |
| U.S. Treasury Inflation-Protected Security 2.125% 1/15/2035 <sup>(p)</sup>  | 21632 | 21989 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(p)</sup>  | 22946 | 21009 |
|  |  | 51236 |
| **Total U.S. Treasury bonds & notes** |  | 1906954 |
| **Asset-backed obligations 2.05%** | **Asset-backed obligations 2.05%** | **Asset-backed obligations 2.05%** |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026 <sup>(d)(g)</sup>  | 5 | 5 |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(d)(g)</sup>  | 10457 | 10463 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(d)(g)</sup>  | 2962 | 2976 |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(d)(g)</sup>  | 184 | 184 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(d)(g)</sup>  | 920 | 921 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class A, 5.76% 11/12/2027 <sup>(d)(g)</sup>  | 809 | 811 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(d)(g)</sup>  | 371 | 371 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(d)(g)</sup>  | 1328 | 1335 |
| American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(d)(g)</sup>  | 232 | 233 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(d)(g)</sup>  | 3332 | 3372 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(d)(g)</sup>  | 1005 | 1008 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(g)</sup>  | 3914 | 3961 |
| AutoNation Finance Trust 2025-1, Series 2025-1A, Class A2, 4.72% 4/10/2028 <sup>(d)(g)</sup>  | 255 | 255 |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(d)(g)</sup>  | 8500 | 8479 |
| Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(d)(g)</sup>  | 4100 | 4083 |
| Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(d)(g)</sup>  | 2715 | 2706 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(d)(g)</sup>  | 20244 | 20015 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(d)(g)</sup>  | 138 | 137 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(d)(g)</sup>  | 10410 | 10114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **122** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(d)(g)</sup>  | USD29,013 | $29616 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup>  | 4960 | 5160 |
| Ballyrock, Ltd., CLO, Series 2019-2A, Class A1R, (3-month USD CME Term SOFR + 1.40%) 5.722% <br>2/20/2036 <sup>(d)(g)(h)</sup>  | 7810 | 7830 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(d)(g)</sup>  | 116 | 114 |
| BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(d)(g)</sup>  | 2470 | 2495 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A2, 5.54% 2/16/2027 <sup>(g)</sup>  | 332 | 332 |
| Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class A2, 4.71% 9/15/2027 <sup>(g)</sup>  | 688 | 688 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(g)</sup>  | 531 | 531 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(g)</sup>  | 2186 | 2192 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(g)</sup>  | 955 | 956 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(g)</sup>  | 1679 | 1681 |
| CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(d)(g)</sup>  | 892 | 842 |
| CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(g)</sup>  | 1710 | 1715 |
| CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(g)</sup>  | 8604 | 8698 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(g)</sup>  | 652 | 654 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(d)(g)</sup>  | 4138 | 3816 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(d)(g)</sup>  | 162 | 157 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup>  | 4714 | 4787 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(d)(g)</sup>  | 5140 | 5086 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(d)(g)</sup>  | 1707 | 1580 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(d)(g)</sup>  | 6034 | 5808 |
| Chase Auto Owner Trust, Series 2024-2, Class A2, 5.66% 5/26/2027 <sup>(d)(g)</sup>  | 1230 | 1232 |
| Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(d)(g)</sup>  | 2349 | 2354 |
| Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(d)(g)</sup>  | 2213 | 2219 |
| Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(d)(g)</sup>  | 5309 | 5359 |
| Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(d)(g)</sup>  | 4257 | 4308 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(d)(g)</sup>  | 968 | 901 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(d)(g)</sup>  | 3648 | 3394 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(d)(g)</sup>  | 759 | 707 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(d)(g)</sup>  | 1050 | 964 |
| CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(g)</sup>  | 1569 | 1574 |
| CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(d)(g)</sup>  | 904 | 907 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(d)(g)</sup>  | 1958 | 1976 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A2, 5.60% 4/15/2026 <sup>(g)</sup>  | 773 | 774 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(g)</sup>  | 3457 | 3494 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(d)(g)</sup>  | 215 | 198 |
| Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(d)(g)</sup>  | 679 | 682 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(d)(g)</sup>  | 3048 | 3061 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(d)(g)</sup>  | 616 | 615 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(d)(g)</sup>  | 1484 | 1490 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(g)</sup>  | 2609 | 2651 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(g)</sup>  | 926 | 933 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(g)</sup>  | 1744 | 1744 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(g)</sup>  | 930 | 932 |
| First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(g)</sup>  | 4558 | 4641 |
| First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(g)</sup>  | 3970 | 4052 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037 <sup>(d)(g)</sup>  | 4756 | 4696 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(d)(g)</sup>  | 5998 | 6184 |
| Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(d)(g)(h)</sup>  | 13442 | 13716 |
| Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(d)(g)</sup>  | 3235 | 3243 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(d)(g)</sup>  | 417 | 393 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(d)(g)</sup>  | 188 | 177 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039 <sup>(d)(g)</sup>  | 1527 | 1483 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(d)(g)</sup>  | 6501 | 6200 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(d)(g)</sup>  | 8223 | 7854 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(d)(g)</sup>  | 2758 | 2554 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(d)(g)</sup>  | 4088 | 3813 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(d)(g)</sup>  | 323 | 300 |
| GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(d)(g)</sup>  | 500 | 500 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(d)(g)</sup>  | 902 | 902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **123** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(d)(g)</sup>  | USD807 | $809 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/2026 <sup>(g)</sup>  | 1004 | 1006 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(d)(g)</sup>  | 8654 | 9064 |
| GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(d)(g)</sup>  | 6768 | 6817 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(g)</sup>  | 2126 | 2137 |
| Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026 <sup>(d)(g)</sup>  | 3759 | 3754 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(d)(g)</sup>  | 4391 | 4220 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(d)(g)</sup>  | 4445 | 4386 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(d)(g)</sup>  | 4585 | 4789 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(d)(g)</sup>  | 10307 | 9917 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(d)(g)</sup>  | 685 | 655 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(d)(g)</sup>  | 429 | 412 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(g)</sup>  | 4771 | 4850 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup>  | 1616 | 1624 |
| Hertz Vehicle Financing, LLC, Series 2025-3A, Class A, 5.06% 12/26/2029 <sup>(d)(g)</sup>  | 1250 | 1257 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(g)</sup>  | 569 | 570 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(d)(g)</sup>  | 2519 | 2525 |
| Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(g)</sup>  | 3187 | 3217 |
| John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(g)</sup>  | 2894 | 2922 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(d)(g)</sup>  | 1581 | 1581 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(d)(g)</sup>  | 1422 | 1429 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(g)</sup>  | 954 | 957 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(d)(g)</sup>  | 504 | 508 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% <br>1/20/2033 <sup>(d)(g)(h)</sup>  | 3648 | 3632 |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(d)(g)</sup>  | 2778 | 2796 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(d)(g)</sup>  | 2788 | 2511 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(d)(g)</sup>  | 3576 | 3233 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(d)(g)</sup>  | 4877 | 4565 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(d)(g)</sup>  | 4921 | 4604 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(d)(g)</sup>  | 3087 | 2905 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(d)(g)</sup>  | 5216 | 4881 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(d)(g)</sup>  | 23051 | 21721 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.513% <br>7/25/2030 <sup>(d)(g)(h)</sup>  | 780 | 780 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD CME Term SOFR + 1.062%) <br> 5.318% 10/15/2029 <sup>(d)(g)(h)</sup>  | 627 | 626 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD CME Term SOFR + 1.662%) <br> 5.918% 10/15/2029 <sup>(d)(g)(h)</sup>  | 5378 | 5383 |
| Palmer Square Loan Funding, Ltd., Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + 1.00%) <br> 5.256% 1/15/2033 <sup>(d)(g)(h)</sup>  | 4264 | 4257 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup>  | 1069 | 1073 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(d)(g)</sup>  | 5298 | 5334 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036 <sup>(g)</sup>  | 2442 | 2306 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(d)(g)</sup>  | 814 | 826 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 0%) 6.012% <br>9/15/2039 <sup>(d)(g)(h)</sup>  | 598 | 599 |
| Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 5.458% <br>10/15/2030 <sup>(d)(g)(h)</sup>  | 701 | 701 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A2, 5.80% 9/15/2027 <sup>(g)</sup>  | 733 | 733 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(g)</sup>  | 615 | 616 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(g)</sup>  | 5474 | 5504 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(g)</sup>  | 5062 | 5130 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(g)</sup>  | 5394 | 5411 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(d)(g)</sup>  | 3077 | 3085 |
| SBNA Auto Lease Trust, Series 2024-B, Class A2, 5.67% 11/20/2026 <sup>(d)(g)</sup>  | 249 | 250 |
| SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(d)(g)</sup>  | 1265 | 1276 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(d)(g)</sup>  | 1598 | 1599 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(d)(g)</sup>  | 2864 | 2883 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(d)(g)</sup>  | 504 | 505 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(d)(g)</sup>  | 2966 | 2980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **124** |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) <br> 5.156% 1/15/2053 <sup>(d)(g)(h)</sup>  | USD3,851 | $3823 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(d)(g)</sup>  | 2741 | 2557 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(d)(g)</sup>  | 2485 | 2404 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(d)(g)</sup>  | 1918 | 1881 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(d)(g)</sup>  | 922 | 884 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(d)(g)</sup>  | 751 | 719 |
| Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(d)(g)</sup>  | 5253 | 5234 |
| Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(d)(g)</sup>  | 6201 | 6195 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(d)(g)</sup>  | 1421 | 1374 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(g)</sup>  | 2840 | 2873 |
| Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/18/2031 <sup>(g)</sup>  | 4155 | 4223 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(d)(g)</sup>  | 1194 | 1126 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(d)(g)</sup>  | 552 | 516 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(d)(g)</sup>  | 708 | 651 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(d)(g)</sup>  | 2047 | 1911 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(d)(g)</sup>  | 2096 | 2096 |
| Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 5.306% <br> 4/15/2034 <sup>(d)(g)(h)</sup>  | 3229 | 3225 |
| T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(d)(g)</sup>  | 5582 | 5628 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(d)(g)(h)</sup>  | 6503 | 6362 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(g)</sup>  | 4585 | 4610 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(g)</sup>  | 1822 | 1848 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(d)(g)</sup>  | 7627 | 7095 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(d)(g)</sup>  | 1368 | 1250 |
| United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(d)(g)</sup>  | 416 | 416 |
| Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(d)(g)</sup>  | 649 | 651 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(d)(g)</sup>  | 1151 | 1170 |
| Verizon Master Trust, Series 2024-1, Class A1A, 5.00% 12/20/2028 <sup>(g)</sup>  | 3846 | 3854 |
| Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(g)(k)</sup>  | 6704 | 6705 |
| Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(g)</sup>  | 9409 | 9615 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(d)(g)</sup>  | 8048 | 8177 |
| Verizon Master Trust., Series 24-5, Class A, 5.00% 6/21/2032 <sup>(d)(g)</sup>  | 934 | 959 |
| Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(d)(g)</sup>  | 1928 | 1930 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(d)(g)</sup>  | 6044 | 6044 |
| Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(d)(g)</sup>  | 376 | 377 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(d)(g)</sup>  | 2142 | 2150 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(d)(g)</sup>  | 2504 | 2518 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(d)(g)</sup>  | 6520 | 6537 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(d)(g)</sup>  | 1973 | 2001 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(g)</sup>  | 572 | 573 |
| World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(g)</sup>  | 7030 | 7067 |
| World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(g)</sup>  | 2254 | 2259 |
| World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(g)</sup>  | 4623 | 4649 |
|  |  | 567592 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.13%** | **Bonds & notes of governments & government agencies outside the U.S. 0.13%** | **Bonds & notes of governments & government agencies outside the U.S. 0.13%** |
| CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(d)</sup>  | 5914 | 5770 |
| OMERS Finance Trust 3.50% 4/19/2032 <sup>(d)</sup>  | 3867 | 3668 |
| OMERS Finance Trust 4.00% 4/19/2052 <sup>(d)</sup>  | 3867 | 3002 |
| Panama (Republic of) 7.50% 3/1/2031  | 1765 | 1882 |
| Panama (Republic of) 2.252% 9/29/2032  | 4306 | 3297 |
| Peru (Republic of) 1.862% 12/1/2032  | 2525 | 2018 |
| Peru (Republic of) 5.875% 8/8/2054  | 2310 | 2234 |
| Peru (Republic of) 2.78% 12/1/2060  | 3383 | 1826 |
| Qatar (State of) 4.00% 3/14/2029 <sup>(d)</sup>  | 745 | 740 |
| Qatar (State of) 4.817% 3/14/2049 <sup>(d)</sup>  | 750 | 674 |
| United Mexican States 4.75% 4/27/2032  | 2305 | 2195 |
| United Mexican States 3.50% 2/12/2034  | 1790 | 1507 |
| United Mexican States 6.875% 5/13/2037  | 2720 | 2844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **125** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| United Mexican States 6.625% 1/29/2038  | USD200 | $203 |
| United Mexican States 7.375% 5/13/2055  | 4235 | 4382 |
| United Mexican States 3.771% 5/24/2061  | 1528 | 906 |
|  |  | 37148 |
| **Municipals 0.08%** | **Municipals 0.08%** | **Municipals 0.08%** |
| **Florida 0.03%** |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027  | 4781 | 4556 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030  | 4808 | 4306 |
|  |  | 8862 |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 3140 | 3158 |
| **Ohio 0.02%** |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), <br> Series 2021, 4.425% 5/1/2031  | 4960 | 4424 |
| **Puerto Rico 0.00%** |  |  |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 451 | 285 |
| **Wisconsin 0.02%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 5765 | 5638 |
| **Total municipals** |  | 22367 |
| **Total bonds, notes & other debt instruments** (cost: $7,551,950,000) |  | 7461895 |
| Investment funds 2.79% | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(q)</sup>  | 91567012 | 772826 |
| **Total Investment funds** (cost: $797,018,000) |  | 772826 |
| Short-term securities 4.79% |  |  |
| **Money market investments 4.78%** | **Money market investments 4.78%** | **Money market investments 4.78%** |
| Capital Group Central Cash Fund 4.35% <sup>(q)(r)</sup>  | 13235020 | 1323502 |
| **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** | **Money market investments purchased with collateral from securities on loan 0.01%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(r)(s)</sup>  | 2117436 | 2118 |
| **Total short-term securities** (cost: $1,325,460,000) |  | 1325620 |
| **Total investment securities 101.82%** (cost: $20,537,102,000) |  | 28178616 |
| Other assets less liabilities (1.82)% |  | (503035)<br>|
| **Net assets 100.00%** |  | $27675581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **126** |

---

------

Asset Allocation Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 6165 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1,282,465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5037 |
| 5 Year U.S. Treasury Note Futures | Long | 7067 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8745 |
| 10 Year U.S. Treasury Note Futures | Long | 3299 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7122 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 995 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113694)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2796)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 841 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 624 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74334)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2725)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18738 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps**

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,557 | &nbsp;&nbsp;&nbsp;&nbsp; $(211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(22)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 68375 | &nbsp;&nbsp;&nbsp;&nbsp; (5132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (838)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(5343)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(860)<br>|

---

**Investments in affiliates** <sup>(q)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 2.79%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $1368034 | &nbsp;&nbsp; $28182 | &nbsp;&nbsp; $634717 | &nbsp;&nbsp; $(136730)<br>| &nbsp;&nbsp; $148057 | &nbsp;&nbsp; $772826 | &nbsp;&nbsp; $28182 |
| **Short-term securities 4.78%** |  |  |  |  |  |  |  |
| **Money market investments 4.78%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(r)</sup>  | 855747 | &nbsp;&nbsp; 3621866 | &nbsp;&nbsp; 3154023 | &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; 1323502 | &nbsp;&nbsp; 29602 |
| **Total 7.57%** |  |  |  | &nbsp;&nbsp; $(136762)<br>| &nbsp;&nbsp; $148001 | &nbsp;&nbsp; $2096328 | &nbsp;&nbsp; $57784 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **127** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

**Restricted securities** <sup>(e)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(a)(b)</sup> <br>| 8/22/2014 | $6949 | $13864 | 0.05<br> %<br>|
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR <br> + 7.25%) 11.428% 9/13/2029 <sup>(h)(l)</sup> <br>| 9/13/2023 | 2573 | 2633 | 0.01 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 7.25%) 11.428% 9/13/2029 <sup>(h)(l)</sup> <br>| 9/13/2023-6/13/2025 | 55 | 55 | 0.00 <br><sup>(t)</sup><br>|
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/22/2026) <sup>(k)(n)</sup> <br>| 6/23/2023-3/24/2025 | 992 | 1026 | 0.00 <br><sup>(t)</sup><br>|
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/23/2026) <sup>(k)(n)</sup> <br>| 10/22/2024-3/24/2025 | 326 | 340 | 0.00 <br><sup>(t)</sup><br>|
| **Total** |  | $10895 | $17918 | 0.06<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,496,397,000, which represented 5.41% of the net assets of the fund. 

<sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $17,918,000, which represented 0.06% of the net assets of the fund. 

<sup>(f)</sup> All or a portion of this security was on loan. The total value of all such securities was $2,306,000, which represented 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(g)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(i)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $25,924,000, which represented 0.09% of the net assets of the fund. 

<sup>(j)</sup> Represents securities transacted on a TBA basis.

<sup>(k)</sup> Step bond; coupon rate may change at a later date.

<sup>(l)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $42,505,000, which represented 0.15% of the net assets of the fund. 

<sup>(m)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(n)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(o)</sup> Scheduled interest and/or principal payment was not received.

<sup>(p)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(q)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(r)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(s)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(t)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| Assn. = Association |
| Auth. = Authority |
| CAB = Capital Appreciation Bonds |
| CAD = Canadian dollars |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| CMO = Collateralized Mortgage Obligations |
| CMS = Constant Maturity Swap |
| DAC = Designated Activity Company |
| EUR = Euros |
| Fin. = Finance |

---

---

| |
|:---|
| Fncg. = Financing |
| GBP = British pounds |
| GO = General Obligation |
| LIBOR = London Interbank Offered Rate |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **128** |

---

------

American Funds Global Balanced Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 61.95% | Shares | Value<br> (000)<br>|
| **Information technology 10.64%** |  |  |
| Broadcom, Inc.  | 40394 | $11135 |
| Microsoft Corp.  | 21644 | 10766 |
| NVIDIA Corp.  | 47330 | 7478 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 201000 | 7294 |
| Accenture PLC, Class A  | 7800 | 2331 |
| Apple, Inc.  | 9047 | 1856 |
| Microchip Technology, Inc.  | 22545 | 1586 |
| ASML Holding NV  | 1857 | 1482 |
| Arista Networks, Inc. <sup>(a)</sup>  | 5876 | 601 |
|  |  | 44529 |
| **Financials 10.09%** |  |  |
| B3 SA - Brasil, Bolsa, Balcao  | 1852727 | 4972 |
| Banco Bilbao Vizcaya Argentaria SA  | 263394 | 4051 |
| ING Groep NV  | 155027 | 3401 |
| Chubb, Ltd.  | 10959 | 3175 |
| Marsh & McLennan Cos., Inc.  | 14131 | 3090 |
| Standard Chartered PLC  | 156968 | 2601 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 3868 | 2509 |
| HDFC Bank, Ltd. (ADR)  | 25481 | 1954 |
| HDFC Bank, Ltd.  | 23358 | 545 |
| BlackRock, Inc.  | 1894 | 1987 |
| JPMorgan Chase & Co.  | 6668 | 1933 |
| Zurich Insurance Group AG  | 2524 | 1764 |
| Morgan Stanley  | 10945 | 1542 |
| BNP Paribas SA  | 11060 | 994 |
| Swiss Re AG  | 5574 | 964 |
| Mizuho Financial Group, Inc.  | 34600 | 959 |
| Capital One Financial Corp.  | 4389 | 934 |
| NatWest Group PLC  | 131775 | 925 |
| AIA Group, Ltd.  | 74200 | 665 |
| Progressive Corp.  | 2416 | 645 |
| Great-West Lifeco, Inc.  | 16064 | 611 |
| Goldman Sachs Group, Inc.  | 782 | 553 |
| UniCredit SpA  | 7995 | 536 |
| 3i Group PLC  | 9121 | 516 |
| Hannover Rück SE  | 1272 | 400 |
|  |  | 42226 |
| **Industrials 8.60%** |  |  |
| RTX Corp.  | 55837 | 8153 |
| Volvo AB, Class B  | 92975 | 2608 |
| General Dynamics Corp.  | 8071 | 2354 |
| Airbus SE, non-registered shares  | 11225 | 2344 |
| BAE Systems PLC  | 86701 | 2245 |
| Uber Technologies, Inc. <sup>(a)</sup>  | 20402 | 1903 |
| Daikin Industries, Ltd.  | 14400 | 1702 |
| Deutsche Post AG  | 36092 | 1667 |
| IHI Corp.  | 14483 | 1573 |
| Carrier Global Corp.  | 20453 | 1497 |
| Safran SA  | 4408 | 1433 |
| nVent Electric PLC  | 18043 | 1322 |
| CSX Corp.  | 32703 | 1067 |
| Melrose Industries PLC  | 108484 | 790 |
| Rolls-Royce Holdings PLC  | 59127 | 785 |
| TransDigm Group, Inc.  | 480 | 730 |
| PACCAR, Inc.  | 5817 | 553 |
| United Rentals, Inc.  | 708 | 533 |
| General Electric Co.  | 1980 | 510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **129** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** |  |  |
| Caterpillar, Inc.  | 1262 | $490 |
| Waste Management, Inc.  | 2046 | 468 |
| L3Harris Technologies, Inc.  | 1800 | 452 |
| AtkinsRealis Group, Inc.  | 6127 | 430 |
| Boeing Co. (The) <sup>(a)</sup>  | 1845 | 387 |
|  |  | 35996 |
| **Health care 8.15%** |  |  |
| Eli Lilly and Co.  | 6479 | 5051 |
| Sanofi  | 48529 | 4699 |
| Abbott Laboratories  | 29693 | 4038 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 8449 | 3761 |
| Gilead Sciences, Inc.  | 33630 | 3729 |
| Novo Nordisk AS, Class B  | 50903 | 3533 |
| Medtronic PLC  | 19325 | 1685 |
| Stryker Corp.  | 3483 | 1378 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 4063 | 1325 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 3573 | 1064 |
| AbbVie, Inc.  | 5172 | 960 |
| UnitedHealth Group, Inc.  | 2675 | 834 |
| Novartis AG  | 3976 | 482 |
| Takeda Pharmaceutical Co., Ltd.  | 14500 | 446 |
| GE HealthCare Technologies, Inc.  | 5321 | 394 |
| AstraZeneca PLC  | 2821 | 392 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 5924 | 326 |
|  |  | 34097 |
| **Communication services 5.15%** |  |  |
| Meta Platforms, Inc., Class A  | 12920 | 9536 |
| Alphabet, Inc., Class A  | 16320 | 2876 |
| Alphabet, Inc., Class C  | 6975 | 1237 |
| AT&T, Inc.  | 117836 | 3410 |
| Netflix, Inc. <sup>(a)</sup>  | 917 | 1228 |
| Deutsche Telekom AG  | 25673 | 937 |
| Comcast Corp., Class A  | 23470 | 838 |
| Omnicom Group, Inc.  | 8961 | 645 |
| Universal Music Group NV  | 13386 | 433 |
| SoftBank Group Corp.  | 5500 | 402 |
|  |  | 21542 |
| **Consumer discretionary 4.68%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 24589 | 5395 |
| Ferrari NV  | 3418 | 1677 |
| Ferrari NV (EUR denominated)  | 739 | 362 |
| Las Vegas Sands Corp.  | 43437 | 1890 |
| adidas AG  | 7746 | 1806 |
| Starbucks Corp.  | 18930 | 1734 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 3082 | 1614 |
| Compagnie Financiere Richemont SA, Class A  | 6583 | 1240 |
| Midea Group Co., Ltd., Class A  | 119450 | 1204 |
| Royal Caribbean Cruises, Ltd.  | 3643 | 1141 |
| Sony Group Corp.  | 27900 | 723 |
| Viking Holdings, Ltd. <sup>(a)</sup>  | 8985 | 479 |
| Hasbro, Inc.  | 4685 | 346 |
|  |  | 19611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **130** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer staples 4.34%** |  |  |
| Philip Morris International, Inc.  | 27539 | $5016 |
| Imperial Brands PLC  | 109428 | 4321 |
| British American Tobacco PLC  | 74366 | 3535 |
| ITC, Ltd.  | 568184 | 2759 |
| Nestle SA  | 9977 | 991 |
| Sysco Corp.  | 10532 | 798 |
| Suntory Beverage & Food, Ltd.  | 24000 | 768 |
|  |  | 18188 |
| **Materials 4.18%** |  |  |
| Freeport-McMoRan, Inc.  | 93947 | 4073 |
| Vale SA, ordinary nominative shares  | 272884 | 2644 |
| Vale SA (ADR), ordinary nominative shares  | 56123 | 545 |
| Nitto Denko Corp.  | 145300 | 2817 |
| Lundin Gold, Inc.  | 37546 | 1982 |
| Air Products and Chemicals, Inc.  | 4709 | 1328 |
| Smurfit Westrock PLC  | 26077 | 1125 |
| International Paper Co.  | 23245 | 1089 |
| Rio Tinto PLC  | 9962 | 581 |
| Franco-Nevada Corp. (CAD denominated)  | 3358 | 551 |
| Air Liquide SA  | 2444 | 504 |
| Celanese Corp.  | 4784 | 265 |
|  |  | 17504 |
| **Utilities 3.13%** |  |  |
| E.ON SE  | 135349 | 2491 |
| DTE Energy Co.  | 15885 | 2104 |
| Duke Energy Corp.  | 14304 | 1688 |
| Constellation Energy Corp.  | 5203 | 1679 |
| SembCorp Industries, Ltd.  | 284900 | 1535 |
| Dominion Energy, Inc.  | 23269 | 1315 |
| Pinnacle West Capital Corp.  | 12840 | 1149 |
| PG&E Corp.  | 80544 | 1123 |
|  |  | 13084 |
| **Energy 2.30%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 159193 | 5003 |
| Shell PLC (GBP denominated)  | 46723 | 1638 |
| TC Energy Corp. (CAD denominated) <sup>(b)</sup>  | 30769 | 1502 |
| Chevron Corp.  | 7037 | 1008 |
| Cameco Corp. (CAD denominated)  | 6626 | 492 |
|  |  | 9643 |
| **Real estate 0.69%** |  |  |
| CTP NV  | 96586 | 2030 |
| Embassy Office Parks REIT  | 187528 | 851 |
|  |  | 2881 |
| **Total common stocks** (cost: $181,462,000) |  | 259301 |
| Convertible stocks 0.62% |  |  |
| **Financials 0.33%** |  |  |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026  | 18365 | 1375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **131** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities 0.29%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027  | 27600 | $1221 |
| **Total convertible stocks** (cost: $2,727,000) |  | 2596 |
| Bonds, notes & other debt instruments 31.20% | Principal amount<br> (000)<br>|  |
| **Bonds & notes of governments & government agencies outside the U.S. 13.98%** | **Bonds & notes of governments & government agencies outside the U.S. 13.98%** | **Bonds & notes of governments & government agencies outside the U.S. 13.98%** |
| Agricultural Development Bank of China 3.75% 1/25/2029  | CNY550 | 82 |
| Asian Development Bank 6.72% 2/8/2028  | INR18,000 | 212 |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD115 | 67 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033  | 725 | 443 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 700 | 450 |
| Austria (Republic of) 0% 2/20/2031  | EUR500 | 512 |
| Austria (Republic of) 2.90% 2/20/2034  | 120 | 142 |
| Belgium (Kingdom of), Series 97, 3.00% 6/22/2033  | 270 | 321 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | BRL2,230 | 377 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 12103 | 1956 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 5535 | 841 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup>  | 226 | 38 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup>  | 1633 | 267 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup>  | 226 | 36 |
| Bulgaria (Republic of) 4.50% 1/27/2033  | EUR120 | 154 |
| Canada (Government) 0.25% 3/1/2026  | CAD246 | 178 |
| Canada (Government) 3.50% 3/1/2028  | 1119 | 839 |
| Canada (Government) 1.50% 12/1/2031  | 1040 | 697 |
| Chile (Republic of) 4.70% 9/1/2030  | CLP55,000 | 57 |
| China (People's Republic of), Series INBK, 1.65% 5/15/2035  | CNY3,980 | 553 |
| China (People's Republic of), Series INBK, 2.64% 1/15/2028  | 4100 | 590 |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029  | 3860 | 556 |
| China (People's Republic of), Series INBK, 2.62% 6/25/2030  | 1970 | 290 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 2870 | 437 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 2410 | 353 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 360 | 62 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 1520 | 213 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027  | 1060 | 152 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027  | 8580 | 1240 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028  | 2040 | 309 |
| Colombia (Republic of) 3.125% 4/15/2031  | USD200 | 165 |
| Estonia (Republic of) 3.25% 1/17/2034  | EUR160 | 190 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | INR10,100 | 116 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 4300 | 50 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 55400 | 653 |
| European Investment Bank 0.375% 9/15/2027  | EUR110 | 125 |
| European Investment Bank 6.95% 3/1/2029  | INR5,700 | 67 |
| European Investment Bank 0.25% 1/20/2032  | EUR860 | 870 |
| European Investment Bank 7.40% 10/23/2033  | INR19,300 | 237 |
| European Investment Bank 2.875% 1/15/2035  | EUR45 | 53 |
| European Union 3.375% 10/4/2039  | 40 | 47 |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | USD200 | 206 |
| French Republic O.A.T. 0.75% 2/25/2028  | EUR410 | 466 |
| French Republic O.A.T. 0% 11/25/2030  | 1320 | 1353 |
| French Republic O.A.T. 2.00% 11/25/2032  | 610 | 675 |
| French Republic O.A.T. 3.25% 5/25/2045  | 160 | 175 |
| French Republic O.A.T. 3.75% 5/25/2056  | 295 | 329 |
| Germany (Federal Republic of) 0% 8/15/2030  | 3775 | 3988 |
| Germany (Federal Republic of) 0% 2/15/2032  | 540 | 546 |
| Germany (Federal Republic of) 1.70% 8/15/2032  | 674 | 760 |
| Germany (Federal Republic of) 2.30% 2/15/2033  | 300 | 351 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 730 | 853 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 180 | 171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **132** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Germany (Federal Republic of) 0% 8/15/2050  | EUR300 | $167 |
| Germany (Federal Republic of) 0% 8/15/2052  | 80 | 42 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | 65 | 80 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 90 | 101 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 530 | 579 |
| Indonesia (Republic of), Series 71, 9.00% 3/15/2029  | IDR2,030,000 | 136 |
| Indonesia (Republic of), Series 78, 8.25% 5/15/2029  | 2263000 | 149 |
| Indonesia (Republic of), Series 87, 6.50% 2/15/2031  | 1253000 | 77 |
| Indonesia (Republic of), Series 96, 7.00% 2/15/2033  | 2543000 | 160 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 1026000 | 63 |
| Inter-American Development Bank 7.00% 1/25/2029  | INR22,000 | 260 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027  | 15800 | 186 |
| International Bank for Reconstruction and Development 6.75% 7/13/2029  | 16200 | 191 |
| Ireland (Republic of) 2.60% 10/18/2034  | EUR100 | 115 |
| Ireland (Republic of) 3.00% 10/18/2043  | 150 | 168 |
| Italy (Republic of) 1.35% 4/1/2030  | 250 | 279 |
| Italy (Republic of) 4.40% 5/1/2033  | 10 | 13 |
| Italy (Republic of) 4.35% 11/1/2033  | 740 | 945 |
| Italy (Republic of) 4.20% 3/1/2034  | 900 | 1137 |
| Italy (Republic of) 3.65% 8/1/2035  | 795 | 954 |
| Italy (Republic of) 4.50% 10/1/2053  | 210 | 257 |
| Italy (Republic of) 4.30% 10/1/2054  | 200 | 236 |
| Japan, Series 150, 0.005% 12/20/2026  | JPY84,950 | 584 |
| Japan, Series 346, 0.10% 3/20/2027  | 134150 | 922 |
| Japan, Series 352, 0.10% 9/20/2028  | 30650 | 208 |
| Japan, Series 358, 0.10% 3/20/2030  | 37400 | 249 |
| Japan, Series 363, 0.10% 6/20/2031  | 10500 | 69 |
| Japan, Series 373, 0.60% 12/20/2033  | 55750 | 366 |
| Japan, Series 152, 1.20% 3/20/2035  | 434000 | 2952 |
| Japan, Series 173, 0.40% 6/20/2040  | 50350 | 277 |
| Japan, Series 176, 0.50% 3/20/2041  | 109950 | 602 |
| Japan, Series 179, 0.50% 12/20/2041  | 50500 | 271 |
| Japan, Series 42, 1.70% 3/20/2044  | 59400 | 375 |
| Japan, Series 192, 2.40% 3/20/2045  | 487500 | 3410 |
| Japan, Series 37, 0.60% 6/20/2050  | 26950 | 118 |
| Japan, Series 74, 1.00% 3/20/2052  | 84000 | 393 |
| Japan, Series 76, 1.40% 9/20/2052  | 41100 | 212 |
| Japan, Series 77, 1.60% 12/20/2052  | 99700 | 539 |
| Japan, Series 84, 2.10% 9/20/2054  | 82450 | 492 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | EUR100 | 127 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR3,466 | 843 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 601 | 148 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 180 | 46 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 653 | 165 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 1307 | 327 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 93 | 25 |
| Netherlands (Kingdom of the) 5.50% 1/15/2028  | EUR100 | 128 |
| New South Wales Treasury Corp. 4.75% 2/20/2035  | AUD400 | 263 |
| New South Wales Treasury Corp. 4.25% 2/20/2036  | 670 | 416 |
| Norway (Kingdom of) 1.75% 9/6/2029  | NOK735 | 68 |
| Norway (Kingdom of) 3.75% 6/12/2035  | 2460 | 243 |
| Nova Scotia (Province of) 3.15% 12/1/2051  | CAD170 | 98 |
| Panama (Republic of) 7.50% 3/1/2031  | USD200 | 213 |
| Panama (Republic of) 6.40% 2/14/2035  | 200 | 195 |
| Philippines (Republic of) 0.875% 5/17/2027  | EUR110 | 126 |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN410 | 105 |
| Portugal (Republic of) 0.475% 10/18/2030  | EUR50 | 53 |
| Portugal (Republic of) 3.375% 6/15/2040  | 195 | 227 |
| Province of Ontario 3.25% 7/3/2035  | 100 | 118 |
| Quebec (Province of) 3.35% 7/23/2039  | 190 | 219 |
| Romania 2.125% 3/7/2028  | 130 | 148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **133** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| South Africa (Republic of), Series R-214, 6.50% 2/28/2041  | ZAR4,235 | $162 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | KRW348,590 | 258 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 1830410 | 1493 |
| Spain (Kingdom of) 0% 1/31/2027  | EUR335 | 383 |
| Spain (Kingdom of) 0.80% 7/30/2027  | 490 | 563 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 165 | 170 |
| Spain (Kingdom of) 3.15% 4/30/2033  | 317 | 380 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 370 | 454 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 120 | 143 |
| Spain (Kingdom of) 3.45% 10/31/2034  | 240 | 290 |
| Turkey (Republic of) 7.125% 7/17/2032  | USD200 | 200 |
| United Kingdom 1.25% 7/22/2027  | GBP410 | 536 |
| United Kingdom 0.375% 10/22/2030  | 210 | 241 |
| United Kingdom 1.00% 1/31/2032  | 750 | 848 |
| United Kingdom 4.25% 6/7/2032  | 785 | 1087 |
| United Kingdom 3.25% 1/31/2033  | 140 | 180 |
| United Kingdom 3.25% 1/22/2044  | 644 | 686 |
| United Kingdom 1.25% 7/31/2051  | 413 | 248 |
| United Kingdom 4.375% 7/31/2054  | 205 | 244 |
| United Kingdom 2.50% 7/22/2065  | 340 | 259 |
| United Mexican States 6.875% 5/13/2037  | USD200 | 209 |
| United Mexican States, Series M, 5.75% 3/5/2026  | MXN10,710 | 561 |
| United Mexican States, Series M, 8.00% 11/7/2047  | 5120 | 227 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 26580 | 1166 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(c)</sup>  | 533 | 25 |
|  |  | 58518 |
| **Corporate bonds, notes & loans 6.14%** | **Corporate bonds, notes & loans 6.14%** | **Corporate bonds, notes & loans 6.14%** |
| **Financials 1.59%** |  |  |
| 200 Park Funding Trust 5.74% 2/15/2055 <sup>(d)</sup>  | USD100 | 99 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(e)</sup>  | EUR330 | 360 |
| AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025) <sup>(d)(e)</sup>  | USD200 | 202 |
| AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(e)</sup>  | EUR200 | 254 |
| Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(e)</sup>  | 100 | 125 |
| Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028) <sup>(e)</sup>  | USD161 | 165 |
| Barclays PLC 7.09% 11/6/2029 (1-year EUR (vs. 6-month GBP-LIBOR) + 2.553% on 11/6/2028) <sup>(e)(f)</sup>  | GBP100 | 146 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(e)</sup>  | USD200 | 212 |
| BPCE SA 4.50% 1/13/2033  | EUR100 | 124 |
| BPCE SA 6.027% 5/28/2036 (USD-SOFR + 1.956% on 5/28/2035) <sup>(d)(e)</sup>  | USD250 | 258 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 7 | 7 |
| CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(d)(e)</sup>  | 200 | 208 |
| CaixaBank, SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(e)</sup>  | EUR200 | 242 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | USD10 | 10 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 20 | 17 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(e)</sup>  | 70 | 70 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 59 | 55 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(e)</sup>  | 160 | 155 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(e)</sup>  | EUR200 | 221 |
| DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(e)</sup>  | GBP100 | 136 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(e)</sup>  | USD290 | 302 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025) <sup>(e)</sup>  | 200 | 200 |
| HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(e)</sup>  | 360 | 382 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(e)</sup>  | 290 | 324 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(e)</sup>  | EUR100 | 131 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(e)</sup>  | USD160 | 161 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(e)</sup>  | 280 | 243 |
| KfW 1.125% 7/4/2025  | GBP95 | 130 |
| Mastercard, Inc. 2.00% 11/18/2031  | USD102 | 89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **134** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(e)</sup>  | USD294 | $305 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(e)</sup>  | 150 | 156 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(e)</sup>  | 119 | 121 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(e)</sup>  | EUR175 | 191 |
| New York Life Insurance Co. 3.75% 5/15/2050 <sup>(d)</sup>  | USD23 | 17 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(e)</sup>  | 65 | 73 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(e)</sup>  | 25 | 26 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029  | 280 | 285 |
| Royal Bank of Canada 1.20% 4/27/2026  | 175 | 171 |
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(e)(g)</sup>  | EUR250 | 303 |
|  |  | 6676 |
| **Utilities 0.87%** |  |  |
| Buffalo Energy Mexico Holdings 7.875% 2/15/2039 <sup>(d)</sup>  | USD200 | 206 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(d)</sup>  | 35 | 34 |
| CMS Energy Corp. 3.00% 5/15/2026  | 180 | 178 |
| Duke Energy Corp. 3.75% 4/1/2031  | EUR100 | 120 |
| Edison International 5.45% 6/15/2029  | USD55 | 54 |
| Edison International 6.25% 3/15/2030  | 50 | 51 |
| Electricite de France SA 4.25% 1/25/2032  | EUR100 | 123 |
| Electricite de France SA 4.00% 5/7/2037  | 100 | 117 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(e)</sup>  | 200 | 260 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(d)</sup>  | USD200 | 187 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 200 | 179 |
| Engie SA 7.00% 10/30/2028  | GBP50 | 74 |
| Exelon Corp. 3.40% 4/15/2026  | USD150 | 149 |
| Interstate Power and Light Co. 2.30% 6/1/2030  | 50 | 45 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 100 | 95 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027  | 252 | 244 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 114 | 113 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 31 | 30 |
| Pacific Gas and Electric Co. 6.15% 1/15/2033  | 78 | 80 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 120 | 97 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 137 | 88 |
| Public Service Company of Colorado 2.70% 1/15/2051  | 125 | 75 |
| Southern California Edison Co. 6.20% 9/15/2055  | 60 | 57 |
| SP Transmission PLC 2.00% 11/13/2031  | GBP100 | 117 |
| Xcel Energy, Inc. 3.35% 12/1/2026  | USD316 | 312 |
| XPLR Infrastructure Operating Partners, LP 7.25% 1/15/2029 <sup>(d)</sup>  | 550 | 564 |
|  |  | 3649 |
| **Energy 0.79%** |  |  |
| Ecopetrol SA 8.625% 1/19/2029  | 125 | 132 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(d)</sup>  | 200 | 203 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 25 | 25 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(d)</sup>  | 225 | 228 |
| Halliburton Co. 3.80% 11/15/2025  | 2 | 2 |
| ONEOK, Inc. 5.80% 11/1/2030  | 7 | 7 |
| ONEOK, Inc. 6.05% 9/1/2033  | 53 | 56 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 63 | 63 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 211 | 211 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 1238 | 1232 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 460 | 445 |
| Qatar Energy 3.125% 7/12/2041 <sup>(d)</sup>  | 320 | 237 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(d)</sup>  | 200 | 200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **135** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(d)</sup>  | USD200 | $188 |
| Targa Resources Corp. 5.50% 2/15/2035  | 2 | 2 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 85 | 82 |
|  |  | 3313 |
| **Communication services 0.54%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN9,100 | 500 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 2000 | 107 |
| AT&T, Inc. 2.75% 6/1/2031  | USD165 | 150 |
| AT&T, Inc. 5.20% 11/18/2033  | GBP100 | 137 |
| AT&T, Inc. 2.55% 12/1/2033  | USD64 | 54 |
| Comcast Corp. 0% 9/14/2026  | EUR100 | 115 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | USD45 | 56 |
| Orange 9.00% 3/1/2031 <sup>(e)</sup>  | 65 | 79 |
| Orange 3.625% 11/16/2031  | EUR100 | 122 |
| Orange 5.625% 1/23/2034  | GBP90 | 128 |
| T-Mobile USA, Inc. 2.05% 2/15/2028  | USD200 | 189 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | EUR100 | 117 |
| T-Mobile USA, Inc. 3.70% 5/8/2032  | 100 | 120 |
| T-Mobile USA, Inc. 5.15% 4/15/2034  | USD115 | 116 |
| Verizon Communications, Inc. 0.375% 3/22/2029  | EUR140 | 151 |
| Verizon Communications, Inc. 0.75% 3/22/2032  | 100 | 101 |
|  |  | 2242 |
| **Consumer staples 0.50%** |  |  |
| Altria Group, Inc. 2.20% 6/15/2027  | 270 | 318 |
| BAT Capital Corp. 3.215% 9/6/2026  | USD62 | 61 |
| BAT Capital Corp. 4.70% 4/2/2027  | 67 | 67 |
| BAT Capital Corp. 3.557% 8/15/2027  | 105 | 104 |
| BAT Capital Corp. 3.462% 9/6/2029  | 75 | 72 |
| BAT Capital Corp. 5.625% 8/15/2035  | 243 | 248 |
| British American Tobacco PLC 3.00% junior subordinated perpetual bonds (5-year EUR Mid-Swap + <br> 3.372% on 12/27/2026) <sup>(e)</sup>  | EUR640 | 751 |
| Campbell's Co. (The) 4.75% 3/23/2035  | USD47 | 45 |
| Coca-Cola Co. 4.65% 8/14/2034  | 61 | 61 |
| Coca-Cola Co. 3.75% 8/15/2053  | EUR125 | 138 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(d)</sup>  | USD105 | 106 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 110 | 116 |
|  |  | 2087 |
| **Health care 0.47%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | 25 | 25 |
| AbbVie, Inc. 5.35% 3/15/2044  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054  | 25 | 24 |
| AbbVie, Inc. 5.50% 3/15/2064  | 25 | 24 |
| Amgen, Inc. 2.20% 2/21/2027  | 30 | 29 |
| Amgen, Inc. 4.20% 3/1/2033  | 280 | 269 |
| Amgen, Inc. 5.65% 3/2/2053  | 422 | 412 |
| Becton, Dickinson and Co. 3.70% 6/6/2027  | 43 | 42 |
| Becton, Dickinson and Co. 4.298% 8/22/2032  | 150 | 146 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 60 | 59 |
| Bristol-Myers Squibb Co. 5.65% 2/22/2064  | 85 | 83 |
| CVS Health Corp. 5.40% 6/1/2029  | 242 | 249 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029  | 33 | 33 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 107 | 107 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 21 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **136** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026  | EUR100 | $118 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029  | USD258 | 255 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 65 | 63 |
|  |  | 1983 |
| **Industrials 0.43%** |  |  |
| Boeing Co. (The) 6.528% 5/1/2034  | 604 | 657 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 42 | 31 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 129 | 85 |
| Carrier Global Corp. 2.493% 2/15/2027  | 7 | 7 |
| CSX Corp. 3.80% 4/15/2050  | 6 | 4 |
| CSX Corp. 2.50% 5/15/2051  | 75 | 43 |
| GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035  | 200 | 192 |
| Honeywell International, Inc. 3.75% 3/1/2036  | EUR100 | 117 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(d)</sup>  | USD79 | 81 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(d)</sup>  | 200 | 197 |
| RTX Corp. 4.125% 11/16/2028  | 100 | 100 |
| RTX Corp. 6.10% 3/15/2034  | 55 | 59 |
| RTX Corp. 4.50% 6/1/2042  | 70 | 62 |
| Veralto Corp. 4.15% 9/19/2031  | EUR100 | 123 |
| Veralto Corp. 5.45% 9/18/2033  | USD60 | 62 |
|  |  | 1820 |
| **Consumer discretionary 0.37%** |  |  |
| BMW International Investment BV 4.75% 9/4/2030  | GBP100 | 139 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027 <sup>(d)</sup>  | USD150 | 148 |
| Daimler Trucks Finance North America, LLC 5.375% 1/18/2034 <sup>(d)</sup>  | 150 | 150 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | EUR200 | 236 |
| General Motors Financial Co., Inc. 4.90% 10/6/2029  | USD135 | 135 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(d)</sup>  | 250 | 243 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(d)</sup>  | 109 | 104 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(d)</sup>  | 72 | 73 |
| McDonald's Corp. 1.60% 3/15/2031 <sup>(g)</sup>  | EUR100 | 109 |
| Sands China, Ltd. 4.375% 6/18/2030  | USD200 | 191 |
|  |  | 1528 |
| **Materials 0.26%** |  |  |
| BHP Billiton Finance (USA), Ltd. 5.30% 2/21/2035  | 150 | 153 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 400 | 350 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(d)</sup>  | 250 | 266 |
| Vale Overseas, Ltd. 3.75% 7/8/2030  | 94 | 89 |
| Verallia SAS 3.875% 11/4/2032  | EUR200 | 235 |
|  |  | 1093 |
| **Information technology 0.18%** |  |  |
| Amphenol Corp. 3.125% 6/16/2032  | 100 | 117 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(d)</sup>  | USD21 | 21 |
| Broadcom, Inc. 4.15% 11/15/2030  | 70 | 69 |
| Broadcom, Inc. 3.469% 4/15/2034 <sup>(d)</sup>  | 123 | 110 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(d)</sup>  | 15 | 12 |
| Oracle Corp. 2.65% 7/15/2026  | 216 | 212 |
| SK hynix, Inc. 1.50% 1/19/2026  | 200 | 197 |
|  |  | 738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **137** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Real estate 0.14%** |  |  |
| American Tower Corp. 0.875% 5/21/2029  | EUR130 | $142 |
| Equinix Europe 2 Financing Corp., LLC 3.65% 9/3/2033  | 110 | 128 |
| Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034  | USD100 | 102 |
| Equinix, Inc. 2.15% 7/15/2030  | 176 | 157 |
| Essex Portfolio, LP 3.375% 4/15/2026  | 40 | 40 |
|  |  | 569 |
| **Total corporate bonds, notes & loans** |  | 25698 |
| **Mortgage-backed obligations 5.66%** | **Mortgage-backed obligations 5.66%** | **Mortgage-backed obligations 5.66%** |
| **Federal agency mortgage-backed obligations 4.35%** |  |  |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup>  | 159 | 126 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup>  | 33 | 32 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup>  | 262 | 264 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(h)</sup>  | 70 | 71 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup>  | 1301 | 1280 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup>  | 339 | 340 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup>  | 441 | 450 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup>  | 29 | 31 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup>  | 21 | 21 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup>  | 15 | 15 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup>  | 2813 | 2862 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(h)</sup>  | 92 | 93 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup>  | 74 | 76 |
| Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(h)</sup>  | 496 | 497 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(h)</sup>  | 186 | 187 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup>  | 139 | 139 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup>  | 106 | 108 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(h)</sup>  | 72 | 73 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(h)</sup>  | 52 | 53 |
| Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(h)</sup>  | 7 | 7 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup>  | 87 | 87 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup>  | 87 | 89 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup>  | 72 | 74 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(h)</sup>  | 66 | 68 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup>  | 35 | 36 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup>  | 29 | 30 |
| Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(h)</sup>  | 349 | 350 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(h)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(h)</sup>  | 1169 | 1189 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup>  | 92 | 94 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(h)</sup>  | 524 | 514 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup>  | 11 | 11 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(h)</sup>  | 283 | 271 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup>  | 13 | 13 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup>  | 334 | 334 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup>  | 118 | 120 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup>  | 63 | 61 |
| Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(h)</sup>  | 40 | 40 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup>  | 38 | 39 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup>  | 67 | 64 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup>  | 43 | 43 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(h)</sup>  | 101 | 99 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup>  | 14 | 14 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(h)</sup>  | 52 | 51 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup>  | 28 | 28 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup>  | 3 | 3 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup>  | 333 | 264 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup>  | 99 | 95 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **138** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup>  | USD55 | $53 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup>  | 128 | 126 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup>  | 10 | 10 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup>  | 763 | 764 |
| Freddie Mac Pool #QI0213 6.50% 2/1/2054 <sup>(h)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup>  | 420 | 420 |
| Freddie Mac Pool #SD8433 6.50% 5/1/2054 <sup>(h)</sup>  | 10 | 10 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(h)</sup>  | 27 | 26 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup>  | 43 | 43 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup>  | 83 | 85 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup>  | 36 | 36 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(h)</sup>  | 109 | 112 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup>  | 73 | 75 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(h)</sup>  | 56 | 57 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup>  | 51 | 52 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup>  | 44 | 44 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(h)</sup>  | 23 | 23 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup>  | 47 | 48 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup>  | 12 | 12 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup>  | 126 | 126 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup>  | 6 | 6 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup>  | 162 | 165 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup>  | 85 | 87 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup>  | 83 | 85 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup>  | 76 | 78 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup>  | 45 | 46 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup>  | 35 | 35 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup>  | 74 | 71 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup>  | 69 | 69 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(h)</sup>  | 511 | 501 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup>  | 64 | 64 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup>  | 1 | 1 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup>  | 22 | 22 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup>  | 1045 | 1045 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup>  | 44 | 43 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup>  | 43 | 43 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(h)</sup>  | 92 | 91 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)</sup>  | 12 | 12 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(h)</sup>  | 1412 | 1384 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup>  | 65 | 65 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(h)(i)</sup>  | 403 | 386 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(h)(i)</sup>  | 891 | 874 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(h)(i)</sup>  | 88 | 91 |
|  |  | 18203 |
| **Collateralized mortgage-backed obligations (privately originated) 0.56%** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(h)(j)</sup>  | 82 | 81 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br>6.605% 5/25/2043 <sup>(d)(h)(j)</sup>  | 143 | 146 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 6.205% 6/25/2043 <sup>(d)(h)(j)</sup>  | 72 | 72 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 6.005% 7/25/2043 <sup>(d)(h)(j)</sup>  | 49 | 49 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 6.105% 1/25/2044 <sup>(d)(h)(j)</sup>  | 55 | 56 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 5.405% 5/25/2044 <sup>(d)(h)(j)</sup>  | 63 | 63 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **139** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.955% 5/25/2044 <sup>(d)(h)(j)</sup>  | USD121 | $122 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 5.305% 2/25/2045 <sup>(d)(h)(j)</sup>  | 21 | 21 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.455% 2/25/2045 <sup>(d)(h)(j)</sup>  | 54 | 54 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 5.255% 1/25/2045 <sup>(d)(h)(j)</sup>  | 32 | 32 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(e)(h)</sup>  | 228 | 230 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(e)(h)</sup>  | 110 | 111 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(h)(j)</sup>  | 87 | 81 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(d)(e)(h)</sup>  | 85 | 85 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(e)(h)</sup>  | 166 | 168 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(e)(h)</sup>  | 208 | 210 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(d)(e)(h)</sup>  | 215 | 216 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 2/17/2042 <sup>(d)(h)(j)</sup>  | 100 | 100 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(e)(h)</sup>  | 236 | 239 |
| Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(e)(h)</sup>  | 118 | 120 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(h)(j)</sup>  | 93 | 93 |
|  |  | 2349 |
| **Commercial mortgage-backed securities 0.51%** |  |  |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(j)</sup>  | 55 | 57 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(h)(j)</sup>  | 146 | 145 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(h)</sup>  | 140 | 144 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(h)(j)</sup>  | 100 | 105 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(h)(j)</sup>  | 135 | 140 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 12/15/2029 <sup>(d)(h)(j)</sup>  | 24 | 24 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% <br>3/15/2042 <sup>(d)(h)(j)</sup>  | 100 | 100 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(h)(j)</sup>  | 157 | 161 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(d)(h)(j)</sup>  | 100 | 101 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(h)(j)</sup>  | 131 | 135 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% <br>3/15/2042 <sup>(d)(h)(j)</sup>  | 295 | 294 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.854% 12/15/2039 <sup>(d)(h)(j)</sup>  | 143 | 143 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 7.055% 7/25/2054 <sup>(d)(h)(j)</sup>  | 51 | 52 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.755% 3/15/2042 <sup>(d)(h)(j)</sup>  | 555 | 552 |
|  |  | 2153 |
| **Other mortgage-backed securities 0.24%** |  |  |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(h)</sup>  | DKK415 | 60 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(h)</sup>  | 1093 | 156 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(h)</sup>  | 5082 | 659 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(h)</sup>  | 447 | 52 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(h)</sup>  | 540 | 67 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(h)</sup>  | 179 | 22 |
|  |  | 1016 |
| **Total mortgage-backed obligations** |  | 23721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **140** |

---

------

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes 4.78%** | **U.S. Treasury bonds & notes 4.78%** | **U.S. Treasury bonds & notes 4.78%** |
| **U.S. Treasury 4.47%** |  |  |
| U.S. Treasury 3.00% 7/15/2025  | USD985 | $984 |
| U.S. Treasury 4.50% 4/15/2027  | 1223 | 1238 |
| U.S. Treasury 4.00% 6/30/2028  | 4484 | 4522 |
| U.S. Treasury 4.625% 9/30/2028  | 1875 | 1927 |
| U.S. Treasury 4.125% 3/31/2029  | 865 | 877 |
| U.S. Treasury 3.50% 9/30/2029  | 755 | 747 |
| U.S. Treasury 4.00% 2/28/2030  | 1130 | 1141 |
| U.S. Treasury 0.625% 5/15/2030  | 1150 | 989 |
| U.S. Treasury 4.00% 5/31/2030  | 1090 | 1101 |
| U.S. Treasury 1.375% 11/15/2031 <sup>(k)</sup>  | 771 | 660 |
| U.S. Treasury 2.875% 5/15/2032  | 306 | 286 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(k)</sup>  | 1340 | 1383 |
| U.S. Treasury 4.25% 5/15/2035  | 6 | 6 |
| U.S. Treasury 1.875% 2/15/2041 <sup>(k)</sup>  | 285 | 196 |
| U.S. Treasury 2.25% 5/15/2041 <sup>(k)</sup>  | 986 | 717 |
| U.S. Treasury 2.875% 11/15/2046  | 330 | 243 |
| U.S. Treasury 1.25% 5/15/2050  | 440 | 211 |
| U.S. Treasury 1.375% 8/15/2050  | 400 | 197 |
| U.S. Treasury 2.375% 5/15/2051 <sup>(k)</sup>  | 510 | 324 |
| U.S. Treasury 2.00% 8/15/2051 <sup>(k)</sup>  | 560 | 323 |
| U.S. Treasury 4.00% 11/15/2052  | 270 | 236 |
| U.S. Treasury 3.625% 2/15/2053  | 149 | 122 |
| U.S. Treasury 4.25% 8/15/2054  | 320 | 292 |
|  |  | 18722 |
| **U.S. Treasury inflation-protected securities 0.31%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(c)</sup>  | 372 | 367 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup>  | 687 | 713 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(c)</sup>  | 268 | 194 |
|  |  | 1274 |
| **Total U.S. Treasury bonds & notes** |  | 19996 |
| **Asset-backed obligations 0.58%** | **Asset-backed obligations 0.58%** | **Asset-backed obligations 0.58%** |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(d)(h)</sup>  | 7 | 7 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(h)</sup>  | 125 | 126 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(h)</sup>  | 148 | 154 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(h)</sup>  | 97 | 99 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(h)</sup>  | 91 | 92 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(h)</sup>  | 100 | 101 |
| Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10% 10/15/2030 <sup>(d)(h)</sup>  | 43 | 43 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% <br>1/20/2033 <sup>(d)(h)(j)</sup>  | 233 | 231 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(h)</sup>  | 113 | 114 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(h)</sup>  | 100 | 101 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(d)(h)</sup>  | 100 | 100 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(h)</sup>  | 100 | 100 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(h)</sup>  | 208 | 211 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(h)</sup>  | 100 | 102 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(h)</sup>  | 86 | 86 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(h)</sup>  | 231 | 236 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(h)</sup>  | 13 | 13 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) <br>5.854% 11/15/2052 <sup>(d)(h)(j)</sup>  | 70 | 71 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 5.256% <br>7/15/2032 <sup>(d)(h)(j)</sup>  | 230 | 230 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(h)</sup>  | 219 | 219 |
|  |  | 2436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **141** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.03%** | **Municipals 0.03%** | **Municipals 0.03%** | **Municipals 0.03%** |
| **Ohio 0.02%** | **Ohio 0.02%** |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, <br> 3.216% 2/15/2048  | Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, <br> 3.216% 2/15/2048  | USD100 | $72 |
| **Texas 0.01%** | **Texas 0.01%** |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, <br>3.236% 10/1/2052  | Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, <br>3.236% 10/1/2052  | 80 | 55 |
| **Total municipals** | **Total municipals** |  | 127 |
| **Federal agency bonds & notes 0.03%** | **Federal agency bonds & notes 0.03%** | **Federal agency bonds & notes 0.03%** | **Federal agency bonds & notes 0.03%** |
| Korea Development Bank 6.75% 7/1/2030  | Korea Development Bank 6.75% 7/1/2030  | INR10,000 | 116 |
| **Total bonds, notes & other debt instruments** (cost: $131,387,000) | **Total bonds, notes & other debt instruments** (cost: $131,387,000) |  | 130612 |
| Investment funds 0.99% |  | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(l)</sup>  | Capital Group Central Corporate Bond Fund <sup>(l)</sup>  | 488295 | 4121 |
| **Total Investment funds** (cost: $3,868,000) | **Total Investment funds** (cost: $3,868,000) |  | 4121 |
| Short-term securities 5.53% |  |  |  |
| **Money market investments 5.16%** | **Money market investments 5.16%** | **Money market investments 5.16%** | **Money market investments 5.16%** |
| Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup>  | Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup>  | 215820 | 21582 |
| **Money market investments purchased with collateral from securities on loan 0.33%** | **Money market investments purchased with collateral from securities on loan 0.33%** | **Money market investments purchased with collateral from securities on loan 0.33%** | **Money market investments purchased with collateral from securities on loan 0.33%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.26% <sup>(m)(n)</sup>  | 1390770 | 1391 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.04%** | **Bills & notes of governments & government agencies outside the U.S. 0.04%** | **Bills & notes of governments & government agencies outside the U.S. 0.04%** | **Bills & notes of governments & government agencies outside the U.S. 0.04%** |
| Egypt (Arab Republic of) 9/9/2025  | 21.356<br> %<br>| EGP10,000 | 191 |
| **Total short-term securities** (cost: $23,161,000) |  |  | 23164 |
| **Total investment securities 100.29%** (cost: $342,605,000) | **Total investment securities 100.29%** (cost: $342,605,000) |  | 419794 |
| Other assets less liabilities (0.29)% | Other assets less liabilities (0.29)% |  | (1205)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $418589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **142** |

---

------

American Funds Global Balanced Fund (continued)

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR129.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR9,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR128.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(9,500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year Italy Government Bond Futures | Long | 6 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(o)</sup><br>|
| 2 Year Euro-Schatz Futures | Long | 5 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| 2 Year Canadian Government Bond Futures | Long | 16 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| 2 Year U.S. Treasury Note Futures | Short | 7 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1456)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| 5 Year Euro-Bobl Futures | Long | 60 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| 5 Year Canadian Government Bond Futures | Long | 19 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| 5 Year U.S. Treasury Note Futures | Long | 86 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| 10 Year French Government Bond Futures | Long | 5 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 10 Year Italy Government Bond Futures | Short | 8 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1140)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 10 Year Euro-Bund Futures | Short | 47 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7206)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| 10 Year Australian Treasury Bond Futures | Short | 7 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (528)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| 10 Year Japanese Government Bond Futures | Short | 8 | 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7723)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| 10 Year Canadian Government Bond Futures | Long | 15 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| 10 Year U.S. Treasury Note Futures | Long | 23 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| 10 Year UK Gilt Futures | Long | 12 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 10 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| 30 Year Euro-Buxl Futures | Short | 11 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 6 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $281 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **143** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| GBP | 275 | USD | 371 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7 |
| GBP | 110 | USD | 148 | UBS AG | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 240 | GBP | 175 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 284 | GBP | 210 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| JPY | 86895 | USD | 599 | Goldman Sachs | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| JPY | 16970 | USD | 118 | Barclays Bank PLC | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| EUR | 2380 | USD | 2713 | Goldman Sachs | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| USD | 91 | EUR | 80 | BNP Paribas | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 138 | EUR | 120 | UBS AG | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 232 | EUR | 200 | UBS AG | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 907 | EUR | 820 | BNP Paribas | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60)<br>|
| USD | 187 | MYR | 790 | BNP Paribas | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| EUR | 980 | USD | 1127 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 122 | EUR | 107 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 912 | EUR | 790 | JPMorgan Chase | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| EUR | 430 | USD | 493 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| CNH | 22979 | USD | 3206 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| CHF | 130 | USD | 159 | UBS AG | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 49 | AUD | 75 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 21 | CLP | 19505 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 18 | BRL | 105 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 202 | CNH | 1450 | Goldman Sachs | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 785 | INR | 67415 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 70 | RON | 310 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 86 | ILS | 300 | HSBC Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 591 | IDR | 9648911 | HSBC Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 1438 | AUD | 2195 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| EUR | 1615 | USD | 1847 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| USD | 278 | MXN | 5330 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| EUR | 780 | USD | 905 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| EUR | 423 | GBP | 360 | BNP Paribas | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| CNH | 4590 | USD | 641 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 12 | USD | 14 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| NZD | 47 | USD | 29 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 227 | JPY | 32750 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 9685 | CNH | 69313 | HSBC Bank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 10308 | JPY | 1480084 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| USD | 1950 | CAD | 2660 | Bank of New York Mellon | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | 71 | COP | 300000 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 1728 | KRW | 2363730 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 1570 | BRL | 8781 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39)<br>|
| USD | 5670 | GBP | 4190 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82)<br>|
| MYR | 2435 | USD | 573 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| MYR | 915 | USD | 216 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 92 | SEK | 870 | Morgan Stanley | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 64 | MYR | 281 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 107 | PLN | 390 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 95 | MYR | 418 | BNP Paribas | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 165 | MYR | 727 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| USD | 234 | MYR | 1031 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 249 | MYR | 1091 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 281 | MYR | 1234 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 388 | MYR | 1698 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| USD | 326 | JPY | 47140 | Bank of America | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| JPY | 68730 | USD | 486 | Standard Chartered Bank | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| EUR | 110 | USD | 126 | Goldman Sachs | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **144** |

---

------

American Funds Global Balanced Fund (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 345 | EUR | 300 | HSBC Bank | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9)<br>|
| GBP | 457 | EUR | 530 | BNP Paribas | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| EUR | 115 | USD | 136 | UBS AG | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 583 | EUR | 510 | UBS AG | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| EUR | 396 | DKK | 2950 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 367 | NOK | 3711 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 411 | INR | 35415 | BNP Paribas | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | 569 | MXN | 10835 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| USD | 549 | CHF | 440 | Barclays Bank PLC | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| USD | 59 | CZK | 1240 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 126 | SGD | 160 | Bank of America | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| USD | 378 | EUR | 325 | UBS AG | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| EUR | 188 | CAD | 300 | Citibank | 8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 29349 | EUR | 25010 | Morgan Stanley | 8/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193)<br>|
| GBP | 175 | USD | 240 | Morgan Stanley | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(o)</sup><br>|
| EUR | 505 | USD | 580 | HSBC Bank | 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(321)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | Payment <br>frequency<br>| Rate | Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 3.79165% | Annual | SOFR | Annual | 1/13/2026 | USD865 | $(2)<br>| $— | $(2)<br>|
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP70 | 1 |  | 1 |
| 2.5225% | Semi-annual | Bank of Canada Overnight Repo | Semi-annual | 5/22/2027 | CAD2,970 | 2 |  | 2 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD2,500 | 3 |  | 3 |
| 4.98038% | Annual | SONIA | Annual | 6/21/2028 | GBP267 | 14 |  | 14 |
| 3.968% | Annual | SONIA | Annual | 2/16/2029 | GBP1,495 | 24 |  | 24 |
| SOFR | Annual | 3.29015% | Annual | 1/13/2030 | USD2,870 | 15 |  | 15 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK3,700 | 3 |  | 3 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR310 | — <br><sup>(o)</sup><br>|  | — <br><sup>(o)</sup><br>|
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR310 | — <br><sup>(o)</sup><br>|  | — <br><sup>(o)</sup><br>|
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR310 | — <br><sup>(o)</sup><br>|  | — <br><sup>(o)</sup><br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR280 | 1 |  | 1 |
| 3.947% | Annual | SONIA | Annual | 3/20/2030 | GBP410 | 7 |  | 7 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK1,500 | 3 |  | 3 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK960 | 2 |  | 2 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK970 | 1 |  | 1 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK3,540 | 6 |  | 6 |
| SONIA | Annual | 4.36738% | Annual | 6/21/2033 | GBP62 | (3)<br>|  | (3)<br>|
| SONIA | Annual | 3.9322% | Annual | 2/16/2054 | GBP375 | 44 |  | 44 |
|  |  |  |  |  |  | $121 | $— | $121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **145** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>6/30/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | &nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | &nbsp;&nbsp; Value at <br>6/30/2025 <br>(000) | &nbsp;&nbsp; Upfront <br>premium <br>paid <br>(received) <br>(000) | &nbsp;&nbsp; Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL2,940 | &nbsp;&nbsp; $(20)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,010 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,660 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL1,210 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL740 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL3,810 | &nbsp;&nbsp; (42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (42)<br>|
| 10.045% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL9,330 | &nbsp;&nbsp; (222)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (222)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(224)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(224)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.43 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR2,260 | &nbsp;&nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(32)<br>|

---

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(p)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.43 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR1,130 | &nbsp;&nbsp;&nbsp;&nbsp; $124 | &nbsp;&nbsp;&nbsp;&nbsp; $119 | &nbsp;&nbsp;&nbsp;&nbsp; $5 |
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,073 | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $192 | &nbsp;&nbsp;&nbsp;&nbsp; $184 | &nbsp;&nbsp;&nbsp;&nbsp; $8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **146** |

---

------

American Funds Global Balanced Fund (continued)

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 0.98%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $3953 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $4121 | &nbsp;&nbsp; $96 |
| **Short-term securities 5.16%** |  |  |  |  |  |  |  |
| **Money market investments 5.16%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(m)</sup>  | 22187 | &nbsp;&nbsp; 58601 | &nbsp;&nbsp; 59201 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 21582 | &nbsp;&nbsp; 541 |
| **Total 6.14%** |  |  |  | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $70 | &nbsp;&nbsp; $25703 | &nbsp;&nbsp; $637 |

---

**Restricted securities** <sup>(g)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on <br> 7/22/2031) <sup>(e)</sup> <br>| 12/4/2024 | $273 | $303 | 0.07<br> %<br>|
| McDonald's Corp. 1.60% 3/15/2031  | 9/30/2024 | 103 | 109 | 0.03 |
| **Total** |  | $376 | $412 | 0.10<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $1,472,000, which represented 0.35% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,223,000, which represented 2.68% of the net assets of the fund. 

<sup>(e)</sup> Step bond; coupon rate may change at a later date.

<sup>(f)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $412,000, which represented 0.10% of the net assets of the fund. 

<sup>(h)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(i)</sup> Represents securities transacted on a TBA basis.

<sup>(j)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(k)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,261,000, which represented 0.54% of the net assets of the fund. 

<sup>(l)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(n)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(o)</sup> Amount less than one thousand.

<sup>(p)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(q)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **147** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| DKK = Danish kroner |
| EGP = Egyptian pounds |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| ILS = Israeli shekels |
| INR = Indian rupees |

---

---

| |
|:---|
| JPY = Japanese yen |
| KRW = South Korean won |
| LIBOR = London Interbank Offered Rate |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PLN = Polish zloty |
| Ref. = Refunding |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RON = Romanian leu |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **148** |

---

------

The Bond Fund of America<sup>®</sup>

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.24% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 34.58%** | **Mortgage-backed obligations 34.58%** | **Mortgage-backed obligations 34.58%** |
| **Federal agency mortgage-backed obligations 27.75%** |  |  |
| Fannie Mae Pool #256133 4.50% 1/1/2026 <sup>(a)</sup>  | USD1 | $1 |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup>  | 25 | 25 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup>  | 26 | 25 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup>  | 12 | 11 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup>  | 2084 | 1968 |
| Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup>  | 99 | 92 |
| Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup>  | 30 | 31 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 1768 | 1652 |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 739 | 690 |
| Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup>  | 326 | 342 |
| Fannie Mae Pool #924866 6.14% 10/1/2037 <sup>(a)(b)</sup>  | 128 | 129 |
| Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup>  | 161 | 165 |
| Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup>  | 642 | 660 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup>  | 140 | 142 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup>  | 703 | 707 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup>  | 681 | 690 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 107480 | 92775 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 659 | 667 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 346 | 350 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 310 | 315 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 175 | 177 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup>  | 39 | 36 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 1616 | 1501 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup>  | 694 | 644 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup>  | 738 | 699 |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup>  | 119 | 113 |
| Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup>  | 4331 | 4117 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup>  | 294 | 274 |
| Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup>  | 718 | 682 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup>  | 33 | 31 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup>  | 3882 | 3556 |
| Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup>  | 1806 | 1712 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup>  | 68 | 65 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup>  | 2106 | 2050 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup>  | 1098 | 1005 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048 <sup>(a)</sup>  | 14 | 13 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048 <sup>(a)</sup>  | 5389 | 4782 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup>  | 4077 | 3720 |
| Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup>  | 17796 | 16865 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup>  | 16585 | 15335 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup>  | 10 | 9 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 419 | 390 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup>  | 1136 | 1011 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup>  | 757 | 675 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup>  | 2186 | 2014 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup>  | 17711 | 16743 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup>  | 12601 | 11515 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup>  | 3335 | 3040 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup>  | 5246 | 4780 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup>  | 25007 | 22957 |
| Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup>  | 11 | 9 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup>  | 4987 | 4205 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup>  | 532 | 443 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup>  | 15444 | 13669 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup>  | 5242 | 4672 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup>  | 1684 | 1466 |
| Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup>  | 4698 | 3912 |
| Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup>  | 965 | 802 |
| Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup>  | 610 | 507 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup>  | 956 | 832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **149** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup>  | USD1,627 | $1298 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CA7040 2.50% 9/1/2050 <sup>(a)</sup>  | 17165 | 14257 |
| Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup>  | 2635 | 2226 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup>  | 896 | 757 |
| Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup>  | 423 | 351 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 306 | 268 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup>  | 902 | 749 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 255 | 215 |
| Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup>  | 191 | 159 |
| Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup>  | 179 | 149 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup>  | 1485 | 1292 |
| Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup>  | 1809 | 1434 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup>  | 6060 | 5121 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup>  | 1123 | 933 |
| Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup>  | 659 | 548 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup>  | 25 | 21 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup>  | 15025 | 13416 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 1045 | 834 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup>  | 1022 | 889 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | 6554 | 5230 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup>  | 5062 | 4049 |
| Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup>  | 41 | 33 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 21322 | 17821 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup>  | 1550 | 1289 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup>  | 934 | 776 |
| Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup>  | 64 | 56 |
| Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup>  | 3278 | 2599 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 717 | 568 |
| Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup>  | 377 | 303 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup>  | 5016 | 4234 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup>  | 3501 | 2911 |
| Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup>  | 348 | 276 |
| Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup>  | 7432 | 6170 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup>  | 1720 | 1428 |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup>  | 966 | 802 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup>  | 8557 | 6789 |
| Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup>  | 1832 | 1452 |
| Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup>  | 572 | 453 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 28 | 23 |
| Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup>  | 4948 | 4108 |
| Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup>  | 4637 | 3850 |
| Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup>  | 2463 | 2058 |
| Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup>  | 172 | 143 |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup>  | 116 | 97 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup>  | 3041 | 2658 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup>  | 375 | 328 |
| Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup>  | 10603 | 8405 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup>  | 1779 | 1410 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 17 | 13 |
| Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup>  | 1906 | 1590 |
| Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup>  | 1800 | 1494 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup>  | 590 | 490 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup>  | 475 | 394 |
| Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup>  | 162 | 135 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup>  | 33 | 27 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup>  | 27 | 23 |
| Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup>  | 1879 | 1489 |
| Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup>  | 503 | 405 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup>  | 47 | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **150** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup>  | USD277 | $242 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup>  | 197 | 172 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup>  | 77 | 61 |
| Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup>  | 8722 | 7332 |
| Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup>  | 4773 | 3965 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 4453 | 3697 |
| Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup>  | 996 | 829 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup>  | 928 | 770 |
| Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup>  | 573 | 475 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 427 | 360 |
| Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup>  | 216 | 181 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup>  | 1347 | 1186 |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(a)</sup>  | 10828 | 8583 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 3121 | 2591 |
| Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup>  | 1964 | 1631 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 1043 | 874 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup>  | 487 | 406 |
| Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup>  | 437 | 363 |
| Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup>  | 316 | 264 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup>  | 302 | 251 |
| Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup>  | 56 | 46 |
| Fannie Mae Pool #FM8827 2.00% 10/1/2051 <sup>(a)</sup>  | 1653 | 1311 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup>  | 319 | 265 |
| Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup>  | 3092 | 2702 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup>  | 4430 | 3521 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 128 | 102 |
| Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup>  | 94 | 78 |
| Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup>  | 904 | 788 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup>  | 812 | 646 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup>  | 1934 | 1606 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup>  | 21 | 19 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup>  | 1846 | 1466 |
| Fannie Mae Pool #BU7233 2.00% 1/1/2052 <sup>(a)</sup>  | 933 | 740 |
| Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup>  | 4462 | 3710 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup>  | 2098 | 1741 |
| Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup>  | 1126 | 935 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup>  | 337 | 280 |
| Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup>  | 969 | 848 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | 15112 | 11989 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup>  | 2497 | 1984 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup>  | 809 | 642 |
| Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup>  | 1648 | 1374 |
| Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup>  | 885 | 737 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup>  | 731 | 607 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup>  | 488 | 406 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup>  | 441 | 366 |
| Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup>  | 256 | 213 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 32666 | 28775 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup>  | 1573 | 1247 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup>  | 1256 | 997 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup>  | 1073 | 853 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup>  | 867 | 687 |
| Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup>  | 2759 | 2291 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 1766 | 1472 |
| Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup>  | 642 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup>  | 359 | 300 |
| Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup>  | 35 | 29 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup>  | 1663 | 1321 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup>  | 750 | 596 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 31581 | 26219 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **151** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup>  | USD1,597 | $1329 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup>  | 1455 | 1358 |
| Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup>  | 264 | 246 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup>  | 3727 | 2963 |
| Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup>  | 20741 | 17232 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup>  | 2186 | 1821 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup>  | 968 | 805 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup>  | 150 | 125 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup>  | 3018 | 2816 |
| Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup>  | 3072 | 3024 |
| Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup>  | 1375 | 1356 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup>  | 738 | 614 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup>  | 432 | 358 |
| Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup>  | 136 | 113 |
| Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup>  | 2813 | 2773 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 568 | 563 |
| Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup>  | 453 | 377 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 255 | 244 |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup>  | 59 | 56 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 8469 | 8374 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 9096 | 7216 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup>  | 9772 | 9371 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 2518 | 2418 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 2466 | 2430 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 2770 | 2780 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 2519 | 2530 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 205 | 214 |
| Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup>  | 847 | 812 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 133 | 130 |
| Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup>  | 37 | 37 |
| Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup>  | 272 | 253 |
| Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup>  | 30348 | 29904 |
| Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup>  | 687 | 570 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup>  | 4621 | 4302 |
| Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup>  | 593 | 584 |
| Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup>  | 407 | 379 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup>  | 151 | 149 |
| Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup>  | 4058 | 4079 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup>  | 423 | 426 |
| Fannie Mae Pool #BX7949 6.00% 3/1/2053 <sup>(a)</sup>  | 1000 | 1018 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 835 | 855 |
| Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup>  | 4281 | 3986 |
| Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup>  | 656 | 629 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 15642 | 15388 |
| Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup>  | 88 | 87 |
| Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup>  | 960 | 965 |
| Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup>  | 17738 | 18159 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup>  | 4697 | 4377 |
| Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup>  | 432 | 403 |
| Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup>  | 30 | 28 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(a)</sup>  | 10478 | 10313 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 2900 | 2865 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup>  | 2760 | 2714 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 5894 | 5907 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 7060 | 7203 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup>  | 615 | 533 |
| Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup>  | 2902 | 2782 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 6679 | 6694 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 6347 | 6360 |
| Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup>  | 311 | 312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **152** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | USD3,837 | $3904 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 2380 | 2432 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1799 | 1841 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup>  | 6068 | 4820 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup>  | 3642 | 3024 |
| Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup>  | 152 | 126 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup>  | 75 | 70 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 19842 | 19022 |
| Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup>  | 591 | 583 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup>  | 93 | 92 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 3400 | 3407 |
| Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup>  | 7908 | 8229 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 23480 | 23524 |
| Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup>  | 12744 | 12787 |
| Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup>  | 6200 | 6224 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup>  | 531 | 532 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup>  | 5000 | 5091 |
| Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup>  | 15338 | 15862 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup>  | 7575 | 7055 |
| Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup>  | 11829 | 11871 |
| Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup>  | 6558 | 6583 |
| Fannie Mae Pool #CB7725 6.00% 10/1/2053 <sup>(a)</sup>  | 8769 | 8929 |
| Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup>  | 152 | 154 |
| Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup>  | 63161 | 62069 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup>  | 2116 | 2196 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 1917 | 1920 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup>  | 774 | 806 |
| Fannie Mae Pool #MA5218 7.00% 12/1/2053 <sup>(a)</sup>  | 965 | 1018 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 5281 | 5488 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 1292 | 1336 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup>  | 2980 | 2855 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 2613 | 2616 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 1777 | 1779 |
| Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup>  | 7083 | 7251 |
| Fannie Mae Pool #FS7503 6.00% 2/1/2054 <sup>(a)</sup>  | 5296 | 5387 |
| Fannie Mae Pool #CB8422 6.00% 2/1/2054 <sup>(a)</sup>  | 1902 | 1936 |
| Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup>  | 1771 | 1802 |
| Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup>  | 25 | 23 |
| Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup>  | 14405 | 13808 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup>  | 19135 | 19189 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 1607 | 1608 |
| Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup>  | 5058 | 5178 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup>  | 3391 | 3455 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup>  | 1742 | 1773 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 4359 | 4537 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 4987 | 5023 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 5405 | 5542 |
| Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup>  | 594 | 596 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup>  | 384 | 391 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup>  | 228 | 232 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup>  | 2702 | 2704 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup>  | 1869 | 1879 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 18915 | 19367 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 1261 | 1291 |
| Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup>  | 1195 | 1216 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 10755 | 11178 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup>  | 6987 | 6999 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup>  | 1490 | 1499 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 33148 | 33719 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 5109 | 5243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **153** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | USD2,600 | $2655 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 2391 | 2433 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 2197 | 2255 |
| Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup>  | 1316 | 1340 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 1237 | 1258 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup>  | 596 | 606 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 16780 | 17475 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 4952 | 5148 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 2806 | 2922 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup>  | 136 | 136 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 44877 | 45653 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup>  | 1348 | 1373 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 1289 | 1312 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 1041 | 1059 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 227 | 232 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 111 | 113 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 96 | 98 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup>  | 2318 | 2414 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 2007 | 2091 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 3624 | 3627 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup>  | 1709 | 1724 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 1269 | 1276 |
| Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup>  | 82 | 84 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 887 | 902 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup>  | 5359 | 5256 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 4532 | 4536 |
| Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup>  | 3500 | 3559 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 264 | 254 |
| Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup>  | 90 | 86 |
| Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup>  | 33 | 31 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 143 | 140 |
| Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup>  | 4029 | 4128 |
| Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup>  | 1426 | 1453 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup>  | 949 | 965 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 377 | 384 |
| Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup>  | 294 | 300 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup>  | 1900 | 1901 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 1607 | 1638 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup>  | 869 | 883 |
| Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup>  | 1995 | 2062 |
| Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup>  | 1346 | 1399 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 2934 | 2936 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 13962 | 14198 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 496 | 496 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 5405 | 5496 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup>  | 17406 | 16196 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 1036 | 1054 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 281 | 276 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 2211 | 2249 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup>  | 6906 | 6909 |
| Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup>  | 511 | 511 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 2070 | 2139 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup>  | 9669 | 8665 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup>  | 7168 | 6450 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup>  | 15248 | 13151 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 18049 | 15563 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 1008 | 965 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup>  | 4704 | 4168 |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(a)</sup>  | 14 | 14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **154** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae, Series 2002-W1, Class 2A, 4.453% 2/25/2042 <sup>(a)(b)</sup>  | USD15 | $15 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup>  | 48 | 47 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup>  | 877 | 862 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup>  | 38 | 38 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup>  | 31 | 29 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 2494 | 2333 |
| Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup>  | 37 | 38 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup>  | 28 | 29 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup>  | 53 | 54 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup>  | 183 | 188 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup>  | 1812 | 1572 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup>  | 131 | 131 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup>  | 5393 | 4657 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup>  | 135 | 135 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup>  | 9385 | 8101 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup>  | 303 | 311 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup>  | 15573 | 14152 |
| Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup>  | 56 | 47 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup>  | 90 | 79 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 807 | 762 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup>  | 488 | 465 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup>  | 4015 | 3595 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup>  | 10467 | 9664 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 766 | 725 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup>  | 245 | 226 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup>  | 956 | 907 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup>  | 497 | 455 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup>  | 1585 | 1447 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup>  | 8469 | 7809 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup>  | 23124 | 20549 |
| Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup>  | 4617 | 3900 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup>  | 27 | 23 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 312 | 273 |
| Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup>  | 1823 | 1522 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup>  | 1764 | 1543 |
| Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup>  | 5495 | 4662 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 1196 | 995 |
| Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup>  | 60 | 50 |
| Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup>  | 25 | 21 |
| Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup>  | 1943 | 1615 |
| Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup>  | 1779 | 1411 |
| Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup>  | 424 | 341 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 98 | 78 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 62873 | 50074 |
| Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup>  | 1789 | 1418 |
| Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup>  | 2309 | 1917 |
| Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup>  | 2195 | 1740 |
| Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup>  | 226 | 188 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup>  | 159 | 132 |
| Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup>  | 1840 | 1459 |
| Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup>  | 1803 | 1429 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 1614 | 1279 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1261 | 1014 |
| Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup>  | 1092 | 954 |
| Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup>  | 1985 | 1573 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup>  | 2349 | 1975 |
| Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup>  | 764 | 634 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup>  | 1950 | 1621 |
| Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup>  | 551 | 461 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 5773 | 5097 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **155** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup>  | USD781 | $621 |
| Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup>  | 10005 | 8411 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup>  | 7635 | 6339 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup>  | 1857 | 1552 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup>  | 888 | 737 |
| Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup>  | 461 | 382 |
| Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup>  | 50 | 41 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup>  | 1022 | 893 |
| Freddie Mac Pool #QD0086 2.00% 10/1/2051 <sup>(a)</sup>  | 530 | 420 |
| Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup>  | 1913 | 1589 |
| Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup>  | 6354 | 5551 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup>  | 1794 | 1579 |
| Freddie Mac Pool #QD0877 2.00% 11/1/2051 <sup>(a)</sup>  | 7969 | 6317 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup>  | 2359 | 1871 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 1383 | 1165 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup>  | 1159 | 1013 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup>  | 810 | 644 |
| Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup>  | 1102 | 915 |
| Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup>  | 18 | 16 |
| Freddie Mac Pool #QD4465 2.00% 1/1/2052 <sup>(a)</sup>  | 1886 | 1495 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup>  | 4134 | 3433 |
| Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup>  | 2642 | 2205 |
| Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup>  | 487 | 405 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup>  | 482 | 402 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 3961 | 3484 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup>  | 1634 | 1296 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup>  | 828 | 658 |
| Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup>  | 977 | 811 |
| Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup>  | 403 | 335 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup>  | 230 | 192 |
| Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup>  | 171 | 142 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup>  | 62 | 52 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 596 | 541 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup>  | 2322 | 1843 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup>  | 1812 | 1439 |
| Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup>  | 918 | 727 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup>  | 854 | 677 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 493 | 391 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup>  | 170 | 135 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup>  | 808 | 672 |
| Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup>  | 728 | 607 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup>  | 70 | 58 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup>  | 1264 | 1004 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup>  | 1714 | 1423 |
| Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup>  | 563 | 469 |
| Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup>  | 223 | 185 |
| Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup>  | 124 | 103 |
| Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup>  | 120 | 100 |
| Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup>  | 1683 | 1401 |
| Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup>  | 380 | 315 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 42415 | 36791 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 3623 | 3139 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup>  | 180 | 189 |
| Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup>  | 881 | 731 |
| Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup>  | 475 | 395 |
| Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup>  | 190 | 158 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 4318 | 3745 |
| Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup>  | 2045 | 2015 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 89 | 71 |
| Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup>  | 193 | 161 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **156** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup>  | USD560 | $490 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 72 | 69 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup>  | 4020 | 3487 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 326 | 313 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup>  | 285 | 274 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 83 | 79 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 48 | 46 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 32 | 31 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 5779 | 5821 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup>  | 16148 | 15285 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup>  | 5631 | 5328 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup>  | 16259 | 15592 |
| Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup>  | 3483 | 3433 |
| Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup>  | 3450 | 3399 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 2042 | 2049 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052 <sup>(a)</sup>  | 61 | 63 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 40 | 42 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | 1040 | 901 |
| Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup>  | 997 | 929 |
| Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup>  | 513 | 478 |
| Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup>  | 1157 | 1187 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 15265 | 14640 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 193 | 190 |
| Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup>  | 3080 | 3153 |
| Freddie Mac Pool #SD8298 4.50% 2/1/2053 <sup>(a)</sup>  | 14914 | 14303 |
| Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup>  | 2208 | 2172 |
| Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup>  | 42881 | 43071 |
| Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup>  | 23172 | 23261 |
| Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup>  | 13602 | 13891 |
| Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup>  | 2602 | 2422 |
| Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup>  | 1695 | 1577 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup>  | 76 | 71 |
| Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup>  | 2684 | 2502 |
| Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup>  | 194 | 186 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 4506 | 4453 |
| Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup>  | 642 | 633 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 542 | 534 |
| Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup>  | 193 | 180 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 33 | 31 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 8264 | 8121 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 8090 | 8108 |
| Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup>  | 3465 | 3488 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 2382 | 2388 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 13542 | 13806 |
| Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup>  | 578 | 538 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup>  | 5524 | 5429 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 19409 | 19448 |
| Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup>  | 6319 | 6457 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 2909 | 2962 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 670 | 697 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 580 | 604 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 561 | 586 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 546 | 570 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 385 | 402 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 294 | 307 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 185 | 192 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 162 | 171 |
| Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup>  | 5155 | 4804 |
| Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup>  | 542 | 504 |
| Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup>  | 66 | 61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **157** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | USD255 | $251 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 7500 | 7511 |
| Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup>  | 584 | 586 |
| Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup>  | 8188 | 8374 |
| Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup>  | 2936 | 2992 |
| Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup>  | 476 | 443 |
| Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup>  | 396 | 369 |
| Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup>  | 2310 | 2318 |
| Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup>  | 2156 | 2164 |
| Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup>  | 2033 | 2039 |
| Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup>  | 1343 | 1348 |
| Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup>  | 4434 | 4526 |
| Freddie Mac Pool #QH0851 6.00% 9/1/2053 <sup>(a)</sup>  | 13728 | 13973 |
| Freddie Mac Pool #QH1296 6.00% 9/1/2053 <sup>(a)</sup>  | 13376 | 13621 |
| Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup>  | 10892 | 11101 |
| Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup>  | 1428 | 1461 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 1074 | 1101 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 54078 | 55892 |
| Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup>  | 802 | 790 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 14446 | 14706 |
| Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup>  | 3680 | 3806 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup>  | 601 | 591 |
| Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup>  | 18116 | 18178 |
| Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup>  | 2186 | 2226 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 12641 | 13150 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 1751 | 1818 |
| Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup>  | 5293 | 5402 |
| Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup>  | 2812 | 2886 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 644 | 668 |
| Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup>  | 187 | 174 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 770 | 771 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup>  | 11117 | 11305 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 4713 | 4796 |
| Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup>  | 3599 | 3672 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup>  | 194 | 197 |
| Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup>  | 4842 | 5028 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 410 | 410 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 2559 | 2578 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 1857 | 1862 |
| Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup>  | 8058 | 8235 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup>  | 5285 | 5411 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 4208 | 4313 |
| Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup>  | 1997 | 2050 |
| Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup>  | 166 | 169 |
| Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup>  | 23 | 23 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 6363 | 6624 |
| Freddie Mac Pool #QI3488 6.50% 4/1/2054 <sup>(a)</sup>  | 4289 | 4433 |
| Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup>  | 1977 | 1940 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup>  | 37758 | 38030 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup>  | 4705 | 4738 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 3074 | 3129 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 6179 | 6436 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup>  | 2752 | 2757 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup>  | 984 | 990 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup>  | 25088 | 25561 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 120 | 122 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 5849 | 6091 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(a)</sup>  | 2462 | 2463 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup>  | 1826 | 1828 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 23030 | 23429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **158** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | USD13,207 | $13581 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 3096 | 3154 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 2714 | 2765 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 237 | 243 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 35128 | 36307 |
| Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup>  | 2575 | 2682 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup>  | 2048 | 2015 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup>  | 1454 | 1429 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup>  | 1313 | 1290 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 9466 | 9627 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 5050 | 5147 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 2455 | 2502 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 141 | 144 |
| Freddie Mac Pool #QJ1440 6.00% 8/1/2054 <sup>(a)</sup>  | 62 | 64 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 12853 | 13386 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 12151 | 12655 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 4793 | 4993 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 3279 | 3415 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | 1923 | 2001 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 1144 | 1185 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 3617 | 3620 |
| Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup>  | 4490 | 4592 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 485 | 494 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 263 | 269 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 248 | 254 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 229 | 235 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 152 | 155 |
| Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup>  | 44 | 45 |
| Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup>  | 30 | 31 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 4174 | 4347 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup>  | 2607 | 2703 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 2254 | 2342 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup>  | 1034 | 1077 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1000 | 1034 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 4203 | 4206 |
| Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup>  | 147 | 150 |
| Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup>  | 46 | 47 |
| Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup>  | 5516 | 5715 |
| Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup>  | 149 | 154 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup>  | 4311 | 4012 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup>  | 4829 | 4624 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup>  | 7307 | 7167 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 13366 | 13376 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup>  | 11082 | 11107 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup>  | 3287 | 3343 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup>  | 6877 | 6751 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 274 | 274 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup>  | 14 | 14 |
| Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup>  | 283 | 288 |
| Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup>  | 780 | 808 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup>  | 1412 | 1413 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 5759 | 5866 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 2350 | 2412 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1643 | 1683 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 593 | 603 |
| Freddie Mac Pool #RJ3241 6.50% 1/1/2055 <sup>(a)</sup>  | 1498 | 1562 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 4596 | 4401 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(a)</sup>  | 7333 | 7336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **159** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | USD2,421 | $2461 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 1756 | 1796 |
| Freddie Mac Pool #SD8508 6.50% 2/1/2055 <sup>(a)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 159 | 161 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 2703 | 2793 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 8923 | 9073 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup>  | 1707 | 1736 |
| Freddie Mac Pool #SD8526 6.50% 4/1/2055 <sup>(a)</sup>  | 483 | 500 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 197 | 193 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 1595 | 1621 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 883 | 865 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(a)</sup>  | 12865 | 12872 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 224 | 231 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 1861 | 1892 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup>  | 37 | 38 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup>  | 94 | 99 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup>  | 3461 | 3461 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup>  | 84 | 74 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup>  | 77 | 67 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup>  | 5688 | 5486 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(a)</sup>  | 1400 | 1339 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 7792 | 7495 |
| Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(d)</sup>  | 135 | 133 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(d)</sup>  | 27314 | 27358 |
| Government National Mortgage Assn. 2.00% 8/1/2055 <sup>(a)(d)</sup>  | 6176 | 5014 |
| Government National Mortgage Assn. 4.00% 8/1/2055 <sup>(a)(d)</sup>  | 108 | 100 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup>  | 9290 | 8762 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup>  | 25 | 25 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup>  | 3865 | 3756 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup>  | 8606 | 7891 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 1930 | 1574 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 3347 | 2728 |
| Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup>  | 7742 | 6471 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 2839 | 2377 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 2751 | 2300 |
| Government National Mortgage Assn. Pool #785813 2.50% 12/20/2051 <sup>(a)</sup>  | 4337 | 3638 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 4033 | 3431 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 3458 | 2897 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 226 | 200 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 174 | 154 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 4664 | 4257 |
| Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup>  | 4832 | 4280 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 3986 | 3643 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 21289 | 19425 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup>  | 7615 | 7121 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 5348 | 5011 |
| Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup>  | 3409 | 3283 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 12036 | 11578 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 3131 | 3085 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 7748 | 7446 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 12720 | 12217 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 1742 | 1623 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 21027 | 20143 |
| Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(a)</sup>  | 9065 | 8435 |
| Government National Mortgage Assn. Pool #MB0202 4.00% 2/20/2055 <sup>(a)</sup>  | 797 | 741 |
| Government National Mortgage Assn. Pool #MB0256 4.00% 3/20/2055 <sup>(a)</sup>  | 1165 | 1084 |
| Government National Mortgage Assn. Pool #MB0421 4.00% 6/20/2055 <sup>(a)</sup>  | 99 | 92 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 1472 | 1076 |
| Uniform Mortgage-Backed Security 2.00% 7/1/2040 <sup>(a)(d)</sup>  | 5845 | 5342 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(d)</sup>  | 151036 | 125252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **160** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(d)</sup>  | USD58,704 | $52860 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(d)</sup>  | 688 | 640 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(d)</sup>  | 580 | 568 |
| Uniform Mortgage-Backed Security 5.50% 7/1/2055 <sup>(a)(d)</sup>  | 5902 | 5902 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(d)</sup>  | 1301 | 1322 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(d)</sup>  | 35090 | 36948 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(d)</sup>  | 18486 | 14644 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(d)</sup>  | 9047 | 7828 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(d)</sup>  | 1456 | 1354 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(d)</sup>  | 10953 | 11294 |
| Uniform Mortgage-Backed Security 7.00% 8/1/2055 <sup>(a)(d)</sup>  | 30276 | 31760 |
|  |  | 3042615 |
| **Commercial mortgage-backed securities 3.48%** |  |  |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.7426%) 6.043% <br> 6/15/2040 <sup>(a)(b)(e)</sup>  | 11443 | 11524 |
| AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup>  | 11892 | 11381 |
| ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 6.003% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1251 | 1255 |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup>  | 770 | 754 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup>  | 100 | 97 |
| Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup>  | 684 | 732 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup>  | 500 | 536 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup>  | 3537 | 3697 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup>  | 123 | 120 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup>  | 1018 | 953 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup>  | 295 | 266 |
| Bank5, Series 2025-5YR14, Class A3, 5.646% 4/15/2058 <sup>(a)</sup>  | 15601 | 16254 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup>  | 2541 | 2490 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup>  | 781 | 776 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)</sup>  | 3361 | 3506 |
| Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)</sup>  | 2174 | 2276 |
| Benchmark Mortgage Trust, Series 2025-V14, Class A4, 5.66% 4/15/2058 <sup>(a)</sup>  | 8867 | 9248 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup>  | 2774 | 2907 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)</sup>  | 7780 | 8129 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(a)(b)(e)</sup>  | 8476 | 8540 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.853% 5/15/2034 <sup>(a)(b)(e)</sup>  | 2183 | 2186 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(a)(b)(e)</sup>  | 14268 | 14228 |
| BX Trust, Series 2021-VOLT, Class B, (1-month USD CME Term SOFR + 1.064%) 5.376% 9/15/2036 <sup>(a)(b)(e)</sup>  | 552 | 550 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 5.723% 10/15/2036 <sup>(a)(b)(e)</sup>  | 995 | 994 |
| BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 6.072% 10/15/2036 <sup>(a)(b)(e)</sup>  | 996 | 995 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 5.174% 11/15/2036 <sup>(a)(b)(e)</sup>  | 10670 | 10666 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(a)(b)(e)</sup>  | 3395 | 3400 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 5.096% 6/15/2038 <sup>(a)(b)(e)</sup>  | 1981 | 1981 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 5.296% 6/15/2038 <sup>(a)(b)(e)</sup>  | 382 | 382 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 5.526% 6/15/2038 <sup>(a)(b)(e)</sup>  | 259 | 259 |
| BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 5.826% 6/15/2038 <sup>(a)(b)(e)</sup>  | 654 | 654 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 5.276% 11/15/2038 <sup>(a)(b)(e)</sup>  | 8555 | 8555 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.676% 11/15/2038 <sup>(a)(b)(e)</sup>  | 291 | 290 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.926% 11/15/2038 <sup>(a)(b)(e)</sup>  | 86 | 86 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 6.276% 11/15/2038 <sup>(a)(b)(e)</sup>  | 129 | 129 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 5.302% 2/15/2039 <sup>(a)(b)(e)</sup>  | 8600 | 8598 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 6.003% 8/15/2039 <sup>(a)(b)(e)</sup>  | 8000 | 8042 |
| BX Trust, Series 2024-BIO2, Class A, 5.594% 8/13/2041 <sup>(a)(b)(e)</sup>  | 26909 | 27299 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 6.203% <br> 7/15/2041 <sup>(a)(b)(e)</sup>  | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.984% 8/15/2041 <sup>(a)(b)(e)</sup>  | 5461 | 5449 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup>  | 19044 | 19682 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **161** | American Funds Insurance Series |

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------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup>  | USD610 | $602 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043 <sup>(a)(b)(e)</sup>  | 8924 | 9048 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/2040 <sup>(a)(e)</sup>  | 966 | 1009 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/10/2040 <sup>(a)(e)</sup>  | 1121 | 1177 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.379% 9/10/2040 <sup>(a)(b)(e)</sup>  | 862 | 904 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup>  | 200 | 196 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 5.806% <br> 7/15/2038 <sup>(a)(b)(e)</sup>  | 564 | 564 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 6.126% <br> 7/15/2038 <sup>(a)(b)(e)</sup>  | 769 | 770 |
| Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD CME Term SOFR + 2.364%) 6.676% <br> 7/15/2038 <sup>(a)(b)(e)</sup>  | 588 | 590 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)</sup>  | 2432 | 2493 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 12/15/2029 <sup>(a)(b)(e)</sup>  | 1508 | 1510 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup>  | 10443 | 10507 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup>  | 400 | 389 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup>  | 100 | 97 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup>  | 1536 | 1386 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 8260 | 8276 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(a)(b)(e)</sup>  | 15120 | 15543 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(a)(b)(e)</sup>  | 1478 | 1494 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(a)(b)(e)</sup>  | 24720 | 25509 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% <br>3/15/2042 <sup>(a)(b)(e)</sup>  | 28416 | 28334 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup>  | 640 | 623 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup>  | 240 | 233 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup>  | 6854 | 6250 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% <br> 12/15/2049 <sup>(a)(b)</sup>  | 2040 | 2008 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.854% 12/15/2039 <sup>(a)(b)(e)</sup>  | 13405 | 13400 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + <br> 0.915%) 5.227% 4/15/2038 <sup>(a)(b)(e)</sup>  | 19 | 19 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup>  | 97 | 96 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup>  | 245 | 242 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048 <sup>(a)</sup>  | 730 | 718 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) <br> 5.703% 5/15/2039 <sup>(a)(b)(e)</sup>  | 3848 | 3848 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup>  | 4065 | 3571 |
| SREIT Trust, Series 2021-FLWR, Class B, (1-month USD CME Term SOFR + 1.04%) 5.352% 7/15/2036 <sup>(a)(b)(e)</sup>  | 800 | 799 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 5.506% 11/15/2038 <sup>(a)(b)(e)</sup>  | 221 | 221 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.755% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.755% 3/15/2042 <sup>(a)(b)(e)</sup>  | 26882 | 26728 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 9/15/2048 <sup>(a)</sup>  | 1132 | 1129 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup>  | 2550 | 2515 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup>  | 1019 | 963 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)</sup>  | 5667 | 5941 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup>  | 205 | 202 |
|  |  | 381406 |
| **Collateralized mortgage-backed obligations (privately originated) 3.35%** |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup>  | 1747 | 1578 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup>  | 64 | 62 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup>  | 4257 | 4094 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 11821 | 11432 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **162** |

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------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup>  | USD593 | $556 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup>  | 243 | 237 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup>  | 675 | 619 |
| Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 4/25/2033 <sup>(a)(b)(e)</sup>  | 197 | 195 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup>  | 2305 | 2285 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup>  | 13815 | 13523 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup>  | 5199 | 4955 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup>  | 122 | 114 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup>  | 1054 | 952 |
| Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) <br>7.055% 5/25/2042 <sup>(a)(b)(e)</sup>  | 180 | 184 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) <br> 6.705% 12/25/2042 <sup>(a)(b)(e)</sup>  | 465 | 478 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br>6.605% 5/25/2043 <sup>(a)(b)(e)</sup>  | 2374 | 2425 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 6.205% 6/25/2043 <sup>(a)(b)(e)</sup>  | 1415 | 1429 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 6.005% 7/25/2043 <sup>(a)(b)(e)</sup>  | 731 | 735 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 5.355% 1/25/2044 <sup>(a)(b)(e)</sup>  | 3393 | 3393 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 6.105% 1/25/2044 <sup>(a)(b)(e)</sup>  | 507 | 513 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 5.405% 2/25/2044 <sup>(a)(b)(e)</sup>  | 354 | 354 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 6.105% 2/25/2044 <sup>(a)(b)(e)</sup>  | 1053 | 1064 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) <br> 5.405% 5/25/2044 <sup>(a)(b)(e)</sup>  | 2713 | 2713 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%) <br> 5.355% 9/25/2044 <sup>(a)(b)(e)</sup>  | 966 | 966 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) <br> 5.905% 9/25/2044 <sup>(a)(b)(e)</sup>  | 1584 | 1591 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 5.305% 2/25/2045 <sup>(a)(b)(e)</sup>  | 2005 | 2007 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.455% 2/25/2045 <sup>(a)(b)(e)</sup>  | 5202 | 5209 |
| Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%) <br>5.505% 5/25/2045 <sup>(a)(b)(e)</sup>  | 6774 | 6791 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup>  | 1700 | 1385 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup>  | 1872 | 1528 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average <br> USD-SOFR + 2.95%) 7.255% 6/25/2042 <sup>(a)(b)(e)</sup>  | 132 | 135 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.455% 9/25/2042 <sup>(a)(b)(e)</sup>  | 209 | 211 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 8.005% 9/25/2042 <sup>(a)(b)(e)</sup>  | 1519 | 1601 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average <br> USD-SOFR + 1.35%) 5.655% 2/25/2044 <sup>(a)(b)(e)</sup>  | 3318 | 3326 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.505% 5/25/2044 <sup>(a)(b)(e)</sup>  | 13353 | 13381 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average <br> USD-SOFR + 1.00%) 5.305% 10/25/2044 <sup>(a)(b)(e)</sup>  | 3944 | 3944 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average <br> USD-SOFR + 1.45%) 5.755% 10/25/2044 <sup>(a)(b)(e)</sup>  | 1648 | 1652 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.10%) 5.405% 5/25/2045 <sup>(a)(b)(e)</sup>  | 2978 | 2981 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average <br> USD-SOFR + 1.20%) 5.505% 5/25/2045 <sup>(a)(b)(e)</sup>  | 9130 | 9156 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 4454 | 4493 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **163** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup>  | USD1,772 | $1607 |
| GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on 2/1/2028) <br> <sup>(a)(e)(f)</sup>  | 694 | 677 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup>  | 4556 | 4388 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 15394 | 15497 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup>  | 638 | 643 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup>  | 621 | 622 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (6.25% on 11/25/2025) <sup>(a)(e)(f)</sup>  | 1921 | 1919 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup>  | 2027 | 1847 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 23624 | 23561 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.645% 3/25/2053 <sup>(a)(b)(e)</sup>  | 2453 | 2418 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup>  | 6519 | 6567 |
| Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.677% 4/25/2053 <sup>(a)(b)(e)</sup>  | 1880 | 1878 |
| Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) <sup>(a)(e)(f)</sup>  | 3385 | 3411 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 7224 | 7304 |
| Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) <sup>(a)(e)(f)</sup>  | 7021 | 7087 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 17725 | 17931 |
| Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 5192 | 5176 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 19510 | 19630 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup>  | 1303 | 1156 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(a)(e)</sup>  | 4038 | 3805 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup>  | 1084 | 1058 |
| Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup>  | 1044 | 991 |
| Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup>  | 14345 | 13519 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 6176 | 5913 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) <br> 6.062% 10/17/2041 <sup>(a)(b)(e)</sup>  | 6368 | 6410 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup>  | 7476 | 6786 |
| Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.107% 7/25/2065 <sup>(a)(b)(e)</sup>  | 3356 | 3424 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup>  | 1423 | 1423 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup>  | 5021 | 4881 |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup>  | 8569 | 8597 |
| Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup>  | 7475 | 7435 |
| Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup>  | 3360 | 3315 |
| Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 15504 | 15685 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 6574 | 6650 |
| Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 14079 | 14172 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup>  | 4413 | 4414 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup>  | 21776 | 22012 |
|  |  | 368056 |
| **Total mortgage-backed obligations** |  | 3792077 |
| **Corporate bonds, notes & loans 33.01%** | **Corporate bonds, notes & loans 33.01%** | **Corporate bonds, notes & loans 33.01%** |
| **Financials 11.08%** |  |  |
| AerCap Ireland Capital DAC 6.50% 7/15/2025  | 1798 | 1799 |
| AerCap Ireland Capital DAC 1.75% 1/30/2026  | 2841 | 2792 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 10289 | 10027 |
| AerCap Ireland Capital DAC 6.45% 4/15/2027  | 3994 | 4126 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) <br>7.61% 11/17/2029 <sup>(b)(e)(g)(h)</sup>  | 7652 | 7595 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup>  | 1597 | 1690 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup>  | 1995 | 2058 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup>  | EUR437 | 539 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup>  | 2840 | 3708 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup>  | 4065 | 5102 |
| American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025) <sup>(f)</sup>  | USD604 | 608 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup>  | 359 | 391 |
| American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup>  | 1618 | 1634 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **164** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup>  | USD4,927 | $5031 |
| American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup>  | 2464 | 2552 |
| American International Group, Inc. 4.85% 5/7/2030  | 3534 | 3592 |
| American International Group, Inc. 5.125% 3/27/2033  | 2749 | 2796 |
| Aon Corp. 5.35% 2/28/2033  | 1083 | 1116 |
| Aon North America, Inc. 5.15% 3/1/2029  | 3015 | 3089 |
| Aon North America, Inc. 5.30% 3/1/2031  | 1005 | 1040 |
| Aon North America, Inc. 5.45% 3/1/2034  | 2550 | 2621 |
| Aon North America, Inc. 5.75% 3/1/2054  | 1163 | 1147 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 3140 | 3188 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 1845 | 1847 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 1845 | 1771 |
| Banco Santander, SA 5.147% 8/18/2025  | 4000 | 4003 |
| Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on <br> 9/14/2026) <sup>(f)</sup>  | 1400 | 1353 |
| Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup>  | 4295 | 4176 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup>  | 2635 | 2635 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup>  | 3202 | 3002 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup>  | 339 | 353 |
| Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029) <sup>(f)</sup>  | 1150 | 1132 |
| Bank of America Corp. 2.884% 10/22/2030 (3-month USD CME Term SOFR + 1.19% on 10/22/2029) <sup>(f)</sup>  | 3691 | 3456 |
| Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) <sup>(f)</sup>  | 5024 | 5151 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup>  | 20927 | 18255 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup>  | 36155 | 31516 |
| Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 2.65% on 9/16/2025) <sup>(e)(f)</sup>  | 4850 | 4866 |
| Bank of New York Mellon Corp. 4.975% 3/14/2030 (USD-SOFR + 1.085% on 3/14/2029) <sup>(f)</sup>  | 1858 | 1903 |
| Bank of New York Mellon Corp. 5.06% 7/22/2032 (USD-SOFR + 1.23% on 7/22/2031) <sup>(f)</sup>  | 5690 | 5826 |
| Bank of New York Mellon Corp. 5.188% 3/14/2035 (USD-SOFR + 1.418% on 3/14/2034) <sup>(f)</sup>  | 2378 | 2409 |
| Bank of Nova Scotia (The) 5.25% 6/12/2028  | 1370 | 1412 |
| Banque Federative du Credit Mutuel 0.82% 10/16/2026  | JPY300,000 | 2074 |
| Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup>  | USD2,585 | 2605 |
| Block, Inc. 2.75% 6/1/2026  | 1975 | 1935 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup>  | 13134 | 12752 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup>  | 3594 | 3332 |
| BNP Paribas SA 5.738% 2/20/2035 (USD-SOFR + 1.88% on 2/20/2034) <sup>(e)(f)</sup>  | 4117 | 4266 |
| BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025) <sup>(e)(f)</sup>  | 4729 | 4691 |
| BPCE SA 0.895% 12/14/2026  | JPY100,000 | 691 |
| BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup>  | USD2,150 | 2165 |
| BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup>  | 5000 | 5297 |
| BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on <br> 1/18/2029) <sup>(e)(f)</sup>  | 1285 | 1323 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup>  | 1845 | 1914 |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup>  | 3814 | 3885 |
| BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup>  | 4503 | 4617 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(e)(f)</sup>  | 10005 | 10512 |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup>  | 10948 | 11326 |
| CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup>  | 1900 | 2088 |
| CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(e)(f)</sup>  | 3953 | 4138 |
| Canadian Imperial Bank of Commerce 5.237% 6/28/2027  | 2650 | 2699 |
| Canadian Imperial Bank of Commerce 4.857% 3/30/2029 (USD-SOFR + 1.03% on 3/31/2028) <sup>(f)</sup>  | 31095 | 31435 |
| Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025) <sup>(f)</sup>  | 2430 | 2430 |
| Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup>  | 515 | 527 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup>  | 1204 | 1282 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup>  | 2920 | 3045 |
| Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup>  | 2445 | 2535 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031  | 526 | 470 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 2020 | 2005 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 4400 | 4485 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 2015 | 1745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **165** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Citibank, NA 5.803% 9/29/2028  | USD4,100 | $4288 |
| Citigroup, Inc. 4.60% 3/9/2026  | 1800 | 1800 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup>  | 7800 | 7960 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(f)</sup>  | 5103 | 5081 |
| Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup>  | 21543 | 21794 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup>  | 990 | 885 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup>  | 3090 | 2889 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup>  | 123 | 126 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup>  | 1874 | 1889 |
| Citizens Financial Group, Inc. 5.841% 1/23/2030 (USD-SOFR + 2.01% on 1/23/2029) <sup>(f)</sup>  | 15346 | 15898 |
| Citizens Financial Group, Inc. 6.645% 4/25/2035 (USD-SOFR + 2.325% on 4/25/2034) <sup>(f)</sup>  | 4518 | 4872 |
| Corebridge Financial, Inc. 3.65% 4/5/2027  | 3913 | 3863 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 3534 | 3464 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 3964 | 3723 |
| Corebridge Financial, Inc. 4.35% 4/5/2042  | 361 | 304 |
| Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup>  | 2450 | 2404 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on <br> 9/10/2026) <sup>(e)(f)</sup>  | 2990 | 2889 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br>4/1/2027) <sup>(e)(f)</sup>  | 2975 | 2965 |
| Deutsche Bank AG 4.10% 1/13/2026  | 7305 | 7281 |
| Deutsche Bank AG 4.10% 1/13/2026  | 857 | 854 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025) <sup>(f)</sup>  | 27047 | 26776 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup>  | 17595 | 17095 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(f)</sup>  | 7343 | 7715 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(f)</sup>  | 6271 | 6693 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(f)</sup>  | 6685 | 6737 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup>  | 6750 | 6316 |
| Deutsche Bank AG 3.729% 1/14/2032 (USD-SOFR + 2.757% on 1/14/2031) <sup>(f)</sup>  | 3235 | 2965 |
| Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup>  | 3200 | 3184 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on <br>5/25/2026) <sup>(e)(f)</sup>  | 1200 | 1170 |
| Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup>  | EUR1,845 | 2158 |
| Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup>  | 4230 | 4943 |
| Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup>  | 3855 | 4999 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup>  | 12035 | 15435 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup>  | 390 | 489 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(f)</sup>  | USD205 | 216 |
| Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(f)</sup>  | 1968 | 1990 |
| Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup>  | 11396 | 11863 |
| Five Corners Funding Trust III 5.791% 2/15/2033 <sup>(e)</sup>  | 942 | 980 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup>  | 3030 | 2965 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup>  | 13275 | 12820 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup>  | 12997 | 12588 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup>  | 3703 | 3598 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup>  | 5534 | 5459 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup>  | 4895 | 4935 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup>  | 28930 | 30121 |
| Goldman Sachs Group, Inc. 5.049% 7/23/2030 (USD-SOFR + 1.21% on 7/23/2029) <sup>(f)</sup>  | 13759 | 13991 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(f)</sup>  | 2441 | 2449 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup>  | 7315 | 7501 |
| Goldman Sachs Group, Inc. 5.016% 10/23/2035 (USD-SOFR + 1.42% on 10/23/2034) <sup>(f)</sup>  | 2929 | 2895 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(f)</sup>  | 24589 | 25225 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup>  | 3160 | 2264 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup>  | 14232 | 13261 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup>  | 9437 | 8351 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup>  | 2000 | 2012 |
| ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup>  | 1680 | 1711 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031  | 1091 | 1132 |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup>  | 15400 | 15436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **166** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup>  | USD6,250 | $6170 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup>  | 1986 | 1949 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(e)(f)</sup>  | 5100 | 5727 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 705 | 677 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup>  | 323 | 316 |
| JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup>  | 1400 | 1431 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup>  | 20000 | 20196 |
| JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup>  | 2678 | 2734 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup>  | 8670 | 8783 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup>  | 11980 | 11932 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup>  | 6480 | 6730 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup>  | 10724 | 10922 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup>  | 6549 | 6573 |
| JPMorgan Chase & Co. 5.103% 4/22/2031 (USD-SOFR + 1.435% on 4/22/2030) <sup>(f)</sup>  | 4720 | 4838 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup>  | 641 | 556 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup>  | 5313 | 4679 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup>  | 17099 | 17407 |
| JPMorgan Chase & Co. 4.946% 10/22/2035 (USD-SOFR + 1.34% on 10/22/2034) <sup>(f)</sup>  | 2790 | 2762 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup>  | 10233 | 10609 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.70% on 10/2/2026) <sup>(f)</sup>  | 2415 | 2352 |
| KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on <br>1/19/2028) <sup>(e)(f)</sup>  | 1375 | 1420 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.48% on 8/7/2026) <sup>(f)</sup>  | 1625 | 1650 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.375% on 1/5/2027) <sup>(f)</sup>  | 200 | 203 |
| Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.75% on 1/5/2034) <sup>(f)</sup>  | 1979 | 2032 |
| M&T Bank Corp. 7.413% 10/30/2029 (USD-SOFR + 2.80% on 10/30/2028) <sup>(f)</sup>  | 6528 | 7081 |
| M&T Bank Corp. 6.082% 3/13/2032 (USD-SOFR + 2.26% on 3/13/2031) <sup>(f)</sup>  | 6357 | 6715 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 2285 | 2286 |
| Marsh & McLennan Cos., Inc. 5.35% 11/15/2044  | 250 | 246 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 2060 | 1987 |
| MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 <br>(3-month USD CME Term SOFR + 4.222% on 12/15/2037) <sup>(e)(f)</sup>  | 1405 | 1544 |
| MetLife, Inc. 3.60% 11/13/2025  | 3490 | 3481 |
| MetLife, Inc. 5.375% 7/15/2033  | 1279 | 1332 |
| Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup>  | 840 | 871 |
| Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup>  | 2050 | 2089 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup>  | 619 | 629 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.75% on 7/20/2026) <sup>(f)</sup>  | 6200 | 6017 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant <br> Maturity + 0.67% on 10/13/2026) <sup>(f)</sup>  | 2225 | 2149 |
| Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 <br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028) <sup>(f)</sup>  | 1430 | 1468 |
| Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 <br>(1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032) <sup>(f)</sup>  | 763 | 773 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.75% on 7/9/2026) <sup>(f)</sup>  | 1367 | 1327 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.65% on 7/6/2028) <sup>(f)</sup>  | 1701 | 1767 |
| Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 1.12% on 5/26/2029) <sup>(f)</sup>  | 2020 | 2078 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup>  | 13336 | 12940 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup>  | 350 | 355 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup>  | 21869 | 22301 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup>  | 21784 | 22631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **167** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup>  | USD1,704 | $1708 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup>  | 4664 | 4782 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup>  | 3031 | 2594 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup>  | 11313 | 11593 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup>  | 3069 | 3108 |
| Morgan Stanley 5.587% 1/18/2036 (USD-SOFR + 1.418% on 1/18/2035) <sup>(f)</sup>  | 14060 | 14438 |
| Morgan Stanley 5.664% 4/17/2036 (USD-SOFR + 1.757% on 4/17/2035) <sup>(f)</sup>  | 9846 | 10207 |
| Morgan Stanley Bank, N.A. 5.882% 10/30/2026  | 2775 | 2834 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup>  | 695 | 610 |
| NatWest Group PLC 5.847% 3/2/2027 <br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 3/2/2026) <sup>(f)</sup>  | 3555 | 3587 |
| NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br> 3/1/2027) <sup>(f)</sup>  | 2170 | 2210 |
| Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup>  | 2090 | 2132 |
| OneMain Finance Corp. 7.125% 3/15/2026  | 87 | 88 |
| Piraeus Bank SA 7.25% 7/13/2028 (1-year EUR Mid-Swap + 3.692% on 7/13/2027) <sup>(f)</sup>  | EUR565 | 725 |
| Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup>  | 165 | 203 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup>  | 1345 | 1760 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup>  | USD4,594 | 4759 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup>  | 12265 | 13716 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup>  | 635 | 660 |
| Royal Bank of Canada 4.90% 1/12/2028  | 360 | 367 |
| Royal Bank of Canada 4.95% 2/1/2029  | 1360 | 1392 |
| Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup>  | 5100 | 5319 |
| Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup>  | 3706 | 3773 |
| Standard Chartered PLC 5.905% 5/14/2035 <br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 5/14/2034) <sup>(e)(f)</sup>  | 546 | 568 |
| State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032) <sup>(f)</sup>  | 1640 | 1577 |
| State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033) <sup>(f)</sup>  | 2579 | 2635 |
| Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026  | 1429 | 1451 |
| Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027  | 1100 | 1067 |
| Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028  | 1045 | 1089 |
| Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033  | 373 | 393 |
| Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup>  | 1400 | 1453 |
| Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup>  | 2100 | 2146 |
| Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup>  | 1370 | 1389 |
| Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup>  | 2605 | 2636 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup>  | 2396 | 2592 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup>  | 1741 | 1794 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup>  | 4707 | 4800 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup>  | 1586 | 1657 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup>  | 2440 | 2530 |
| U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup>  | 2115 | 2129 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup>  | 7300 | 7518 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup>  | 2839 | 2804 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup>  | 1712 | 1799 |
| UBS AG 7.50% 2/15/2028  | 2445 | 2638 |
| UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup>  | 11200 | 10990 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on <br>8/10/2026) <sup>(e)(f)</sup>  | 6623 | 6407 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on <br>2/8/2029) <sup>(e)(f)</sup>  | 17490 | 17966 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(e)(f)</sup>  | 14459 | 15017 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup>  | 9636 | 9438 |
| UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on <br>2/11/2031) <sup>(e)(f)</sup>  | 1392 | 1204 |
| UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup>  | 20425 | 18546 |
| UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on <br>2/11/2032) <sup>(e)(f)</sup>  | 4038 | 3524 |
| UBS Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032) <sup>(e)(f)</sup>  | 5000 | 6184 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **168** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup>  | USD1,395 | $1395 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029  | 462 | 455 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup>  | 6615 | 6524 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup>  | 11151 | 11397 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup>  | 1003 | 967 |
| Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup>  | 8357 | 8429 |
| Wells Fargo & Co. 4.97% 4/23/2029 (USD-SOFR + 1.37% on 4/23/2028) <sup>(f)</sup>  | 4895 | 4964 |
| Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup>  | 2545 | 2628 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup>  | 4260 | 4364 |
| Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup>  | 6025 | 6167 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup>  | 4062 | 4442 |
| Wells Fargo & Co. 5.211% 12/3/2035 (USD-SOFR + 1.38% on 12/3/2034) <sup>(f)</sup>  | 198 | 199 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(f)</sup>  | 13513 | 13954 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup>  | 5719 | 4877 |
|  |  | 1215226 |
| **Utilities 4.25%** |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051  | 1380 | 930 |
| AEP Transmission Co., LLC 5.375% 6/15/2035  | 1075 | 1099 |
| Alabama Power Co. 3.00% 3/15/2052  | 3219 | 2085 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup>  | 411 | 303 |
| Baltimore Gas and Electric Co. 4.55% 6/1/2052  | 525 | 441 |
| Berkshire Hathaway Energy Co. 4.50% 2/1/2045  | 5895 | 5074 |
| Berkshire Hathaway Energy Co. 4.60% 5/1/2053  | 1017 | 851 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup>  | 2400 | 2336 |
| Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup>  | 3655 | 3573 |
| Connecticut Light and Power Co. (The) 2.05% 7/1/2031  | 1775 | 1550 |
| DTE Energy Co. 5.10% 3/1/2029  | 7900 | 8059 |
| DTE Energy Co. 3.00% 3/1/2032  | 259 | 236 |
| Duke Energy Carolinas, LLC 5.35% 1/15/2053  | 332 | 319 |
| Duke Energy Florida, LLC 5.875% 11/15/2033  | 370 | 395 |
| Duke Energy Florida, LLC 3.40% 10/1/2046  | 5669 | 4080 |
| Duke Energy Florida, LLC 3.00% 12/15/2051  | 293 | 185 |
| Duke Energy Florida, LLC 5.95% 11/15/2052  | 575 | 591 |
| Duke Energy Progress, LLC 3.70% 9/1/2028  | 3750 | 3709 |
| Duke Energy Progress, LLC 2.00% 8/15/2031  | 1775 | 1542 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 644 | 373 |
| Edison International 4.125% 3/15/2028  | 6768 | 6535 |
| Edison International 6.95% 11/15/2029  | 1575 | 1638 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 1420 | 1474 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(f)</sup>  | EUR2,800 | 3214 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup>  | USD1,575 | 1780 |
| Emera US Finance, LP 2.639% 6/15/2031  | 4400 | 3866 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup>  | 1310 | 1292 |
| Entergy Louisiana, LLC 4.20% 9/1/2048  | 5637 | 4496 |
| Eversource Energy 5.00% 1/1/2027  | 3415 | 3447 |
| FirstEnergy Corp. 1.60% 1/15/2026  | 20066 | 19701 |
| FirstEnergy Corp. 2.65% 3/1/2030  | 16560 | 15212 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 12602 | 11197 |
| Florida Power & Light Co. 4.40% 5/15/2028  | 1655 | 1668 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 7431 | 7600 |
| Florida Power & Light Co. 4.80% 5/15/2033  | 2929 | 2938 |
| Florida Power & Light Co. 5.30% 4/1/2053  | 1255 | 1201 |
| Georgia Power Co. 4.95% 5/17/2033  | 1845 | 1860 |
| Georgia Power Co. 5.25% 3/15/2034  | 3200 | 3265 |
| Georgia Power Co. 3.70% 1/30/2050  | 190 | 142 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **169** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Utilities (continued)** |  |  |
| Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup>  | USD525 | $461 |
| Monongahela Power Co. 3.55% 5/15/2027 <sup>(e)</sup>  | 1700 | 1676 |
| NiSource, Inc. 5.40% 6/30/2033  | 650 | 665 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 27543 | 27283 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026  | 10850 | 10709 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 2026 | 1919 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027  | 7105 | 6876 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028  | 2542 | 2415 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028  | 13760 | 13356 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 7900 | 7858 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 35449 | 34617 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 21597 | 18759 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 12824 | 13412 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 1294 | 1394 |
| Pacific Gas and Electric Co. 5.80% 5/15/2034  | 5376 | 5378 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 14434 | 14312 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 10340 | 7405 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 5524 | 4458 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 15807 | 10149 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 2410 | 2188 |
| PacifiCorp 5.30% 2/15/2031  | 603 | 621 |
| PacifiCorp 5.45% 2/15/2034  | 8920 | 9051 |
| PacifiCorp 3.30% 3/15/2051  | 325 | 212 |
| PacifiCorp 2.90% 6/15/2052  | 586 | 347 |
| PacifiCorp 5.35% 12/1/2053  | 3678 | 3310 |
| PacifiCorp 5.50% 5/15/2054  | 8738 | 8046 |
| PacifiCorp 5.80% 1/15/2055  | 7735 | 7411 |
| PECO Energy Co. 5.25% 9/15/2054  | 1775 | 1685 |
| Public Service Electric and Gas Co. 3.20% 5/15/2029  | 6000 | 5798 |
| Public Service Electric and Gas Co. 5.20% 8/1/2033  | 1200 | 1237 |
| Public Service Electric and Gas Co. 5.50% 3/1/2055  | 1503 | 1484 |
| Southern California Edison Co. 4.90% 6/1/2026  | 1177 | 1178 |
| Southern California Edison Co. 5.30% 3/1/2028  | 3826 | 3876 |
| Southern California Edison Co. 4.20% 3/1/2029  | 8211 | 8042 |
| Southern California Edison Co. 2.85% 8/1/2029  | 7858 | 7275 |
| Southern California Edison Co. 5.25% 3/15/2030  | 19378 | 19586 |
| Southern California Edison Co. 2.50% 6/1/2031  | 5044 | 4383 |
| Southern California Edison Co. 5.45% 6/1/2031  | 9875 | 10055 |
| Southern California Edison Co. 5.20% 6/1/2034  | 5196 | 5043 |
| Southern California Edison Co. 5.45% 3/1/2035  | 1845 | 1812 |
| Southern California Edison Co. 5.75% 4/1/2035  | 4549 | 4644 |
| Southern California Edison Co. 5.35% 7/15/2035  | 6450 | 6288 |
| Southern California Edison Co. 5.625% 2/1/2036  | 7051 | 6866 |
| Southern California Edison Co. 3.60% 2/1/2045  | 2417 | 1666 |
| Southern California Edison Co. 2.95% 2/1/2051  | 706 | 414 |
| Southern California Edison Co. 3.65% 6/1/2051  | 29 | 19 |
| Southern California Edison Co. 5.90% 3/1/2055  | 1661 | 1521 |
| Southwestern Electric Power Co. 1.65% 3/15/2026  | 3550 | 3481 |
| Southwestern Electric Power Co. 3.25% 11/1/2051  | 2075 | 1343 |
| Virginia Electric & Power 2.40% 3/30/2032  | 2575 | 2234 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031  | 525 | 451 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050  | 1075 | 772 |
| Wisconsin Public Service Corp. 2.85% 12/1/2051  | 375 | 230 |
| Xcel Energy, Inc. 4.75% 3/21/2028  | 7808 | 7886 |
| Xcel Energy, Inc. 2.60% 12/1/2029  | 4049 | 3747 |
| Xcel Energy, Inc. 5.45% 8/15/2033  | 4355 | 4445 |
| Xcel Energy, Inc. 5.50% 3/15/2034  | 4230 | 4300 |
|  |  | 466306 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **170** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care 4.14%** |  |  |
| AbbVie, Inc. 5.05% 3/15/2034  | USD18,501 | $18844 |
| AbbVie, Inc. 5.35% 3/15/2044  | 800 | 785 |
| AbbVie, Inc. 5.40% 3/15/2054  | 15770 | 15345 |
| AbbVie, Inc. 5.50% 3/15/2064  | 550 | 534 |
| Amgen, Inc. 5.507% 3/2/2026  | 725 | 725 |
| Amgen, Inc. 5.15% 3/2/2028  | 5326 | 5444 |
| Amgen, Inc. 4.05% 8/18/2029  | 7429 | 7345 |
| Amgen, Inc. 2.45% 2/21/2030  | 5131 | 4700 |
| Amgen, Inc. 5.25% 3/2/2030  | 2854 | 2942 |
| Amgen, Inc. 4.20% 3/1/2033  | 8502 | 8164 |
| Amgen, Inc. 5.25% 3/2/2033  | 20793 | 21300 |
| Amgen, Inc. 4.875% 3/1/2053  | 3360 | 2937 |
| Amgen, Inc. 4.40% 2/22/2062  | 196 | 153 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 6925 | 7062 |
| Baxter International, Inc. 2.539% 2/1/2032  | 3906 | 3406 |
| Bristol-Myers Squibb Co. 4.90% 2/22/2029  | 2625 | 2688 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 3990 | 4134 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 22685 | 23242 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 425 | 422 |
| Bristol-Myers Squibb Co. 2.55% 11/13/2050  | 2113 | 1234 |
| Bristol-Myers Squibb Co. 3.70% 3/15/2052  | 2197 | 1602 |
| Bristol-Myers Squibb Co. 6.25% 11/15/2053  | 1740 | 1866 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 12840 | 12535 |
| Centene Corp. 4.25% 12/15/2027  | 14860 | 14644 |
| Centene Corp. 2.45% 7/15/2028  | 12410 | 11533 |
| Centene Corp. 4.625% 12/15/2029  | 14945 | 14546 |
| Centene Corp. 3.375% 2/15/2030  | 15718 | 14488 |
| Cigna Group (The) 5.125% 5/15/2031  | 2095 | 2156 |
| Cigna Group (The) 5.25% 2/15/2034  | 3745 | 3806 |
| CVS Health Corp. 5.125% 2/21/2030  | 1720 | 1752 |
| CVS Health Corp. 5.25% 1/30/2031  | 960 | 982 |
| CVS Health Corp. 5.55% 6/1/2031  | 3707 | 3852 |
| CVS Health Corp. 5.25% 2/21/2033  | 2122 | 2137 |
| CVS Health Corp. 5.70% 6/1/2034  | 7706 | 7938 |
| CVS Health Corp. 5.625% 2/21/2053  | 40 | 37 |
| CVS Health Corp. 5.875% 6/1/2053  | 4897 | 4682 |
| CVS Health Corp. 6.05% 6/1/2054  | 1995 | 1957 |
| CVS Health Corp. 6.00% 6/1/2063  | 1344 | 1286 |
| Elevance Health, Inc. 4.95% 11/1/2031  | 2322 | 2356 |
| Elevance Health, Inc. 5.20% 2/15/2035  | 7577 | 7660 |
| Elevance Health, Inc. 4.55% 5/15/2052  | 271 | 222 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 784 | 701 |
| Elevance Health, Inc. 5.70% 2/15/2055  | 995 | 965 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 23057 | 23641 |
| Eli Lilly and Co. 5.50% 2/12/2055  | 7907 | 7962 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 3340 | 3457 |
| HCA, Inc. 5.20% 6/1/2028  | 4165 | 4256 |
| HCA, Inc. 2.375% 7/15/2031  | 2233 | 1944 |
| HCA, Inc. 3.625% 3/15/2032  | 2400 | 2215 |
| HCA, Inc. 4.625% 3/15/2052  | 226 | 182 |
| Humana, Inc. 5.375% 4/15/2031  | 5530 | 5659 |
| Humana, Inc. 5.55% 5/1/2035  | 1735 | 1745 |
| Humana, Inc. 5.75% 4/15/2054  | 954 | 889 |
| Johnson & Johnson 4.80% 6/1/2029  | 3970 | 4080 |
| Johnson & Johnson 4.90% 6/1/2031  | 4175 | 4319 |
| Merck & Co., Inc. 1.70% 6/10/2027  | 3093 | 2966 |
| Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028  | 1375 | 1386 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 7942 | 7921 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 5622 | 5311 |
| Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup>  | 7545 | 7031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **171** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup>  | USD765 | $757 |
| Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup>  | 645 | 395 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026  | 306 | 302 |
| Stryker Corp. 4.85% 2/10/2030  | 1235 | 1260 |
| Stryker Corp. 5.20% 2/10/2035  | 1110 | 1132 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 12074 | 12080 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 26824 | 27874 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 4431 | 4460 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 3720 | 4063 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 2935 | 3327 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 725 | 741 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 37896 | 27295 |
| UnitedHealth Group, Inc. 3.75% 7/15/2025  | 5410 | 5408 |
| UnitedHealth Group, Inc. 4.80% 1/15/2030  | 395 | 401 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030  | 466 | 417 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032  | 1910 | 1935 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032  | 1654 | 1602 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 15956 | 16125 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041  | 1300 | 956 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048  | 960 | 772 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051  | 572 | 380 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 10472 | 10165 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062  | 69 | 59 |
| Viatris, Inc. 4.00% 6/22/2050  | 3750 | 2500 |
|  |  | 454479 |
| **Consumer discretionary 3.71%** |  |  |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup>  | 335 | 325 |
| Amazon.com, Inc. 1.65% 5/12/2028  | 3860 | 3626 |
| Amazon.com, Inc. 3.45% 4/13/2029  | 600 | 589 |
| Amazon.com, Inc. 3.25% 5/12/2061  | 4100 | 2670 |
| Amazon.com, Inc. 4.10% 4/13/2062  | 470 | 369 |
| Atlas LuxCo 4 SARL 4.625% 6/1/2028 <sup>(e)</sup>  | 255 | 247 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 14740 | 15308 |
| BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup>  | 1075 | 1059 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup>  | 1350 | 1259 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup>  | 4115 | 4213 |
| Daimler Trucks Finance North America, LLC 5.00% 1/15/2027 <sup>(e)</sup>  | 794 | 802 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027 <sup>(e)</sup>  | 3567 | 3523 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2027 <sup>(e)</sup>  | 1320 | 1339 |
| Daimler Trucks Finance North America, LLC 5.40% 9/20/2028 <sup>(e)</sup>  | 832 | 855 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(e)</sup>  | 3230 | 3015 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(e)</sup>  | 565 | 578 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031 <sup>(e)</sup>  | 8174 | 7096 |
| Daimler Trucks Finance North America, LLC 5.375% 1/13/2032 <sup>(e)</sup>  | 430 | 437 |
| Daimler Trucks Finance North America, LLC 5.50% 9/20/2033 <sup>(e)</sup>  | 691 | 701 |
| Daimler Trucks Finance North America, LLC 5.375% 1/18/2034 <sup>(e)</sup>  | 246 | 247 |
| Daimler Trucks Finance North America, LLC 5.625% 1/13/2035 <sup>(e)</sup>  | 3395 | 3457 |
| Ford Motor Co. 3.25% 2/12/2032  | 620 | 523 |
| Ford Motor Credit Co., LLC 6.95% 3/6/2026  | 855 | 863 |
| Ford Motor Credit Co., LLC 6.95% 6/10/2026  | 755 | 765 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026  | 200 | 195 |
| Ford Motor Credit Co., LLC 5.125% 11/5/2026  | 9695 | 9675 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 18742 | 18479 |
| Ford Motor Credit Co., LLC 5.80% 3/5/2027  | 3145 | 3171 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 6490 | 6542 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 485 | 482 |
| Ford Motor Credit Co., LLC 4.125% 8/17/2027  | 39480 | 38603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **172** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | USD3,990 | $3853 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | 7549 | 7842 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 24035 | 24284 |
| Ford Motor Credit Co., LLC 6.80% 5/12/2028  | 2030 | 2099 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 762 | 790 |
| Ford Motor Credit Co., LLC 2.90% 2/10/2029  | 1065 | 969 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 6740 | 6756 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029  | 9854 | 9639 |
| Ford Motor Credit Co., LLC 5.303% 9/6/2029  | 5407 | 5312 |
| Ford Motor Credit Co., LLC 7.35% 3/6/2030  | 10668 | 11266 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 1015 | 1069 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031  | 3960 | 3953 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031  | 1215 | 1070 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 688 | 714 |
| General Motors Co. 6.125% 10/1/2025  | 13888 | 13913 |
| General Motors Financial Co., Inc. 1.50% 6/10/2026  | 6712 | 6517 |
| General Motors Financial Co., Inc. 2.35% 2/26/2027  | 9771 | 9420 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030  | 10000 | 10126 |
| General Motors Financial Co., Inc. 5.45% 7/15/2030  | 8013 | 8129 |
| General Motors Financial Co., Inc. 5.625% 4/4/2032  | 1201 | 1216 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 2888 | 2905 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(e)</sup>  | 528 | 560 |
| Home Depot, Inc. 2.95% 6/15/2029  | 1966 | 1882 |
| Home Depot, Inc. 4.75% 6/25/2029  | 1849 | 1888 |
| Home Depot, Inc. 4.85% 6/25/2031  | 2559 | 2626 |
| Home Depot, Inc. 4.95% 6/25/2034  | 4749 | 4809 |
| Home Depot, Inc. 4.50% 12/6/2048  | 1915 | 1644 |
| Home Depot, Inc. 5.30% 6/25/2054  | 2234 | 2147 |
| Hyatt Hotels Corp. 5.05% 3/30/2028  | 8567 | 8662 |
| Hyundai Capital America 1.80% 10/15/2025 <sup>(e)</sup>  | 13274 | 13164 |
| Hyundai Capital America 6.25% 11/3/2025 <sup>(e)</sup>  | 825 | 828 |
| Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup>  | 6000 | 5897 |
| Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup>  | 705 | 709 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 7475 | 7259 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 7275 | 7024 |
| Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup>  | 9000 | 8784 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup>  | 1650 | 1672 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup>  | 7543 | 7176 |
| Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup>  | 1385 | 1419 |
| Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup>  | 1523 | 1551 |
| Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup>  | 25720 | 26038 |
| Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup>  | 3365 | 3444 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup>  | 3695 | 3622 |
| Marriott International, Inc. 5.00% 10/15/2027  | 4470 | 4545 |
| Marriott International, Inc. 4.90% 4/15/2029  | 653 | 665 |
| Marriott International, Inc. 5.35% 3/15/2035  | 1365 | 1377 |
| McDonald's Corp. 5.00% 5/17/2029  | 1305 | 1342 |
| McDonald's Corp. 4.95% 3/3/2035  | 786 | 786 |
| McDonald's Corp. 4.45% 3/1/2047  | 3535 | 2991 |
| McDonald's Corp. 3.625% 9/1/2049  | 2938 | 2133 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup>  | 267 | 245 |
| Sands China, Ltd. 2.30% 3/8/2027  | 2368 | 2275 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030  | 4954 | 4737 |
| Toyota Motor Credit Corp. 4.55% 5/17/2030  | 1625 | 1636 |
| Toyota Motor Credit Corp. 5.55% 11/20/2030  | 690 | 727 |
| Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup>  | 675 | 683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **173** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup>  | USD1,635 | $1642 |
| Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup>  | 5190 | 5525 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup>  | 410 | 407 |
|  |  | 407376 |
| **Energy 2.63%** |  |  |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup>  | 280 | 282 |
| APA Corp. 4.25% 1/15/2030 <sup>(e)</sup>  | 2465 | 2361 |
| Apache Corp. 4.625% 11/15/2025  | 645 | 644 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 395 | 401 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026  | 1136 | 1101 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025  | 754 | 753 |
| Cenovus Energy, Inc. 5.375% 7/15/2025  | 2763 | 2763 |
| Cenovus Energy, Inc. 4.25% 4/15/2027  | 13613 | 13586 |
| Cenovus Energy, Inc. 2.65% 1/15/2032  | 2969 | 2567 |
| Cenovus Energy, Inc. 5.25% 6/15/2037  | 289 | 273 |
| Cenovus Energy, Inc. 3.75% 2/15/2052  | 19 | 13 |
| Chevron Corp. 2.954% 5/16/2026  | 3365 | 3327 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 22400 | 22677 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup>  | 268 | 283 |
| Devon Energy Corp. 5.75% 9/15/2054  | 2068 | 1863 |
| Diamondback Energy, Inc. 5.55% 4/1/2035  | 9020 | 9122 |
| Ecopetrol SA 8.875% 1/13/2033  | 15325 | 15820 |
| Energy Transfer, LP 5.25% 7/1/2029  | 979 | 1003 |
| Energy Transfer, LP 6.40% 12/1/2030  | 479 | 516 |
| Eni SpA 5.50% 5/15/2034 <sup>(e)</sup>  | 359 | 362 |
| Eni SpA 5.95% 5/15/2054 <sup>(e)</sup>  | 222 | 215 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 1465 | 1461 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 5080 | 5177 |
| Equinor ASA 3.625% 9/10/2028  | 4928 | 4862 |
| Equinor ASA 3.125% 4/6/2030  | 20000 | 19094 |
| Equinor ASA 3.25% 11/18/2049  | 5687 | 3979 |
| Exxon Mobil Corp. 3.043% 3/1/2026  | 4625 | 4590 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 6510 | 4620 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 11320 | 11460 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup>  | 1470 | 1493 |
| Occidental Petroleum Corp. 6.625% 9/1/2030  | 5120 | 5417 |
| Occidental Petroleum Corp. 5.55% 10/1/2034  | 5200 | 5106 |
| Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(e)</sup>  | 6 | 6 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(e)</sup>  | 1715 | 1673 |
| Oleoducto Central SA 4.00% 7/14/2027  | 350 | 341 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 5000 | 4998 |
| Petroleos Mexicanos 4.50% 1/23/2026  | 1158 | 1143 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 2965 | 2968 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 20653 | 20562 |
| Petroleos Mexicanos 6.50% 3/13/2027  | 35154 | 34932 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 2404 | 2354 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 14185 | 14705 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 11164 | 10793 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 4681 | 4236 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 15755 | 14652 |
| Petroleos Mexicanos 6.50% 6/2/2041  | 645 | 480 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 259 | 184 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 4589 | 3327 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 352 | 245 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 5874 | 4624 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 6406 | 4607 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(e)</sup>  | 6770 | 6362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **174** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Shell Finance US, Inc. 2.75% 4/6/2030  | USD377 | $354 |
| South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027 <sup>(e)</sup>  | 809 | 814 |
| TotalEnergies Capital International SA 3.455% 2/19/2029  | 885 | 866 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 6805 | 6377 |
|  |  | 288794 |
| **Industrials 1.88%** |  |  |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup>  | 510 | 493 |
| Aeropuerto Internacional de Tocumen, SA 4.00% 8/11/2041 <sup>(e)</sup>  | 730 | 550 |
| Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061 <sup>(e)</sup>  | 565 | 398 |
| Air Lease Corp. 2.875% 1/15/2026  | 10172 | 10070 |
| Air Lease Corp. 2.20% 1/15/2027  | 4341 | 4204 |
| Air Lease Corp. 5.20% 7/15/2031  | 3650 | 3732 |
| BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup>  | 1200 | 1214 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup>  | 3482 | 3570 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup>  | 2156 | 2230 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 570 | 583 |
| Boeing Co. (The) 2.75% 2/1/2026  | 11211 | 11085 |
| Boeing Co. (The) 2.196% 2/4/2026  | 9781 | 9630 |
| Boeing Co. (The) 2.70% 2/1/2027  | 6473 | 6294 |
| Boeing Co. (The) 5.04% 5/1/2027  | 13539 | 13646 |
| Boeing Co. (The) 6.259% 5/1/2027  | 4214 | 4337 |
| Boeing Co. (The) 3.25% 2/1/2028  | 11810 | 11457 |
| Boeing Co. (The) 3.25% 3/1/2028  | 1925 | 1861 |
| Boeing Co. (The) 6.298% 5/1/2029  | 1507 | 1594 |
| Boeing Co. (The) 5.15% 5/1/2030  | 25342 | 25812 |
| Boeing Co. (The) 3.625% 2/1/2031  | 751 | 708 |
| Boeing Co. (The) 6.388% 5/1/2031  | 5632 | 6055 |
| Boeing Co. (The) 6.528% 5/1/2034  | 1381 | 1501 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026  | 1066 | 1029 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 578 | 421 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1801 | 1185 |
| CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup>  | 1260 | 1270 |
| CSX Corp. 4.10% 11/15/2032  | 1886 | 1830 |
| CSX Corp. 5.20% 11/15/2033  | 1333 | 1379 |
| CSX Corp. 4.50% 11/15/2052  | 4470 | 3773 |
| Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(e)</sup>  | 978 | 1003 |
| General Dynamics Corp. 3.75% 5/15/2028  | 479 | 477 |
| General Dynamics Corp. 3.625% 4/1/2030  | 387 | 377 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033  | 1126 | 1157 |
| LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup>  | 13205 | 13260 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup>  | 2690 | 2655 |
| Norfolk Southern Corp. 5.05% 8/1/2030  | 1734 | 1793 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 1458 | 1394 |
| Northrop Grumman Corp. 4.70% 3/15/2033  | 2909 | 2901 |
| Northrop Grumman Corp. 4.95% 3/15/2053  | 1124 | 1011 |
| Republic Services, Inc. 2.375% 3/15/2033  | 1635 | 1398 |
| Republic Services, Inc. 5.00% 4/1/2034  | 15 | 15 |
| RTX Corp. 5.75% 11/8/2026  | 550 | 560 |
| RTX Corp. 3.125% 5/4/2027  | 4551 | 4464 |
| RTX Corp. 4.125% 11/16/2028  | 4974 | 4956 |
| RTX Corp. 5.75% 1/15/2029  | 410 | 430 |
| RTX Corp. 6.00% 3/15/2031  | 550 | 591 |
| RTX Corp. 2.375% 3/15/2032  | 451 | 393 |
| RTX Corp. 6.10% 3/15/2034  | 401 | 434 |
| RTX Corp. 2.82% 9/1/2051  | 665 | 411 |
| RTX Corp. 3.03% 3/15/2052  | 1190 | 764 |
| RTX Corp. 6.40% 3/15/2054  | 1006 | 1104 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **175** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup>  | USD2,550 | $2254 |
| Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup>  | 2482 | 2156 |
| Union Pacific Corp. 2.15% 2/5/2027  | 2213 | 2150 |
| Union Pacific Corp. 2.40% 2/5/2030  | 4454 | 4109 |
| Union Pacific Corp. 2.375% 5/20/2031  | 2298 | 2067 |
| Union Pacific Corp. 2.80% 2/14/2032  | 5244 | 4733 |
| Union Pacific Corp. 5.10% 2/20/2035  | 2104 | 2141 |
| Union Pacific Corp. 2.95% 3/10/2052  | 1405 | 897 |
| Union Pacific Corp. 5.60% 12/1/2054  | 470 | 468 |
| United Rentals (North America), Inc. 5.50% 5/15/2027  | 2500 | 2502 |
| Veralto Corp. 5.50% 9/18/2026  | 350 | 354 |
| Veralto Corp. 5.35% 9/18/2028  | 2450 | 2526 |
| Veralto Corp. 5.45% 9/18/2033  | 1680 | 1734 |
| Waste Management, Inc. 1.50% 3/15/2031  | 419 | 358 |
| Waste Management, Inc. 4.80% 3/15/2032  | 4135 | 4200 |
|  |  | 206108 |
| **Communication services 1.64%** |  |  |
| AT&T, Inc. 1.70% 3/25/2026  | 17807 | 17453 |
| AT&T, Inc. 1.65% 2/1/2028  | 4700 | 4410 |
| AT&T, Inc. 4.30% 2/15/2030  | 15940 | 15893 |
| AT&T, Inc. 2.55% 12/1/2033  | 12748 | 10673 |
| AT&T, Inc. 5.40% 2/15/2034  | 442 | 455 |
| AT&T, Inc. 4.50% 5/15/2035  | 174 | 166 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 4800 | 4788 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup>  | 1265 | 1201 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 3875 | 3452 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 1360 | 1424 |
| Charter Communications Operating, LLC 2.80% 4/1/2031  | 6057 | 5403 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 1092 | 1029 |
| Charter Communications Operating, LLC 5.75% 4/1/2048  | 5000 | 4550 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 5134 | 4111 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 2519 | 1679 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 6148 | 4223 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 1065 | 905 |
| Comcast Corp. 3.15% 2/15/2028  | 7200 | 7015 |
| Comcast Corp. 4.55% 1/15/2029  | 1610 | 1628 |
| Comcast Corp. 4.80% 5/15/2033  | 1841 | 1838 |
| Comcast Corp. 2.887% 11/1/2051  | 18 | 11 |
| Comcast Corp. 5.65% 6/1/2054  | 3313 | 3222 |
| Comcast Corp. 5.50% 5/15/2064  | 250 | 233 |
| Netflix, Inc. 4.90% 8/15/2034  | 645 | 658 |
| Netflix, Inc. 5.40% 8/15/2054  | 127 | 125 |
| News Corp. 5.125% 2/15/2032 <sup>(e)</sup>  | 1300 | 1273 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup>  | 6741 | 6470 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 675 | 649 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 12000 | 10674 |
| T-Mobile USA, Inc. 2.625% 4/15/2026  | 4416 | 4350 |
| T-Mobile USA, Inc. 3.75% 4/15/2027  | 5000 | 4950 |
| T-Mobile USA, Inc. 4.95% 3/15/2028  | 705 | 717 |
| T-Mobile USA, Inc. 4.80% 7/15/2028  | 175 | 177 |
| T-Mobile USA, Inc. 4.85% 1/15/2029  | 2725 | 2764 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 4500 | 4372 |
| T-Mobile USA, Inc. 2.875% 2/15/2031  | 14691 | 13378 |
| T-Mobile USA, Inc. 5.125% 5/15/2032  | 4970 | 5070 |
| T-Mobile USA, Inc. 5.05% 7/15/2033  | 832 | 838 |
| T-Mobile USA, Inc. 5.75% 1/15/2034  | 730 | 765 |
| T-Mobile USA, Inc. 3.00% 2/15/2041  | 2100 | 1538 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **176** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Communication services (continued)** |  |  |
| T-Mobile USA, Inc. 6.00% 6/15/2054  | USD920 | $937 |
| T-Mobile USA, Inc. 5.50% 1/15/2055  | 406 | 385 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 9144 | 7882 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 5047 | 4528 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 2775 | 2393 |
| Verizon Communications, Inc. 4.78% 2/15/2035  | 1552 | 1513 |
| Verizon Communications, Inc. 3.55% 3/22/2051  | 625 | 447 |
| Verizon Communications, Inc. 3.875% 3/1/2052  | 4006 | 2983 |
| Vodafone Group PLC 4.25% 9/17/2050  | 3050 | 2379 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027  | 1126 | 1051 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 112 | 84 |
| ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup>  | 490 | 419 |
|  |  | 179531 |
| **Consumer staples 1.54%** |  |  |
| Altria Group, Inc. 4.40% 2/14/2026  | 4585 | 4582 |
| Altria Group, Inc. 4.875% 2/4/2028  | 1330 | 1349 |
| Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049  | 4715 | 4683 |
| BAT Capital Corp. 3.557% 8/15/2027  | 9271 | 9125 |
| BAT Capital Corp. 2.259% 3/25/2028  | 2353 | 2227 |
| BAT Capital Corp. 6.343% 8/2/2030  | 2210 | 2383 |
| BAT Capital Corp. 4.742% 3/16/2032  | 2675 | 2661 |
| BAT Capital Corp. 5.35% 8/15/2032  | 18664 | 19102 |
| BAT Capital Corp. 6.421% 8/2/2033  | 4665 | 5069 |
| BAT Capital Corp. 5.625% 8/15/2035  | 12170 | 12389 |
| BAT Capital Corp. 7.079% 8/2/2043  | 1323 | 1458 |
| BAT Capital Corp. 5.65% 3/16/2052  | 120 | 112 |
| BAT International Finance PLC 1.668% 3/25/2026  | 4070 | 3986 |
| BAT International Finance PLC 4.448% 3/16/2028  | 2925 | 2930 |
| Campbell's Co. (The) 5.20% 3/21/2029  | 726 | 744 |
| Constellation Brands, Inc. 3.50% 5/9/2027  | 7500 | 7384 |
| Constellation Brands, Inc. 4.35% 5/9/2027  | 890 | 891 |
| Constellation Brands, Inc. 4.80% 5/1/2030  | 1618 | 1632 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 1487 | 1289 |
| Constellation Brands, Inc. 4.75% 5/9/2032  | 1978 | 1966 |
| Constellation Brands, Inc. 4.90% 5/1/2033  | 2807 | 2783 |
| H.J. Heinz Co. 4.875% 10/1/2049  | 2725 | 2342 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup>  | 12545 | 12546 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031  | 3110 | 2853 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051  | 685 | 554 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 4670 | 4733 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3640 | 3690 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 15670 | 15866 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup>  | 2371 | 2378 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup>  | 13235 | 13212 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 5520 | 5459 |
| Philip Morris International, Inc. 4.875% 2/13/2026  | 2508 | 2514 |
| Philip Morris International, Inc. 5.25% 9/7/2028  | 2800 | 2881 |
| Philip Morris International, Inc. 5.125% 2/15/2030  | 982 | 1011 |
| Philip Morris International, Inc. 5.50% 9/7/2030  | 4565 | 4774 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 830 | 837 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1644 | 1699 |
| Walmart, Inc. 4.10% 4/15/2033  | 1206 | 1178 |
| Walmart, Inc. 4.50% 4/15/2053  | 1416 | 1241 |
|  |  | 168513 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **177** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Real estate 0.82%** |  |  |
| American Tower Corp. 3.65% 3/15/2027  | USD1,375 | $1359 |
| Boston Properties, LP 2.90% 3/15/2030  | 4630 | 4256 |
| Boston Properties, LP 3.25% 1/30/2031  | 463 | 425 |
| Boston Properties, LP 2.55% 4/1/2032  | 1674 | 1413 |
| Boston Properties, LP 2.45% 10/1/2033  | 1335 | 1067 |
| Boston Properties, LP 6.50% 1/15/2034  | 10849 | 11621 |
| Boston Properties, LP 5.75% 1/15/2035  | 11874 | 11957 |
| COPT Defense Properties, LP 2.00% 1/15/2029  | 1139 | 1038 |
| COPT Defense Properties, LP 2.75% 4/15/2031  | 1547 | 1369 |
| COPT Defense Properties, LP 2.90% 12/1/2033  | 564 | 464 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup>  | 395 | 350 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 4874 | 4924 |
| Equinix, Inc. 2.90% 11/18/2026  | 2762 | 2708 |
| Equinix, Inc. 3.20% 11/18/2029  | 887 | 842 |
| Equinix, Inc. 3.90% 4/15/2032  | 1155 | 1094 |
| FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup>  | 1475 | 1152 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 1755 | 1743 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 2755 | 2626 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 3135 | 2895 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup>  | 3020 | 3009 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 675 | 666 |
| Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(e)</sup>  | 4395 | 4522 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 2097 | 2112 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup>  | 4683 | 4900 |
| Prologis, LP 4.875% 6/15/2028  | 1040 | 1061 |
| Prologis, LP 4.75% 6/15/2033  | 1409 | 1406 |
| Prologis, LP 5.125% 1/15/2034  | 6175 | 6254 |
| Prologis, LP 5.00% 3/15/2034  | 360 | 361 |
| Prologis, LP 5.25% 6/15/2053  | 117 | 110 |
| Service Properties Trust 3.95% 1/15/2028  | 1710 | 1581 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 3040 | 3266 |
| VICI Properties, LP 4.75% 2/15/2028  | 6844 | 6884 |
|  |  | 89435 |
| **Information technology 0.77%** |  |  |
| Analog Devices, Inc. 2.10% 10/1/2031  | 270 | 236 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 717 | 735 |
| Analog Devices, Inc. 2.80% 10/1/2041  | 521 | 379 |
| Broadcom Corp. 3.875% 1/15/2027  | 5966 | 5927 |
| Broadcom, Inc. 5.05% 7/12/2027  | 2545 | 2582 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 609 | 601 |
| Broadcom, Inc. 5.05% 7/12/2029  | 2177 | 2230 |
| Broadcom, Inc. 5.15% 11/15/2031  | 5186 | 5337 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup>  | 630 | 607 |
| Broadcom, Inc. 3.469% 4/15/2034 <sup>(e)</sup>  | 11652 | 10413 |
| Broadcom, Inc. 4.80% 10/15/2034  | 1063 | 1051 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 847 | 715 |
| Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup>  | 2879 | 2796 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 991 | 1020 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 843 | 863 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 2675 | 2739 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 784 | 761 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 1300 | 1315 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 4350 | 4421 |
| Oracle Corp. 1.65% 3/25/2026  | 4867 | 4768 |
| Oracle Corp. 4.80% 8/3/2028  | 615 | 625 |
| Oracle Corp. 5.25% 2/3/2032  | 1340 | 1375 |
| Oracle Corp. 5.50% 8/3/2035  | 2374 | 2428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **178** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Information technology (continued)** |  |  |
| ServiceNow, Inc. 1.40% 9/1/2030  | USD726 | $630 |
| Synopsys, Inc. 5.15% 4/1/2035  | 21470 | 21649 |
| Synopsys, Inc. 5.70% 4/1/2055  | 8055 | 8015 |
|  |  | 84218 |
| **Materials 0.55%** |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040  | 2911 | 2120 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 138 | 141 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup>  | 700 | 555 |
| Celanese US Holdings, LLC 6.415% 7/15/2027  | 6297 | 6525 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 3575 | 3759 |
| Celanese US Holdings, LLC 6.58% 7/15/2029  | 8862 | 9242 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 4530 | 4771 |
| Celanese US Holdings, LLC 6.629% 7/15/2032  | 800 | 839 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 1031 | 1095 |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup>  | 834 | 846 |
| Dow Chemical Co. (The) 5.15% 2/15/2034  | 452 | 452 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 199 | 198 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 142 | 130 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 62 | 67 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 504 | 459 |
| Methanex Corp. 5.125% 10/15/2027  | 510 | 509 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup>  | 205 | 217 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup>  | 425 | 409 |
| OCI NV 6.70% 3/16/2033 <sup>(e)</sup>  | 950 | 1052 |
| POSCO 5.75% 1/17/2028 <sup>(e)</sup>  | 745 | 766 |
| Rio Tinto Finance (USA) PLC 4.875% 3/14/2030  | 25776 | 26281 |
|  |  | 60433 |
| **Total corporate bonds, notes & loans** |  | 3620419 |
| **U.S. Treasury bonds & notes 19.60%** | **U.S. Treasury bonds & notes 19.60%** | **U.S. Treasury bonds & notes 19.60%** |
| **U.S. Treasury 18.98%** |  |  |
| U.S. Treasury 3.00% 7/15/2025  | 97643 | 97593 |
| U.S. Treasury 5.00% 9/30/2025  | 1090 | 1092 |
| U.S. Treasury 5.00% 10/31/2025  | 27980 | 28042 |
| U.S. Treasury 2.25% 11/15/2025  | 6785 | 6734 |
| U.S. Treasury 4.25% 12/31/2025  | 4994 | 4995 |
| U.S. Treasury 3.625% 5/15/2026  | 1926 | 1919 |
| U.S. Treasury 4.625% 6/30/2026  | 198 | 199 |
| U.S. Treasury 4.375% 7/31/2026  | 271 | 272 |
| U.S. Treasury 0.75% 8/31/2026  | 8871 | 8551 |
| U.S. Treasury 4.625% 11/15/2026  | 3589 | 3625 |
| U.S. Treasury 4.00% 1/15/2027  | 3741 | 3750 |
| U.S. Treasury 1.875% 2/28/2027  | 4000 | 3877 |
| U.S. Treasury 2.625% 5/31/2027  | 43530 | 42635 |
| U.S. Treasury 3.875% 5/31/2027  | 29928 | 30048 |
| U.S. Treasury 3.75% 6/30/2027  | 233196 | 233351 |
| U.S. Treasury 2.25% 11/15/2027  | 105830 | 102343 |
| U.S. Treasury 6.125% 11/15/2027  | 24000 | 25319 |
| U.S. Treasury 1.125% 2/29/2028  | 9895 | 9253 |
| U.S. Treasury 4.00% 2/29/2028  | 4750 | 4786 |
| U.S. Treasury 3.625% 3/31/2028  | 13 | 13 |
| U.S. Treasury 3.875% 6/15/2028  | 90271 | 90747 |
| U.S. Treasury 1.00% 7/31/2028  | 5630 | 5190 |
| U.S. Treasury 1.125% 8/31/2028  | 13555 | 12516 |
| U.S. Treasury 5.25% 11/15/2028  | 5700 | 5973 |
| U.S. Treasury 2.375% 5/15/2029  | 4070 | 3872 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **179** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.00% 7/31/2029  | USD334 | $337 |
| U.S. Treasury 3.875% 12/31/2029  | 44049 | 44235 |
| U.S. Treasury 3.75% 5/31/2030  | 13300 | 13270 |
| U.S. Treasury 4.00% 5/31/2030  | 23286 | 24077 |
| U.S. Treasury 3.875% 6/30/2030  | 207879 | 208683 |
| U.S. Treasury 4.125% 8/31/2030  | 11215 | 11377 |
| U.S. Treasury 4.875% 10/31/2030  | 92133 | 96710 |
| U.S. Treasury 4.125% 10/31/2031  | 1408 | 1423 |
| U.S. Treasury 4.125% 11/30/2031  | 985 | 995 |
| U.S. Treasury 4.00% 6/30/2032  | 39211 | 39233 |
| U.S. Treasury 4.125% 11/15/2032  | 114 | 115 |
| U.S. Treasury 4.375% 5/15/2034  | 100 | 102 |
| U.S. Treasury 3.875% 8/15/2034  | 6145 | 6000 |
| U.S. Treasury 4.25% 5/15/2035 <sup>(i)</sup>  | 217126 | 217415 |
| U.S. Treasury 4.25% 5/15/2039 <sup>(i)</sup>  | 125497 | 122211 |
| U.S. Treasury 1.375% 11/15/2040  | 24540 | 15629 |
| U.S. Treasury 1.875% 2/15/2041  | 24272 | 16696 |
| U.S. Treasury 4.75% 2/15/2041  | 75066 | 76057 |
| U.S. Treasury 2.00% 11/15/2041  | 57 | 39 |
| U.S. Treasury 2.375% 2/15/2042  | 2701 | 1964 |
| U.S. Treasury 3.25% 5/15/2042  | 10848 | 8972 |
| U.S. Treasury 5.00% 5/15/2045  | 108592 | 111536 |
| U.S. Treasury 3.00% 2/15/2049  | 124633 | 91812 |
| U.S. Treasury 2.875% 5/15/2049  | 19228 | 13799 |
| U.S. Treasury 2.875% 5/15/2052  | 990 | 697 |
| U.S. Treasury 4.00% 11/15/2052  | 7328 | 6412 |
| U.S. Treasury 4.125% 8/15/2053  | 213 | 190 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(i)</sup>  | 228046 | 221971 |
| U.S. Treasury 4.75% 5/15/2055  | 2905 | 2888 |
|  |  | 2081540 |
| **U.S. Treasury inflation-protected securities 0.62%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(j)</sup>  | 5495 | 5493 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(j)</sup>  | 6045 | 5977 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(j)</sup>  | 11474 | 11488 |
| U.S. Treasury Inflation-Protected Security 2.125% 1/15/2035 <sup>(j)</sup>  | 5974 | 6073 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(j)</sup>  | — <br><sup>(c)</sup><br>| — <br><sup>(c)</sup><br>|
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(j)</sup>  | 2337 | 1852 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(j)</sup>  | 13940 | 12763 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(j)</sup>  | 24528 | 23721 |
|  |  | 67367 |
| **Total U.S. Treasury bonds & notes** |  | 2148907 |
| **Asset-backed obligations 5.42%** | **Asset-backed obligations 5.42%** | **Asset-backed obligations 5.42%** |
| Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026 <sup>(a)(e)</sup>  | 4 | 4 |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup>  | 9848 | 9853 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | 11785 | 11841 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | 3485 | 3502 |
| Affirm, Inc., Series 2024-X1, Class A, 6.27% 5/15/2029 <sup>(a)(e)</sup>  | 200 | 200 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup>  | 2787 | 2789 |
| Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup>  | 431 | 434 |
| American Credit Acceptance Receivables Trust, Series 2023-4, Class B, 6.63% 2/14/2028 <sup>(a)(e)</sup>  | 1843 | 1846 |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052 <sup>(a)(e)</sup>  | 2622 | 2611 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052 <sup>(a)(e)</sup>  | 396 | 394 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup>  | 581 | 575 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup>  | 2613 | 2562 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup>  | 4926 | 4986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **180** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup>  | USD13,550 | $13516 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/2026 <sup>(a)(e)</sup>  | 2563 | 2557 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup>  | 2427 | 2400 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup>  | 623 | 617 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup>  | 1279 | 1271 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup>  | 3445 | 3347 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup>  | 531 | 515 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup>  | 193 | 187 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup>  | 6724 | 6864 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup>  | 1348 | 1365 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup>  | 5059 | 5263 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup>  | 4665 | 4795 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup>  | 5541 | 5594 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup>  | 208 | 203 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, <br> 2.443% 7/15/2046 <sup>(a)(e)</sup>  | 3080 | 2892 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, <br> 3.446% 7/15/2046 <sup>(a)(e)</sup>  | 354 | 333 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup>  | 1183 | 1185 |
| BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup>  | 160 | 161 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class A3, 6.51% 11/15/2027 <sup>(a)</sup>  | 266 | 267 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class A3, 5.53% 1/18/2028 <sup>(a)</sup>  | 2571 | 2575 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup>  | 1400 | 1413 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup>  | 6424 | 6450 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup>  | 13328 | 13517 |
| Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41% 9/10/2027 <sup>(a)(e)</sup>  | 27 | 27 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup>  | 388 | 391 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028 <sup>(a)</sup>  | 65 | 63 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup>  | 172 | 177 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup>  | 13731 | 12661 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup>  | 5358 | 4964 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup>  | 597 | 561 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup>  | 196 | 189 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup>  | 18497 | 18303 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup>  | 1907 | 1765 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup>  | 3362 | 3327 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup>  | 364 | 328 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup>  | 5994 | 5770 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup>  | 1898 | 1785 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup>  | 14984 | 15034 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup>  | 6572 | 6618 |
| Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup>  | 622 | 630 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup>  | 1556 | 1568 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup>  | 799 | 817 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup>  | 6872 | 6882 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup>  | 1538 | 1432 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup>  | 3114 | 2902 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup>  | 285 | 261 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup>  | 1237 | 1241 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup>  | 1076 | 1077 |
| CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028 <sup>(a)(e)</sup>  | 921 | 920 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 1107 | 1108 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027 <sup>(a)(e)</sup>  | 166 | 165 |
| DriveTime Auto Owner Trust, Series 2023-3, Class C, 6.40% 5/15/2029 <sup>(a)(e)</sup>  | 819 | 832 |
| DriveTime Auto Owner Trust, Series 2023-3, Class D, 7.12% 5/15/2029 <sup>(a)(e)</sup>  | 846 | 881 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup>  | 262 | 241 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup>  | 2594 | 2605 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup>  | 9326 | 9341 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup>  | 897 | 896 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup>  | 260 | 260 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup>  | 10564 | 10643 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **181** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup>  | USD7,961 | $8088 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup>  | 4046 | 4075 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup>  | 1218 | 1199 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class B, 6.11% 9/15/2027 <sup>(a)</sup>  | 34 | 34 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup>  | 3989 | 4012 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup>  | 418 | 421 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup>  | 271 | 270 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup>  | 758 | 774 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup>  | 462 | 470 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup>  | 1014 | 1105 |
| Flagship Credit Auto Trust, Series 2023-3, Class A3, 5.44% 4/17/2028 <sup>(a)(e)</sup>  | 561 | 562 |
| Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64% 7/16/2029 <sup>(a)(e)</sup>  | 312 | 315 |
| Flagship Credit Auto Trust, Series 2023-3, Class C, 6.01% 7/16/2029 <sup>(a)(e)</sup>  | 454 | 463 |
| Flagship Credit Auto Trust, Series 2023-3, Class D, 6.58% 8/15/2029 <sup>(a)(e)</sup>  | 307 | 309 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup>  | 703 | 707 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029 <sup>(a)</sup>  | 597 | 605 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(a)(e)</sup>  | 4218 | 4283 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup>  | 5833 | 5860 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup>  | 1411 | 1330 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup>  | 1071 | 986 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup>  | 119 | 109 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup>  | 1838 | 1756 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup>  | 6720 | 6222 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup>  | 1869 | 1743 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup>  | 1574 | 1458 |
| GLS Auto Receivables Trust, Series 2023-4, Class A3, 6.42% 6/15/2027 <sup>(a)(e)</sup>  | 1197 | 1198 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(a)(e)</sup>  | 1079 | 1080 |
| GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup>  | 1053 | 1056 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup>  | 561 | 567 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup>  | 507 | 519 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup>  | 2399 | 2398 |
| GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup>  | 1521 | 1536 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/2026 <sup>(a)</sup>  | 457 | 457 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup>  | 101 | 101 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup>  | 434 | 436 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/2028 <sup>(a)</sup>  | 320 | 325 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(a)(e)</sup>  | 4815 | 4929 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup>  | 2703 | 2806 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup>  | 3984 | 4173 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup>  | 1600 | 1616 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/17/2030 <sup>(a)(e)</sup>  | 948 | 977 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup>  | 330 | 334 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup>  | 1174 | 1122 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup>  | 17770 | 17097 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup>  | 1264 | 1209 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup>  | 859 | 824 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup>  | 3007 | 3057 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup>  | 190 | 191 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup>  | 188 | 189 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup>  | 9124 | 9145 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup>  | 139 | 140 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/2029 <sup>(a)</sup>  | 160 | 163 |
| LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027 <sup>(a)(e)</sup>  | 84 | 84 |
| LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027 <sup>(a)(e)</sup>  | 296 | 297 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup>  | 438 | 440 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup>  | 993 | 997 |
| LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup>  | 775 | 776 |
| LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup>  | 615 | 618 |
| LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup>  | 848 | 861 |
| LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup>  | 1361 | 1375 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup>  | 3223 | 3300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **182** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup>  | USD714 | $732 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup>  | 623 | 632 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup>  | 483 | 502 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup>  | 123 | 126 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup>  | 1050 | 1064 |
| Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup>  | 698 | 704 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup>  | 7005 | 7052 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(a)(e)</sup>  | 8461 | 8466 |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup>  | 7140 | 7186 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup>  | 1609 | 1449 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup>  | 940 | 842 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup>  | 598 | 541 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup>  | 3380 | 3163 |
| Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.404% <br> 3/15/2057 <sup>(a)(b)(e)</sup>  | 16395 | 16301 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup>  | 165 | 154 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup>  | 2818 | 2652 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup>  | 6417 | 6005 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% <br>4/20/2062 <sup>(a)(b)(e)</sup>  | 2117 | 2107 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup>  | 50765 | 47836 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.513% <br>7/25/2030 <sup>(a)(b)(e)</sup>  | 121 | 122 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup>  | 598 | 603 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup>  | 5287 | 5313 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup>  | 2314 | 2303 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class B, 5.42% 10/17/2031 <sup>(a)(e)</sup>  | 482 | 480 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup>  | 2782 | 2783 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup>  | 3502 | 3530 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027 <sup>(a)(e)</sup>  | 1721 | 1720 |
| PFS Financing Corp., Series 2023-D, Class A, (30-day Average USD-SOFR + 1.15%) 5.454% <br> 8/16/2027 <sup>(a)(b)(e)</sup>  | 1393 | 1394 |
| PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup>  | 1710 | 1725 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup>  | 4558 | 4589 |
| PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/2028 <sup>(a)(e)</sup>  | 909 | 923 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup>  | 4870 | 4861 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup>  | 1652 | 1661 |
| Prestige Auto Receivables Trust, Series 2023-2, Class B, 6.64% 12/15/2027 <sup>(a)(e)</sup>  | 5088 | 5119 |
| Prodigy Finance Designated Activity Co., Series 2021-1A, Class A, (1-month USD CME Term SOFR + <br> 1.364%) 5.684% 7/25/2051 <sup>(a)(b)(e)</sup>  | 179 | 179 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027 <sup>(a)</sup>  | 215 | 214 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(a)</sup>  | 1700 | 1702 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027 <sup>(a)</sup>  | 512 | 510 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup>  | 585 | 586 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup>  | 630 | 630 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup>  | 700 | 709 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup>  | 4791 | 4803 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup>  | 2182 | 2198 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup>  | 558 | 562 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup>  | 361 | 368 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup>  | 2186 | 2050 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup>  | 403 | 375 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup>  | 646 | 663 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) <br>5.854% 11/15/2052 <sup>(a)(b)(e)</sup>  | 713 | 721 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup>  | 6704 | 6788 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup>  | 1899 | 1772 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup>  | 1667 | 1612 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup>  | 181 | 178 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup>  | 462 | 443 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup>  | 529 | 506 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **183** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup>  | USD995 | $961 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup>  | 1950 | 1838 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup>  | 792 | 760 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup>  | 1532 | 1433 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup>  | 4739 | 4364 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup>  | 265 | 244 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup>  | 4000 | 3736 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup>  | 3293 | 3096 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup>  | 99 | 89 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup>  | 7680 | 7145 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup>  | 2674 | 2445 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup>  | 260 | 236 |
| Verizon Master Trust, Series 2024-1, Class A1A, 5.00% 12/20/2028 <sup>(a)</sup>  | 7985 | 8003 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup>  | 5380 | 5466 |
| Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026 <sup>(a)(e)</sup>  | 206 | 206 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class A3, 5.82% 5/17/2027 <sup>(a)(e)</sup>  | 2559 | 2565 |
| Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup>  | 3052 | 3070 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup>  | 1175 | 1182 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup>  | 2219 | 2251 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup>  | 1236 | 1267 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup>  | 12088 | 12160 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup>  | 9695 | 9747 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup>  | 273 | 274 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup>  | 232 | 235 |
|  |  | 594080 |
| **Municipals 1.46%** | **Municipals 1.46%** | **Municipals 1.46%** |
| **California 0.02%** |  |  |
| GO Bonds, Series 2009, 7.50% 4/1/2034  | 2100 | 2439 |
| **Illinois 1.30%** |  |  |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% <br> 11/1/2029  | 65 | 64 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% <br> 12/1/2039  | 31050 | 28815 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% <br> 12/1/2040  | 8945 | 8386 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Qualified School Construction Bonds), <br>Series 2009-G, 1.75% 12/15/2025  | 2500 | 2457 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 102799 | 103195 |
|  |  | 142917 |
| **Massachusetts 0.07%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 7500 | 7714 |
| **Texas 0.03%** |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, <br>3.236% 10/1/2052  | 4075 | 2784 |
| **Wisconsin 0.04%** |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 4510 | 4411 |
| **Total municipals** |  | 160265 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.06%** | **Bonds & notes of governments & government agencies outside the U.S. 1.06%** | **Bonds & notes of governments & government agencies outside the U.S. 1.06%** |
| Chile (Republic of) 4.00% 1/31/2052  | 580 | 448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **184** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Colombia (Republic of) 7.50% 2/2/2034  | USD2,530 | $2522 |
| Dominican Republic 5.95% 1/25/2027 <sup>(e)</sup>  | 8100 | 8190 |
| Dominican Republic 7.05% 2/3/2031 <sup>(e)</sup>  | 680 | 714 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | EUR10,830 | 12114 |
| Greece (Hellenic Republic of) 0.75% 6/18/2031  | 9600 | 10071 |
| Greece (Hellenic Republic of) 4.25% 6/15/2033  | 23825 | 30443 |
| Japan 3.10% 3/20/2065  | JPY1,968,100 | 13705 |
| Japan, Series 86, 2.40% 3/20/2055  | 1908300 | 12173 |
| Paraguay (Republic of) 5.00% 4/15/2026  | USD285 | 285 |
| Poland (Republic of) 5.75% 11/16/2032  | 555 | 587 |
| Poland (Republic of) 4.875% 10/4/2033  | 830 | 826 |
| United Mexican States 6.00% 5/13/2030  | 2960 | 3067 |
| United Mexican States 6.00% 5/7/2036  | 14755 | 14599 |
| United Mexican States 6.875% 5/13/2037  | 3200 | 3345 |
| United Mexican States 7.375% 5/13/2055  | 3090 | 3197 |
|  |  | 116286 |
| **Federal agency bonds & notes 0.11%** | **Federal agency bonds & notes 0.11%** | **Federal agency bonds & notes 0.11%** |
| Fannie Mae 2.125% 4/24/2026  | 11910 | 11725 |
| **Total bonds, notes & other debt instruments** (cost: $10,550,957,000) |  | 10443759 |
| Common stocks 0.00% | Shares |  |
| **Energy 0.00%** |  |  |
| FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup>  | 555 | 13 |
| FORESEA Holding SA, Class B <sup>(e)</sup>  | 61 | 1 |
| **Total common stocks** (cost: $9,000) |  | 14 |
| Short-term securities 6.80% |  |  |
| **Money market investments 6.80%** | **Money market investments 6.80%** | **Money market investments 6.80%** |
| Capital Group Central Cash Fund 4.35% <sup>(k)(l)</sup>  | 7457964 | 745797 |
| **Total short-term securities** (cost: $745,710,000) | **Total short-term securities** (cost: $745,710,000) | 745797 |
| **Total investment securities 102.04%** (cost: $11,296,676,000) |  | 11189570 |
| Other assets less liabilities (2.04)% |  | (224007)<br>|
| **Net assets 100.00%** |  | $10965563 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 33 | 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD13,156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(29)<br>|
| 30 Day Federal Funds Futures | Long | 380 | 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| 3 Month SOFR Futures | Long | 3768 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| 3 Month SOFR Futures | Short | 7493 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1804502)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2876)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 7288 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1516075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3980 |
| 5 Year U.S. Treasury Note Futures | Long | 14759 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16573 |
| 10 Year Euro-Bund Futures | Short | 399 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61171)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| 10 Year Japanese Government Bond Futures | Short | 76 | 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73369)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (249)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **185** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year U.S. Treasury Note Futures | Long | 5413 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD606,933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11168 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 472 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986 |
| 20 Year U.S. Treasury Bond Futures | Long | 17 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2688 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11557 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41339 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| EUR | 15927 | USD | 18685 | HSBC Bank | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78 |
| USD | 18048 | EUR | 15927 | BNP Paribas | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (715)<br>|
| BRL | 24015 | USD | 4192 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| USD | 39177 | EUR | 34264 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1228)<br>|
| JPY | 7850983 | USD | 54424 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| JPY | 1271230 | USD | 8809 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| USD | 7336 | EUR | 6377 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185)<br>|
| JPY | 3901364 | EUR | 23501 | JPMorgan Chase | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (571)<br>|
| USD | 84956 | JPY | 12198797 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| JPY | 1414255 | USD | 9801 | Goldman Sachs | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| USD | 8718 | JPY | 1259985 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| USD | 11977 | JPY | 1738295 | UBS AG | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (135)<br>|
| USD | 18735 | EUR | 15927 | HSBC Bank | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2327)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| 4.4555% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD35,525 | &nbsp;&nbsp;&nbsp;&nbsp; $25 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25 |
| SOFR | Annual | 4.186% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,500 | &nbsp;&nbsp;&nbsp;&nbsp; (287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (287)<br>|
| SOFR | Annual | 3.39981% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD88,200 | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| SOFR | Annual | 3.62% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD40,816 | &nbsp;&nbsp;&nbsp;&nbsp; (163)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (163)<br>|
| 3.998% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD40,040 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 770 |
| SOFR | Annual | 3.945% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD20,090 | &nbsp;&nbsp;&nbsp;&nbsp; (401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (401)<br>|
| SOFR | Annual | 3.3125% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,993 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| SOFR | Annual | 3.4445% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| SOFR | Annual | 3.4805% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>|
| SOFR | Annual | 3.455% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.552% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.543% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD6,052 | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| SOFR | Annual | 3.551% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,103 | &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **186** |

---

------

The Bond Fund of America<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.965% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,465 | &nbsp;&nbsp;&nbsp;&nbsp; $(684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(684)<br>|
| SOFR | Annual | 3.9195% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD8,240 | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>|
| SOFR | Annual | 3.763% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,790 | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170)<br>|
| SOFR | Annual | 3.797% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,774 | &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
| SOFR | Annual | 3.794% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>|
| SOFR | Annual | 3.796% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,301 | &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87)<br>|
| SOFR | Annual | 3.7815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,484 | &nbsp;&nbsp;&nbsp;&nbsp; (165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (165)<br>|
| SOFR | Annual | 3.6065% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,910 | &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>|
| SOFR | Annual | 3.762% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,088 | &nbsp;&nbsp;&nbsp;&nbsp; (412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (412)<br>|
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,295 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| SOFR | Annual | 3.871% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD25,128 | &nbsp;&nbsp;&nbsp;&nbsp; (459)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (459)<br>|
| SOFR | Annual | 3.883% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD33,965 | &nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1925)<br>|

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL160,970 | &nbsp;&nbsp; $1615 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1615 |
| 14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL88,380 | &nbsp;&nbsp; 773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 773 |
| 14.585% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL19,180 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191 |
| 13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,120 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126 |
| 13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL56,000 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 |
| 13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,000 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 |
| 13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 |
| 12.99% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL36,820 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5)<br>|
| 12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL41,300 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>|
| 12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL25,300 | &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (123)<br>|
| 12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,509 | &nbsp;&nbsp; (174)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (174)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,753 | &nbsp;&nbsp; (176)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (176)<br>|
| 12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL38,500 | &nbsp;&nbsp; (191)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (191)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL77,020 | &nbsp;&nbsp; (351)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (351)<br>|
| 12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL76,900 | &nbsp;&nbsp; (357)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (357)<br>|
| 12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL75,919 | &nbsp;&nbsp; (378)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (378)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $1045 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1045 |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD94,715 | &nbsp;&nbsp;&nbsp;&nbsp; $(7109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2599)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **187** | American Funds Insurance Series |

---

------

The Bond Fund of America<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Credit default swaps** (continued)

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(m)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD48,163 | &nbsp;&nbsp;&nbsp;&nbsp; $1065 | &nbsp;&nbsp;&nbsp;&nbsp; $604 | &nbsp;&nbsp;&nbsp;&nbsp; $461 |

---

**Investments in affiliates** <sup>(l)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 6.80%** |  |  |  |  |  |  |  |
| **Money market investments 6.80%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(k)</sup>  | $730121 | &nbsp;&nbsp; $2295601 | &nbsp;&nbsp; $2279811 | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $(208)<br>| &nbsp;&nbsp; $745797 | &nbsp;&nbsp; $16350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,833,396,000, which represented 16.72% of the net assets of the fund. 

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $7,595,000, which represented 0.07% of the net assets of the fund. 

<sup>(i)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $79,661,000, which represented 0.73% of the net assets of the fund. 

<sup>(j)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(k)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(l)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(n)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| Auth. = Authority |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| CMO = Collateralized Mortgage Obligations |
| DAC = Designated Activity Company |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| Fin. = Finance |

---

---

| |
|:---|
| Fncg. = Financing |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| JPY = Japanese yen |
| Ref. = Refunding |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **188** |

---

------

Capital World Bond Fund<sup>®</sup>

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 96.14% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros 22.44%** |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup>  | EUR2,800 | $3053 |
| Albania (Republic of) 4.75% 2/14/2035  | 2290 | 2700 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup>  | 500 | 653 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup>  | 100 | 126 |
| Alpha Bank SA 5.50% 6/11/2031 (5-year EUR Mid-Swap + 5.823% on 6/11/2026) <sup>(a)</sup>  | 680 | 813 |
| Altria Group, Inc. 3.125% 6/15/2031  | 800 | 929 |
| American Tower Corp. 0.45% 1/15/2027  | 2525 | 2887 |
| American Tower Corp. 0.875% 5/21/2029  | 1470 | 1605 |
| Anheuser-Busch InBev SA/NV 1.125% 7/1/2027  | 2000 | 2301 |
| AT&T, Inc. 1.60% 5/19/2028  | 2350 | 2699 |
| Banco de Credito Social Cooperativo, SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on <br> 9/3/2029) <sup>(a)</sup>  | 1000 | 1218 |
| Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup>  | 900 | 1126 |
| Banco de Sabadell, SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028) <sup>(a)</sup>  | 700 | 892 |
| Bank Gospodarstwa Krajowego 4.25% 9/13/2044  | 290 | 329 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)(b)</sup>  | 5000 | 6058 |
| Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027) <sup>(a)</sup>  | 2800 | 3353 |
| Belgium (Kingdom of), Series 100, 2.85% 10/22/2034  | 880 | 1019 |
| Belgium (Kingdom of), Series 88, 1.70% 6/22/2050  | 2730 | 2104 |
| Belgium (Kingdom of), Series 98, 3.30% 6/22/2054  | 880 | 923 |
| BPCE SA 4.50% 1/13/2033  | 1400 | 1742 |
| BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup>  | 900 | 1115 |
| British American Tobacco PLC 3.00% junior subordinated perpetual bonds (5-year EUR Mid-Swap + <br> 3.372% on 12/27/2026) <sup>(a)</sup>  | 4980 | 5840 |
| Coca-Cola Co. 3.375% 8/15/2037  | 155 | 179 |
| Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup>  | 1900 | 2365 |
| Croatia (Republic of) 3.25% 2/11/2037  | 1005 | 1160 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup>  | 4000 | 4422 |
| Deutsche Telekom AG 3.25% 6/4/2035  | 1990 | 2316 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033  | 200 | 302 |
| Egypt (Arab Republic of) 5.625% 4/16/2030  | 300 | 327 |
| Electricite de France SA 4.25% 1/25/2032  | 1300 | 1605 |
| Electricite de France SA 4.00% 5/7/2037  | 500 | 587 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on <br> 6/1/2028) <sup>(a)</sup>  | 1400 | 1607 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on <br> 12/6/2028) <sup>(a)</sup>  | 1200 | 1558 |
| Enel Finance International NV 4.00% 2/20/2031  | 465 | 572 |
| Engie SA 3.875% 1/6/2031  | 1000 | 1226 |
| Equinix Europe 2 Financing Corp., LLC 3.25% 3/15/2031  | 1375 | 1605 |
| Equinor ASA 1.375% 5/22/2032  | 3650 | 3850 |
| Eurobank Ergasias Services and Holdings SA 10.00% 12/6/2032 (5-year EUR Mid-Swap + <br>7.588% on 12/6/2027) <sup>(a)</sup>  | 1540 | 2084 |
| Eurobank Ergasias Services and Holdings SA 6.25% 4/25/2034 (5-year EUR Mid-Swap + 3.707% on <br> 4/25/2029) <sup>(a)</sup>  | 475 | 602 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup>  | 240 | 308 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup>  | 2030 | 2543 |
| Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup>  | 1375 | 1592 |
| European Investment Bank 0.25% 1/20/2032  | 2075 | 2100 |
| European Investment Bank 1.50% 6/15/2032  | 1000 | 1093 |
| European Investment Bank 2.875% 1/12/2033  | 4500 | 5359 |
| European Investment Bank 2.875% 1/15/2035  | 395 | 465 |
| European Union 0.25% 10/22/2026  | 610 | 703 |
| European Union 2.875% 12/6/2027  | 1060 | 1272 |
| European Union 2.875% 10/5/2029  | 170 | 204 |
| European Union 3.125% 12/4/2030  | 190 | 231 |
| European Union 0% 7/4/2031  | 705 | 712 |
| European Union 3.25% 7/4/2034  | 380 | 458 |
| European Union 0% 7/4/2035  | 220 | 192 |
| European Union 3.75% 10/12/2045  | 425 | 502 |
| European Union 0.70% 7/6/2051  | 3000 | 1785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **189** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| European Union 3.375% 10/5/2054  | EUR540 | $580 |
| Finland (Republic of) 3.00% 9/15/2033  | 2370 | 2827 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028  | 960 | 1132 |
| French Republic O.A.T. 0.75% 2/25/2028  | 980 | 1114 |
| French Republic O.A.T. 2.75% 2/25/2029  | 1790 | 2139 |
| French Republic O.A.T. 0% 11/25/2030  | 19550 | 20032 |
| French Republic O.A.T. 0% 5/25/2032  | 2120 | 2055 |
| French Republic O.A.T. 2.00% 11/25/2032  | 3170 | 3506 |
| French Republic O.A.T. 3.00% 5/25/2033  | 1920 | 2260 |
| French Republic O.A.T. 3.00% 11/25/2034  | 4430 | 5134 |
| French Republic O.A.T. 0.50% 5/25/2040  | 600 | 454 |
| French Republic O.A.T. 0.75% 5/25/2052  | 360 | 202 |
| French Republic O.A.T. 3.75% 5/25/2056  | 810 | 902 |
| Germany (Federal Republic of) 0% 10/9/2026  | 2305 | 2654 |
| Germany (Federal Republic of) 0% 11/15/2027  | 1400 | 1579 |
| Germany (Federal Republic of) 0% 2/15/2030  | 16885 | 18062 |
| Germany (Federal Republic of) 2.50% 2/15/2035  | 13725 | 16037 |
| Germany (Federal Republic of) 1.00% 5/15/2038  | 1300 | 1232 |
| Germany (Federal Republic of) 0% 8/15/2050  | 1200 | 669 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028  | 615 | 758 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030  | 690 | 772 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032  | 1915 | 2094 |
| Greece (Hellenic Republic of) 3.90% 1/30/2033  | 3200 | 3995 |
| Greece (Hellenic Republic of) 3.375% 6/15/2034  | 5870 | 7030 |
| Greece (Hellenic Republic of) 3.625% 6/15/2035  | 4385 | 5309 |
| Greece (Hellenic Republic of) 4.125% 6/15/2054  | 640 | 752 |
| Grifols SA 7.50% 5/1/2030  | 100 | 124 |
| Hungary (Republic of), Series Y, 4.50% 6/16/2034  | 380 | 452 |
| Hungary (Republic of), Series Y, 4.875% 3/22/2040  | 305 | 352 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup>  | 1200 | 1578 |
| Ireland (Republic of) 2.60% 10/18/2034  | 1820 | 2091 |
| Ireland (Republic of) 3.00% 10/18/2043  | 1130 | 1268 |
| Ireland (Republic of) 3.15% 10/18/2055  | 755 | 828 |
| Italy (Republic of) 1.85% 7/1/2025  | 17700 | 20850 |
| Italy (Republic of) 3.10% 8/28/2026  | 3425 | 4085 |
| Italy (Republic of) 1.10% 4/1/2027  | 2565 | 2976 |
| Italy (Republic of) 1.35% 4/1/2030  | 7 | 8 |
| Italy (Republic of) 2.70% 10/1/2030  | 1365 | 1606 |
| Italy (Republic of) 4.20% 3/1/2034  | 1430 | 1806 |
| Italy (Republic of) 3.65% 8/1/2035  | 4595 | 5512 |
| Italy (Republic of) 3.85% 10/1/2040  | 2530 | 2969 |
| Italy (Republic of) 4.30% 10/1/2054  | 4245 | 5016 |
| Johnson & Johnson 3.35% 2/26/2037  | 360 | 421 |
| Lithuania (Republic of) 3.50% 7/3/2031  | 1170 | 1425 |
| Lithuania (Republic of) 3.50% 2/13/2034  | 1620 | 1941 |
| Lloyds Banking Group PLC 3.875% 5/14/2032 (1-year EUR-ICE Swap EURIBOR + 1.18% on 5/14/2031) <sup>(a)</sup>  | 100 | 121 |
| Magyar Export-Import Bank 6.00% 5/16/2029  | 1430 | 1820 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup>  | 2000 | 2280 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030  | 590 | 705 |
| MPT Finance Corp. 7.00% 2/15/2032  | 100 | 121 |
| National Bank of Greece SA 8.00% 1/3/2034 (5-year EUR-ICE Swap EURIBOR + 4.646% on 1/3/2029) <sup>(a)</sup>  | 660 | 877 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup>  | 2725 | 2977 |
| NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup>  | 185 | 210 |
| PepsiCo, Inc. 0.75% 10/14/2033  | 2000 | 1939 |
| Philip Morris International, Inc. 2.75% 6/6/2029  | 770 | 901 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup>  | 320 | 419 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup>  | 730 | 912 |
| Portugal (Republic of) 0.475% 10/18/2030  | 350 | 374 |
| Portugal (Republic of) 2.875% 10/20/2034  | 1960 | 2295 |
| Portugal (Republic of) 3.00% 6/15/2035  | 2870 | 3370 |
| Portugal (Republic of) 3.50% 6/18/2038  | 3140 | 3771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **190** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Euros (continued)** |  |  |
| Portugal (Republic of) 3.375% 6/15/2040  | EUR715 | $832 |
| Province of Ontario 3.25% 7/3/2035  | 1120 | 1318 |
| Prysmian SpA 3.875% 11/28/2031  | 435 | 523 |
| Quebec (Province of) 0.25% 5/5/2031  | 920 | 940 |
| Quebec (Province of) 0.50% 1/25/2032  | 1155 | 1170 |
| Quebec (Province of) 3.35% 7/23/2039  | 2525 | 2911 |
| Queensland Treasury Corp. 3.25% 5/21/2035  | 360 | 424 |
| Romania 2.125% 3/7/2028  | 1440 | 1642 |
| Romania 3.75% 2/7/2034  | 530 | 534 |
| Romania 6.00% 9/24/2044  | 745 | 808 |
| Senegal (Republic of) 5.375% 6/8/2037  | 2250 | 1641 |
| Severn Trent Utilities Finance PLC 4.00% 3/5/2034  | 475 | 572 |
| Shell International Finance BV 1.50% 4/7/2028  | 2000 | 2308 |
| Slovak Republic, Series 250, 3.75% 3/6/2034  | 640 | 780 |
| Spain (Kingdom of) 0% 1/31/2028  | 900 | 1006 |
| Spain (Kingdom of) 1.40% 7/30/2028  | 7510 | 8648 |
| Spain (Kingdom of) 1.45% 4/30/2029  | 1890 | 2158 |
| Spain (Kingdom of) 1.25% 10/31/2030  | 1295 | 1427 |
| Spain (Kingdom of) 0.50% 10/31/2031  | 1247 | 1283 |
| Spain (Kingdom of) 3.15% 4/30/2033  | 3647 | 4367 |
| Spain (Kingdom of) 3.55% 10/31/2033  | 5005 | 6138 |
| Spain (Kingdom of) 3.25% 4/30/2034  | 1980 | 2367 |
| Spain (Kingdom of) 3.45% 10/31/2034  | 500 | 605 |
| Spain (Kingdom of) 3.20% 10/31/2035  | 1795 | 2109 |
| Spain (Kingdom of) 1.90% 10/31/2052  | 1010 | 788 |
| State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030  | 200 | 230 |
| Stryker Corp. 1.00% 12/3/2031  | 450 | 465 |
| T-Mobile USA, Inc. 3.15% 2/11/2032  | 1705 | 1991 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027  | 1850 | 2073 |
| Verallia SAS 3.875% 11/4/2032  | 4500 | 5287 |
| Verizon Communications, Inc. 3.50% 6/28/2032  | 1620 | 1941 |
|  |  | 330337 |
| **Japanese yen 8.79%** |  |  |
| Indonesia (Republic of), Series 20, 0.57% 5/27/2026  | JPY100,000 | 691 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027  | 400000 | 2759 |
| Indonesia (Republic of), Series 32, 1.33% 5/25/2029  | 300000 | 2060 |
| Japan, Series 352, 0.10% 9/20/2028  | 314350 | 2134 |
| Japan, Series 356, 0.10% 9/20/2029  | 1029800 | 6907 |
| Japan, Series 116, 2.20% 3/20/2030  | 576100 | 4226 |
| Japan, Series 362, 0.10% 3/20/2031  | 514000 | 3386 |
| Japan, Series 374, 0.80% 3/20/2034  | 68200 | 454 |
| Japan, Series 152, 1.20% 3/20/2035  | 1239550 | 8430 |
| Japan, Series 21, 2.30% 12/20/2035  | 720000 | 5379 |
| Japan, Series 162, 0.60% 9/20/2037  | 1966150 | 11972 |
| Japan, Series 173, 0.40% 6/20/2040  | 270900 | 1491 |
| Japan, Series 179, 0.50% 12/20/2041  | 196950 | 1056 |
| Japan, Series 182, 1.10% 9/20/2042  | 619850 | 3629 |
| Japan, Series 186, 1.50% 9/20/2043  | 1341900 | 8257 |
| Japan, Series 188, 1.60% 3/20/2044  | 69000 | 429 |
| Japan, Series 192, 2.40% 3/20/2045  | 6359250 | 44483 |
| Japan, Series 53, 0.60% 12/20/2046  | 781600 | 3774 |
| Japan, Series 37, 0.60% 6/20/2050  | 694500 | 3043 |
| Japan, Series 73, 0.70% 12/20/2051  | 1568700 | 6765 |
| Japan, Series 74, 1.00% 3/20/2052  | 246100 | 1150 |
| Japan, Series 76, 1.40% 9/20/2052  | 5800 | 30 |
| Japan, Series 77, 1.60% 12/20/2052  | 53250 | 288 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **191** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Japanese yen (continued)** |  |  |
| Japan, Series 79, 1.20% 6/20/2053  | JPY612,200 | $2959 |
| Japan, Series 81, 1.60% 12/20/2053  | 168700 | 898 |
| Japan, Series 84, 2.10% 9/20/2054  | 455100 | 2714 |
|  |  | 129364 |
| **British pounds 4.59%** |  |  |
| Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup>  | GBP800 | 1115 |
| Electricite de France SA 5.50% 3/27/2037  | 900 | 1176 |
| KfW 1.125% 7/4/2025  | 1165 | 1599 |
| Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup>  | 900 | 1075 |
| Quebec (Province of) 2.25% 9/15/2026  | 1870 | 2511 |
| United Kingdom 0.125% 1/30/2026  | 425 | 573 |
| United Kingdom 4.25% 12/7/2027  | 3785 | 5269 |
| United Kingdom 1.625% 10/22/2028  | 3690 | 4746 |
| United Kingdom 4.125% 7/22/2029  | 2015 | 2792 |
| United Kingdom 4.75% 12/7/2030  | 4770 | 6821 |
| United Kingdom 0.25% 7/31/2031  | 12845 | 14143 |
| United Kingdom 1.00% 1/31/2032  | 7120 | 8046 |
| United Kingdom 4.25% 6/7/2032  | 1310 | 1814 |
| United Kingdom 3.25% 1/31/2033  | 1090 | 1400 |
| United Kingdom 0.625% 7/31/2035  | 210 | 199 |
| United Kingdom 0.875% 1/31/2046  | 4917 | 3113 |
| United Kingdom 3.75% 10/22/2053  | 1870 | 1993 |
| United Kingdom 4.375% 7/31/2054  | 5570 | 6625 |
| United Kingdom 2.50% 7/22/2065  | 3313 | 2523 |
|  |  | 67533 |
| **Brazilian reais 2.64%** |  |  |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | BRL33,688 | 5692 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | 113384 | 18323 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | 58289 | 8856 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup>  | 2126 | 355 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup>  | 26763 | 4382 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup>  | 7920 | 1278 |
|  |  | 38886 |
| **Canadian dollars 2.06%** |  |  |
| Canada (Government) 3.50% 3/1/2028  | CAD25,228 | 18927 |
| Canada (Government) 1.50% 12/1/2031  | 5690 | 3811 |
| Canada (Government) 3.25% 12/1/2033  | 7330 | 5412 |
| Canada (Government) 2.75% 12/1/2048  | 3500 | 2246 |
|  |  | 30396 |
| **Australian dollars 2.06%** |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031  | AUD3,640 | 2123 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031  | 5789 | 3226 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034  | 4415 | 2841 |
| New South Wales Treasury Corp. 4.75% 2/20/2035  | 12509 | 8219 |
| New South Wales Treasury Corp. 4.75% 9/20/2035  | 3115 | 2037 |
| New South Wales Treasury Corp. 4.25% 2/20/2036  | 14861 | 9231 |
| New South Wales Treasury Corp. 5.25% 2/24/2038  | 3956 | 2621 |
|  |  | 30298 |
| **South Korean won 1.71%** |  |  |
| South Korea (Republic of), Series 2709, 3.125% 9/10/2027  | KRW4,513,500 | 3394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **192** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **South Korean won (continued)** |  |  |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027  | KRW5,158,930 | $3816 |
| South Korea (Republic of), Series 2803, 3.25% 3/10/2028  | 3998100 | 3021 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | 18379880 | 14987 |
|  |  | 25218 |
| **Chinese yuan renminbi 1.63%** |  |  |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029  | CNY6,340 | 912 |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032  | 1160 | 173 |
| China (People's Republic of), Series INBK, 1.57% 5/15/2032  | 33900 | 4715 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033  | 22230 | 3381 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 54910 | 8033 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051  | 800 | 148 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 4740 | 826 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053  | 4720 | 835 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053  | 5150 | 894 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055  | 28690 | 4011 |
|  |  | 23928 |
| **Malaysian ringgits 1.55%** |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | MYR26,902 | 6544 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 6143 | 1517 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 10588 | 2523 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 2484 | 636 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 9030 | 2283 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 35614 | 8920 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 1277 | 344 |
|  |  | 22767 |
| **Mexican pesos 1.12%** |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN13,920 | 765 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 29290 | 1566 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 21100 | 1034 |
| United Mexican States, Series M, 7.75% 11/13/2042  | 83507 | 3691 |
| United Mexican States, Series M, 8.00% 11/7/2047  | 7830 | 347 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 198770 | 8719 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(c)</sup>  | 7738 | 357 |
|  |  | 16479 |
| **Indian rupees 1.07%** |  |  |
| Asian Development Bank 6.72% 2/8/2028  | INR144,700 | 1705 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027  | 81400 | 932 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | 34000 | 396 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 650500 | 7668 |
| European Investment Bank 6.95% 3/1/2029  | 46200 | 546 |
| European Investment Bank 7.40% 10/23/2033  | 155800 | 1915 |
| Inter-American Development Bank 7.00% 1/25/2029  | 18000 | 213 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027  | 126400 | 1484 |
| Korea Development Bank 6.75% 7/1/2030  | 73000 | 844 |
|  |  | 15703 |
| **Indonesian rupiah 0.66%** |  |  |
| Indonesia (Republic of), Series 84, 7.25% 2/15/2026  | IDR22,733,000 | 1410 |
| Indonesia (Republic of), Series 64, 6.125% 5/15/2028  | 1556000 | 96 |
| Indonesia (Republic of), Series 95, 6.375% 8/15/2028  | 63512000 | 3932 |
| Indonesia (Republic of), Series 71, 9.00% 3/15/2029  | 26010000 | 1748 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **193** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Indonesian rupiah (continued)** |  |  |
| Indonesia (Republic of), Series 82, 7.00% 9/15/2030  | IDR2,930,000 | $186 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 29412000 | 1810 |
| Indonesia (Republic of), Series 68, 8.375% 3/15/2034  | 6937000 | 475 |
|  |  | 9657 |
| **Norwegian kroner 0.45%** |  |  |
| Norway (Kingdom of) 1.75% 9/6/2029  | NOK2,080 | 192 |
| Norway (Kingdom of) 2.125% 5/18/2032  | 6615 | 593 |
| Norway (Kingdom of) 3.75% 6/12/2035  | 59865 | 5913 |
|  |  | 6698 |
| **South African rand 0.45%** |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030  | ZAR8,400 | 467 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 114250 | 6170 |
|  |  | 6637 |
| **Danish kroner 0.44%** |  |  |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | DKK48,108 | 6238 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 2503 | 308 |
|  |  | 6546 |
| **Polish zloty 0.27%** |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029  | PLN4,900 | 1255 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | 9280 | 2685 |
|  |  | 3940 |
| **Chilean pesos 0.19%** |  |  |
| Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup>  | CLP903,263 | 971 |
| Chile (Republic of) 5.00% 10/1/2028  | 955000 | 1025 |
| Chile (Republic of) 6.00% 4/1/2033  | 675000 | 743 |
|  |  | 2739 |
| **Turkish lira 0.13%** |  |  |
| Turkey (Republic of), Series 5Y, 12.60% 10/1/2025  | TRY73,785 | 1738 |
| Turkey (Republic of) 17.80% 7/13/2033  | 12175 | 204 |
|  |  | 1942 |
| **Colombian pesos 0.07%** |  |  |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | COP7,150,600 | 1052 |
| **Czech korunas 0.06%** |  |  |
| Czech Republic 6.00% 2/26/2026  | CZK17,550 | 851 |
| **U.S. dollars 43.76%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup>  | USD200 | 202 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup>  | 27 | 28 |
| AbbVie, Inc. 5.05% 3/15/2034  | 2790 | 2842 |
| AbbVie, Inc. 5.35% 3/15/2044  | 75 | 74 |
| AbbVie, Inc. 5.40% 3/15/2054  | 1265 | 1231 |
| AbbVie, Inc. 5.50% 3/15/2064  | 150 | 146 |
| Abu Dhabi Crude Oil Pipeline, LLC 4.60% 11/2/2047  | 775 | 694 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **194** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup>  | USD102 | $102 |
| Adnoc Murban Rsc, Ltd. 4.50% 9/11/2034 <sup>(e)</sup>  | 1345 | 1315 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 45 | 46 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026  | 2102 | 2049 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) <br>7.61% 11/17/2029 <sup>(e)(f)(g)(h)</sup>  | 528 | 524 |
| Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/2061 <sup>(e)</sup>  | 660 | 465 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup>  | 165 | 165 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(e)</sup>  | 68 | 70 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup>  | 1147 | 1214 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup>  | 2985 | 3080 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup>  | 140 | 133 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup>  | 200 | 205 |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 <sup>(e)</sup>  | 75 | 72 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.824% <br>5/15/2033 <sup>(g)(h)</sup>  | 65 | 66 |
| Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.399% <br> 4/20/2032 <sup>(d)(e)(h)</sup>  | 553 | 553 |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(e)</sup>  | 50 | 53 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(e)</sup>  | 290 | 290 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup>  | 120 | 118 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup>  | 180 | 186 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup>  | 65 | 66 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup>  | 70 | 72 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup>  | 300 | 292 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup>  | 200 | 209 |
| Amazon.com, Inc. 1.50% 6/3/2030  | 2040 | 1805 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup>  | 98 | 101 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup>  | 35 | 36 |
| American Electric Power Co., Inc. 1.00% 11/1/2025  | 250 | 247 |
| American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup>  | 1030 | 1071 |
| Amgen, Inc. 2.20% 2/21/2027  | 445 | 431 |
| Amgen, Inc. 5.25% 3/2/2030  | 981 | 1011 |
| Amgen, Inc. 5.25% 3/2/2033  | 2687 | 2752 |
| Amgen, Inc. 5.65% 3/2/2053  | 1284 | 1255 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(e)</sup>  | 135 | 131 |
| Angola (Republic of) 9.50% 11/12/2025  | 4225 | 4245 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup>  | 110 | 97 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup>  | 115 | 94 |
| AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.941% 9/1/2027 <sup>(g)(h)</sup>  | 95 | 86 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup>  | 994 | 1006 |
| Apollo Aviation Securitization Equity Trust, Series 25-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup>  | 559 | 570 |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.827% 9/23/2031 <sup>(g)(h)</sup>  | 145 | 145 |
| Aramark Services, Inc. 5.00% 2/1/2028 <sup>(e)</sup>  | 110 | 110 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup>  | 245 | 248 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup>  | 50 | 55 |
| Artera Services, LLC 8.50% 2/15/2031 <sup>(e)</sup>  | 45 | 38 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(e)</sup>  | 55 | 52 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup>  | 55 | 55 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(e)</sup>  | 25 | 25 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 15 | 15 |
| AssuredPartners, Inc. 5.625% 1/15/2029 <sup>(e)</sup>  | 190 | 190 |
| AssuredPartners, Inc., Term Loan, (3-month USD CME Term SOFR + 3.50%) 7.827% 2/14/2031 <sup>(g)(h)</sup>  | 30 | 30 |
| AT&T, Inc. 3.50% 9/15/2053  | 2070 | 1402 |
| ATI, Inc. 7.25% 8/15/2030  | 60 | 63 |
| Atkore, Inc. 4.25% 6/1/2031 <sup>(e)</sup>  | 25 | 23 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup>  | 122 | 116 |
| Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup>  | 25 | 25 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup>  | 1817 | 1831 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup>  | 996 | 1036 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 210 | 191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **195** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup>  | USD25 | $24 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 865 | 885 |
| Baldwin Insurance Group Holdings, LLC 7.125% 5/15/2031 <sup>(e)</sup>  | 20 | 21 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(d)(h)</sup>  | 219 | 235 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup>  | 950 | 979 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup>  | 425 | 423 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup>  | 4040 | 3522 |
| Bank of America Corp. 5.511% 1/24/2036 (USD-SOFR + 1.31% on 1/24/2035) <sup>(a)</sup>  | 1535 | 1579 |
| Bank of East Asia, Ltd. 5.825% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.527% on 10/21/2025) <sup>(a)</sup>  | 640 | 639 |
| BAT Capital Corp. 3.215% 9/6/2026  | 955 | 942 |
| BAT Capital Corp. 5.625% 8/15/2035  | 5501 | 5600 |
| Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup>  | 120 | 124 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 75 | 78 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026 <sup>(e)</sup>  | 80 | 80 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(e)</sup>  | 85 | 81 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(a)</sup>  | 1360 | 1439 |
| Becton, Dickinson and Co. 4.298% 8/22/2032  | 320 | 311 |
| Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(e)</sup>  | 2595 | 2467 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup>  | 400 | 395 |
| Block, Inc. 6.50% 5/15/2032  | 240 | 248 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup>  | 1070 | 1112 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup>  | 900 | 885 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup>  | 700 | 649 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup>  | 1275 | 1143 |
| Boeing Co. (The) 6.259% 5/1/2027  | 45 | 46 |
| Boeing Co. (The) 5.15% 5/1/2030  | 2451 | 2496 |
| Boeing Co. (The) 3.625% 2/1/2031  | 718 | 677 |
| Boeing Co. (The) 6.388% 5/1/2031  | 723 | 777 |
| Boeing Co. (The) 6.528% 5/1/2034  | 457 | 497 |
| Boeing Co. (The) 5.805% 5/1/2050  | 50 | 48 |
| Boeing Co. (The) 6.858% 5/1/2054  | 526 | 576 |
| Bombardier, Inc. 7.125% 6/15/2026 <sup>(e)</sup>  | 16 | 16 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(e)</sup>  | 25 | 27 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup>  | 289 | 264 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup>  | 45 | 43 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup>  | 107 | 104 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(a)(e)</sup>  | 3520 | 3698 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 1756 | 1362 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 2129 | 1863 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup>  | 525 | 459 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on <br>5/1/2027) <sup>(a)(d)(e)</sup>  | 1599 | 1609 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 1925 | 1972 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 2200 | 2148 |
| British Columbia (Province of) 4.20% 7/6/2033  | 70 | 68 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 250 | 247 |
| Broadcom, Inc. 3.469% 4/15/2034 <sup>(e)</sup>  | 746 | 667 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 185 | 156 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup>  | 63 | 63 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 28 | 29 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 48 | 50 |
| Buffalo Energy Mexico Holdings 7.875% 2/15/2039 <sup>(e)</sup>  | 1341 | 1383 |
| Burlington Northern Santa Fe, LLC 5.50% 3/15/2055  | 232 | 230 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup>  | 175 | 169 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 5.126% 9/15/2036 <sup>(d)(e)(h)</sup>  | 1269 | 1266 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup>  | 1724 | 1772 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(e)</sup>  | 15 | 14 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup>  | 64 | 66 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(e)</sup>  | 45 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **196** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup>  | USD1,633 | $1689 |
| CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(a)(e)</sup>  | 200 | 220 |
| CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(a)(e)</sup>  | 200 | 209 |
| California Resources Corp. 7.125% 2/1/2026 <sup>(e)</sup>  | 50 | 50 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 349 | 254 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 1085 | 714 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup>  | 90 | 84 |
| Carnival Corp. 6.00% 5/1/2029 <sup>(e)</sup>  | 100 | 101 |
| Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 <br>(9.405% on 11/25/2027) <sup>(a)(d)(e)</sup>  | 163 | 164 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 614 | 596 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 111 | 110 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup>  | 834 | 847 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 125 | 125 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup>  | 135 | 131 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup>  | 240 | 229 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup>  | 155 | 145 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup>  | 147 | 134 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 55 | 49 |
| Centene Corp. 2.45% 7/15/2028  | 40 | 37 |
| Centene Corp. 4.625% 12/15/2029  | 35 | 34 |
| Centene Corp. 2.50% 3/1/2031  | 65 | 56 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 74 | 70 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup>  | 110 | 102 |
| Charter Communications Operating, LLC 3.75% 2/15/2028  | 2650 | 2601 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 384 | 307 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 188 | 125 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 458 | 315 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 17 | 14 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032  | 26 | 23 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026  | 1130 | 1110 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026  | 195 | 194 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045  | 425 | 368 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 990 | 1014 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup>  | 805 | 843 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup>  | 1240 | 1282 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup>  | 421 | 436 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 90 | 91 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup>  | 15 | 15 |
| Clarios Global, LP 8.50% 5/15/2027 <sup>(e)</sup>  | 90 | 91 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup>  | 45 | 43 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(e)</sup>  | 5 | 5 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup>  | 100 | 99 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup>  | 75 | 64 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup>  | 235 | 237 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup>  | 175 | 182 |
| Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% <br>3/29/2029 <sup>(g)(h)</sup>  | 252 | 252 |
| CMS Energy Corp. 3.00% 5/15/2026  | 1200 | 1185 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup>  | 110 | 114 |
| Coca-Cola Co. 4.65% 8/14/2034  | 336 | 338 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup>  | 55 | 52 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup>  | 85 | 76 |
| Colombia (Republic of) 3.875% 4/25/2027  | 350 | 343 |
| Colombia (Republic of) 3.125% 4/15/2031  | 3000 | 2471 |
| Colombia (Republic of) 8.00% 11/14/2035  | 445 | 448 |
| Comcast Corp. 4.80% 5/15/2033  | 4100 | 4093 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup>  | 192 | 173 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup>  | 65 | 55 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup>  | 65 | 63 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup>  | 200 | 201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **197** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) <br>6.605% 5/25/2043 <sup>(d)(e)(h)</sup>  | USD1,208 | $1234 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) <br> 7.855% 5/25/2043 <sup>(d)(e)(h)</sup>  | 804 | 850 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) <br> 6.205% 6/25/2043 <sup>(d)(e)(h)</sup>  | 658 | 665 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) <br> 7.405% 6/25/2043 <sup>(d)(e)(h)</sup>  | 305 | 319 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) <br> 6.005% 7/25/2043 <sup>(d)(e)(h)</sup>  | 461 | 464 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) <br> 6.105% 1/25/2044 <sup>(d)(e)(h)</sup>  | 206 | 208 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) <br> 5.955% 5/25/2044 <sup>(d)(e)(h)</sup>  | 1148 | 1156 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) <br> 5.305% 2/25/2045 <sup>(d)(e)(h)</sup>  | 259 | 259 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) <br> 5.455% 2/25/2045 <sup>(d)(e)(h)</sup>  | 671 | 671 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 3050 | 2897 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup>  | 200 | 204 |
| Constellium SE 3.75% 4/15/2029 <sup>(e)</sup>  | 125 | 118 |
| COPT Defense Properties, LP 2.75% 4/15/2031  | 1212 | 1073 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 748 | 703 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup>  | 384 | 367 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.941% 6/4/2029 <sup>(g)(h)</sup>  | 65 | 63 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(e)</sup>  | 50 | 51 |
| Coronado Finance Pty, Ltd. 9.25% 10/1/2029 <sup>(e)</sup>  | 125 | 93 |
| Coty, Inc. 5.00% 4/15/2026 <sup>(e)</sup>  | 36 | 36 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup>  | 65 | 64 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(e)</sup>  | 95 | 97 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup>  | 65 | 69 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup>  | 178 | 186 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup>  | 165 | 161 |
| Crown Castle, Inc. 2.50% 7/15/2031  | 767 | 670 |
| CSX Corp. 3.80% 4/15/2050  | 75 | 57 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(e)</sup>  | 65 | 65 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup>  | 10 | 10 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup>  | 40 | 41 |
| Deluxe Corp. 8.00% 6/1/2029 <sup>(e)</sup>  | 20 | 19 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025) <sup>(a)</sup>  | 850 | 841 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup>  | 1160 | 1126 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032  | 930 | 1161 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup>  | 8 | 7 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup>  | 125 | 133 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup>  | 50 | 50 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.541% 8/2/2027 <sup>(g)(h)</sup>  | 13 | 13 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup>  | 296 | 305 |
| Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(e)</sup>  | 23 | 24 |
| EchoStar Corp. 10.75% 11/30/2029  | 30 | 31 |
| Edison International 5.25% 11/15/2028  | 1862 | 1844 |
| Edison International 5.45% 6/15/2029  | 75 | 74 |
| Edison International 6.95% 11/15/2029  | 350 | 364 |
| Edison International 6.25% 3/15/2030  | 1510 | 1534 |
| Edison International 5.25% 3/15/2032  | 705 | 669 |
| Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 3.901% on 3/15/2027) <sup>(a)</sup>  | 100 | 87 |
| Egypt (Arab Republic of) 6.588% 2/21/2028  | 1550 | 1553 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup>  | 460 | 466 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 800 | 830 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T <br> Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup>  | 300 | 339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **198** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup>  | USD105 | $102 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(e)</sup>  | 25 | 26 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(g)(h)</sup>  | 25 | 26 |
| Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(e)</sup>  | 30 | 33 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup>  | 190 | 201 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(g)(h)</sup>  | 84 | 84 |
| Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup>  | 1248 | 1212 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup>  | 1227 | 1146 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 3329 | 2983 |
| Entergy Corp. 0.90% 9/15/2025  | 750 | 744 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035  | 168 | 167 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup>  | 145 | 143 |
| EQT Corp. 6.375% 4/1/2029 <sup>(e)</sup>  | 20 | 21 |
| EQT Corp. 7.50% 6/1/2030 <sup>(e)</sup>  | 45 | 49 |
| Equinix, Inc. 1.80% 7/15/2027  | 1145 | 1092 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(d)(e)</sup>  | 871 | 885 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup>  | 1348 | 1358 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup>  | 90 | 95 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup>  | 15 | 16 |
| ESAB Corp. 6.25% 4/15/2029 <sup>(e)</sup>  | 75 | 77 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup>  | 148 | 149 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup>  | 62 | 62 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(e)</sup>  | 46 | 46 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup>  | 30 | 30 |
| Expand Energy Corp. 5.375% 3/15/2030  | 55 | 55 |
| Expand Energy Corp. 4.75% 2/1/2032  | 15 | 15 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(j)</sup>  | 915 | 4 |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | 1420 | 1461 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(e)</sup>  | 15 | 15 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 125 | 126 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup>  | 75 | 80 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(d)</sup>  | 6 | 5 |
| Fannie Mae Pool #FP0015 2.50% 9/1/2050 <sup>(d)</sup>  | 1 | 1 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(d)</sup>  | 127 | 124 |
| Fannie Mae Pool #CB0046 3.00% 4/1/2051 <sup>(d)</sup>  | 1635 | 1417 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup>  | 248 | 206 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup>  | 1414 | 1124 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup>  | 1380 | 1097 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup>  | 3437 | 2727 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup>  | 3987 | 3824 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup>  | 51 | 50 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 1692 | 1623 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup>  | 93 | 93 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 203 | 205 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 882 | 903 |
| Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup>  | 20 | 19 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(d)</sup>  | 4375 | 4302 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup>  | 532 | 532 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup>  | 16 | 16 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup>  | 58 | 58 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(d)</sup>  | 28 | 26 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(d)</sup>  | 420 | 413 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup>  | 218 | 219 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 1535 | 1539 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup>  | 839 | 840 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup>  | 1839 | 1872 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup>  | 435 | 435 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 2183 | 2223 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 636 | 637 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup>  | 220 | 220 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 457 | 457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **199** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | USD277 | $282 |
| Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup>  | 320 | 321 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup>  | 578 | 588 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 1639 | 1647 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 1581 | 1618 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup>  | 944 | 961 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup>  | 646 | 661 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup>  | 219 | 223 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup>  | 196 | 202 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 4031 | 4038 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(d)</sup>  | 3341 | 3344 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup>  | 1039 | 1040 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup>  | 1514 | 1540 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup>  | 1306 | 1329 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 838 | 853 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup>  | 586 | 596 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 570 | 582 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup>  | 420 | 431 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup>  | 318 | 326 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup>  | 177 | 181 |
| Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup>  | 17 | 17 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(d)</sup>  | 43 | 46 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 393 | 395 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 823 | 838 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 496 | 508 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 340 | 346 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup>  | 246 | 251 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup>  | 202 | 207 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup>  | 195 | 199 |
| Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup>  | 189 | 192 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup>  | 163 | 166 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup>  | 94 | 96 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup>  | 74 | 76 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(d)</sup>  | 68 | 69 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup>  | 66 | 68 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup>  | 38 | 39 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup>  | 2116 | 2118 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 462 | 472 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup>  | 1812 | 1777 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 124 | 124 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 48 | 47 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(d)</sup>  | 3825 | 3828 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(d)</sup>  | 707 | 731 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup>  | 612 | 585 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(d)</sup>  | 4644 | 4647 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup>  | 104 | 105 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup>  | 644 | 616 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(d)</sup>  | 461 | 469 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 350 | 343 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup>  | 202 | 206 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 1624 | 1593 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup>  | 324 | 325 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(d)</sup>  | 1 | 2 |
| Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup>  | 371 | 364 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.595% 8/1/2054 <sup>(d)(e)(h)</sup>  | 330 | 294 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup>  | 25 | 23 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup>  | 150 | 159 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup>  | 30 | 32 |
| Fiesta Purchaser, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 2/12/2031 <sup>(g)(h)</sup>  | 15 | 15 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(g)(h)</sup>  | 95 | 96 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(g)(h)</sup>  | 2 | 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **200** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup>  | USD45 | $42 |
| FirstEnergy Corp., Series B, 3.90% 7/15/2027  | 1763 | 1744 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 12/15/2029 <sup>(d)(e)(h)</sup>  | 483 | 484 |
| Ford Motor Co. 6.10% 8/19/2032  | 30 | 30 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 2175 | 2192 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 300 | 298 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 200 | 193 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027  | 200 | 208 |
| Ford Motor Credit Co., LLC 2.90% 2/16/2028  | 200 | 188 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029  | 3000 | 3007 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 125 | 114 |
| Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup>  | 255 | 256 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup>  | 1680 | 1617 |
| Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup>  | 2088 | 1797 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup>  | 195 | 190 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup>  | 605 | 480 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup>  | 911 | 898 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 372 | 357 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup>  | 3297 | 3249 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 2788 | 2674 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(d)</sup>  | 5529 | 5434 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup>  | 259 | 260 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup>  | 22 | 22 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup>  | 695 | 697 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup>  | 173 | 177 |
| Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup>  | 58 | 59 |
| Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup>  | 34 | 32 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(d)</sup>  | 2668 | 2672 |
| Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup>  | 1592 | 1620 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup>  | 29450 | 28942 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(d)</sup>  | 11000 | 11029 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup>  | 126 | 131 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 194 | 194 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup>  | 1786 | 1818 |
| Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup>  | 927 | 863 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup>  | 1449 | 1450 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup>  | 103 | 105 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup>  | 126 | 129 |
| Freddie Mac Pool #SD8433 6.50% 5/1/2054 <sup>(d)</sup>  | 25 | 26 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 271 | 266 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup>  | 14756 | 14781 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 822 | 826 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup>  | 977 | 995 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 1054 | 1055 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup>  | 522 | 523 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup>  | 1540 | 1567 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 1259 | 1294 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 869 | 886 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 538 | 551 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup>  | 346 | 352 |
| Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup>  | 228 | 232 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup>  | 185 | 189 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(d)</sup>  | 6026 | 6045 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(d)</sup>  | 3860 | 3874 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup>  | 3455 | 3462 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup>  | 633 | 637 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup>  | 310 | 317 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup>  | 29 | 29 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(d)</sup>  | 543 | 565 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup>  | 2317 | 2319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **201** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup>  | USD666 | $668 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 1084 | 1104 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 592 | 606 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 560 | 574 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 514 | 528 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup>  | 331 | 337 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 443 | 444 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 426 | 408 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 1156 | 1157 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 523 | 513 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 340 | 340 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 13 | 13 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup>  | 58 | 59 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 152 | 149 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup>  | 627 | 637 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 322 | 315 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup>  | 166 | 169 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 449 | 441 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(d)</sup>  | 746 | 746 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average <br> USD-SOFR + 2.90%) 7.205% 4/25/2042 <sup>(d)(e)(h)</sup>  | 441 | 455 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 5.255% 1/25/2045 <sup>(d)(e)(h)</sup>  | 282 | 282 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(e)</sup>  | 2 | 2 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 65 | 66 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup>  | 103 | 104 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(e)</sup>  | 27 | 29 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(e)</sup>  | 497 | 438 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup>  | 65 | 67 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(e)</sup>  | 70 | 66 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 1150 | 1160 |
| Genesis Energy, LP 8.25% 1/15/2029  | 25 | 26 |
| Genesis Energy, LP 8.875% 4/15/2030  | 38 | 40 |
| Genesis Energy, LP 7.875% 5/15/2032  | 60 | 62 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup>  | 400 | 389 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 1342 | 1389 |
| Gilead Sciences, Inc. 5.55% 10/15/2053  | 1155 | 1141 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.583% 11/4/2031 <sup>(g)(h)</sup>  | 55 | 54 |
| Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(e)</sup>  | 200 | 196 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup>  | 1080 | 1043 |
| Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) <sup>(a)</sup>  | 732 | 751 |
| Government National Mortgage Assn. Pool #785813 2.50% 12/20/2051 <sup>(d)</sup>  | 3561 | 2987 |
| Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(d)</sup>  | 1756 | 1634 |
| Government National Mortgage Assn. Pool #MB0202 4.00% 2/20/2055 <sup>(d)</sup>  | 185 | 172 |
| Government National Mortgage Assn. Pool #MB0256 4.00% 3/20/2055 <sup>(d)</sup>  | 225 | 209 |
| Government National Mortgage Assn. Pool #MB0421 4.00% 6/20/2055 <sup>(d)</sup>  | 10 | 9 |
| Government National Mortgage Assn. 6.50% 7/1/2055 <sup>(d)(k)</sup>  | 1708 | 1754 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup>  | 754 | 551 |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, <br>3.236% 10/1/2052  | 965 | 659 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup>  | 19 | 14 |
| Greenko Dutch BV 3.85% 3/29/2026  | 1514 | 1488 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 1645 | 1665 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup>  | 115 | 111 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup>  | 660 | 650 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(e)</sup>  | 15 | 15 |
| HAH Group Holding Co., LLC 9.75% 10/1/2031 <sup>(e)</sup>  | 115 | 114 |
| Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.077% 3/7/2032 <sup>(g)(h)</sup>  | 56 | 57 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup>  | 25 | 25 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup>  | 25 | 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **202** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.705% <br>3/15/2042 <sup>(d)(e)(h)</sup>  | USD1,066 | $1068 |
| HCA, Inc. 5.625% 9/1/2028  | 120 | 124 |
| HealthEquity, Inc. 4.50% 10/1/2029 <sup>(e)</sup>  | 80 | 78 |
| Helios Software Holdings, Inc. 8.75% 5/1/2029 <sup>(e)</sup>  | 200 | 206 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(e)</sup>  | 65 | 68 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(e)</sup>  | 30 | 31 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup>  | 249 | 253 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup>  | 1188 | 1194 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup>  | 14 | 14 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup>  | 235 | 234 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(e)</sup>  | 105 | 102 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup>  | 25 | 24 |
| Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030  | 25 | 25 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup>  | 115 | 108 |
| Honduras (Republic of) 6.25% 1/19/2027  | 653 | 654 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.644% 2/5/2045 <sup>(d)(e)(h)</sup>  | 1949 | 2004 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 175 | 174 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 195 | 186 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 120 | 111 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup>  | 200 | 209 |
| HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025) <sup>(a)</sup>  | 4172 | 4168 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup>  | 1700 | 1707 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup>  | 2000 | 2238 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup>  | 1200 | 1289 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.875% 5/10/2039 <sup>(d)(e)(h)</sup>  | 396 | 400 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup>  | 130 | 136 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.769% 6/20/2030 <sup>(g)(h)</sup>  | 3 | 3 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.649% 1/13/2040 <sup>(d)(e)(h)</sup>  | 2712 | 2799 |
| Hungary (Republic of) 6.00% 9/26/2035 <sup>(e)</sup>  | 325 | 327 |
| Hungary (Republic of) 5.50% 3/26/2036 <sup>(e)</sup>  | 290 | 280 |
| Husky Injection Molding Systems, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.50%) <br>8.796% 2/15/2029 <sup>(g)(h)</sup>  | 54 | 55 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 16 | 16 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 2375 | 2306 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 269 | 260 |
| Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup>  | 600 | 555 |
| Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup>  | 132 | 139 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 65 | 63 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup>  | 500 | 509 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup>  | 130 | 121 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(e)</sup>  | 7 | 7 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(e)</sup>  | 130 | 133 |
| Intesa Sanpaolo SpA 7.00% 11/21/2025 <sup>(e)</sup>  | 225 | 227 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.662% <br>3/15/2042 <sup>(d)(e)(h)</sup>  | 3679 | 3668 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 55 | 53 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 235 | 232 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(e)</sup>  | 200 | 206 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup>  | 80 | 82 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup>  | 80 | 83 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(e)</sup>  | 5 | 5 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(e)</sup>  | 5 | 5 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup>  | 1243 | 1218 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup>  | 536 | 556 |
| JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup>  | 730 | 732 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(g)(h)</sup>  | 75 | 75 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(g)(h)</sup>  | 50 | 50 |
| KB Home 6.875% 6/15/2027  | 50 | 52 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 20 | 19 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 245 | 225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **203** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Kimmeridge Texas Gas, LLC 8.50% 2/15/2030 <sup>(e)</sup>  | USD15 | $16 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(e)</sup>  | 10 | 10 |
| Korea Electric Power Corp. 5.375% 7/31/2026 <sup>(e)</sup>  | 1290 | 1304 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup>  | 2250 | 2277 |
| Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup>  | 225 | 231 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) <br> 5.854% 12/15/2039 <sup>(d)(e)(h)</sup>  | 1243 | 1243 |
| LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/2027 <sup>(d)(e)</sup>  | 273 | 274 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup>  | 194 | 199 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(e)</sup>  | 219 | 220 |
| Lamar Media Corp. 3.75% 2/15/2028  | 10 | 10 |
| Lamar Media Corp. 3.625% 1/15/2031  | 120 | 111 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup>  | 30 | 29 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(e)</sup>  | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup>  | 110 | 107 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup>  | 40 | 43 |
| Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10% 10/15/2030 <sup>(d)(e)</sup>  | 530 | 532 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup>  | 115 | 105 |
| LGI Homes, Inc. 8.75% 12/15/2028 <sup>(e)</sup>  | 155 | 161 |
| Light and Wonder International, Inc. 7.00% 5/15/2028 <sup>(e)</sup>  | 20 | 20 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027 <sup>(e)</sup>  | 5 | 5 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup>  | 130 | 129 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + <br> 0.85% on 5/11/2026) <sup>(a)</sup>  | 7000 | 6827 |
| Lockheed Martin Corp. 5.20% 2/15/2064  | 309 | 286 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup>  | 135 | 129 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup>  | 90 | 89 |
| Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.506% <br>7/15/2036 <sup>(d)(e)(h)</sup>  | 563 | 564 |
| Marathon CLO, Ltd., Series 2019-2A, Class A1R2, (3-month USD CME Term SOFR + 0.95%) 5.219% <br>1/20/2033 <sup>(d)(e)(h)</sup>  | 2788 | 2776 |
| Marriott International, Inc. 2.75% 10/15/2033  | 5 | 4 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(e)</sup>  | 45 | 43 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 2925 | 2965 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 1450 | 1470 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 1475 | 1493 |
| Marsh & McLennan Companies, Inc. 5.70% 9/15/2053  | 282 | 284 |
| Mastercard, Inc. 2.00% 11/18/2031  | 600 | 523 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup>  | 50 | 50 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup>  | 45 | 45 |
| McDonald's Corp. 4.95% 3/3/2035  | 476 | 476 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(e)</sup>  | 40 | 40 |
| Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.577% 10/23/2028 <sup>(g)(h)</sup>  | 49 | 49 |
| MEG Energy Corp. 5.875% 2/1/2029 <sup>(e)</sup>  | 30 | 30 |
| Meituan 2.125% 10/28/2025  | 1730 | 1716 |
| Melco Resorts Finance, Ltd. 5.25% 4/26/2026 <sup>(e)</sup>  | 1528 | 1527 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup>  | 873 | 872 |
| Methanex Corp. 5.125% 10/15/2027  | 55 | 55 |
| Methanex Corp. 5.25% 12/15/2029  | 5 | 5 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(a)(d)(e)</sup>  | 1352 | 1361 |
| MGM Resorts International 5.50% 4/15/2027  | 90 | 91 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 709 | 720 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027 <sup>(e)</sup>  | 30 | 30 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup>  | 155 | 156 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup>  | 85 | 87 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 1086 | 1174 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup>  | 1094 | 1104 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup>  | 539 | 543 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.40% 9/15/2031 <sup>(d)(e)</sup>  | 1136 | 1137 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup>  | 80 | 78 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup>  | 75 | 70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **204** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup>  | USD115 | $117 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup>  | 120 | 117 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup>  | 3700 | 3708 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup>  | 1433 | 1226 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup>  | 35 | 37 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(e)</sup>  | 210 | 194 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, 6.014% 12/15/2056 <sup>(d)(h)</sup>  | 336 | 360 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 7.055% 7/25/2054 <sup>(d)(e)(h)</sup>  | 493 | 498 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 25 | 24 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029  | 48 | 47 |
| MV24 Capital BV 6.748% 6/1/2034  | 1025 | 995 |
| Nabors Industries, Inc. 7.375% 5/15/2027 <sup>(e)</sup>  | 55 | 54 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup>  | 160 | 153 |
| National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup>  | 1250 | 1294 |
| Nationstar Mortgage Holdings, Inc. 5.125% 12/15/2030 <sup>(e)</sup>  | 135 | 137 |
| Navient Corp. 5.00% 3/15/2027  | 45 | 45 |
| Navient Corp. 4.875% 3/15/2028  | 145 | 143 |
| Navient Corp. 7.875% 6/15/2032  | 55 | 57 |
| NCR Atleos Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.030% 4/16/2029 <sup>(g)(h)</sup>  | 21 | 21 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(e)</sup>  | 38 | 37 |
| New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup>  | 2725 | 2332 |
| New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup>  | 1500 | 1511 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup>  | 547 | 506 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup>  | 30 | 32 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup>  | 165 | 161 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)</sup>  | 709 | 323 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup>  | 55 | 56 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup>  | 70 | 70 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup>  | 662 | 663 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 496 | 474 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028 <sup>(e)</sup>  | 150 | 151 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(e)</sup>  | 20 | 20 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(e)</sup>  | 90 | 97 |
| Novelis Corp. 4.75% 1/30/2030 <sup>(e)</sup>  | 80 | 77 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(e)</sup>  | 20 | 18 |
| NuStar Logistics, LP 5.625% 4/28/2027  | 80 | 81 |
| Occidental Petroleum Corp. 6.375% 9/1/2028  | 54 | 56 |
| OCP SA 3.75% 6/23/2031  | 500 | 449 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup>  | 269 | 272 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup>  | 120 | 122 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 25 | 26 |
| ONEOK, Inc. 5.80% 11/1/2030  | 69 | 72 |
| ONEOK, Inc. 6.05% 9/1/2033  | 514 | 540 |
| ONEOK, Inc. 6.625% 9/1/2053  | 290 | 302 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup>  | 35 | 36 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 3/25/2028 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup>  | 770 | 776 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 1494 | 1510 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(a)(d)(e)</sup>  | 2573 | 2589 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(a)(d)(e)</sup>  | 2624 | 2635 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup>  | 25 | 24 |
| Option Care Health, Inc. 4.375% 10/31/2029 <sup>(e)</sup>  | 25 | 24 |
| Oracle Corp. 2.65% 7/15/2026  | 2327 | 2286 |
| Oracle Corp. 3.25% 11/15/2027  | 1880 | 1838 |
| Oracle Corp. 3.95% 3/25/2051  | 22 | 16 |
| Orange 9.00% 3/1/2031 <sup>(a)</sup>  | 2434 | 2958 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(e)</sup>  | 256 | 257 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup>  | 40 | 38 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 3000 | 2972 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 542 | 539 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 1500 | 1569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **205** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | USD4,525 | $3241 |
| PacifiCorp 3.30% 3/15/2051  | 150 | 98 |
| PacifiCorp 2.90% 6/15/2052  | 280 | 166 |
| PacifiCorp 5.35% 12/1/2053  | 525 | 472 |
| PacifiCorp 5.50% 5/15/2054  | 980 | 902 |
| PacifiCorp 5.80% 1/15/2055  | 500 | 479 |
| Panama (Republic of) 3.75% 4/17/2026  | 465 | 459 |
| Panama (Republic of) 7.50% 3/1/2031  | 415 | 443 |
| Panama (Republic of) 6.40% 2/14/2035  | 850 | 830 |
| Panama (Republic of) 8.00% 3/1/2038  | 755 | 811 |
| Panama (Republic of) 7.875% 3/1/2057  | 2015 | 2055 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(e)</sup>  | 65 | 65 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup>  | 65 | 63 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup>  | 55 | 57 |
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(e)(f)(i)(j)</sup>  | 2 | — <br><sup>(l)</sup><br>|
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup>  | 1059 | 1063 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(e)</sup>  | 11 | 11 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(e)</sup>  | 3 | 3 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(e)</sup>  | 25 | 26 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(e)</sup>  | 106 | 107 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 946 | 946 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 638 | 639 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 5999 | 5972 |
| Petroleos Mexicanos 6.50% 3/13/2027  | 6200 | 6161 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 8494 | 8211 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 65 | 59 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 779 | 724 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 55 | 40 |
| Petrorio Luxembourg Holding SARL 6.125% 6/9/2026  | 910 | 912 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 2128 | 2122 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 188 | 178 |
| PG&E Corp. 5.00% 7/1/2028  | 235 | 229 |
| PG&E Corp. 5.25% 7/1/2030  | 175 | 167 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(a)</sup>  | 145 | 138 |
| Philip Morris International, Inc. 5.125% 11/17/2027  | 315 | 321 |
| Philip Morris International, Inc. 2.10% 5/1/2030  | 634 | 571 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 1554 | 1644 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 1382 | 1428 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup>  | 375 | 390 |
| POSCO Holdings, Inc. 4.875% 1/23/2027 <sup>(e)</sup>  | 510 | 512 |
| Post Holdings, Inc. 5.50% 12/15/2029 <sup>(e)</sup>  | 80 | 80 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup>  | 444 | 427 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(e)</sup>  | 33 | 34 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(e)</sup>  | 120 | 111 |
| Procter & Gamble Co. 3.00% 3/25/2030  | 338 | 323 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2030 <sup>(d)(e)</sup>  | 902 | 850 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 833 | 798 |
| PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield <br> Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup>  | 2755 | 2633 |
| PT Freeport Indonesia 5.315% 4/14/2032  | 449 | 450 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup>  | 40 | 41 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup>  | 10 | 10 |
| Quikrete Holdings, Inc., Term Loan B3, (3-month USD CME Term SOFR + 2.25%) 6.577% 2/10/2032 <sup>(g)(h)</sup>  | 15 | 15 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup>  | 282 | 277 |
| Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% <br> Cash 1/31/2029 <sup>(g)(h)(i)</sup>  | 9 | 9 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup>  | 910 | 911 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup>  | 145 | 141 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup>  | 25 | 24 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(e)</sup>  | 80 | 83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **206** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup>  | USD90 | $88 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(e)</sup>  | 30 | 31 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035  | 1420 | 1446 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup>  | 25 | 23 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029 <sup>(e)</sup>  | 20 | 19 |
| Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup>  | 1700 | 1736 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(e)</sup>  | 75 | 76 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(e)</sup>  | 90 | 92 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(e)</sup>  | 45 | 44 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(e)</sup>  | 20 | 20 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup>  | 25 | 26 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 107 | 110 |
| Sands China, Ltd. 5.40% 8/8/2028  | 2710 | 2732 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026  | 3750 | 3693 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup>  | 1330 | 1318 |
| Sats Treasury Pte., Ltd. 4.828% 1/23/2029  | 350 | 356 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup>  | 66 | 66 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(e)</sup>  | 1040 | 977 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup>  | 110 | 109 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup>  | 2846 | 2907 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup>  | 46 | 44 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup>  | 115 | 112 |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(e)</sup>  | 180 | 183 |
| Sealed Air Corp. 6.50% 7/15/2032 <sup>(e)</sup>  | 123 | 128 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(e)</sup>  | 158 | 160 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.98% 12/29/2032 <sup>(d)(e)</sup>  | 826 | 829 |
| Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup>  | 740 | 766 |
| Service Corp. International 5.75% 10/15/2032  | 35 | 35 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 60 | 64 |
| ServiceNow, Inc. 1.40% 9/1/2030  | 756 | 655 |
| Simmons Foods, Inc. 4.625% 3/1/2029 <sup>(e)</sup>  | 80 | 76 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup>  | 50 | 49 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 195 | 187 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup>  | 39 | 36 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 111 | 99 |
| SK hynix, Inc. 1.50% 1/19/2026  | 563 | 554 |
| SLM Corp. 6.50% 1/31/2030  | 85 | 89 |
| SM Energy Co. 6.50% 7/15/2028  | 45 | 45 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) <br>5.854% 11/15/2052 <sup>(d)(e)(h)</sup>  | 547 | 553 |
| SMRC Automotive Holdings Netherlands BV 5.625% 7/11/2029 <sup>(e)</sup>  | 595 | 605 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup>  | 45 | 44 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(e)</sup>  | 20 | 19 |
| Southern California Edison Co. 2.85% 8/1/2029  | 200 | 185 |
| Southern California Edison Co. 3.65% 2/1/2050  | 1700 | 1125 |
| Southern California Edison Co. 5.90% 3/1/2055  | 1100 | 1007 |
| Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 8.78% 1/15/2027 <sup>(g)(h)</sup>  | 5 | 5 |
| Sprint, LLC 7.625% 3/1/2026  | 130 | 131 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(e)</sup>  | 115 | 110 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) <br> 5.762% 2/17/2042 <sup>(d)(e)(h)</sup>  | 216 | 216 |
| State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup>  | 1450 | 1467 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(e)</sup>  | 35 | 36 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 5.256% <br>7/15/2032 <sup>(d)(e)(h)</sup>  | 1832 | 1832 |
| Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup>  | 2090 | 2043 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup>  | 30 | 31 |
| Sunoco, LP 4.50% 5/15/2029  | 290 | 282 |
| Sunoco, LP 4.50% 4/30/2030  | 35 | 34 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup>  | 45 | 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **207** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) <br> 5.755% 3/15/2042 <sup>(d)(e)(h)</sup>  | USD6,917 | $6877 |
| Synopsys, Inc. 5.15% 4/1/2035  | 1410 | 1422 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup>  | 69 | 74 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.808% 5/17/2030 <sup>(g)(h)</sup>  | 44 | 44 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup>  | 15 | 15 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup>  | 55 | 56 |
| Tenet Healthcare Corp. 6.125% 10/1/2028  | 25 | 25 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 455 | 458 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 200 | 204 |
| TGS ASA 8.50% 1/15/2030 <sup>(e)</sup>  | 200 | 207 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup>  | 10 | 10 |
| Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040  | 863 | 816 |
| T-Mobile USA, Inc. 2.40% 3/15/2029  | 1079 | 1005 |
| T-Mobile USA, Inc. 5.65% 1/15/2053  | 1400 | 1355 |
| Toronto-Dominion Bank (The) 4.783% 12/17/2029  | 424 | 429 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 1500 | 1445 |
| TransDigm, Inc. 4.875% 5/1/2029  | 80 | 79 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup>  | 85 | 88 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup>  | 45 | 47 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup>  | 75 | 75 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027 <sup>(e)</sup>  | 39 | 39 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup>  | 92 | 94 |
| Transocean, Inc. 8.75% 2/15/2030 <sup>(e)</sup>  | 32 | 33 |
| Transocean, Inc. 6.80% 3/15/2038  | 35 | 25 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(f)</sup>  | 100 | 100 |
| Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 251 | 252 |
| Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 100 | 100 |
| Triumph Group, Inc. 9.00% 3/15/2028 <sup>(e)</sup>  | 57 | 60 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(g)(h)</sup>  | 124 | 125 |
| Turkey (Republic of) 7.125% 7/17/2032  | 1360 | 1363 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup>  | 752 | 753 |
| U.S. Treasury 3.875% 5/31/2027  | 662 | 664 |
| U.S. Treasury 3.50% 9/30/2029  | 399 | 395 |
| U.S. Treasury 4.125% 10/31/2029  | 328 | 333 |
| U.S. Treasury 4.00% 5/31/2030  | 2995 | 3024 |
| U.S. Treasury 4.125% 11/30/2031  | 704 | 711 |
| U.S. Treasury 3.875% 8/15/2034  | 540 | 527 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(m)</sup>  | 1681 | 1734 |
| U.S. Treasury 1.75% 8/15/2041 <sup>(m)</sup>  | 4650 | 3087 |
| U.S. Treasury 4.75% 11/15/2043  | 2650 | 2648 |
| U.S. Treasury 4.625% 5/15/2044  | 1210 | 1187 |
| U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup>  | 5045 | 3730 |
| U.S. Treasury 1.25% 5/15/2050  | 1625 | 781 |
| U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup>  | 4809 | 4763 |
| U.S. Treasury 4.25% 2/15/2054  | 681 | 621 |
| U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup>  | 5926 | 5755 |
| U.S. Treasury 4.50% 11/15/2054  | 143 | 136 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup>  | 837 | 830 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)(m)</sup>  | 10569 | 10964 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup>  | 3487 | 1900 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup>  | 183 | 145 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup>  | 5916 | 5416 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup>  | 77 | 80 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(d)(k)</sup>  | 3098 | 2789 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(d)(k)</sup>  | 4068 | 3892 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(d)(k)</sup>  | 171 | 168 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(d)(k)</sup>  | 5160 | 5244 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(d)(k)</sup>  | 183 | 193 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(d)(k)</sup>  | 6 | 6 |
| United Mexican States 6.00% 5/7/2036  | 970 | 960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **208** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. dollars (continued)** |  |  |
| United Mexican States 6.338% 5/4/2053  | USD425 | $391 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup>  | 85 | 84 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 130 | 122 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup>  | 110 | 112 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup>  | 250 | 228 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup>  | 35 | 34 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup>  | 35 | 35 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup>  | 20 | 21 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup>  | 85 | 77 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash <br>1/16/2026 <sup>(f)(g)(h)(i)</sup>  | 32 | 18 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash <br>7/16/2026 <sup>(f)(g)(h)(i)</sup>  | 33 | 18 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(f)(g)(h)(i)</sup>  | 54 | 30 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup>  | 35 | 33 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(e)</sup>  | 31 | 32 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup>  | 110 | 102 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup>  | 80 | 83 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup>  | 82 | 89 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup>  | 55 | 59 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(e)</sup>  | 115 | 115 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(e)</sup>  | 25 | 27 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(e)</sup>  | 85 | 85 |
| Veralto Corp. 5.35% 9/18/2028  | 2900 | 2990 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 631 | 638 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup>  | 838 | 840 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup>  | 150 | 156 |
| VZ Secured Financing BV 5.00% 1/15/2032 <sup>(e)</sup>  | 200 | 178 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup>  | 71 | 73 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026 <sup>(e)</sup>  | 200 | 199 |
| Waste Management, Inc. 3.875% 1/15/2029  | 50 | 49 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(e)</sup>  | 20 | 21 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup>  | 93 | 96 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup>  | 4698 | 4633 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(a)</sup>  | 1600 | 1365 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(e)</sup>  | 200 | 203 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(e)</sup>  | 150 | 156 |
| Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/2028 <sup>(d)(e)</sup>  | 50 | 50 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup>  | 146 | 146 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup>  | 110 | 103 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(e)</sup>  | 135 | 126 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup>  | 80 | 73 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(a)(b)(i)</sup>  | 106 | 107 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup>  | 43 | 46 |
| Ziggo BV 4.875% 1/15/2030 <sup>(e)</sup>  | 300 | 281 |
|  |  | 644142 |
| **Total bonds, notes & other debt instruments** (cost: $1,425,802,000) | **Total bonds, notes & other debt instruments** (cost: $1,425,802,000) | 1415113 |
| Preferred securities 0.01% | Shares |  |
| **U.S. dollars 0.01%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup>  | 48 | 68 |
| **Total preferred securities** (cost: $49,000) |  | 68 |
| Common stocks 0.12% |  |  |
| **Norwegian kroner 0.12%** |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(n)</sup>  | 3958470 | 1767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **209** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) |  | Shares | Value<br> (000)<br>|
| **U.S. dollars 0.00%** | **U.S. dollars 0.00%** |  |  |
| Altera Infrastructure, LP <sup>(f)</sup>  | Altera Infrastructure, LP <sup>(f)</sup>  | 1441 | $45 |
| New Fortress Energy, Inc., Class A <sup>(n)</sup>  | New Fortress Energy, Inc., Class A <sup>(n)</sup>  | 4095 | 14 |
| DSG TopCo, Inc. <sup>(n)</sup>  | DSG TopCo, Inc. <sup>(n)</sup>  | 420 | 6 |
| Bighorn Permian Resources, LLC <sup>(f)</sup>  | Bighorn Permian Resources, LLC <sup>(f)</sup>  | 531 | — <br><sup>(l)</sup><br>|
| Party City Holdco, Inc. <sup>(f)(n)</sup>  | Party City Holdco, Inc. <sup>(f)(n)</sup>  | 80 | — <br><sup>(l)</sup><br>|
| Party City Holdco, Inc. <sup>(e)(f)(n)</sup>  | Party City Holdco, Inc. <sup>(e)(f)(n)</sup>  | 1 | — <br><sup>(l)</sup><br>|
| Venator Materials PLC <sup>(f)(n)</sup>  | Venator Materials PLC <sup>(f)(n)</sup>  | 232 | — <br><sup>(l)</sup><br>|
| Endo, Inc., 1L 6.125% Escrow <sup>(f)(n)</sup>  | Endo, Inc., 1L 6.125% Escrow <sup>(f)(n)</sup>  | 205000 | — <br><sup>(l)</sup><br>|
|  |  |  | 65 |
| **Total common stocks** (cost: $2,070,000) | **Total common stocks** (cost: $2,070,000) | **Total common stocks** (cost: $2,070,000) | 1832 |
| Investment funds 1.50% |  |  |  |
| Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | 2612163 | 22047 |
| **Total investment funds** (cost: $20,457,000) | **Total investment funds** (cost: $20,457,000) | **Total investment funds** (cost: $20,457,000) | 22047 |
| Short-term securities 2.54% |  |  |  |
| **Money market investments 2.34%** | **Money market investments 2.34%** | **Money market investments 2.34%** | **Money market investments 2.34%** |
| Capital Group Central Cash Fund 4.35% <sup>(o)(p)</sup>  | Capital Group Central Cash Fund 4.35% <sup>(o)(p)</sup>  | 345182 | 34518 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.20%** | **Bills & notes of governments & government agencies outside the U.S. 0.20%** | **Bills & notes of governments & government agencies outside the U.S. 0.20%** | **Bills & notes of governments & government agencies outside the U.S. 0.20%** |
| Egypt (Arab Republic of) 9/9/2025  | 21.356<br> %<br>| EGP150,475 | 2878 |
| **Total short-term securities** (cost: $37,370,000) | **Total short-term securities** (cost: $37,370,000) | **Total short-term securities** (cost: $37,370,000) | 37396 |
| Options purchased (equity style) 0.00% |  |  |  |
| Options purchased (equity style) \* | Options purchased (equity style) \* |  | 35 |
| **Total options purchased (equity style)** (cost: $21,000) | **Total options purchased (equity style)** (cost: $21,000) | **Total options purchased (equity style)** (cost: $21,000) | 35 |
| **Total investment securities 100.31%** (cost: $1,485,769,000) | **Total investment securities 100.31%** (cost: $1,485,769,000) | **Total investment securities 100.31%** (cost: $1,485,769,000) | 1476491 |
| **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $121,000) | **Total options written (equity style)** <sup>†</sup> **0.00%** (premium received: $121,000) |  | (12)<br>|
| Other assets less liabilities (0.31)% | Other assets less liabilities (0.31)% |  | (4525)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $1471954 |

---

<sup>\*</sup>**Options purchased (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| GBP/USD Foreign Currency Options | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP3,625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **210** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

<sup>†</sup>**Options written (equity style)**

------

**Options on foreign currencies** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| GBP/USD Foreign Currency Options | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP(3,625)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(12)<br>|

---

**Options purchased (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR129.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR81,700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64 |

---

**Options written (futures style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| 10 Year Euro-Bund Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (817)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR128.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR(81,700)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(39)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SONIA Futures | Long | 141 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD46,637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $158 |
| 2 Year Italy Government Bond Futures | Long | 239 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| 2 Year Euro-Schatz Futures | Short | 300 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37900)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| 2 Year Canadian Government Bond Futures | Long | 394 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| 2 Year U.S. Treasury Note Futures | Long | 260 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| 3 Year Australian Treasury Bond Futures | Short | 1 | 9/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| 5 Year Euro-Bobl Futures | Long | 403 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127)<br>|
| 5 Year Canadian Government Bond Futures | Long | 268 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| 5 Year U.S. Treasury Note Futures | Long | 760 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 |
| 10 Year French Government Bond Futures | Long | 46 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| 10 Year Italy Government Bond Futures | Short | 12 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1710)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 10 Year Euro-Bund Futures | Short | 683 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104711)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **211** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of<br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration<br> date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value and<br> unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 10 Year Australian Treasury Bond Futures | Short | 118 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(8,901)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(99)<br>|
| 10 Year Japanese Government Bond Futures | Short | 106 | 9/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102331)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (348)<br>|
| 10 Year Canadian Government Bond Futures | Long | 21 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 275 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678 |
| 10 Year UK Gilt Futures | Long | 220 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| 10 Year U.S. Treasury Note Futures | Long | 217 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| 20 Year U.S. Treasury Bond Futures | Long | 115 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
| 30 Year Euro-Buxl Futures | Short | 46 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6434)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3339 |

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| GBP | 3740 | USD | 5131 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| USD | 5044 | GBP | 3740 | Morgan Stanley | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| JPY | 772730 | USD | 5329 | Goldman Sachs | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| USD | 1689 | JPY | 245540 | BNP Paribas | 7/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| EUR | 14600 | USD | 16776 | Citibank | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 |
| USD | 1028 | EUR | 890 | UBS AG | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| USD | 1739 | EUR | 1510 | Morgan Stanley | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40)<br>|
| USD | 9018 | EUR | 8155 | BNP Paribas | 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (594)<br>|
| EUR | 18217 | USD | 20946 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527 |
| USD | 583 | EUR | 505 | JPMorgan Chase | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| USD | 487 | EUR | 427 | HSBC Bank | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 2802 | ZAR | 50000 | UBS AG | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| CNH | 269622 | USD | 37612 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| EUR | 2692 | USD | 3085 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| GBP | 800 | USD | 1082 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| AUD | 2600 | USD | 1696 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| TRY | 7670 | USD | 189 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| INR | 25000 | USD | 291 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| USD | 858 | NOK | 8645 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| SEK | 11225 | USD | 1191 | BNP Paribas | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 1731 | CLP | 1623750 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 1483 | BRL | 8200 | UBS AG | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 3273 | IDR | 53437025 | HSBC Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
| USD | 14248 | AUD | 21747 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69)<br>|
| USD | 2353 | BRL | 13480 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119)<br>|
| EUR | 5075 | USD | 5803 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| CAD | 5525 | USD | 4039 | Bank of New York Mellon | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| USD | 863 | EUR | 745 | Barclays Bank PLC | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| EUR | 34176 | USD | 39311 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992 |
| USD | 3474 | NOK | 34365 | BNP Paribas | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| EUR | 4922 | GBP | 4185 | BNP Paribas | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| CNH | 368432 | USD | 51481 | HSBC Bank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| JPY | 1690218 | USD | 11717 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| CNH | 68468 | USD | 9559 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| NZD | 2799 | USD | 1704 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| NOK | 34365 | USD | 3412 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **212** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 2711 | EUR | 2330 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(37)<br>|
| USD | 16932 | EUR | 14600 | UBS AG | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (285)<br>|
| CAD | 16013 | USD | 11740 | Bank of New York Mellon | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| JPY | 2279574 | USD | 15876 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| USD | 15723 | JPY | 2244750 | HSBC Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |
| JPY | 1135410 | USD | 7835 | Bank of New York Mellon | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| COP | 2800000 | USD | 663 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| GBP | 1535 | USD | 2090 | Standard Chartered Bank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| IDR | 14450980 | USD | 887 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 10414 | KRW | 14246054 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127)<br>|
| USD | 10075 | GBP | 7445 | UBS AG | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145)<br>|
| USD | 13205 | BRL | 73862 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327)<br>|
| MYR | 20815 | USD | 4902 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| THB | 190470 | USD | 5839 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| SEK | 32900 | USD | 3466 | Morgan Stanley | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| MYR | 3215 | USD | 758 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| PLN | 6680 | EUR | 1567 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 273 | PLN | 1000 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 2280 | CAD | 3109 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 899 | MYR | 3934 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| USD | 1343 | MYR | 5889 | BNP Paribas | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|
| USD | 1304 | MYR | 5740 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58)<br>|
| USD | 1618 | MYR | 7113 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>|
| USD | 2922 | MYR | 12851 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130)<br>|
| USD | 3562 | MYR | 15578 | HSBC Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137)<br>|
| USD | 3587 | MYR | 15720 | Standard Chartered Bank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145)<br>|
| JPY | 388645 | USD | 2751 | Standard Chartered Bank | 7/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | 5272 | EUR | 4580 | HSBC Bank | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| GBP | 3981 | EUR | 4620 | BNP Paribas | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| USD | 5494 | EUR | 4805 | UBS AG | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177)<br>|
| CHF | 3497 | USD | 4361 | Barclays Bank PLC | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| MXN | 35424 | USD | 1859 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| DKK | 46980 | EUR | 6299 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| USD | 5237 | NOK | 52916 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| USD | 11415 | DKK | 73090 | Bank of America | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151)<br>|
| CZK | 18000 | USD | 852 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| SGD | 1400 | USD | 1102 | Bank of America | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| CZK | 47290 | EUR | 1908 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| HUF | 1284310 | EUR | 3202 | Goldman Sachs | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 1812 | HUF | 619035 | HSBC Bank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| USD | 3156 | EUR | 2710 | UBS AG | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| EUR | 5100 | CAD | 8144 | Citibank | 8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 5132 | GBP | 3740 | Morgan Stanley | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | 4535 | USD | 5211 | HSBC Bank | 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| EUR | 1760 | USD | 2053 | UBS AG | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| USD | 1567 | EUR | 1362 | UBS AG | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **213** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | Payment <br>frequency<br>| Rate | Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 5.298% | Annual | 6-month PLN-WIBOR | Semi-annual | 2/14/2026 | PLN14,940 | $3 | $— | $3 |
| 6-month CZK-PRIBOR | Semi-annual | 3.875% | Annual | 2/14/2026 | CZK83,740 | (8)<br>|  | (8)<br>|
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | 2/10/2027 | EUR9,730 | (33)<br>|  | (33)<br>|
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | 2/10/2027 | EUR9,720 | (33)<br>|  | (33)<br>|
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP4,083 | 62 |  | 62 |
| 2.5225% | Semi-annual | Bank of Canada Overnight Repo | Semi-annual | 5/22/2027 | CAD25,620 | 21 |  | 21 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD24,180 | 25 |  | 25 |
| 3.968% | Annual | SONIA | Annual | 2/16/2029 | GBP13,830 | 226 |  | 226 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | 6/18/2029 | EUR5,930 | (172)<br>|  | (172)<br>|
| 3.4928% | Annual | SONIA | Annual | 8/6/2029 | GBP5,260 | (35)<br>|  | (35)<br>|
| SOFR | Annual | 3.4705% | Annual | 2/10/2030 | USD16,910 | (39)<br>|  | (39)<br>|
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK32,270 | 26 |  | 26 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR2,690 | (1)<br>|  | (1)<br>|
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR2,690 | (1)<br>|  | (1)<br>|
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR2,690 | (2)<br>|  | (2)<br>|
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR2,500 | 7 |  | 7 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK26,280 | 47 |  | 47 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,900 | 31 |  | 31 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,890 | 30 |  | 30 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK62,070 | 112 |  | 112 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,330 | (17)<br>|  | (17)<br>|
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,350 | (18)<br>|  | (18)<br>|
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | 4/22/2030 | SEK67,510 | (67)<br>|  | (67)<br>|
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | 4/22/2030 | SEK67,510 | (68)<br>|  | (68)<br>|
| SONIA | Annual | 3.9322% | Annual | 2/16/2054 | GBP3,550 | 412 |  | 412 |
|  |  |  |  |  |  | $508 | $— | $508 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 12.215% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL44,390 | &nbsp;&nbsp; $(255)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(255)<br>|
| 11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL30,865 | &nbsp;&nbsp; (321)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (321)<br>|
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL79,860 | &nbsp;&nbsp; (542)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (542)<br>|
| 11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | &nbsp;&nbsp; BRL100,270 | &nbsp;&nbsp; (870)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (870)<br>|
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL52,510 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 316 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL14,440 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL10,600 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL6,440 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL35,980 | &nbsp;&nbsp; (389)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (389)<br>|
| 10.045% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/2/2029 | &nbsp;&nbsp; BRL55,145 | &nbsp;&nbsp; (1313)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1313)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(3168)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3168)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **214** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,037 | &nbsp;&nbsp;&nbsp;&nbsp; $(45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4)<br>|
| CDX.EM.43 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9890 | &nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11405 | &nbsp;&nbsp;&nbsp;&nbsp; (856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (121)<br>|
| ITRAXX.EUR.43 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR15,490 | &nbsp;&nbsp;&nbsp;&nbsp; (389)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (195)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(424)<br>|

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| ITRAXX.EUR.XO.43 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; EUR3,520 | &nbsp;&nbsp;&nbsp;&nbsp; $386 | &nbsp;&nbsp;&nbsp;&nbsp; $371 | &nbsp;&nbsp;&nbsp;&nbsp; $15 |

---

**Investments in affiliates** <sup>(o)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Investment funds 1.50%** |  |  |  |  |  |  |  |
| Capital Group Central Corporate Bond Fund  | $21147 | &nbsp;&nbsp; $513 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $387 | &nbsp;&nbsp; $22047 | &nbsp;&nbsp; $513 |
| **Short-term securities 2.34%** |  |  |  |  |  |  |  |
| **Money market investments 2.34%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(p)</sup>  | 23214 | &nbsp;&nbsp; 269520 | &nbsp;&nbsp; 258213 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 34518 | &nbsp;&nbsp; 858 |
| **Total 3.84%** |  |  |  | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $385 | &nbsp;&nbsp; $56565 | &nbsp;&nbsp; $1371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **215** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

**Restricted securities** <sup>(b)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Bank of America Corp. 3.648% 3/31/2029 (3-month <br> EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> <br>| 5/19/2020 | $5770 | $6058 | 0.41<br> %<br>|
| Metropolitan Life Global Funding I 0.55% 6/16/2027  | 12/11/2023 | 2040 | 2280 | 0.15 |
| Stillwater Mining Co. 4.00% 11/16/2026  | 1/26/2024-2/20/2024 | 1971 | 2043 | 0.14 |
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 7/18/2023-2/16/2024 | 1338 | 1318 | 0.09 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/22/2026) <sup>(a)(i)</sup> <br>| 6/23/2023-3/24/2025 | 104 | 107 | 0.01 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR <br> + 7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023 | 94 | 96 | 0.01 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 7.25%) 11.428% 9/13/2029 <sup>(g)(h)</sup> <br>| 9/13/2023-6/13/2025 | 2 | 2 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $11319 | $11904 | 0.81<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $11,904,000, which represented 0.81% of the net assets of the fund. 

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $155,722,000, which represented 10.58% of the net assets of the fund. 

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $2,037,000, which represented 0.14% of the net assets of the fund. 

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Amount less than one thousand.

<sup>(m)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $13,222,000, which represented 0.90% of the net assets of the fund. 

<sup>(n)</sup> Security did not produce income during the last 12 months.

<sup>(o)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>(s)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **216** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit <br> Rate<br>|
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| DAC = Designated Activity Company |
| DKK = Danish kroner |
| EGP = Egyptian pounds |

---

---

| |
|:---|
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NDR = Norwegian Depositary Receipts |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PIK = Payment In Kind |
| PLN = Polish zloty |

---

---

| |
|:---|
| PRIBOR = Prague Interbank Offered Rate |
| Ref. = Refunding |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RSC = Restricted Scope Company |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| STIBOR = Stockholm Interbank Offered Rate |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **217** | American Funds Insurance Series |

---

------

American High-Income Trust

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.27% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans 88.17%** | **Corporate bonds, notes & loans 88.17%** | **Corporate bonds, notes & loans 88.17%** |
| **Communication services 13.96%** |  |  |
| CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup>  | USD102 | $102 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup>  | 586 | 581 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup>  | 525 | 523 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup>  | 445 | 454 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup>  | 3281 | 3181 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup>  | 2484 | 2370 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup>  | 3164 | 2958 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup>  | 70 | 73 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 2708 | 2570 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 2419 | 2254 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 2232 | 2042 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 4646 | 4139 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 437 | 350 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 473 | 315 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 950 | 653 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 577 | 491 |
| Charter Communications Operating, LLC 3.85% 4/1/2061  | 175 | 112 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup>  | 870 | 823 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup>  | 460 | 426 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 6630 | 6672 |
| Consolidated Communications, Inc. 5.00% 10/1/2028 <sup>(a)</sup>  | 225 | 228 |
| Consolidated Communications, Inc. 6.50% 10/1/2028 <sup>(a)</sup>  | 80 | 82 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup>  | 430 | 411 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 9.00% 4/15/2027 <sup>(b)(c)</sup>  | 329 | 321 |
| CSC Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.812% 1/18/2028 <sup>(b)(c)</sup>  | 1698 | 1676 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup>  | 285 | 81 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(d)</sup>  | 40 | 36 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup>  | 4210 | 4199 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.541% 8/2/2027 <sup>(b)(c)</sup>  | 209 | 210 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 12368 | 12759 |
| EchoStar Corp. 10.75% 11/30/2029  | 4187 | 4316 |
| EchoStar Corp. 6.75% PIK 11/30/2030 <sup>(d)</sup>  | 3157 | 2883 |
| Embarq, LLC 7.995% 6/1/2036  | 4729 | 2171 |
| Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup>  | 445 | 445 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(a)</sup>  | 35 | 35 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup>  | 3755 | 3807 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 2625 | 2653 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup>  | 3261 | 3306 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup>  | 50 | 52 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup>  | 225 | 239 |
| Gray Media, Inc. 7.00% 5/15/2027 <sup>(a)</sup>  | 325 | 325 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 4250 | 4569 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup>  | 791 | 599 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 2538 | 1905 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.00%) 7.439% 12/1/2028 <sup>(b)(c)</sup>  | 2 | 2 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.574% 6/4/2029 <sup>(b)(c)</sup>  | 1124 | 1124 |
| Intelsat Jackson Holdings SA 6.50% 3/15/2030 <sup>(a)</sup>  | 6565 | 6711 |
| Lamar Media Corp. 4.00% 2/15/2030  | 260 | 249 |
| Lamar Media Corp. 3.625% 1/15/2031  | 160 | 148 |
| Level 3 Financing, Inc. 3.75% 7/15/2029 <sup>(a)</sup>  | 550 | 465 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(d)(e)</sup>  | 3213 | 1108 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 10/4/2025 <sup>(b)(d)(f)</sup>  | 688 | 688 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 710 | 680 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(a)</sup>  | 1254 | 1252 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 3780 | 3685 |
| Paramount Global 7.875% 7/30/2030  | 130 | 144 |
| Paramount Global 6.875% 4/30/2036  | 490 | 502 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup>  | 1240 | 1254 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup>  | 1760 | 1728 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup>  | 700 | 695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **218** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Communication services (continued)** |  |  |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | USD3,489 | $3353 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 590 | 587 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 3100 | 2860 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 5756 | 5120 |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | 1540 | 1581 |
| Sprint Capital Corp. 6.875% 11/15/2028  | 316 | 339 |
| Sprint Capital Corp. 8.75% 3/15/2032  | 716 | 869 |
| Sprint, LLC 7.625% 3/1/2026  | 480 | 485 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup>  | 1285 | 1230 |
| TEGNA, Inc. 5.00% 9/15/2029  | 861 | 823 |
| T-Mobile USA, Inc. 3.375% 4/15/2029  | 860 | 828 |
| Univision Communications, Inc. 6.625% 6/1/2027 <sup>(a)</sup>  | 3170 | 3164 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 2455 | 2493 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 5170 | 4706 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 2397 | 2357 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 1235 | 1237 |
| Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 8.546% <br>6/24/2029 <sup>(b)(c)</sup>  | 68 | 68 |
| VMED O2 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup>  | 1300 | 1192 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 1027 | 956 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 490 | 412 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 405 | 273 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup>  | 1498 | 1405 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup>  | 957 | 895 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup>  | 225 | 204 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(b)</sup>  | 370 | 360 |
| X Corp., Term Loan B, (USD-SOFR + 6.50%) 10.927% 10/26/2029 <sup>(b)(c)</sup>  | 1464 | 1432 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup>  | 865 | 809 |
|  |  | 138870 |
| **Energy 12.69%** |  |  |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 675 | 683 |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(a)</sup>  | 620 | 616 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(a)</sup>  | 40 | 41 |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(a)</sup>  | 130 | 131 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup>  | 255 | 256 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup>  | 420 | 428 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 650 | 651 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup>  | 500 | 509 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 475 | 482 |
| Baytex Energy Corp. 8.50% 4/30/2030 <sup>(a)</sup>  | 645 | 646 |
| Baytex Energy Corp. 7.375% 3/15/2032 <sup>(a)</sup>  | 330 | 315 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup>  | 1210 | 1196 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 125 | 131 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 2275 | 2079 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 1034 | 915 |
| California Resources Corp. 7.125% 2/1/2026 <sup>(a)</sup>  | 195 | 196 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup>  | 520 | 534 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup>  | 1315 | 1344 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup>  | 1220 | 1272 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 585 | 578 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup>  | 740 | 759 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup>  | 730 | 742 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup>  | 2547 | 2578 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup>  | 290 | 298 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup>  | 280 | 265 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup>  | 1504 | 1511 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | 861 | 899 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **219** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | USD1,300 | $1347 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup>  | 405 | 406 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 890 | 865 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 2150 | 2190 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup>  | 1258 | 1312 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 1790 | 1749 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | 1490 | 1426 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 495 | 496 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup>  | 420 | 438 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup>  | 1408 | 1361 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup>  | 307 | 294 |
| Encino Acquisition Partners Holdings, LLC 8.50% 5/1/2028 <sup>(a)</sup>  | 610 | 627 |
| Encino Acquisition Partners Holdings, LLC 8.75% 5/1/2031 <sup>(a)</sup>  | 1360 | 1503 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup>  | 730 | 697 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 765 | 707 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup>  | 55 | 56 |
| EQT Corp. 5.00% 1/15/2029  | 170 | 171 |
| EQT Corp. 6.375% 4/1/2029 <sup>(a)</sup>  | 185 | 191 |
| EQT Corp. 4.75% 1/15/2031 <sup>(a)</sup>  | 1350 | 1330 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup>  | 290 | 269 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup>  | 635 | 643 |
| Expand Energy Corp. 5.375% 3/15/2030  | 1290 | 1295 |
| Expand Energy Corp. 4.75% 2/1/2032  | 290 | 282 |
| Expand Energy Corp. 4.875% 4/15/2032 <sup>(e)</sup>  | 4300 | 17 |
| Genesis Energy, LP 7.75% 2/1/2028  | 72 | 73 |
| Genesis Energy, LP 8.25% 1/15/2029  | 1545 | 1617 |
| Genesis Energy, LP 8.875% 4/15/2030  | 1225 | 1302 |
| Genesis Energy, LP 7.875% 5/15/2032  | 2540 | 2643 |
| Global Partners, LP 6.875% 1/15/2029  | 135 | 137 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 460 | 484 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup>  | 265 | 269 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup>  | 1065 | 1054 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup>  | 1392 | 1417 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup>  | 820 | 867 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup>  | 845 | 858 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup>  | 361 | 359 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup>  | 455 | 468 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup>  | 1430 | 1376 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup>  | 490 | 492 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup>  | 805 | 795 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 837 | 814 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 783 | 758 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 970 | 927 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 1258 | 1306 |
| Kimmeridge Texas Gas, LLC 8.50% 2/15/2030 <sup>(a)</sup>  | 250 | 259 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup>  | 350 | 362 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup>  | 425 | 434 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup>  | 720 | 721 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 800 | 796 |
| MEG Energy Corp. 5.875% 2/1/2029 <sup>(a)</sup>  | 1430 | 1429 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(e)</sup>  | 739 | 15 |
| Murphy Oil Corp. 6.375% 7/15/2028  | 243 | 245 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 410 | 391 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 820 | 757 |
| Nabors Industries, Inc. 7.375% 5/15/2027 <sup>(a)</sup>  | 755 | 746 |
| Nabors Industries, Inc. 7.50% 1/15/2028 <sup>(a)</sup>  | 75 | 67 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 990 | 949 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup>  | 525 | 390 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup>  | 935 | 520 |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.807% 10/30/2028 <sup>(b)(c)</sup>  | 267 | 147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **220** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)</sup>  | USD17,123 | $7788 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 105 | 106 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 1110 | 1114 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 1695 | 1727 |
| Northern Oil and Gas, Inc. 8.125% 3/1/2028 <sup>(a)</sup>  | 1900 | 1918 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 360 | 371 |
| NuStar Logistics, LP 6.00% 6/1/2026  | 286 | 287 |
| Occidental Petroleum Corp. 6.60% 3/15/2046  | 692 | 683 |
| Occidental Petroleum Corp. 6.05% 10/1/2054  | 1200 | 1101 |
| Parkland Corp. 5.875% 7/15/2027 <sup>(a)</sup>  | 605 | 606 |
| Parkland Corp. 4.625% 5/1/2030 <sup>(a)</sup>  | 440 | 422 |
| Parkland Corp. 6.625% 8/15/2032 <sup>(a)</sup>  | 70 | 72 |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup>  | 58 | 59 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 955 | 991 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup>  | 1490 | 1505 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 350 | 350 |
| Petroleos Mexicanos 4.50% 1/23/2026  | 695 | 686 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 155 | 155 |
| Petroleos Mexicanos 6.49% 1/23/2027  | 160 | 159 |
| Petroleos Mexicanos 5.35% 2/12/2028  | 125 | 120 |
| Petroleos Mexicanos 6.50% 1/23/2029  | 140 | 137 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 777 | 805 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 510 | 493 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 715 | 647 |
| Petroleos Mexicanos 6.50% 6/2/2041  | 10 | 7 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 31 | 22 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 10 | 7 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 185 | 146 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 460 | 331 |
| Range Resources Corp. 8.25% 1/15/2029  | 500 | 515 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 285 | 277 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(a)</sup>  | 268 | 267 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup>  | 200 | 204 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup>  | 335 | 317 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 1745 | 1787 |
| Sunoco, LP 6.00% 4/15/2027  | 547 | 547 |
| Sunoco, LP 5.875% 3/15/2028  | 290 | 291 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 300 | 313 |
| Sunoco, LP 4.50% 5/15/2029  | 1970 | 1914 |
| Sunoco, LP 4.50% 4/30/2030  | 1880 | 1809 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 1335 | 1403 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup>  | 810 | 824 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 985 | 1009 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 1265 | 1293 |
| Targa Resources Partners, LP 6.50% 7/15/2027  | 133 | 133 |
| Targa Resources Partners, LP 5.50% 3/1/2030  | 327 | 332 |
| Targa Resources Partners, LP 4.875% 2/1/2031  | 695 | 690 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup>  | 710 | 736 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup>  | 290 | 299 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 436 | 441 |
| Transocean Poseidon, Ltd. 6.875% 2/1/2027 <sup>(a)</sup>  | 369 | 369 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup>  | 1074 | 1092 |
| Transocean, Inc. 8.00% 2/1/2027 <sup>(a)</sup>  | 140 | 138 |
| Transocean, Inc. 8.75% 2/15/2030 <sup>(a)</sup>  | 399 | 411 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup>  | 665 | 594 |
| Transocean, Inc. 6.80% 3/15/2038  | 425 | 299 |
| USA Compression Partners, LP 6.875% 9/1/2027  | 332 | 333 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 430 | 441 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup>  | 1190 | 1123 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 195 | 201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **221** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** |  |  |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | USD1,600 | $1482 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup>  | 1260 | 1103 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup>  | 915 | 946 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup>  | 405 | 441 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup>  | 750 | 759 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 1300 | 1351 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 492 | 532 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve <br>Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(g)</sup>  | 413 | 402 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 1140 | 1222 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 1425 | 1425 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 970 | 1051 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 1470 | 1470 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup>  | 700 | 599 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup>  | 3309 | 3413 |
| Western Midstream Operating, LP 4.50% 3/1/2028  | 239 | 238 |
| Western Midstream Operating, LP 5.25% 2/1/2050  | 300 | 253 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 395 | 393 |
|  |  | 126268 |
| **Financials 9.18%** |  |  |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup>  | 1286 | 1287 |
| AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027 <sup>(a)</sup>  | 392 | 406 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.574% <br>5/15/2032 <sup>(b)(c)</sup>  | 285 | 286 |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 9.824% <br>5/15/2033 <sup>(b)(c)</sup>  | 1265 | 1292 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | 555 | 545 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup>  | 1460 | 1440 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup>  | 660 | 683 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup>  | 845 | 862 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup>  | 3420 | 3530 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup>  | 1650 | 1605 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup>  | 1095 | 1146 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 1815 | 1911 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup>  | 3193 | 3235 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 755 | 831 |
| AssuredPartners, Inc. 5.625% 1/15/2029 <sup>(a)</sup>  | 365 | 364 |
| AssuredPartners, Inc., Term Loan, (3-month USD CME Term SOFR + 3.50%) 7.827% 2/14/2031 <sup>(b)(c)</sup>  | 496 | 498 |
| Blackstone Private Credit Fund 6.00% 11/22/2034  | 795 | 778 |
| Block, Inc. 2.75% 6/1/2026  | 1640 | 1607 |
| Block, Inc. 3.50% 6/1/2031  | 1820 | 1671 |
| Block, Inc. 6.50% 5/15/2032  | 920 | 950 |
| Blue Owl Capital Corp. 3.40% 7/15/2026  | 290 | 285 |
| Blue Owl Capital Corp. 3.125% 4/13/2027  | 600 | 580 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 965 | 959 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031  | 380 | 391 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(a)</sup>  | 1660 | 1763 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 92 | 94 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 266 | 271 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 331 | 342 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 3416 | 3205 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 2554 | 2276 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 3661 | 3289 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 710 | 601 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup>  | 1280 | 1277 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup>  | 195 | 208 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 1100 | 1140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **222** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** |  |  |
| HUB International, Ltd. 5.625% 12/1/2029 <sup>(a)</sup>  | USD165 | $165 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup>  | 767 | 802 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup>  | 870 | 911 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.769% 6/20/2030 <sup>(b)(c)</sup>  | 146 | 146 |
| Intercontinental Exchange, Inc. 3.625% 9/1/2028  | 410 | 402 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup>  | 1335 | 1282 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 1075 | 1106 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup>  | 830 | 861 |
| JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030) <sup>(g)</sup>  | 160 | 148 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup>  | 715 | 684 |
| MPT Finance Corp. 7.00% 2/15/2032  | EUR705 | 852 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup>  | USD630 | 595 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup>  | 341 | 314 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(a)</sup>  | 584 | 512 |
| Nationstar Mortgage Holdings, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 380 | 395 |
| Navient Corp. 6.75% 6/15/2026  | 510 | 517 |
| Navient Corp. 5.00% 3/15/2027  | 2253 | 2245 |
| Navient Corp. 4.875% 3/15/2028  | 550 | 543 |
| Navient Corp. 5.50% 3/15/2029  | 3815 | 3739 |
| Navient Corp. 9.375% 7/25/2030  | 1547 | 1708 |
| Navient Corp. 11.50% 3/15/2031  | 880 | 998 |
| Navient Corp. 7.875% 6/15/2032  | 1455 | 1515 |
| Navient Corp. 5.625% 8/1/2033  | 2463 | 2267 |
| OneMain Finance Corp. 3.875% 9/15/2028  | 165 | 158 |
| OneMain Finance Corp. 9.00% 1/15/2029  | 105 | 110 |
| OneMain Finance Corp. 6.625% 5/15/2029  | 1055 | 1085 |
| OneMain Finance Corp. 5.375% 11/15/2029  | 950 | 935 |
| OneMain Finance Corp. 7.875% 3/15/2030  | 915 | 973 |
| OneMain Finance Corp. 4.00% 9/15/2030  | 245 | 226 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 125 | 131 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 1335 | 1390 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 1975 | 2047 |
| Osaic Holdings, Inc. 10.75% 8/1/2027 <sup>(a)</sup>  | 4101 | 4113 |
| Osaic Holdings, Inc., Term Loan B4, (3-month USD CME Term SOFR + 3.50%) 7.827% 8/17/2028 <sup>(b)(c)</sup>  | 475 | 476 |
| Owl Rock Capital Corp. 3.75% 7/22/2025  | 145 | 145 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 1488 | 1497 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup>  | 675 | 702 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup>  | 440 | 450 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup>  | 520 | 534 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup>  | 230 | 230 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup>  | 520 | 508 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup>  | 720 | 697 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup>  | 805 | 812 |
| SLM Corp. 6.50% 1/31/2030  | 680 | 714 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup>  | 655 | 649 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup>  | 600 | 632 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup>  | 535 | 553 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup>  | 385 | 398 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 5/6/2032 <sup>(b)(c)</sup>  | 2891 | 2932 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup>  | 3240 | 3373 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 550 | 555 |
|  |  | 91340 |
| **Consumer discretionary 9.11%** |  |  |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 853 | 873 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 1470 | 1379 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 1629 | 1428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **223** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.935% <br>3/11/2030 <sup>(b)(c)(f)</sup>  | USD556 | $556 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.947% Cash 3/11/2030 <sup>(b)(c)(d)(f)</sup>  | 509 | 509 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 555 | 539 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup>  | 2545 | 2478 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 1375 | 1395 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup>  | 305 | 319 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(a)</sup>  | 1849 | 1931 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1275 | 1232 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup>  | 600 | 571 |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | 1581 | 1642 |
| Bath & Body Works, Inc. 6.75% 7/1/2036  | 910 | 926 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.049% 10/16/2031 <sup>(b)(c)</sup>  | 591 | 594 |
| Boyd Gaming Corp. 4.75% 12/1/2027  | 441 | 439 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup>  | 575 | 552 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(a)</sup>  | 650 | 631 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup>  | 1794 | 1714 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup>  | 2345 | 2430 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 1570 | 1612 |
| Carnival Corp. 5.75% 3/1/2027 <sup>(a)</sup>  | 505 | 510 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup>  | 1450 | 1420 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 135 | 142 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 3765 | 3855 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 150 | 160 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 1800 | 1725 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 2155 | 1990 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup>  | 1295 | 1218 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.796% 7/21/2028 <sup>(b)(c)</sup>  | 334 | 334 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.796% 7/21/2028 <sup>(b)(c)</sup>  | 102 | 102 |
| Ford Motor Co. 3.25% 2/12/2032  | 500 | 422 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027  | 495 | 488 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 115 | 111 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 200 | 202 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 225 | 226 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 370 | 390 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030  | 550 | 502 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 470 | 478 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup>  | 170 | 158 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup>  | 108 | 97 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 530 | 533 |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | 1240 | 1287 |
| Global Auto Holdings PLC 11.50% 8/15/2029 <sup>(a)</sup>  | 585 | 573 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 1790 | 1753 |
| Hanesbrands, Inc. 9.00% 2/15/2031 <sup>(a)</sup>  | 2266 | 2401 |
| Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.75%) 7.077% 3/7/2032 <sup>(b)(c)</sup>  | 1123 | 1127 |
| Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030  | 408 | 406 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup>  | 1045 | 983 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 591 | 569 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 269 | 276 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup>  | 70 | 68 |
| International Game Technology PLC 4.125% 4/15/2026 <sup>(a)</sup>  | 465 | 465 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup>  | 1065 | 1056 |
| KB Home 6.875% 6/15/2027  | 330 | 340 |
| KB Home 7.25% 7/15/2030  | 330 | 342 |
| Kohl's Corp. 5.125% 5/1/2031 <sup>(g)</sup>  | 90 | 65 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup>  | 370 | 348 |
| Las Vegas Sands Corp. 6.20% 8/15/2034  | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup>  | 3405 | 3314 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 1365 | 1452 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **224** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup>  | USD1,175 | $1076 |
| Light and Wonder International, Inc. 7.25% 11/15/2029 <sup>(a)</sup>  | 470 | 485 |
| Light and Wonder International, Inc. 7.50% 9/1/2031 <sup>(a)</sup>  | 305 | 319 |
| Lindblad Expeditions, LLC 6.75% 2/15/2027 <sup>(a)</sup>  | 205 | 206 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup>  | 1090 | 1040 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup>  | 700 | 666 |
| M.D.C. Holdings, Inc. 6.00% 1/15/2043  | 803 | 727 |
| Macy's Retail Holdings, LLC 5.875% 4/1/2029 <sup>(a)</sup>  | 75 | 74 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup>  | 555 | 533 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(a)</sup>  | 325 | 318 |
| Mercury Aggregator, LP, Term Loan 2, 3.50% 4/3/2026 <sup>(b)(f)</sup>  | 95 | 36 |
| Mercury Aggregator, LP, Term Loan, 13.50% 4/3/2026 (16.00% on 8/3/2025) <sup>(b)(f)(g)</sup>  | 166 | 63 |
| MGM Resorts International 5.50% 4/15/2027  | 200 | 201 |
| NCL Corp., Ltd. 5.875% 2/15/2027 <sup>(a)</sup>  | 375 | 377 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 580 | 611 |
| Newell Brands, Inc. 6.625% 9/15/2029  | 435 | 431 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 785 | 766 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 435 | 416 |
| Newell Brands, Inc. 6.875% 4/1/2036  | 355 | 341 |
| Newell Brands, Inc. 7.00% 4/1/2046  | 165 | 141 |
| Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026 <sup>(a)</sup>  | 350 | 334 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)(h)</sup>  | 500 | — <br><sup>(i)</sup><br>|
| Party City Holdco, Inc. 12.00% PIK 1/11/2029 <sup>(a)(d)(e)(f)</sup>  | 2510 | 251 |
| PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup>  | 15 | 14 |
| Petco Health and Wellness Co., Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.807% <br> 3/3/2028 <sup>(b)(c)</sup>  | 965 | 893 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup>  | 492 | 510 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup>  | 660 | 646 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup>  | 745 | 767 |
| Royal Caribbean Cruises, Ltd. 5.50% 8/31/2026 <sup>(a)</sup>  | 70 | 70 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(a)</sup>  | 1105 | 1120 |
| Royal Caribbean Cruises, Ltd. 6.25% 3/15/2032 <sup>(a)</sup>  | 705 | 725 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(a)</sup>  | 625 | 637 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 2887 | 2966 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 190 | 183 |
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 7.285% 4/4/2029 <sup>(b)(c)</sup>  | 1298 | 1298 |
| Service Corp. International 4.625% 12/15/2027  | 405 | 403 |
| Service Corp. International 5.125% 6/1/2029  | 75 | 75 |
| Service Corp. International 3.375% 8/15/2030  | 190 | 175 |
| Service Corp. International 4.00% 5/15/2031  | 515 | 482 |
| Service Corp. International 5.75% 10/15/2032  | 350 | 354 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup>  | 95 | 91 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 2181 | 2118 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup>  | 2669 | 2539 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup>  | 320 | 327 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup>  | 995 | 962 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup>  | 200 | 192 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 2495 | 2440 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 315 | 316 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup>  | 550 | 569 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup>  | 630 | 571 |
| Voyager Parent, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.75%) 9.083% 5/10/2032 <sup>(b)(c)</sup>  | 400 | 396 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup>  | 10 | 11 |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026 <sup>(a)</sup>  | 615 | 613 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup>  | 555 | 543 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup>  | 482 | 479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **225** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | USD487 | $520 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup>  | 1300 | 1309 |
| ZF North America Capital, Inc. 7.125% 4/14/2030 <sup>(a)</sup>  | 250 | 245 |
|  |  | 90635 |
| **Health care 8.35%** |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup>  | 2015 | 2034 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup>  | 435 | 436 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup>  | 1105 | 1042 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 1505 | 1431 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup>  | 590 | 581 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 2040 | 2005 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup>  | 620 | 588 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup>  | 70 | 73 |
| Bausch + Lomb Corp., Term Loan B, (USD-SOFR + 4.25%) 8.564% 12/18/2030 <sup>(b)(c)</sup>  | 447 | 448 |
| Bausch Health Americas, Inc. 9.25% 4/1/2026 <sup>(a)</sup>  | 939 | 937 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup>  | 1156 | 1102 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup>  | 442 | 364 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup>  | 1335 | 1127 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup>  | 530 | 525 |
| Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup>  | 20 | 14 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup>  | 1262 | 800 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup>  | 1277 | 755 |
| Biocon Biologics Global PLC 6.67% 10/9/2029  | 200 | 190 |
| Centene Corp. 4.625% 12/15/2029  | 945 | 920 |
| Centene Corp. 3.375% 2/15/2030  | 52 | 48 |
| Centene Corp. 3.00% 10/15/2030  | 295 | 264 |
| Centene Corp. 2.50% 3/1/2031  | 1125 | 969 |
| Centene Corp. 2.625% 8/1/2031  | 615 | 527 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup>  | 186 | 181 |
| Charles River Laboratories International, Inc. 3.75% 3/15/2029 <sup>(a)</sup>  | 550 | 517 |
| CHS / Community Health Systems, Inc. 5.625% 3/15/2027 <sup>(a)</sup>  | 1395 | 1375 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup>  | 805 | 775 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup>  | 1990 | 1767 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup>  | 1020 | 873 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup>  | 180 | 191 |
| CVS Health Corp., junior subordinated, 6.75% 12/10/2054 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 2.516% on 12/10/2034) <sup>(g)</sup>  | 200 | 201 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 1085 | 1040 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 875 | 796 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup>  | 2255 | 2338 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup>  | 2035 | 2103 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup>  | 2565 | 2718 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.327% 4/23/2031 <sup>(b)(c)</sup>  | 1757 | 1758 |
| Grifols SA 3.875% 10/15/2028  | EUR340 | 384 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup>  | USD2,000 | 1924 |
| Grifols SA 7.50% 5/1/2030  | EUR1,320 | 1631 |
| HCA, Inc. 3.50% 9/1/2030  | USD180 | 170 |
| HCA, Inc. 4.625% 3/15/2052  | 233 | 187 |
| HCA, Inc. 7.50% 11/15/2095  | 250 | 272 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup>  | 372 | 388 |
| IQVIA, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 603 | 603 |
| IQVIA, Inc. 6.50% 5/15/2030 <sup>(a)</sup>  | 660 | 681 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup>  | 1205 | 1238 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup>  | 506 | 489 |
| Mallinckrodt International Finance SA 14.75% 11/14/2028 <sup>(a)</sup>  | 174 | 180 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup>  | 1380 | 1325 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup>  | 914 | 940 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **226** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Health care (continued)** |  |  |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup>  | USD1,985 | $1971 |
| Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.577% 10/23/2028 <sup>(b)(c)</sup>  | 552 | 552 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup>  | 995 | 973 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup>  | 1514 | 1409 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup>  | 2750 | 2505 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 1495 | 1523 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup>  | 1328 | 1192 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 5290 | 4974 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032  | 400 | 404 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(d)</sup>  | 2347 | 2309 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup>  | 2830 | 2840 |
| Radiology Partners, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.50%) 1.50% PIK and 6.591% <br> Cash 1/31/2029 <sup>(b)(c)(d)</sup>  | 1770 | 1766 |
| Sterigenics-Nordion Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 505 | 526 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup>  | 665 | 679 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.53% 3/2/2027 <sup>(b)(c)</sup>  | 36 | 36 |
| Tenet Healthcare Corp. 6.25% 2/1/2027  | 320 | 320 |
| Tenet Healthcare Corp. 5.125% 11/1/2027  | 375 | 375 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 1620 | 1572 |
| Tenet Healthcare Corp. 4.375% 1/15/2030  | 895 | 867 |
| Tenet Healthcare Corp. 6.125% 6/15/2030  | 25 | 26 |
| Tenet Healthcare Corp. 6.75% 5/15/2031  | 860 | 890 |
| Tenet Healthcare Corp. 6.875% 11/15/2031  | 100 | 108 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 452 | 452 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 6790 | 6834 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 400 | 437 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 959 | 1087 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 940 | 961 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 942 | 679 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 610 | 621 |
|  |  | 83113 |
| **Materials 8.13%** |  |  |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup>  | 975 | 1037 |
| ArcelorMittal SA 7.00% 10/15/2039  | 488 | 541 |
| ArcelorMittal SA 6.75% 3/1/2041  | 825 | 870 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup>  | 690 | 630 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup>  | 225 | 227 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup>  | 240 | 253 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup>  | 460 | 457 |
| Ball Corp. 6.875% 3/15/2028  | 465 | 476 |
| Ball Corp. 6.00% 6/15/2029  | 350 | 359 |
| Ball Corp. 2.875% 8/15/2030  | 160 | 144 |
| Ball Corp. 3.125% 9/15/2031  | 1530 | 1374 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup>  | 1875 | 1758 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup>  | 245 | 251 |
| Celanese US Holdings, LLC 6.415% 7/15/2027  | 45 | 47 |
| Celanese US Holdings, LLC 6.50% 4/15/2030  | 520 | 533 |
| Celanese US Holdings, LLC 7.05% 11/15/2030  | 265 | 279 |
| Celanese US Holdings, LLC 6.75% 4/15/2033  | 1290 | 1304 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 70 | 74 |
| Cleveland-Cliffs, Inc. 5.875% 6/1/2027  | 1363 | 1363 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup>  | 2346 | 2157 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | 2354 | 2320 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup>  | 920 | 891 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup>  | 2025 | 1734 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 1930 | 1863 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 2035 | 1921 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **227** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Materials (continued)** |  |  |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | USD210 | $197 |
| Consolidated Energy Finance SA 6.50% 5/15/2026 <sup>(a)</sup>  | 150 | 146 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup>  | 655 | 565 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 3465 | 3403 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 685 | 687 |
| First Quantum Minerals, Ltd. 6.875% 10/15/2027 <sup>(a)</sup>  | 2207 | 2212 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup>  | 4240 | 4505 |
| First Quantum Minerals, Ltd. 8.00% 3/1/2033 <sup>(a)</sup>  | 675 | 693 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030  | 437 | 428 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043  | 411 | 389 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup>  | 9297 | 8192 |
| FXI Holdings, Inc. 12.25% 11/15/2026 <sup>(a)</sup>  | 6051 | 5357 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.583% 11/4/2031 <sup>(b)(c)</sup>  | 612 | 602 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup>  | 500 | 497 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup>  | 285 | 286 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 510 | 515 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 805 | 819 |
| Kaiser Aluminum Corp. 4.625% 3/1/2028 <sup>(a)</sup>  | 638 | 625 |
| LABL, Inc. 10.50% 7/15/2027 <sup>(a)</sup>  | 160 | 153 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup>  | 155 | 154 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup>  | 815 | 721 |
| Magnera Corp. 7.25% 11/15/2031 <sup>(a)</sup>  | 530 | 500 |
| Mauser Packaging Solutions Holding Co. 7.875% 8/15/2026 <sup>(a)</sup>  | 382 | 383 |
| Mauser Packaging Solutions Holding Co. 9.25% 4/15/2027 <sup>(a)</sup>  | 555 | 551 |
| Methanex Corp. 5.125% 10/15/2027  | 2415 | 2408 |
| Methanex Corp. 5.25% 12/15/2029  | 712 | 704 |
| Methanex Corp. 5.65% 12/1/2044  | 465 | 370 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup>  | 860 | 858 |
| Minera Mexico SA de CV, 5.625% 2/12/2032 <sup>(a)</sup>  | 200 | 204 |
| Mineral Resources, Ltd. 8.125% 5/1/2027 <sup>(a)</sup>  | 393 | 393 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup>  | 1919 | 1929 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 1820 | 1865 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup>  | 750 | 747 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup>  | 245 | 259 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup>  | 1365 | 1314 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup>  | 2100 | 2271 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup>  | 665 | 697 |
| Novelis Corp. 3.25% 11/15/2026 <sup>(a)</sup>  | 485 | 478 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup>  | 497 | 447 |
| Olin Corp. 5.625% 8/1/2029  | 200 | 199 |
| Olin Corp. 5.00% 2/1/2030  | 180 | 174 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup>  | 80 | 79 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup>  | 835 | 859 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 995 | 1027 |
| Quikrete Holdings, Inc., Term Loan B3, (3-month USD CME Term SOFR + 2.25%) 6.577% 2/10/2032 <sup>(b)(c)</sup>  | 170 | 170 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(a)(d)(g)</sup>  | 1280 | 1259 |
| Samarco Mineracao SA 9.00% 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) <sup>(d)(g)</sup>  | 460 | 452 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup>  | 660 | 643 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup>  | 470 | 499 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup>  | 585 | 619 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup>  | 1015 | 1089 |
| Tronox, Inc. 4.625% 3/15/2029 <sup>(a)</sup>  | 740 | 639 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 8.00% PIK and 6.308% Cash <br>1/16/2026 <sup>(b)(c)(d)(f)</sup>  | 540 | 297 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 8.00% PIK and 6.329% Cash <br>7/16/2026 <sup>(b)(c)(d)(f)</sup>  | 543 | 299 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 6.302% Cash 10/12/2028 <sup>(b)(c)(d)(f)</sup>  | 894 | 492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **228** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Materials (continued)** |  |  |
| Verde Purchaser, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.296% 11/30/2030 <sup>(b)(c)</sup>  | USD194 | $195 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 780 | 845 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup>  | 598 | 611 |
|  |  | 80834 |
| **Information technology 7.36%** |  |  |
| Acuris Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 1350 | 1385 |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | 1175 | 1255 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 60 | 58 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup>  | 1735 | 1752 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 5185 | 5379 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 1625 | 1731 |
| Cloud Software Group, Inc., Term Loan B1, (3-month USD CME Term SOFR + 3.50%) 7.796% <br>3/29/2029 <sup>(b)(c)</sup>  | 1407 | 1410 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup>  | 2190 | 2135 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup>  | 1404 | 1400 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup>  | 1107 | 1089 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup>  | 103 | 101 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup>  | 525 | 550 |
| Commscope, LLC, Term Loan, (3-month USD CME Term SOFR + 5.25%) 9.577% 12/17/2029 <sup>(b)(c)</sup>  | 645 | 654 |
| CoreWeave, Inc. 9.25% 6/1/2030 <sup>(a)</sup>  | 425 | 435 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  | 5860 | 6231 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup>  | 275 | 282 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.077% 11/22/2032 <sup>(b)(c)</sup>  | 300 | 307 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup>  | 2340 | 2279 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup>  | 3120 | 3156 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)(j)</sup>  | 3610 | 3638 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)(j)</sup>  | 75 | 76 |
| Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup>  | 440 | 461 |
| Gartner, Inc. 4.50% 7/1/2028 <sup>(a)</sup>  | 703 | 696 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(a)</sup>  | 126 | 118 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup>  | 725 | 746 |
| Helios Software Holdings, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 3675 | 3783 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 3595 | 3203 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 3415 | 2435 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup>  | 300 | 290 |
| ION Trading Technologies SARL 9.50% 5/30/2029 <sup>(a)</sup>  | 2420 | 2497 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 3/20/2032 <sup>(b)(c)</sup>  | 623 | 627 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.327% 3/20/2033 <sup>(b)(c)</sup>  | 875 | 878 |
| McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup>  | 275 | 260 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 1785 | 1957 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup>  | 343 | 338 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(a)</sup>  | 645 | 626 |
| Open Text Corp. 3.875% 12/1/2029 <sup>(a)</sup>  | 250 | 236 |
| Shift4 Payments, LLC, 6.75% 8/15/2032 <sup>(a)</sup>  | 985 | 1024 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 375 | 356 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 1325 | 1376 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 1875 | 1933 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup>  | 5540 | 5522 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup>  | 1505 | 1424 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup>  | 2394 | 2076 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup>  | 230 | 215 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/22/2026) <sup>(d)(g)(j)</sup>  | 3138 | 3174 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 (13.875% on 6/23/2026) <sup>(d)(g)(j)</sup>  | 547 | 553 |
| Xerox Holdings Corp. 5.50% 8/15/2028 <sup>(a)</sup>  | 1135 | 869 |
| Xerox Holdings Corp. 8.875% 11/30/2029 <sup>(a)</sup>  | 269 | 203 |
|  |  | 73179 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **229** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Real estate 7.03%** |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup>  | USD2,063 | $1812 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup>  | 1322 | 1085 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup>  | 465 | 435 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup>  | 829 | 827 |
| Brookfield Property REIT, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.56% 5/30/2030 <sup>(b)(c)</sup>  | 265 | 265 |
| Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 405 | 423 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup>  | 92 | 91 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 1900 | 1916 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup>  | 1392 | 1383 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup>  | 2688 | 2562 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup>  | 3643 | 3364 |
| Iron Mountain, Inc. 4.875% 9/15/2027 <sup>(a)</sup>  | 1006 | 1001 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup>  | 367 | 364 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup>  | 210 | 217 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup>  | 3060 | 3020 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup>  | 1660 | 1583 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup>  | 220 | 218 |
| Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 395 | 406 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 1840 | 1726 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 2645 | 2425 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 2560 | 2310 |
| Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025 <sup>(a)</sup>  | 440 | 440 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup>  | 315 | 307 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 38 | 38 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup>  | 615 | 643 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 10058 | 9299 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 170 | 134 |
| MPT Operating Partnership, LP 3.50% 3/15/2031  | 1524 | 1079 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 4269 | 4471 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup>  | 170 | 170 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup>  | 820 | 795 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup>  | 740 | 761 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup>  | 655 | 659 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup>  | 45 | 45 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup>  | 460 | 430 |
| SBA Communications Corp. 3.125% 2/1/2029  | 131 | 124 |
| Service Properties Trust 5.25% 2/15/2026  | 117 | 116 |
| Service Properties Trust 4.75% 10/1/2026  | 1515 | 1495 |
| Service Properties Trust 4.95% 2/15/2027  | 2131 | 2105 |
| Service Properties Trust 5.50% 12/15/2027  | 750 | 744 |
| Service Properties Trust 3.95% 1/15/2028  | 3031 | 2802 |
| Service Properties Trust 8.375% 6/15/2029  | 2460 | 2560 |
| Service Properties Trust 4.95% 10/1/2029  | 3518 | 3073 |
| Service Properties Trust 4.375% 2/15/2030  | 3180 | 2677 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 4850 | 5210 |
| Service Properties Trust 8.875% 6/15/2032  | 1230 | 1266 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup>  | 1130 | 1094 |
|  |  | 69970 |
| **Industrials 6.87%** |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(a)</sup>  | 108 | 108 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup>  | 261 | 271 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup>  | 200 | 193 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup>  | 1120 | 1146 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup>  | 1045 | 959 |
| Ambipar Lux SARL 9.875% 2/6/2031 <sup>(a)</sup>  | 226 | 214 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(a)</sup>  | 200 | 190 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup>  | 1145 | 1179 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **230** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| American Airlines, Inc. 8.50% 5/15/2029 <sup>(a)</sup>  | USD415 | $435 |
| Aramark Services, Inc. 5.00% 2/1/2028 <sup>(a)</sup>  | 760 | 758 |
| ATI, Inc. 4.875% 10/1/2029  | 690 | 676 |
| ATI, Inc. 7.25% 8/15/2030  | 375 | 393 |
| ATI, Inc. 5.125% 10/1/2031  | 775 | 758 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup>  | 767 | 761 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup>  | 55 | 53 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup>  | 925 | 892 |
| Avis Budget Car Rental, LLC 8.25% 1/15/2030 <sup>(a)</sup>  | 35 | 37 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup>  | 445 | 461 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup>  | 61 | 61 |
| Avolon Holdings Funding, Ltd. 2.528% 11/18/2027 <sup>(a)</sup>  | 2098 | 1995 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup>  | 935 | 964 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup>  | 1320 | 1362 |
| Beach Acquisition Bidco, LLC, 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(d)</sup>  | 605 | 629 |
| Boeing Co. (The) 3.60% 5/1/2034  | 190 | 168 |
| Boeing Co. (The) 5.805% 5/1/2050  | 34 | 33 |
| Boeing Co. (The) 6.858% 5/1/2054  | 352 | 386 |
| Boeing Co. (The) 7.008% 5/1/2064  | 120 | 132 |
| Bombardier, Inc. 7.45% 5/1/2034 <sup>(a)</sup>  | 115 | 125 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(a)</sup>  | 170 | 175 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(a)</sup>  | 170 | 177 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup>  | 165 | 161 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup>  | 335 | 323 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(a)</sup>  | 523 | 548 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup>  | 915 | 878 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup>  | 890 | 839 |
| Clean Harbors, Inc. 4.875% 7/15/2027 <sup>(a)</sup>  | 766 | 763 |
| Clean Harbors, Inc. 6.375% 2/1/2031 <sup>(a)</sup>  | 116 | 119 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup>  | 3004 | 2868 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.941% 6/4/2029 <sup>(b)(c)</sup>  | 660 | 642 |
| Dun & Bradstreet Corp. (The) 5.00% 12/15/2029 <sup>(a)</sup>  | 980 | 1005 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup>  | 1295 | 1279 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 2870 | 3036 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 490 | 521 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(a)</sup>  | 700 | 697 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 45 | 48 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup>  | 1735 | 1784 |
| Herc Holdings, Inc. 5.50% 7/15/2027 <sup>(a)</sup>  | 280 | 280 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 455 | 467 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 890 | 930 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 1110 | 1164 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 645 | 579 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.50%) 8.041% 6/30/2028 <sup>(b)(c)</sup>  | 71 | 59 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.50%) 8.041% 6/30/2028 <sup>(b)(c)</sup>  | 15 | 13 |
| Icahn Enterprises, LP 6.25% 5/15/2026  | 818 | 813 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 3754 | 3641 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 1090 | 1060 |
| Icahn Enterprises, LP 4.375% 2/1/2029  | 855 | 719 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 90 | 89 |
| LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(a)</sup>  | 810 | 815 |
| Mileage Plus Holdings, LLC 6.50% 6/20/2027 <sup>(a)</sup>  | 854 | 856 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup>  | 309 | 317 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup>  | 395 | 387 |
| Mueller Water Products, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 275 | 264 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 1105 | 1077 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup>  | 360 | 375 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.177% 2/1/2028 <sup>(b)(c)</sup>  | 1035 | 915 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup>  | 600 | 606 |
| PM General Purchaser, LLC 9.50% 10/1/2028 <sup>(a)</sup>  | 215 | 149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **231** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** |  |  |
| Prime Security Services Borrower, LLC 3.375% 8/31/2027 <sup>(a)</sup>  | USD475 | $461 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 1745 | 1802 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.00%) 7.296% 4/30/2032 <sup>(b)(c)</sup>  | 185 | 187 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | 1155 | 1100 |
| Reworld Holding Corp. 5.00% 9/1/2030  | 1455 | 1378 |
| Roller Bearing Company of America, Inc. 4.375% 10/15/2029 <sup>(a)</sup>  | 110 | 107 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup>  | 2610 | 2733 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 795 | 725 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 440 | 441 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028  | 798 | 785 |
| Spirit AeroSystems, Inc. 9.375% 11/30/2029 <sup>(a)</sup>  | 34 | 36 |
| Spirit AeroSystems, Inc. 9.75% 11/15/2030 <sup>(a)</sup>  | 195 | 215 |
| Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 8.78% 1/15/2027 <sup>(b)(c)</sup>  | 1081 | 1083 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup>  | 435 | 446 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(f)</sup>  | 100 | 100 |
| Titan International, Inc. 7.00% 4/30/2028  | 750 | 754 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup>  | 75 | 77 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup>  | 355 | 369 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup>  | 1540 | 1596 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup>  | 405 | 408 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup>  | 400 | 401 |
| Uber Technologies, Inc. 7.50% 9/15/2027 <sup>(a)</sup>  | 395 | 399 |
| Uber Technologies, Inc. 6.25% 1/15/2028 <sup>(a)</sup>  | 755 | 759 |
| Uber Technologies, Inc. 4.50% 8/15/2029 <sup>(a)</sup>  | 310 | 308 |
| United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup>  | 115 | 118 |
| United Rentals (North America), Inc. 3.875% 2/15/2031  | 745 | 701 |
| United Rentals (North America), Inc. 3.75% 1/15/2032  | 570 | 524 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup>  | 310 | 320 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup>  | 225 | 234 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup>  | 1600 | 1665 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup>  | 320 | 331 |
| XPO, Inc. 6.25% 6/1/2028 <sup>(a)</sup>  | 70 | 71 |
| XPO, Inc. 7.125% 6/1/2031 <sup>(a)</sup>  | 533 | 559 |
| XPO, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 390 | 409 |
|  |  | 68379 |
| **Consumer staples 3.50%** |  |  |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 1198 | 1136 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup>  | 465 | 458 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup>  | 130 | 135 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 1758 | 1603 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 1375 | 1326 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 915 | 865 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup>  | 1740 | 1617 |
| Coty, Inc. 5.00% 4/15/2026 <sup>(a)</sup>  | 280 | 281 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup>  | 1070 | 1047 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup>  | 380 | 389 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup>  | 1350 | 1369 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup>  | 915 | 972 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup>  | 775 | 820 |
| Fiesta Purchaser, Inc., Term Loan, (3-month USD CME Term SOFR + 3.25%) 7.577% 2/12/2031 <sup>(b)(c)</sup>  | 158 | 159 |
| H.J. Heinz Co. 3.875% 5/15/2027  | 275 | 273 |
| H.J. Heinz Co. 4.375% 6/1/2046  | 26 | 21 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup>  | 370 | 346 |
| KeHE Distributors, LLC 9.00% 2/15/2029 <sup>(a)</sup>  | 485 | 503 |
| Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup>  | 75 | 75 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup>  | 1920 | 1833 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup>  | 480 | 451 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **232** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer staples (continued)** |  |  |
| Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup>  | USD150 | $151 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup>  | 45 | 46 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup>  | 45 | 45 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup>  | 660 | 674 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(a)</sup>  | 705 | 704 |
| Performance Food Group, Inc. 4.25% 8/1/2029 <sup>(a)</sup>  | 573 | 553 |
| Performance Food Group, Inc. 6.125% 9/15/2032 <sup>(a)</sup>  | 725 | 742 |
| Post Holdings, Inc. 5.50% 12/15/2029 <sup>(a)</sup>  | 451 | 449 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 1815 | 1746 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup>  | 1145 | 1064 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup>  | 2570 | 2644 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 415 | 420 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup>  | 138 | 137 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup>  | 1275 | 1176 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028  | 2130 | 1944 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup>  | 963 | 951 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 9.077% 5/1/2031 <sup>(b)(c)</sup>  | 2738 | 2773 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 510 | 497 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup>  | 470 | 471 |
| Walgreens Boots Alliance, Inc. 3.45% 6/1/2026  | 2030 | 1987 |
|  |  | 34853 |
| **Utilities 1.94%** |  |  |
| AmeriGas Partners, LP 5.75% 5/20/2027  | 302 | 300 |
| Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup>  | 150 | 149 |
| Calpine Corp. 3.75% 3/1/2031 <sup>(a)</sup>  | 500 | 475 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 1.961% on 6/1/2035) <sup>(g)</sup>  | 470 | 472 |
| Edison International 6.25% 3/15/2030  | 50 | 51 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026) <sup>(g)(k)</sup>  | 1155 | 1165 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.975% on 3/15/2035) <sup>(g)</sup>  | 350 | 356 |
| FirstEnergy Corp. 2.25% 9/1/2030  | 980 | 871 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup>  | 355 | 366 |
| Lightning Power, LLC 7.25% 8/15/2032 <sup>(a)</sup>  | 650 | 685 |
| Long Ridge Energy, LLC, 8.75% 2/15/2032 <sup>(a)</sup>  | 2755 | 2864 |
| Long Ridge Energy, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.796% 2/19/2032 <sup>(b)(c)</sup>  | 848 | 839 |
| MI Windows and Doors, LLC, Term Loan B2, (3-month USD CME Term SOFR + 3.00%) 7.327% <br>3/28/2031 <sup>(b)(c)</sup>  | 277 | 278 |
| NRG Energy, Inc. 3.625% 2/15/2031 <sup>(a)</sup>  | 110 | 101 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 280 | 201 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 745 | 601 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 2020 | 1297 |
| PacifiCorp, junior subordinated, 7.375% 9/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.319% on 9/15/2030) <sup>(g)</sup>  | 75 | 78 |
| PG&E Corp. 5.00% 7/1/2028  | 390 | 380 |
| PG&E Corp. 5.25% 7/1/2030  | 2800 | 2669 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 3.883% on 3/15/2030) <sup>(g)</sup>  | 2050 | 1947 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(a)</sup>  | 620 | 648 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 1227 | 1316 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.808% 5/17/2030 <sup>(b)(c)</sup>  | 279 | 280 |
| Trinidad Generation Unlimited 7.75% 6/16/2033 <sup>(a)</sup>  | 440 | 456 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup>  | 395 | 422 |
|  |  | 19267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **233** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Municipals 0.05%** |  |  |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | USD546 | $529 |
| **Total corporate bonds, notes & loans** |  | 877237 |
| **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** | **Mortgage-backed obligations 0.06%** |
| **Collateralized mortgage-backed obligations 0.06%** |  |  |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(f)</sup>  | 603 | 603 |
| **Municipals 0.04%** | **Municipals 0.04%** | **Municipals 0.04%** |
| **Puerto Rico 0.04%** |  |  |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(c)</sup>  | 327 | 202 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051  | 361 | 228 |
| **Total municipals** |  | 430 |
| **Total bonds, notes & other debt instruments** (cost: $880,995,000) |  | 878270 |
| Convertible bonds & notes 0.05% |  |  |
| **Communication services 0.05%** |  |  |
| EchoStar Corp., convertible notes, 3.875% PIK 11/30/2030 <sup>(d)</sup>  | 379 | 447 |
| **Total convertible bonds & notes** (cost: $403,000) |  | 447 |
| Common stocks 5.94% | Shares |  |
| **Health care 1.78%** |  |  |
| Rotech Healthcare, Inc. <sup>(f)(h)(j)</sup>  | 201793 | 15193 |
| Endo, Inc. <sup>(h)</sup>  | 98388 | 2065 |
| Endo GUC Trust, Class A1 <sup>(a)(h)</sup>  | 192719 | 107 |
| Endo, Inc., 1L 7.50% Escrow <sup>(f)(h)</sup>  | 5505000 | — <br><sup>(i)</sup><br>|
| Endo, Inc., 1L 6.875% Escrow <sup>(f)(h)</sup>  | 520000 | — <br><sup>(i)</sup><br>|
| Endo, Inc., 1L 6.125% Escrow <sup>(f)(h)</sup>  | 525000 | — <br><sup>(i)</sup><br>|
| Mallinckrodt PLC <sup>(h)</sup>  | 3631 | 308 |
|  |  | 17673 |
| **Information technology 1.57%** |  |  |
| Diebold Nixdorf, Inc. <sup>(h)</sup>  | 281243 | 15581 |
| **Utilities 1.13%** |  |  |
| Talen Energy Corp. <sup>(h)</sup>  | 37868 | 11011 |
| PG&E Corp.  | 18786 | 262 |
|  |  | 11273 |
| **Energy 1.04%** |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(h)</sup>  | 11240370 | 5018 |
| Ascent Resources, LLC, Class A <sup>(f)(j)</sup>  | 62978 | 3113 |
| Expand Energy Corp.  | 6708 | 784 |
| Weatherford International  | 10059 | 506 |
| New Fortress Energy, Inc., Class A <sup>(h)</sup>  | 109371 | 363 |
| Altera Infrastructure, LP <sup>(f)</sup>  | 9127 | 282 |
| Mesquite Energy, Inc. <sup>(f)(h)</sup>  | 3558 | 202 |
| Exxon Mobil Corp.  | 739 | 80 |
| Bighorn Permian Resources, LLC <sup>(f)</sup>  | 2894 | — <br><sup>(i)</sup><br>|
|  |  | 10348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **234** |

---

------

American High-Income Trust (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary 0.35%** |  |  |
| Aimbridge Topco, LLC <sup>(f)(h)</sup>  | 46955 | $3535 |
| Party City Holdco, Inc. <sup>(f)(h)</sup>  | 126254 | — <br><sup>(i)</sup><br>|
| Party City Holdco, Inc. <sup>(a)(f)(h)</sup>  | 1260 | — <br><sup>(i)</sup><br>|
| NMG Parent, LLC <sup>(f)(h)</sup>  | 8350 | — <br><sup>(i)</sup><br>|
|  |  | 3535 |
| **Communication services 0.04%** |  |  |
| Intelsat SA  | 8182 | 355 |
| iHeartMedia, Inc., Class A <sup>(h)</sup>  | 22639 | 40 |
| DSG TopCo, Inc. <sup>(h)</sup>  | 2108 | 32 |
|  |  | 427 |
| **Financials 0.03%** |  |  |
| Navient Corp.  | 20000 | 282 |
| **Materials 0.00%** |  |  |
| Venator Materials PLC <sup>(f)(h)</sup>  | 3232 | — <br><sup>(i)</sup><br>|
| **Total common stocks** (cost: $41,230,000) |  | 59119 |
| Preferred securities 0.40% |  |  |
| **Consumer discretionary 0.25%** |  |  |
| MYT Holdings, LLC, Series A, 10.00% preferred shares <sup>(h)</sup>  | 1915904 | 2515 |
| **Industrials 0.15%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(f)(h)</sup>  | 1022 | 1468 |
| **Total preferred securities** (cost: $2,772,000) |  | 3983 |
| Rights & warrants 0.01% |  |  |
| **Energy 0.01%** |  |  |
| Expand Energy Corporation, Class C, warrants, expire 2/9/2026 <sup>(h)</sup>  | 457 | 47 |
| **Total rights & warrants** (cost: $275,000) | **Total rights & warrants** (cost: $275,000) | 47 |
| Short-term securities 4.54% |  |  |
| **Money market investments 4.54%** | **Money market investments 4.54%** | **Money market investments 4.54%** |
| Capital Group Central Cash Fund 4.35% <sup>(l)(m)</sup>  | 451694 | 45170 |
| **Total short-term securities** (cost: $45,164,000) | **Total short-term securities** (cost: $45,164,000) | 45170 |
| **Total investment securities 99.21%** (cost: $970,839,000) |  | 987036 |
| Other assets less liabilities 0.79% |  | 7903 |
| **Net assets 100.00%** |  | $994939 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **235** | American Funds Insurance Series |

---

------

American High-Income Trust (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 89 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD18,514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $73 |
| 5 Year U.S. Treasury Note Futures | Long | 101 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 8 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (914)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 10 Year U.S. Treasury Note Futures | Short | 13 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1458)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138 |

---

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.44 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,570 | &nbsp;&nbsp;&nbsp;&nbsp; $(1994)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(482)<br>|

---

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(n)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <sup>(o)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.IG.44 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD37 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(i)</sup><br>|

---

**Investments in affiliates** <sup>(m)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 4.54%** |  |  |  |  |  |  |  |
| **Money market investments 4.54%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(l)</sup>  | $45641 | &nbsp;&nbsp; $122689 | &nbsp;&nbsp; $123157 | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $45169 | &nbsp;&nbsp; $863 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **236** |

---

------

American High-Income Trust (continued)

**Restricted securities** <sup>(j)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Rotech Healthcare, Inc. <sup>(f)(h)</sup> <br>| 9/26/2013 | $4331 | $15193 | 1.53<br> %<br>|
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/22/2026) <sup>(d)(g)</sup> <br>| 6/23/2023-3/24/2025 | 3077 | 3174 | 0.32 |
| Wolfspeed, Inc. 2.00% PIK and 9.875% Cash 6/23/2030 <br> (13.875% on 6/23/2026) <sup>(d)(g)</sup> <br>| 10/22/2024-3/24/2025 | 523 | 553 | 0.06 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR <br> + 7.25%) 11.428% 9/13/2029 <sup>(b)(c)</sup> <br>| 9/13/2023 | 3554 | 3638 | 0.36 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 7.25%) 11.428% 9/13/2029 <sup>(b)(c)</sup> <br>| 9/13/2023-6/13/2025 | 75 | 76 | 0.01 |
| Ascent Resources, LLC, Class A <sup>(f)</sup> <br>| 11/15/2016 | 302 | 3113 | 0.31 |
| **Total** |  | $11862 | $25747 | 2.59<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $639,255,000, which represented 64.25% of the net assets of the fund. 

<sup>(b)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,300,000, which represented 3.95% of the net assets of the fund. 

<sup>(c)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(d)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(e)</sup> Scheduled interest and/or principal payment was not received.

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Security did not produce income during the last 12 months.

<sup>(i)</sup> Amount less than one thousand.

<sup>(j)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $25,747,000, which represented 2.59% of the net assets of the fund. 

<sup>(k)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(l)</sup> Rate represents the seven-day yield at 6/30/2025.

<sup>(m)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(o)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CAB = Capital Appreciation Bonds |
| CME = CME Group |
| CMS = Constant Maturity Swap |
| DAC = Designated Activity Company |
| EUR = Euros |
| GO = General Obligation |
| LIBOR = London Interbank Offered Rate |
| NDR = Norwegian Depositary Receipts |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **237** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 94.97% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 89.32%** | **Mortgage-backed obligations 89.32%** | **Mortgage-backed obligations 89.32%** |
| **Federal agency mortgage-backed obligations 88.12%** |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | USD— <br><sup>(b)</sup><br>| $— <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)(c)</sup>  | 28 | 28 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 97 | 91 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 4 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA4232 2.00% 1/1/2041 <sup>(a)</sup>  | 126 | 109 |
| Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup>  | 221 | 183 |
| Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup>  | 278 | 230 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 7 | 7 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(a)</sup>  | 15 | 13 |
| Fannie Mae Pool #MA4388 2.50% 7/1/2041 <sup>(a)</sup>  | 71 | 63 |
| Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup>  | 150 | 133 |
| Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup>  | 82 | 73 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA4502 2.50% 12/1/2041 <sup>(a)</sup>  | 170 | 151 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup>  | 213 | 190 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(a)</sup>  | 37 | 39 |
| Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup>  | 26 | 21 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 26 | 25 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 15 | 15 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 22 | 21 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #CA6409 2.50% 7/1/2050 <sup>(a)</sup>  | 91 | 76 |
| Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup>  | 17 | 14 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup>  | 100 | 80 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 63 | 53 |
| Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup>  | 35 | 28 |
| Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup>  | 129 | 104 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 11 | 9 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup>  | 23 | 22 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 1394 | 1165 |
| Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)(c)</sup>  | 1485 | 1195 |
| Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup>  | 343 | 275 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 166 | 132 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051 <sup>(a)</sup>  | 174 | 155 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 22 | 19 |
| Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup>  | 31 | 27 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 371 | 311 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 23 | 19 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 2 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051 <sup>(a)</sup>  | 386 | 326 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup>  | 181 | 153 |
| Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup>  | 32 | 28 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup>  | 199 | 168 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 79 | 70 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 232 | 203 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 383 | 319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **238** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup>  | USD41 | $36 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 916 | 795 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(a)</sup>  | 284 | 265 |
| Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup>  | 951 | 887 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 163 | 147 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 978 | 967 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 690 | 547 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 98 | 96 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 35 | 35 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 32 | 32 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup>  | 149 | 143 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 427 | 410 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 97 | 95 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1113 | 1036 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup>  | 9 | 8 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 64 | 64 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 94 | 97 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 77 | 79 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup>  | 26 | 25 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 1935 | 1903 |
| Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup>  | 216 | 226 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 60 | 63 |
| Fannie Mae Pool #MA5008 4.50% 5/1/2053 <sup>(a)</sup>  | 42 | 40 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup>  | 1710 | 1682 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 49 | 48 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 49 | 49 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 256 | 261 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(a)</sup>  | 259 | 255 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 736 | 737 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 344 | 350 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 138 | 132 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 200 | 200 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 415 | 423 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup>  | 88 | 85 |
| Fannie Mae Pool #MA5136 4.50% 9/1/2053 <sup>(a)</sup>  | 254 | 244 |
| Fannie Mae Pool #MA5138 5.50% 9/1/2053 <sup>(a)</sup>  | 279 | 280 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 841 | 842 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 41 | 42 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 13 | 13 |
| Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup>  | 298 | 311 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 78 | 78 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 447 | 463 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 214 | 222 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup>  | 206 | 197 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 1472 | 1473 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 149 | 149 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 139 | 139 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 38 | 40 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 129 | 132 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 17 | 18 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 271 | 275 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 239 | 245 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup>  | 44 | 45 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup>  | 37 | 38 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 21 | 22 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 279 | 290 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | 554 | 565 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 169 | 172 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 131 | 134 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 115 | 117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **239** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | USD60 | $61 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup>  | 39 | 40 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup>  | 696 | 725 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 435 | 453 |
| Fannie Mae Pool #MA5422 6.50% 7/1/2054 <sup>(a)</sup>  | 304 | 315 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 131 | 136 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup>  | 127 | 133 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 78 | 82 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(a)</sup>  | 479 | 506 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 226 | 230 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup>  | 192 | 196 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup>  | 140 | 142 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 75 | 76 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 55 | 56 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 29 | 29 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 29 | 29 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 25 | 26 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup>  | 19 | 19 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup>  | 19 | 19 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup>  | 9 | 10 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 160 | 167 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 507 | 509 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 274 | 276 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 214 | 214 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup>  | 462 | 472 |
| Fannie Mae Pool #DC3477 6.50% 9/1/2054 <sup>(a)</sup>  | 236 | 244 |
| Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup>  | 109 | 109 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 409 | 416 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 26 | 26 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup>  | 326 | 319 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 58 | 58 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 50 | 50 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 43 | 43 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 186 | 179 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 431 | 423 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup>  | 552 | 561 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup>  | 43 | 43 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup>  | 144 | 134 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 231 | 235 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup>  | 40 | 40 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 580 | 580 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 442 | 450 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(a)</sup>  | 99 | 102 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 89 | 91 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup>  | 485 | 451 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 285 | 290 |
| Fannie Mae Pool #FA1163 6.50% 4/1/2055 <sup>(a)</sup>  | 2075 | 2145 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 298 | 292 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 409 | 416 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup>  | 153 | 150 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup>  | 183 | 183 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 27 | 28 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup>  | 115 | 103 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup>  | 124 | 111 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 43 | 37 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 42 | 40 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 719 | 637 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.702% 10/1/2053 <sup>(a)(d)(e)</sup>  | 184 | 179 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)(c)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **240** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup>  | USD1 | $1 |
| Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)</sup>  | 459 | 461 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 143 | 133 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup>  | 41 | 38 |
| Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup>  | 1460 | 1210 |
| Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup>  | 275 | 246 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 77 | 66 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(a)(e)</sup>  | 248 | 247 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 15 | 14 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 22 | 20 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 15 | 14 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 12 | 11 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup>  | 7 | 7 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 23 | 22 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 41 | 40 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 19 | 19 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 14 | 13 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup>  | 36 | 35 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 14 | 13 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup>  | 129 | 114 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 4 | 4 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 681 | 540 |
| Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup>  | 170 | 136 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 179 | 150 |
| Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup>  | 299 | 240 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 2 | 1 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 3 | 2 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 278 | 224 |
| Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup>  | 206 | 180 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 67 | 54 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 56 | 47 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup>  | 143 | 130 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)(c)</sup>  | 940 | 862 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 687 | 545 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 1360 | 1180 |
| Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup>  | 42 | 37 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 665 | 576 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 1254 | 1088 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 124 | 98 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup>  | 111 | 96 |
| Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup>  | 870 | 787 |
| Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup>  | 1057 | 1014 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 569 | 560 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup>  | 216 | 216 |
| Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup>  | 226 | 223 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 97 | 98 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 320 | 313 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 695 | 723 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | 30 | 26 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 57 | 54 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 39 | 39 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 111 | 110 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 77 | 76 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 86 | 86 |
| Freddie Mac Pool #SD8322 4.50% 5/1/2053 <sup>(a)</sup>  | 124 | 119 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 1080 | 1061 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 50 | 51 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 275 | 276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **241** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | USD57 | $59 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 50 | 51 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 35 | 36 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 28 | 28 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 2 | 2 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 802 | 804 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 50 | 50 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup>  | 34 | 35 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(c)</sup>  | 2560 | 2607 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 926 | 943 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 112 | 115 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 422 | 429 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 316 | 322 |
| Freddie Mac Pool #SD8371 5.00% 11/1/2053 <sup>(a)</sup>  | 1009 | 991 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup>  | 242 | 238 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 70 | 73 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 431 | 432 |
| Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup>  | 1626 | 1659 |
| Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup>  | 1283 | 1309 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 51 | 53 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 10 | 11 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 50 | 51 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 64 | 64 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 101 | 103 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup>  | 19 | 19 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 55 | 58 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 62 | 62 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup>  | 25 | 26 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 8 | 8 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 436 | 454 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 64 | 67 |
| Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup>  | 664 | 692 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 216 | 225 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 49 | 51 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 16 | 17 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 230 | 234 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 200 | 204 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 180 | 185 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 72 | 74 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 64 | 65 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup>  | 32 | 33 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 198 | 205 |
| Freddie Mac Pool #QI9547 6.50% 7/1/2054 <sup>(a)</sup>  | 96 | 99 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup>  | 72 | 75 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 290 | 292 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 253 | 258 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 172 | 175 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 141 | 144 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 38 | 38 |
| Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup>  | 1610 | 1668 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 245 | 255 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 114 | 119 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | 99 | 103 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 61 | 63 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 43 | 44 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 28 | 29 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 212 | 212 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 124 | 126 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 66 | 67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **242** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | USD64 | $66 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 57 | 59 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 36 | 36 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup>  | 17 | 17 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 36 | 37 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 20 | 21 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 9 | 9 |
| Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(a)</sup>  | 164 | 169 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 469 | 469 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(a)</sup>  | 572 | 561 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 521 | 511 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup>  | 377 | 377 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 8 | 8 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 27 | 27 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(a)</sup>  | 509 | 473 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 274 | 262 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 134 | 136 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 64 | 65 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 16 | 16 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup>  | 129 | 126 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup>  | 77 | 79 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 46 | 46 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 274 | 269 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup>  | 15 | 15 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup>  | 15 | 15 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 1199 | 1176 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(a)</sup>  | 423 | 423 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 941 | 957 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 300 | 303 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)(e)</sup>  | 79 | 74 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 79 | 70 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 152 | 142 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(e)</sup>  | 106 | 100 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 21 | 18 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup>  | 81 | 78 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058 <sup>(a)</sup>  | 26 | 23 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 15 | 14 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup>  | 630 | 546 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup>  | 188 | 183 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 10 | 10 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup>  | 289 | 260 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup>  | 293 | 268 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup>  | 251 | 225 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 252 | 243 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/27/2060 <sup>(a)</sup>  | 301 | 272 |
| Government National Mortgage Assn. 4.00% 7/1/2055 <sup>(a)(f)</sup>  | 355 | 330 |
| Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(f)</sup>  | 80 | 79 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(f)</sup>  | 273 | 273 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup>  | 557 | 544 |
| Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/2038 <sup>(a)</sup>  | 232 | 218 |
| Government National Mortgage Assn. Pool #004410 4.00% 4/20/2039 <sup>(a)</sup>  | 47 | 45 |
| Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/2039 <sup>(a)</sup>  | 473 | 446 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 63 | 66 |
| Government National Mortgage Assn. Pool #004823 4.00% 10/20/2040 <sup>(a)</sup>  | 73 | 69 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup>  | 154 | 154 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup>  | 11 | 10 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup>  | 77 | 78 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup>  | 77 | 69 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup>  | 180 | 166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **243** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup>  | USD38 | $35 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)(c)</sup>  | 775 | 735 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 83 | 68 |
| Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup>  | 34 | 29 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 74 | 60 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 317 | 265 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 76 | 63 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 495 | 416 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 311 | 263 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 67 | 57 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 162 | 137 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 133 | 112 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup>  | 42 | 36 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 50 | 44 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 218 | 185 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 59 | 52 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 4 | 4 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 153 | 144 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 239 | 230 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 13 | 13 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 79 | 73 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 108 | 104 |
| Government National Mortgage Assn. Pool #AN1825 4.517% 6/20/2065 <sup>(a)</sup>  | 21 | 21 |
| Government National Mortgage Assn. Pool #AO0461 4.559% 8/20/2065 <sup>(a)</sup>  | 6 | 6 |
| Government National Mortgage Assn. Pool #AO0409 4.572% 12/20/2065 <sup>(a)</sup>  | 23 | 23 |
| Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup>  | 93 | 92 |
| Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066 <sup>(a)</sup>  | 1 | 1 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 204 | 149 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2040 <sup>(a)(f)</sup>  | 125 | 122 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(f)</sup>  | 5044 | 4183 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(f)</sup>  | 2635 | 2372 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(f)</sup>  | 326 | 303 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(f)</sup>  | 25 | 24 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(f)</sup>  | 4621 | 4700 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(f)</sup>  | 371 | 391 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(f)</sup>  | 1180 | 935 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(f)</sup>  | 1495 | 1293 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(f)</sup>  | 690 | 641 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(f)</sup>  | 2892 | 2982 |
|  |  | 104103 |
| **Commercial mortgage-backed securities 0.74%** |  |  |
| BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) x.xx% 7/15/2042 <sup>(a)(d)(e)</sup>  | 200 | 201 |
| BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.427% 6/15/2027 <sup>(a)(d)(e)</sup>  | 100 | 101 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.803% 4/15/2037 <sup>(a)(d)(e)</sup>  | 96 | 96 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(d)(e)</sup>  | 379 | 391 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 5.506% <br> 7/15/2038 <sup>(a)(d)(e)</sup>  | 86 | 86 |
|  |  | 875 |
| **Collateralized mortgage-backed obligations (privately originated) 0.46%** |  |  |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(d)(e)</sup>  | 136 | 130 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(d)(e)</sup>  | 56 | 50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **244** |

---

------

American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.196% 8/1/2054 <sup>(a)(d)(e)</sup>  | USD86 | $87 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(d)(e)</sup>  | 184 | 187 |
| PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(d)(e)</sup>  | 94 | 95 |
|  |  | 549 |
| **Total mortgage-backed obligations** |  | 105527 |
| **U.S. Treasury bonds & notes 4.29%** | **U.S. Treasury bonds & notes 4.29%** | **U.S. Treasury bonds & notes 4.29%** |
| **U.S. Treasury 4.29%** |  |  |
| U.S. Treasury 4.375% 7/31/2026  | 535 | 537 |
| U.S. Treasury 3.50% 9/30/2026  | 465 | 463 |
| U.S. Treasury 3.75% 6/30/2027  | 295 | 295 |
| U.S. Treasury 4.25% 2/15/2028  | 460 | 466 |
| U.S. Treasury 3.875% 3/15/2028  | 550 | 553 |
| U.S. Treasury 4.125% 7/31/2028  | 450 | 455 |
| U.S. Treasury 4.50% 5/31/2029  | 1025 | 1053 |
| U.S. Treasury 4.00% 2/28/2030  | 330 | 333 |
| U.S. Treasury 4.00% 3/31/2030  | 100 | 101 |
| U.S. Treasury 1.875% 2/15/2041 <sup>(c)</sup>  | 240 | 165 |
| U.S. Treasury 3.25% 5/15/2042  | 106 | 88 |
| U.S. Treasury 4.75% 2/15/2045  | 190 | 189 |
| U.S. Treasury 1.875% 11/15/2051  | 65 | 36 |
| U.S. Treasury 4.625% 2/15/2055  | 345 | 336 |
| **Total U.S. Treasury bonds & notes** |  | 5070 |
| **Asset-backed obligations 1.36%** | **Asset-backed obligations 1.36%** | **Asset-backed obligations 1.36%** |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class A, 5.76% 11/12/2027 <sup>(a)(d)</sup>  | 12 | 12 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(d)</sup>  | 5 | 5 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup>  | 6 | 6 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(d)</sup>  | 90 | 89 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(d)</sup>  | 54 | 54 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 13 | 13 |
| Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup>  | 21 | 21 |
| Exeter Automobile Receivables Trust, Series 2024-4A, Class A2, 5.60% 5/17/2027 <sup>(a)</sup>  | 3 | 3 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(d)</sup>  | 257 | 265 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A2, 5.35% 8/16/2027 <sup>(a)(d)</sup>  | 17 | 17 |
| GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(d)</sup>  | 12 | 12 |
| GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(d)</sup>  | 45 | 45 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(d)</sup>  | 66 | 60 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(d)</sup>  | 85 | 77 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(d)</sup>  | 101 | 96 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 5.172% <br>4/20/2062 <sup>(a)(d)(e)</sup>  | 84 | 83 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(d)</sup>  | 100 | 94 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A2, 5.41% 7/15/2027 <sup>(a)</sup>  | 27 | 27 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88% 9/15/2027 <sup>(a)</sup>  | 13 | 13 |
| Santander Drive Auto Receivables Trust, Series 2022-4, Class B, 4.42% 11/15/2027 <sup>(a)</sup>  | 5 | 5 |
| Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98% 2/15/2028 <sup>(a)</sup>  | 2 | 2 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup>  | 3 | 3 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  | 12 | 12 |
| Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(d)</sup>  | 100 | 102 |
| Wheels Fleet Lease Funding, LLC, Series 24-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(d)</sup>  | 484 | 487 |
|  |  | 1603 |
| **Total bonds, notes & other debt instruments** (cost: $112,487,000) |  | 112200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **245** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 17.02% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 11.82%** | **Commercial paper 11.82%** | **Commercial paper 11.82%** | **Commercial paper 11.82%** |
| ADP Tax Services, Inc. 7/1/2025 <sup>(d)</sup>  | 4.330<br> %<br>| USD1,400 | $1400 |
| ADP Tax Services, Inc. 7/2/2025 <sup>(d)</sup>  | 4.340 | 1500 | 1500 |
| Apple, Inc. 8/13/2025 <sup>(d)</sup>  | 4.300 | 2400 | 2387 |
| CAFCO, LLC 8/19/2025 <sup>(d)</sup>  | 4.350 | 1200 | 1193 |
| Chevron Corp. 7/22/2025 <sup>(d)</sup>  | 4.310 | 1000 | 997 |
| Chevron Corp. 9/12/2025 <sup>(d)</sup>  | 4.320 | 1500 | 1487 |
| Johnson & Johnson 7/3/2025 <sup>(d)</sup>  | 4.260 | 1000 | 1000 |
| Novartis Finance Corp. 7/7/2025 <sup>(d)</sup>  | 4.320 | 500 | 500 |
| Paccar Financial Corp. 7/10/2025  | 4.360 | 1500 | 1498 |
| Prudential Funding, LLC 7/2/2025  | 4.340 | 2000 | 1999 |
|  |  |  | 13961 |
| **Federal agency bills & notes 5.20%** | **Federal agency bills & notes 5.20%** | **Federal agency bills & notes 5.20%** | **Federal agency bills & notes 5.20%** |
| Federal Farm Credit Banks 8/21/2025  | 4.220 | 1600 | 1590 |
| Federal Farm Credit Banks 11/14/2025  | 4.140 | 900 | 886 |
| Federal Home Loan Bank 9/3/2025  | 4.230 | 2200 | 2184 |
| Federal Home Loan Bank 9/17/2025  | 4.230 | 1500 | 1486 |
| **Total short-term securities** (cost: $20,108,000) | **Total short-term securities** (cost: $20,108,000) | **Total short-term securities** (cost: $20,108,000) | 20107 |
| Options purchased (equity style) 0.00% |  |  |  |
| Options purchased (equity style)\* | Options purchased (equity style)\* |  | 5 |
| **Total options purchased (equity style)** (cost: $19,000) | **Total options purchased (equity style)** (cost: $19,000) |  | 5 |
| **Total investment securities 111.99%** (cost: $132,614,000) | **Total investment securities 111.99%** (cost: $132,614,000) |  | 132312 |
| Other assets less liabilities (11.99)% | Other assets less liabilities (11.99)% |  | (14171)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** |  | $118141 |

---

<sup>\*</sup>**Options purchased (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD97.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2 |
| **Put** |  |  |  |  |  |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD95.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **246** |

---

------

American Funds Mortgage Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 3 Month SOFR Futures | Long | 62 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD14,828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 212 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| 5 Year U.S. Treasury Note Futures | Long | 191 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| 10 Year U.S. Treasury Note Futures | Long | 45 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 17 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 5 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (596)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $579 |

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD495 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>|
| SOFR | Annual | 3.8215% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; USD100 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| SOFR | Annual | 3.41% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,300 | &nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $100 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $841,000, which represented 0.71% of the net assets of the fund. 

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $13,564,000, which represented 11.48% of the net assets of the fund. 

<sup>(e)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(f)</sup> Represents securities transacted on a TBA basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| CME = CME Group |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **247** | American Funds Insurance Series |

---

------

Ultra-Short Bond Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 101.39% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 72.15%** | **Commercial paper 72.15%** | **Commercial paper 72.15%** | **Commercial paper 72.15%** |
| ADP Tax Services, Inc. 7/02/2025 <sup>(a)</sup>  | 0.027<br> %<br>| USD3,000 | $2999 |
| Alphabet,Inc. 9/23/2025 <sup>(a)</sup>  | 0.924 | 12000 | 11878 |
| Apple, Inc. 8/04/2025 <sup>(a)</sup>  | 0.495 | 5000 | 4979 |
| Apple, Inc. 9/15/2025 <sup>(a)</sup>  | 0.963 | 7000 | 6936 |
| Chariot Funding, LLC 9/04/2025 <sup>(a)</sup>  | 0.969 | 5000 | 4960 |
| Chariot Funding, LLC 9/15/2025 <sup>(a)</sup>  | 0.964 | 3500 | 3467 |
| Chevron Corp. 7/22/2025 <sup>(a)</sup>  | 1.025 | 3300 | 3291 |
| Cisco Systems, Inc. 7/10/2025 <sup>(a)</sup>  | 0.213 | 7000 | 6992 |
| Cisco Systems, Inc. 8/01/2025 <sup>(a)</sup>  | 1.001 | 5000 | 4981 |
| DBS Bank, Ltd. 8/18/2025 <sup>(a)</sup>  | 0.583 | 12000 | 11929 |
| Honeywell International, Inc. 7/01/2025 <sup>(a)</sup>  | 1.976 | 10000 | 9999 |
| Johnson & Johnson 7/03/2025 <sup>(a)</sup>  | 0.850 | 7000 | 6997 |
| Johnson & Johnson 8/13/2025 <sup>(a)</sup>  | 0.964 | 5000 | 4974 |
| Komatsu Finance America, Inc. 9/11/2025 <sup>(a)</sup>  | 0.802 | 1600 | 1586 |
| Linde, Inc. 7/01/2025  | 0.576 | 5500 | 5499 |
| Linde, Inc. 8/27/2025  | 0.678 | 7000 | 6952 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 10/01/2025 <sup>(a)</sup>  | 0.961 | 8900 | 8800 |
| Nestle Finance International, Ltd. 7/30/2025 <sup>(a)</sup>  | 0.671 | 11600 | 11558 |
| Novartis Finance Corp. 7/21/2025 <sup>(a)</sup>  | 0.297 | 10000 | 9975 |
| Novartis Finance Corp. 7/22/2025 <sup>(a)</sup>  | 0.423 | 1400 | 1396 |
| NRW.Bank 8/15/2025 <sup>(a)</sup>  | 1.141 | 12000 | 11934 |
| OMERS Finance Trust 7/22/2025  | 1.031 | 7000 | 6981 |
| Procter & Gamble Co. 9/22/2025 <sup>(a)</sup>  | 1.050 | 2200 | 2178 |
| Procter & Gamble Co. 9/24/2025 <sup>(a)</sup>  | 1.064 | 10000 | 9898 |
| Prudential Funding, LLC 7/02/2025  | 0.385 | 12000 | 11997 |
| Roche Holdings, Inc. 9/03/2025 <sup>(a)</sup>  | 0.756 | 10000 | 9922 |
| Sanofi 8/28/2025 <sup>(a)</sup>  | 0.983 | 6000 | 5957 |
| Sanofi 9/17/2025 <sup>(a)</sup>  | 0.924 | 5000 | 4953 |
| Siemens Capital Co., LLC 7/01/2025 <sup>(a)</sup>  | 0.399 | 10000 | 9999 |
| Sumitomo Mitsui Trust Bank, Ltd. 7/18/2025 <sup>(a)</sup>  | 1.101 | 7000 | 6985 |
| Victory Receivables Corp. 7/11/2025 <sup>(a)</sup>  | 1.041 | 10000 | 9987 |
| Wal-Mart Stores, Inc. 7/07/2025 <sup>(a)</sup>  | 0.566 | 7000 | 6994 |
| Wal-Mart Stores, Inc. 7/14/2025 <sup>(a)</sup>  | 0.303 | 6000 | 5990 |
|  |  |  | 233923 |
| **Bonds & notes of governments & government agencies outside the U.S. 20.81%** | **Bonds & notes of governments & government agencies outside the U.S. 20.81%** | **Bonds & notes of governments & government agencies outside the U.S. 20.81%** | **Bonds & notes of governments & government agencies outside the U.S. 20.81%** |
| Alberta (Province of) 7/02/2025 <sup>(a)</sup>  | 0.319 | 4800 | 4799 |
| Alberta (Province of) 7/21/2025 <sup>(a)</sup>  | 0.455 | 3400 | 3391 |
| Alberta (Province of) 8/20/2025 <sup>(a)</sup>  | 0.620 | 3400 | 3379 |
| European Investment Bank 7/17/2025  | 0.816 | 11500 | 11477 |
| KfW 9/03/2025 <sup>(a)</sup>  | 1.724 | 7000 | 6946 |
| KfW 9/17/2025 <sup>(a)</sup>  | 0.871 | 6000 | 5944 |
| Ontario (Province of) 7/18/2025  | 0.269 | 4100 | 4091 |
| Ontario (Province of) 7/21/2025  | 0.616 | 2500 | 2494 |
| Ontario (Province of) 9/16/2025  | 0.906 | 5000 | 4953 |
| Quebec (Province of) 7/09/2025 <sup>(a)</sup>  | 0.341 | 6000 | 5993 |
| Quebec (Province of) 7/31/2025 <sup>(a)</sup>  | 0.499 | 4100 | 4085 |
| Swedish Export Credit Corp. 9/10/2025  | 0.943 | 10000 | 9913 |
|  |  |  | 67465 |
| **Federal agency bills & notes 8.43%** | **Federal agency bills & notes 8.43%** | **Federal agency bills & notes 8.43%** | **Federal agency bills & notes 8.43%** |
| Federal Farm Credit Banks 8/11/2025  | 0.563 | 3400 | 3384 |
| Federal Farm Credit Banks 8/21/2025  | 0.662 | 2400 | 2386 |
| Federal Home Loan Bank 7/09/2025  | 0.801 | 4600 | 4596 |
| Federal Home Loan Bank 8/11/2025  | 0.512 | 1800 | 1791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **248** |

---

------

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** | **Federal agency bills & notes (continued)** |
| Federal Home Loan Bank 8/22/2025  | 1.426<br> %<br>| USD6,400 | $6361 |
| Federal Home Loan Bank 8/27/2025  | 0.913 | 3900 | 3874 |
| Federal Home Loan Bank 9/17/2025  | 0.852 | 5000 | 4954 |
|  |  |  | 27346 |
| **Total short-term securities** (cost: $328,764,000) | **Total short-term securities** (cost: $328,764,000) | **Total short-term securities** (cost: $328,764,000) | 328734 |
| **Total investment securities 101.39%** (cost: $328,764,000) | **Total investment securities 101.39%** (cost: $328,764,000) | **Total investment securities 101.39%** (cost: $328,764,000) | 328734 |
| Other assets less liabilities (1.39)% |  |  | (4504)<br>|
| **Net assets 100.00%** |  |  | $324230 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $237,031,000, which represented 73.11% of the net assets of the fund. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **249** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 87.01% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations 46.44%** | **Mortgage-backed obligations 46.44%** | **Mortgage-backed obligations 46.44%** |
| **Federal agency mortgage-backed obligations 46.44%** |  |  |
| Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup>  | USD4 | $4 |
| Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #257431 6.50% 10/1/2028 <sup>(a)</sup>  | 1 | 1 |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 3 | 3 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup>  | 459 | 455 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup>  | 1022 | 1011 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 775 | 724 |
| Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 324 | 303 |
| Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup>  | 2 | 3 |
| Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup>  | 10 | 10 |
| Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #970343 6.00% 2/1/2038 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 18 | 18 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 24153 | 20849 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 257 | 261 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 135 | 137 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 28 | 28 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 121 | 123 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 19 | 19 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 68 | 69 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 12 | 12 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 7 | 8 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 16 | 16 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 4 | 4 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 6 | 5 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043 <sup>(a)</sup>  | 29 | 27 |
| Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup>  | 1070 | 1107 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 7 | 6 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045 <sup>(a)</sup>  | 52 | 49 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 3526 | 3276 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup>  | 45 | 41 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup>  | 12 | 11 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047 <sup>(a)</sup>  | 6 | 6 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047 <sup>(a)</sup>  | 6 | 5 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup>  | 2 | 1 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 105 | 100 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup>  | 2531 | 2334 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup>  | 33 | 30 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 62 | 58 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 87 | 83 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 24 | 23 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 13 | 13 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 909 | 846 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup>  | 337 | 312 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup>  | 89 | 82 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup>  | 458 | 424 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup>  | 248 | 229 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup>  | 2904 | 2577 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup>  | 744 | 628 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 25 | 22 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 468 | 391 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 159 | 134 |
| Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup>  | 1592 | 1339 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 194 | 155 |
| Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup>  | 1362 | 1080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **250** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | USD68 | $54 |
| Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup>  | 911 | 736 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup>  | 580 | 460 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 9 | 7 |
| Fannie Mae Pool #FM6856 2.50% 4/1/2051 <sup>(a)</sup>  | 351 | 294 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 6 | 4 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup>  | 1374 | 1089 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup>  | 4462 | 3942 |
| Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup>  | 1325 | 1108 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 156 | 132 |
| Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup>  | 502 | 416 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup>  | 1259 | 1045 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 579 | 485 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 375 | 311 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 41 | 33 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup>  | 1041 | 875 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 666 | 589 |
| Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup>  | 481 | 381 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 1951 | 1709 |
| Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup>  | 1000 | 866 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | 399 | 316 |
| Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup>  | 381 | 317 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup>  | 168 | 141 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 3076 | 2710 |
| Fannie Mae Pool #BV0162 2.00% 3/1/2052 <sup>(a)</sup>  | 5245 | 4157 |
| Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup>  | 414 | 386 |
| Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup>  | 3271 | 2599 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 7164 | 5947 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 173 | 150 |
| Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup>  | 573 | 534 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup>  | 101 | 80 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup>  | 2587 | 2412 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup>  | 53 | 53 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup>  | 47 | 47 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup>  | 211 | 167 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 2265 | 2045 |
| Fannie Mae Pool #BW7327 4.50% 8/1/2052 <sup>(a)</sup>  | 2765 | 2652 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 311 | 308 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup>  | 48 | 47 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052 <sup>(a)</sup>  | 1239 | 1155 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 649 | 622 |
| Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup>  | 8362 | 8240 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 3297 | 2616 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup>  | 922 | 886 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 839 | 806 |
| Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup>  | 8256 | 8137 |
| Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup>  | 4769 | 4693 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 596 | 598 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 542 | 544 |
| Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup>  | 83 | 83 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 209 | 218 |
| Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup>  | 51 | 48 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup>  | 8 | 8 |
| Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup>  | 52 | 49 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 2569 | 2464 |
| Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup>  | 1867 | 1914 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1383 | 1287 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 9 | 9 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 710 | 732 |
| Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup>  | 797 | 812 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **251** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | USD588 | $602 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup>  | 225 | 210 |
| Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup>  | 2105 | 2110 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 354 | 369 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup>  | 939 | 875 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 313 | 314 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 1798 | 1834 |
| Fannie Mae Pool #BW9778 4.00% 6/1/2053 <sup>(a)</sup>  | 1304 | 1215 |
| Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup>  | 72 | 67 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 2867 | 2872 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 2855 | 2905 |
| Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup>  | 1904 | 1940 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 1771 | 1810 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 1406 | 1433 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1338 | 1370 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup>  | 800 | 745 |
| Fannie Mae Pool #BW9646 4.00% 7/1/2053 <sup>(a)</sup>  | 46 | 43 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 1114 | 1068 |
| Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup>  | 358 | 343 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 9764 | 9782 |
| Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup>  | 1681 | 1713 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 279 | 284 |
| Fannie Mae Pool #MA5127 4.00% 8/1/2053 <sup>(a)</sup>  | 62 | 57 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup>  | 441 | 423 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 201 | 201 |
| Fannie Mae Pool #CB7216 4.00% 9/1/2053 <sup>(a)</sup>  | 27 | 25 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup>  | 2630 | 2450 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 21627 | 21663 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup>  | 512 | 521 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 689 | 716 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 223 | 230 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup>  | 978 | 910 |
| Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup>  | 24 | 22 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 518 | 519 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 145 | 146 |
| Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup>  | 12089 | 12533 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 3439 | 3556 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(a)</sup>  | 1954 | 1819 |
| Fannie Mae Pool #MA5283 4.00% 2/1/2054 <sup>(a)</sup>  | 907 | 845 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 479 | 479 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 955 | 956 |
| Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup>  | 401 | 401 |
| Fannie Mae Pool #MA5341 4.00% 4/1/2054 <sup>(a)</sup>  | 2758 | 2567 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 1253 | 1262 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 634 | 650 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 1272 | 1328 |
| Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup>  | 5594 | 5598 |
| Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup>  | 1910 | 1990 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 3074 | 3145 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 817 | 831 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 4370 | 4541 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | 7511 | 7653 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 3833 | 3934 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 1011 | 1029 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 177 | 180 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 6817 | 7099 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 2007 | 2087 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 1133 | 1180 |
| Fannie Mae Pool #FS9819 7.00% 7/1/2054 <sup>(a)</sup>  | 271 | 286 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 233 | 239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **252** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | USD215 | $219 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 124 | 126 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 115 | 117 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 108 | 110 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 96 | 98 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 1989 | 2004 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 1464 | 1492 |
| Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup>  | 133 | 124 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 209 | 209 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 24 | 24 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 398 | 406 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 815 | 800 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 37 | 38 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 1850 | 1882 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 1073 | 1094 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 28 | 28 |
| Fannie Mae Pool #MA5631 6.50% 2/1/2055 <sup>(a)</sup>  | 4000 | 4134 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 7938 | 7942 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 145 | 147 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 2158 | 2194 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 3226 | 3280 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 1149 | 991 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 349 | 334 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 441 | 391 |
| Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup>  | 51 | 51 |
| Fannie Mae Pool #MA5528 4.00% 11/1/2054 <sup>(a)</sup>  | 947 | 881 |
| Fannie Mae Pool #MB0299 4.00% 2/1/2055 <sup>(a)</sup>  | 899 | 836 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.702% 10/1/2053 <sup>(a)(c)(d)</sup>  | 990 | 963 |
| Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup>  | — <br><sup>(b)</sup><br>| — <br><sup>(b)</sup><br>|
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #1H1354 7.081% 11/1/2036 <sup>(a)(d)</sup>  | 30 | 31 |
| Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup>  | 1130 | 1056 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup>  | 234 | 237 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup>  | 482 | 489 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 630 | 542 |
| Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup>  | 9080 | 8052 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup>  | 22 | 20 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043 <sup>(a)</sup>  | 22 | 21 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(a)</sup>  | 112 | 108 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup>  | 165 | 155 |
| Freddie Mac Pool #760014 3.889% 8/1/2045 <sup>(a)(d)</sup>  | 210 | 209 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 42 | 38 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 59 | 54 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 5793 | 5472 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup>  | 43 | 40 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup>  | 41 | 37 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup>  | 34 | 31 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup>  | 28 | 25 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup>  | 20 | 18 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup>  | 19 | 17 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup>  | 12 | 11 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 10 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(a)</sup>  | 1083 | 1028 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 59 | 55 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 47 | 45 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup>  | 23 | 21 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup>  | 13 | 12 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 91 | 86 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 5429 | 5141 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **253** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | USD165 | $161 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 78 | 76 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 56 | 54 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup>  | 17 | 16 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup>  | 128 | 118 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 38 | 35 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup>  | 310 | 286 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup>  | 159 | 147 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 26 | 22 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 1374 | 1089 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup>  | 1177 | 939 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 1791 | 1500 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 32 | 25 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 53 | 42 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 2041 | 1641 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 922 | 730 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 134 | 119 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup>  | 8362 | 7024 |
| Freddie Mac Pool #QD0910 2.00% 11/1/2051 <sup>(a)</sup>  | 536 | 425 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 413 | 329 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 440 | 370 |
| Freddie Mac Pool #QD5035 2.00% 1/1/2052 <sup>(a)</sup>  | 1340 | 1062 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup>  | 272 | 229 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 128 | 113 |
| Freddie Mac Pool #QD7087 2.00% 2/1/2052 <sup>(a)</sup>  | 1286 | 1019 |
| Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup>  | 298 | 236 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 10995 | 10081 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 149 | 135 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup>  | 338 | 268 |
| Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup>  | 348 | 324 |
| Freddie Mac Pool #8D0226 2.547% 5/1/2052 <sup>(a)(d)</sup>  | 424 | 389 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 7787 | 6755 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 3221 | 2793 |
| Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup>  | 139 | 129 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 182 | 174 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup>  | 787 | 776 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup>  | 46 | 46 |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup>  | 39 | 38 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 834 | 800 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 210 | 201 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 122 | 117 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 9439 | 9298 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052 <sup>(a)</sup>  | 1376 | 1283 |
| Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup>  | 3197 | 3066 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052 <sup>(a)</sup>  | 3089 | 2962 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 82 | 78 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 999 | 976 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup>  | 957 | 920 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1908 | 1915 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup>  | 4227 | 4396 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 14 | 13 |
| Freddie Mac Pool #QF8523 4.00% 2/1/2053 <sup>(a)</sup>  | 760 | 708 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup>  | 764 | 711 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 861 | 863 |
| Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup>  | 804 | 819 |
| Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup>  | 434 | 443 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 83 | 80 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 768 | 769 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 502 | 503 |
| Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup>  | 3733 | 3803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **254** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup>  | USD1,731 | $1765 |
| Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup>  | 257 | 268 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 1455 | 1458 |
| Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup>  | 14538 | 14809 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup>  | 3775 | 3843 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 1904 | 1938 |
| Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup>  | 803 | 818 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 403 | 413 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 348 | 356 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 247 | 253 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 194 | 200 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 1992 | 2073 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 1727 | 1797 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 1668 | 1743 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 1623 | 1695 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 1143 | 1196 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 874 | 912 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 550 | 570 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 482 | 510 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 16933 | 16977 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 617 | 618 |
| Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup>  | 18216 | 18553 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup>  | 19987 | 20355 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup>  | 725 | 726 |
| Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup>  | 39176 | 39944 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 2110 | 2150 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 87 | 90 |
| Freddie Mac Pool #SD8366 5.00% 10/1/2053 <sup>(a)</sup>  | 3281 | 3228 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 4713 | 4800 |
| Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup>  | 711 | 681 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup>  | 3169 | 3177 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 10396 | 10814 |
| Freddie Mac Pool #SD8386 7.00% 12/1/2053 <sup>(a)</sup>  | 576 | 608 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 1962 | 1964 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 381 | 395 |
| Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup>  | 159 | 148 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 944 | 945 |
| Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup>  | 4108 | 4205 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup>  | 209 | 213 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 502 | 503 |
| Freddie Mac Pool #SD8425 4.00% 4/1/2054 <sup>(a)</sup>  | 515 | 480 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 576 | 580 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 100 | 101 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 494 | 506 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 481 | 482 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 77 | 79 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 2443 | 2544 |
| Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup>  | 1230 | 1282 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup>  | 11851 | 12146 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 1 | 1 |
| Freddie Mac Pool #RJ1792 6.50% 6/1/2054 <sup>(a)</sup>  | 2802 | 2926 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 1068 | 1112 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 651 | 680 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 8348 | 8505 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 3103 | 3161 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 246 | 252 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 6989 | 7236 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 4177 | 4207 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 1001 | 1002 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 3261 | 3323 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **255** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | USD1,501 | $1530 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 150 | 154 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 91 | 92 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 3944 | 4108 |
| Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup>  | 679 | 679 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 504 | 513 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 272 | 279 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 257 | 264 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 238 | 244 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 152 | 155 |
| Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup>  | 5032 | 5240 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1840 | 1902 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 4 | 4 |
| Freddie Mac Pool #SD8471 6.50% 10/1/2054 <sup>(a)</sup>  | 46 | 48 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 408 | 408 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 3 | 3 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 3846 | 3917 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 1569 | 1610 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1098 | 1124 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 484 | 492 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup>  | 6 | 6 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 82 | 83 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 12305 | 12716 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 450 | 458 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 118 | 120 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 667 | 654 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 3875 | 3916 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)(d)</sup>  | 3500 | 3289 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup>  | 721 | 618 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 291 | 257 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 3587 | 3351 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 3203 | 3004 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 786 | 672 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup>  | 1102 | 994 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)</sup>  | 347 | 334 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup>  | 3476 | 3118 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup>  | 416 | 400 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058 <sup>(a)</sup>  | 1558 | 1490 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058 <sup>(a)</sup>  | 612 | 546 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 328 | 294 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup>  | 1346 | 1248 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 13783 | 13404 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup>  | 3488 | 3313 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup>  | 997 | 918 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup>  | 435 | 383 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 3393 | 3264 |
| Government National Mortgage Assn. 3.50% 7/1/2055 <sup>(a)(e)</sup>  | 30 | 27 |
| Government National Mortgage Assn. 5.00% 7/1/2055 <sup>(a)(e)</sup>  | 5 | 5 |
| Government National Mortgage Assn. 5.50% 7/1/2055 <sup>(a)(e)</sup>  | 1905 | 1908 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup>  | 59 | 62 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038 <sup>(a)</sup>  | 11 | 11 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038 <sup>(a)</sup>  | 121 | 128 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup>  | 26 | 26 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup>  | 133 | 135 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 63 | 67 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup>  | 1745 | 1792 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup>  | 625 | 629 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup>  | 427 | 415 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup>  | 15 | 13 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 768 | 626 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **256** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | USD673 | $548 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 4506 | 3773 |
| Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup>  | 1955 | 1663 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 622 | 520 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 3517 | 2957 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup>  | 82 | 69 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 3014 | 2549 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 1549 | 1312 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 943 | 797 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 739 | 619 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 236 | 209 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 871 | 741 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 185 | 164 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 2113 | 1929 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 655 | 598 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 3991 | 3641 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 307 | 288 |
| Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup>  | 419 | 392 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup>  | 208 | 194 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup>  | 53 | 52 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 4289 | 4126 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 2759 | 2651 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 1153 | 1108 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 4418 | 4114 |
| Government National Mortgage Assn. Pool #MB0023 4.00% 11/20/2054 <sup>(a)</sup>  | 5868 | 5460 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 1402 | 1343 |
| Government National Mortgage Assn. Pool #MB0089 4.00% 12/20/2054 <sup>(a)</sup>  | 4240 | 3946 |
| Government National Mortgage Assn. Pool #MB0144 4.00% 1/20/2055 <sup>(a)</sup>  | 436 | 405 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 424 | 310 |
| Uniform Mortgage-Backed Security 2.00% 7/1/2040 <sup>(a)(e)</sup>  | 1115 | 1019 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2040 <sup>(a)(e)</sup>  | 920 | 900 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2040 <sup>(a)(e)</sup>  | 780 | 786 |
| Uniform Mortgage-Backed Security 2.50% 7/1/2055 <sup>(a)(e)</sup>  | 8642 | 7167 |
| Uniform Mortgage-Backed Security 3.50% 7/1/2055 <sup>(a)(e)</sup>  | 25486 | 22949 |
| Uniform Mortgage-Backed Security 4.00% 7/1/2055 <sup>(a)(e)</sup>  | 1272 | 1183 |
| Uniform Mortgage-Backed Security 4.50% 7/1/2055 <sup>(a)(e)</sup>  | 432 | 413 |
| Uniform Mortgage-Backed Security 5.00% 7/1/2055 <sup>(a)(e)</sup>  | 437 | 429 |
| Uniform Mortgage-Backed Security 6.00% 7/1/2055 <sup>(a)(e)</sup>  | 3295 | 3349 |
| Uniform Mortgage-Backed Security 7.00% 7/1/2055 <sup>(a)(e)</sup>  | 12685 | 13356 |
| Uniform Mortgage-Backed Security 2.00% 8/1/2055 <sup>(a)(e)</sup>  | 6583 | 5215 |
| Uniform Mortgage-Backed Security 3.00% 8/1/2055 <sup>(a)(e)</sup>  | 10488 | 9074 |
| Uniform Mortgage-Backed Security 4.00% 8/1/2055 <sup>(a)(e)</sup>  | 2690 | 2501 |
| Uniform Mortgage-Backed Security 6.50% 8/1/2055 <sup>(a)(e)</sup>  | 50461 | 52030 |
| **Total mortgage-backed obligations** |  | 844043 |
| **U.S. Treasury bonds & notes 37.75%** | **U.S. Treasury bonds & notes 37.75%** | **U.S. Treasury bonds & notes 37.75%** |
| **U.S. Treasury 33.19%** |  |  |
| U.S. Treasury 3.125% 8/15/2025  | 390 | 389 |
| U.S. Treasury 3.00% 10/31/2025  | 1395 | 1390 |
| U.S. Treasury 4.25% 12/31/2025  | 17685 | 17687 |
| U.S. Treasury 4.25% 1/31/2026  | 5535 | 5536 |
| U.S. Treasury 4.625% 2/28/2026  | 9375 | 9402 |
| U.S. Treasury 4.625% 3/15/2026  | 11050 | 11090 |
| U.S. Treasury 4.50% 3/31/2026  | 1435 | 1439 |
| U.S. Treasury 4.875% 4/30/2026  | 35525 | 35754 |
| U.S. Treasury 0.875% 6/30/2026  | 2065 | 2002 |
| U.S. Treasury 4.50% 7/15/2026  | 10366 | 10422 |
| U.S. Treasury 4.375% 7/31/2026  | 25795 | 25902 |
| U.S. Treasury 4.625% 9/15/2026  | 10209 | 10293 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **257** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 3.50% 9/30/2026  | USD11,100 | $11044 |
| U.S. Treasury 3.875% 3/31/2027  | 23000 | 23039 |
| U.S. Treasury 4.50% 4/15/2027  | 30000 | 30375 |
| U.S. Treasury 0.50% 4/30/2027  | 1250 | 1179 |
| U.S. Treasury 2.625% 5/31/2027  | 2290 | 2243 |
| U.S. Treasury 3.75% 6/30/2027  | 33220 | 33242 |
| U.S. Treasury 3.75% 8/15/2027  | 5043 | 5046 |
| U.S. Treasury 4.25% 2/15/2028  | 48655 | 49313 |
| U.S. Treasury 3.625% 5/31/2028  | 14850 | 14819 |
| U.S. Treasury 1.25% 6/30/2028  | 3325 | 3096 |
| U.S. Treasury 4.00% 6/30/2028  | 6907 | 6966 |
| U.S. Treasury 1.00% 7/31/2028  | 970 | 894 |
| U.S. Treasury 4.125% 7/31/2028  | 17685 | 17898 |
| U.S. Treasury 2.625% 2/15/2029  | 3270 | 3149 |
| U.S. Treasury 4.50% 5/31/2029  | 825 | 848 |
| U.S. Treasury 2.625% 7/31/2029  | 9309 | 8917 |
| U.S. Treasury 4.00% 7/31/2029  | 15070 | 15212 |
| U.S. Treasury 4.125% 10/31/2029  | 4800 | 4869 |
| U.S. Treasury 4.125% 11/30/2029  | 10200 | 10350 |
| U.S. Treasury 4.375% 12/31/2029  | 23475 | 24057 |
| U.S. Treasury 4.00% 2/28/2030  | 11270 | 11380 |
| U.S. Treasury 4.00% 3/31/2030  | 15000 | 15140 |
| U.S. Treasury 3.75% 6/30/2030  | 17030 | 16986 |
| U.S. Treasury 4.625% 9/30/2030  | 1290 | 1338 |
| U.S. Treasury 4.875% 10/31/2030  | 625 | 656 |
| U.S. Treasury 4.25% 6/30/2031  | 9625 | 9801 |
| U.S. Treasury 4.125% 11/30/2031  | 3240 | 3272 |
| U.S. Treasury 4.125% 2/29/2032  | 9305 | 9390 |
| U.S. Treasury 4.125% 3/31/2032  | 3000 | 3026 |
| U.S. Treasury 2.75% 8/15/2032  | 8095 | 7467 |
| U.S. Treasury 3.875% 8/15/2033  | 3180 | 3133 |
| U.S. Treasury 4.375% 5/15/2034  | 1687 | 1714 |
| U.S. Treasury 3.875% 8/15/2034  | 1970 | 1924 |
| U.S. Treasury 4.25% 11/15/2034  | 1790 | 1796 |
| U.S. Treasury 4.625% 2/15/2035  | 5000 | 5159 |
| U.S. Treasury 4.50% 8/15/2039 <sup>(f)</sup>  | 13655 | 13601 |
| U.S. Treasury 4.625% 2/15/2040  | 90 | 90 |
| U.S. Treasury 1.375% 11/15/2040  | 1945 | 1239 |
| U.S. Treasury 3.875% 5/15/2043  | 820 | 732 |
| U.S. Treasury 4.375% 8/15/2043  | 40 | 38 |
| U.S. Treasury 4.50% 2/15/2044  | 3780 | 3654 |
| U.S. Treasury 4.125% 8/15/2044 <sup>(f)</sup>  | 11760 | 10773 |
| U.S. Treasury 2.50% 2/15/2045  | 4850 | 3415 |
| U.S. Treasury 5.00% 5/15/2045  | 7855 | 8068 |
| U.S. Treasury 2.50% 2/15/2046  | 3900 | 2703 |
| U.S. Treasury 2.50% 5/15/2046  | 1585 | 1095 |
| U.S. Treasury 2.875% 11/15/2046  | 2700 | 1988 |
| U.S. Treasury 3.00% 8/15/2048  | 750 | 554 |
| U.S. Treasury 2.375% 11/15/2049  | 1435 | 923 |
| U.S. Treasury 1.25% 5/15/2050  | 14825 | 7122 |
| U.S. Treasury 1.375% 8/15/2050  | 4330 | 2135 |
| U.S. Treasury 1.625% 11/15/2050 <sup>(f)</sup>  | 26165 | 13785 |
| U.S. Treasury 1.875% 2/15/2051  | 5892 | 3310 |
| U.S. Treasury 2.375% 5/15/2051  | 6280 | 3985 |
| U.S. Treasury 2.00% 8/15/2051  | 5226 | 3012 |
| U.S. Treasury 1.875% 11/15/2051  | 3164 | 1760 |
| U.S. Treasury 3.00% 8/15/2052  | 895 | 646 |
| U.S. Treasury 4.00% 11/15/2052  | 1849 | 1618 |
| U.S. Treasury 4.75% 11/15/2053  | 205 | 203 |
| U.S. Treasury 4.25% 2/15/2054 <sup>(f)</sup>  | 11130 | 10157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **258** |

---

------

U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.625% 5/15/2054  | USD5,610 | $5448 |
| U.S. Treasury 4.25% 8/15/2054  | 3825 | 3493 |
| U.S. Treasury 4.625% 2/15/2055  | 7370 | 7174 |
| U.S. Treasury, interest only, 0% 11/15/2040 <sup>(f)</sup>  | 1110 | 526 |
|  |  | 603291 |
| **U.S. Treasury inflation-protected securities 4.56%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025 <sup>(g)</sup>  | 2398 | 2398 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  | 9477 | 9371 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup>  | 2916 | 2856 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup>  | 36770 | 37226 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup>  | 1077 | 991 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup>  | 3349 | 3036 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup>  | 7268 | 7277 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup>  | 139 | 136 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(f)(g)</sup>  | 1483 | 1152 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup>  | 1730 | 1286 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup>  | 319 | 231 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup>  | 363 | 211 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup>  | 142 | 77 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(g)</sup>  | 802 | 636 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup>  | 3736 | 3421 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  | 12921 | 12496 |
|  |  | 82801 |
| **Total U.S. Treasury bonds & notes** |  | 686092 |
| **Federal agency bonds & notes 2.82%** | **Federal agency bonds & notes 2.82%** | **Federal agency bonds & notes 2.82%** |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026  | 91 | 90 |
| Fannie Mae 7.125% 1/15/2030  | 2000 | 2273 |
| Federal Home Loan Bank 3.25% 11/16/2028  | 6500 | 6416 |
| Federal Home Loan Bank 5.50% 7/15/2036  | 300 | 327 |
| Private Export Funding Corp. 1.40% 7/15/2028  | 3000 | 2794 |
| Tennessee Valley Authority 2.875% 2/1/2027  | 5000 | 4930 |
| Tennessee Valley Authority 4.875% 5/15/2035  | 2445 | 2502 |
| Tennessee Valley Authority 4.65% 6/15/2035  | 1780 | 1809 |
| Tennessee Valley Authority 5.88% 4/1/2036  | 875 | 969 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060  | 250 | 218 |
| Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033  | 695 | 666 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026  | 897 | 911 |
| U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025  | 2220 | 2217 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026  | 2226 | 2198 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027  | 10250 | 10060 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028  | 3064 | 3006 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029  | 2020 | 1971 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030  | 1793 | 1733 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031  | 2194 | 2097 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032  | 2327 | 2187 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033  | 1639 | 1528 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034  | 330 | 304 |
|  |  | 51206 |
| **Total bonds, notes & other debt instruments** (cost: $1,613,297,000) |  | 1581341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **259** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 16.90% | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Commercial paper 13.73%** | **Commercial paper 13.73%** | **Commercial paper 13.73%** | **Commercial paper 13.73%** |
| ADP Tax Services, Inc. 7/1/2025 <sup>(c)</sup>  | 4.330<br> %<br>| USD1,757 | $1757 |
| ADP Tax Services, Inc. 7/2/2025 <sup>(c)</sup>  | 4.340 | 5500 | 5499 |
| Alphabet,Inc. 9/23/2025 <sup>(c)</sup>  | 4.340 | 20000 | 19796 |
| Apple, Inc. 8/4/2025 <sup>(c)</sup>  | 4.300 | 11900 | 11850 |
| Apple, Inc. 8/13/2025 <sup>(c)</sup>  | 4.300 | 22500 | 22382 |
| CAFCO, LLC 8/19/2025 <sup>(c)</sup>  | 4.350 | 15300 | 15207 |
| Chariot Funding, LLC 8/25/2025 <sup>(c)</sup>  | 4.370 | 10000 | 9931 |
| Chariot Funding, LLC 9/4/2025 <sup>(c)</sup>  | 4.370 | 7000 | 6943 |
| Chariot Funding, LLC 9/15/2025 <sup>(c)</sup>  | 4.370 | 500 | 495 |
| Cisco Systems, Inc. 8/1/2025 <sup>(c)</sup>  | 4.270 | 10000 | 9962 |
| Cisco Systems, Inc. 8/5/2025 <sup>(c)</sup>  | 4.270 | 10000 | 9957 |
| Coca-Cola Co. 7/17/2025 <sup>(c)</sup>  | 4.310 | 5000 | 4990 |
| Eli Lilly and Co. 7/25/2025 <sup>(c)</sup>  | 4.330 | 8700 | 8674 |
| Johnson & Johnson 7/3/2025 <sup>(c)</sup>  | 4.260 | 22000 | 21992 |
| Komatsu Finance America, Inc. 9/11/2025 <sup>(c)</sup>  | 4.330 | 17400 | 17247 |
| Linde, Inc. 8/27/2025  | 4.300 | 5000 | 4966 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 10/1/2025 <sup>(c)</sup>  | 4.310 | 5000 | 4944 |
| Novartis Finance Corp. 7/7/2025 <sup>(c)</sup>  | 4.320 | 3600 | 3597 |
| Paccar Financial Corp. 7/10/2025  | 4.360 | 8400 | 8390 |
| Paccar Financial Corp. 7/24/2025  | 4.340 | 8150 | 8126 |
| Prudential Funding, LLC 7/2/2025  | 4.340 | 16000 | 15996 |
| Wal-Mart Stores, Inc. 7/7/2025 <sup>(c)</sup>  | 4.323 | 16800 | 16786 |
| Wal-Mart Stores, Inc. 7/14/2025 <sup>(c)</sup>  | 4.310 | 10000 | 9983 |
| Wal-Mart Stores, Inc. 7/21/2025 <sup>(c)</sup>  | 4.310 | 10000 | 9975 |
|  |  |  | 249445 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.27%** | **Bonds & notes of governments & government agencies outside the U.S. 0.27%** | **Bonds & notes of governments & government agencies outside the U.S. 0.27%** | **Bonds & notes of governments & government agencies outside the U.S. 0.27%** |
| Ontario (Province of) 7/18/2025  | 4.360 | 5000 | 4989 |
| **U.S. Treasury bills 0.15%** | **U.S. Treasury bills 0.15%** | **U.S. Treasury bills 0.15%** | **U.S. Treasury bills 0.15%** |
| U.S. Treasury 7/1/2025  | 4.100 | 2700 | 2700 |
| **Federal agency bills & notes 2.75%** | **Federal agency bills & notes 2.75%** | **Federal agency bills & notes 2.75%** | **Federal agency bills & notes 2.75%** |
| Federal Farm Credit Banks 8/7/2025  | 4.230 | 7100 | 7069 |
| Federal Farm Credit Banks 8/27/2025  | 4.220 | 5000 | 4967 |
| Federal Home Loan Bank 7/9/2025  | 4.210 | 8900 | 8892 |
| Federal Home Loan Bank 7/11/2025  | 4.218 | 6000 | 5993 |
| Federal Home Loan Bank 7/25/2025  | 4.204 | 7500 | 7480 |
| Federal Home Loan Bank 8/27/2025  | 4.225 | 10600 | 10529 |
| Federal Home Loan Bank 9/17/2025  | 4.230 | 5000 | 4955 |
| **Total short-term securities** (cost: $307,049,000) | **Total short-term securities** (cost: $307,049,000) | **Total short-term securities** (cost: $307,049,000) | 307019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **260** |

---

------

U.S. Government Securities Fund (continued)

---

| | |
|:---|:---|
| Options purchased (equity style) 0.01% | Value<br> (000)<br>|
| Options purchased (equity style)\* | $206 |
| **Total options purchased (equity style)** (cost: $626,000) | 206 |
| **Total investment securities 103.92%** (cost: $1,920,972,000) | 1888566 |
| Other assets less liabilities (3.92)% | (71188)<br>|
| **Net assets 100.00%** | $1817378 |

---

<sup>\*</sup>**Options purchased (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD97.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD151,750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;98.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;96.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;97.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;97.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;98.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $125 |
| **Put** |  |  |  |  |  |
| 10 Year U.S. Treasury Note Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD111.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 |
| 3 Month SOFR Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;95.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $81 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $206 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 30 Day Federal Funds Futures | Long | 111 | 9/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD44,274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| 3 Month SOFR Futures | Long | 2584 | 9/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302)<br>|
| 3 Month SOFR Futures | Long | 139 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| 3 Month SOFR Futures | Long | 3 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 3136 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2220 |
| 5 Year U.S. Treasury Note Futures | Long | 4330 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5219 |
| 10 Year U.S. Treasury Note Futures | Long | 866 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 99 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11312)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 146 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 10 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **261** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.916% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD46,800 | &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7 |
| 4.225% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,550 | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| SOFR | Annual | 4.63358% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,381 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| 4.2035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,197 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.2045% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,020 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| 4.184% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,198 | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| 4.27% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD9,621 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 4.265% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,777 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| 4.3035% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,874 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 4.2515% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,847 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.2675% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,771 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.3005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,989 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.288% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,021 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 4.568% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,000 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| 4.56% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD27,400 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| 4.6275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD49,370 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| 4.9005% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD14,100 | &nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| 4.815% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD31,500 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| 4.723% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD30,490 | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| 4.659% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD45,400 | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
| SOFR | Annual | 4.528% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,700 | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| 3.53% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD7,300 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3.5405% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,100 | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| 3.535% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD13,000 | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| SOFR | Annual | 4.186% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD54,150 | &nbsp;&nbsp;&nbsp;&nbsp; (509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (509)<br>|
| 3.7645% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD23,600 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| 3.761% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,800 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| 4.5895% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD22,710 | &nbsp;&nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| SOFR | Annual | 3.62% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; USD7,849 | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| 3.45% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,500 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 3.47% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD11,600 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| 3.6475% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD19,700 | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| SOFR | Annual | 3.528% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,000 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| SOFR | Annual | 3.529% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| SOFR | Annual | 3.5485% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,200 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| U.S. EFFR | Annual | 0.5385% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 3/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD49,000 | &nbsp;&nbsp;&nbsp;&nbsp; 6039 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6039 |
| 3.18% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 3.275% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| 3.353% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| 3.342% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3.344% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 3.128% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| 3.285% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| 3.259% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| 3.186% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,600 | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| 3.215% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,500 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| 3.29% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,100 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| 3.31% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD26,800 | &nbsp;&nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| U.S. EFFR | Annual | 0.666% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; USD15,500 | &nbsp;&nbsp;&nbsp;&nbsp; 2074 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2074 |
| SOFR | Annual | 4.1615% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD330 | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| SOFR | Annual | 4.15% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD880 | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| 4.0135% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,185 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **262** |

---

------

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment<br> frequency<br>| &nbsp;&nbsp;&nbsp; Expiration<br> date | &nbsp;&nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Value at<br> 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Upfront<br> premium<br> paid<br> &nbsp;&nbsp;&nbsp;&nbsp;(received)<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.6025% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,655 | &nbsp;&nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5 |
| SOFR | Annual | 3.175% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; USD16,000 | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| 3.065% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/7/2040 | &nbsp;&nbsp;&nbsp;&nbsp; USD12,300 | &nbsp;&nbsp;&nbsp;&nbsp; (1141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1141)<br>|
| 3.616% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD5,600 | &nbsp;&nbsp;&nbsp;&nbsp; (261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (261)<br>|
| 3.561% | Annual | SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,800 | &nbsp;&nbsp;&nbsp;&nbsp; (260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (260)<br>|
| SOFR | Annual | 3.9815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2044 | &nbsp;&nbsp;&nbsp;&nbsp; USD10,330 | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| SOFR | Annual | 3.045% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 7/27/2050 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,600 | &nbsp;&nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
| SOFR | Annual | 2.85282% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp;&nbsp; USD540 | &nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| SOFR | Annual | 2.93542% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 12/6/2052 | &nbsp;&nbsp;&nbsp;&nbsp; USD550 | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| SOFR | Annual | 3.01413% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,402 | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| SOFR | Annual | 3.02% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,400 | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| SOFR | Annual | 2.974% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| SOFR | Annual | 3.044% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/18/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| SOFR | Annual | 3.0875% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| SOFR | Annual | 3.1035% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| SOFR | Annual | 3.0895% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| SOFR | Annual | 2.9405% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
| SOFR | Annual | 3.0535% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,600 | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
| SOFR | Annual | 3.085% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/9/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD900 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| SOFR | Annual | 3.1135% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/10/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD800 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| SOFR | Annual | 3.1605% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,000 | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| SOFR | Annual | 3.6765% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD2,019 | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| SOFR | Annual | 3.6815% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD1,510 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| SOFR | Annual | 3.7205% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD520 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| SOFR | Annual | 3.47875% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/5/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD4,200 | &nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| SOFR | Annual | 3.415% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 8/9/2054 | &nbsp;&nbsp;&nbsp;&nbsp; USD3,700 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $11516 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $212,930,000, which represented 11.72% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,617,000, which represented 0.80% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| Assn. = Association |
| EFFR = Effective Federal Funds Rate |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **263** | American Funds Insurance Series |

---

------

Managed Risk Growth Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth Fund, Class 1  | 3422976 | $441872 |
| **Total growth funds** (cost: $324,437,000) |  | 441872 |
| Fixed income funds 10.00% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 5428526 | 52005 |
| **Total fixed income funds** (cost: $51,791,000) |  | 52005 |
| Short-term securities 4.58% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 23813652 | 23814 |
| **Total short-term securities** (cost: $23,814,000) |  | 23814 |
| Options purchased (equity style) 0.63% |  |  |
| Options purchased (equity style)\* |  | 3271 |
| **Total options purchased** (cost: $3,943,000) |  | 3271 |
| **Total investment securities 100.20**% (cost: $403,985,000) |  | 520962 |
| Other assets less liabilities (0.20)% |  | (1017)<br>|
| **Net assets 100.00%** |  | $519945 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD6,205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1623 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3271 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| British Pound Currency Futures | Short | 1 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>|
| Euro Currency Futures | Short | 1 | 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| S&P 500 E-mini Index Futures | Long | 92 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **264** |

---

------

Managed Risk Growth Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 84.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth Fund, Class 1 <br>| $445562 | &nbsp;&nbsp; $110570 | &nbsp;&nbsp; $123574 | &nbsp;&nbsp; $45855 | &nbsp;&nbsp; $(36541)<br>| &nbsp;&nbsp; $441872 | &nbsp;&nbsp; $852 | &nbsp;&nbsp; $34295 |
| **Fixed income funds 10.00%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 52786 | &nbsp;&nbsp; 30401 | &nbsp;&nbsp; 32858 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 52005 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; — |
| **Total 94.99%** |  |  |  | &nbsp;&nbsp; $45859 | &nbsp;&nbsp; $(34869)<br>| &nbsp;&nbsp; $493877 | &nbsp;&nbsp; $1309 | &nbsp;&nbsp; $34295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **265** | American Funds Insurance Series |

---

------

Managed Risk International Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 84.91% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – International Fund, Class 1  | 4843208 | $96864 |
| **Total growth funds** (cost: $76,504,000) |  | 96864 |
| Fixed income funds 9.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 1190005 | 11400 |
| **Total fixed income funds** (cost: $11,262,000) |  | 11400 |
| Short-term securities 4.13% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 4707948 | 4708 |
| **Total short-term securities** (cost: $4,708,000) |  | 4708 |
| Options purchased (equity style) 0.42% |  |  |
| Options purchased (equity style)\* |  | 481 |
| **Total options purchased** (cost: $718,000) |  | 481 |
| **Total investment securities 99.45**% (cost: $93,192,000) |  | 113453 |
| Other assets less liabilities 0.55% |  | 628 |
| **Net assets 100.00%** |  | $114081 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD34,862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD64.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $481 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| MSCI EAFE Index Futures | Short | 8 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD(1,073)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(24)<br>|
| S&P 500 E-mini Index Futures | Short | 5 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1563)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|
| Mini MSCI Emerging Market Index Futures | Short | 45 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2775)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(126)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **266** |

---

------

Managed Risk International Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 84.91%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>International Fund, Class 1 <br>| $96701 | &nbsp;&nbsp; $9227 | &nbsp;&nbsp; $20142 | &nbsp;&nbsp; $2798 | &nbsp;&nbsp; $8280 | &nbsp;&nbsp; $96864 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $— |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 11472 | &nbsp;&nbsp; 3743 | &nbsp;&nbsp; 4220 | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; 435 | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; — |
| **Total 94.90%** |  |  |  | &nbsp;&nbsp; $2768 | &nbsp;&nbsp; $8715 | &nbsp;&nbsp; $108264 | &nbsp;&nbsp; $163 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **267** | American Funds Insurance Series |

---

------

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 85.02% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1  | 15813911 | $270418 |
| **Total growth-and-income funds** (cost: $211,011,000) |  | 270418 |
| Fixed income funds 9.98% |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1  | 3179864 | 31735 |
| **Total fixed income funds** (cost: $31,329,000) |  | 31735 |
| Short-term securities 4.61% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 14661495 | 14661 |
| **Total short-term securities** (cost: $14,661,000) |  | 14661 |
| Options purchased (equity style) 0.38% |  |  |
| Options purchased (equity style)\* |  | 1203 |
| **Total options purchased** (cost: $1,977,000) |  | 1203 |
| **Total investment securities 99.99**% (cost: $258,978,000) |  | 318017 |
| Other assets less liabilities 0.01% |  | 47 |
| **Net assets 100.00%** |  | $318064 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD155,124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $215 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1203 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 38 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD11,882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **268** |

---

------

Managed Risk Washington Mutual Investors Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 85.02%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Washington Mutual Investors Fund, Class 1 <br>| $273106 | &nbsp;&nbsp; $42783 | &nbsp;&nbsp; $50322 | &nbsp;&nbsp; $10456 | &nbsp;&nbsp; $(5605)<br>| &nbsp;&nbsp; $270418 | &nbsp;&nbsp; $933 | &nbsp;&nbsp; $17905 |
| **Fixed income funds 9.98%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>U.S. Government Securities Fund, Class 1 <br>| 32524 | &nbsp;&nbsp; 9695 | &nbsp;&nbsp; 11805 | &nbsp;&nbsp; (345)<br>| &nbsp;&nbsp; 1666 | &nbsp;&nbsp; 31735 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; — |
| **Total 95.00%** |  |  |  | &nbsp;&nbsp; $10111 | &nbsp;&nbsp; $(3939)<br>| &nbsp;&nbsp; $302153 | &nbsp;&nbsp; $1190 | &nbsp;&nbsp; $17905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **269** | American Funds Insurance Series |

---

------

Managed Risk Growth-Income Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.76% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Growth-Income Fund, Class 1  | 27136375 | $1693310 |
| **Total growth-and-income funds** (cost: $1,467,670,000) |  | 1693310 |
| Fixed income funds 14.96% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1  | 33142813 | 317508 |
| **Total fixed income funds** (cost: $314,557,000) |  | 317508 |
| Short-term securities 4.69% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 99642239 | 99642 |
| **Total short-term securities** (cost: $99,642,000) |  | 99642 |
| Options purchased (equity style) 0.69% |  |  |
| Options purchased (equity style)\* |  | 14515 |
| **Total options purchased** (cost: $22,680,000) |  | 14515 |
| **Total investment securities 100.10**% (cost: $1,904,549,000) |  | 2124975 |
| Other assets less liabilities (0.10)% |  | (2020)<br>|
| **Net assets 100.00%** |  | $2122955 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD24,820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1888 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2737 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7155 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14515 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **270** |

---

------

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 460 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD143,836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3205 |

---

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 79.76%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Growth-Income Fund, Class 1 <br>| $1736906 | &nbsp;&nbsp; $409049 | &nbsp;&nbsp; $302039 | &nbsp;&nbsp; $54771 | &nbsp;&nbsp; $(205377)<br>| &nbsp;&nbsp; $1693310 | &nbsp;&nbsp; $4029 | &nbsp;&nbsp; $278792 |
| **Fixed income funds 14.96%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>The Bond Fund of America, Class 1 <br>| 325683 | &nbsp;&nbsp; 82741 | &nbsp;&nbsp; 102164 | &nbsp;&nbsp; (557)<br>| &nbsp;&nbsp; 11805 | &nbsp;&nbsp; 317508 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; — |
| **Total 94.72%** |  |  |  | &nbsp;&nbsp; $54214 | &nbsp;&nbsp; $(193572)<br>| &nbsp;&nbsp; $2010818 | &nbsp;&nbsp; $6829 | &nbsp;&nbsp; $278792 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **271** | American Funds Insurance Series |

---

------

Managed Risk Asset Allocation Fund

**Investment portfolio** June 30, 2025unaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.10% | Shares | Value<br> (000)<br>|
| American Funds Insurance Series – Asset Allocation Fund, Class 1  | 71278050 | $1858219 |
| **Total asset allocation funds** (cost: $1,681,795,000) |  | 1858219 |
| Short-term securities 4.82% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 4.27% <sup>(a)</sup>  | 94150915 | 94151 |
| **Total short-term securities** (cost: $94,151,000) |  | 94151 |
| Options purchased (equity style) 0.15% |  |  |
| Options purchased (equity style)\* |  | 2833 |
| **Total options purchased** (cost: $3,627,000) |  | 2833 |
| **Total investment securities 100.07**% (cost: $1,779,573,000) |  | 1955203 |
| Other assets less liabilities (0.07)% |  | (1334)<br>|
| **Net assets 100.00%** |  | $1953869 |

---

**\*Options purchased (equity style)**

------

**Equity index options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Put** |  |  |  |  |  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD12,410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD4,300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2833 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| S&P 500 E-mini Index Futures | Long | 81 | 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD25,328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **272** |

---

------

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates** <sup>(b)</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>6/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Asset allocation funds 95.10%** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series – <br>Asset Allocation Fund, Class 1 <br>| $1923478 | &nbsp;&nbsp; $243681 | &nbsp;&nbsp; $317008 | &nbsp;&nbsp; $(5123)<br>| &nbsp;&nbsp; $13191 | &nbsp;&nbsp; $1858219 | &nbsp;&nbsp; $8184 | &nbsp;&nbsp; $127660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Rate represents the seven-day yield at 6/30/2025. <br> <sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **273** | American Funds Insurance Series |

---

------

Financial statements unaudited

**Statements of assets and liabilities** at June 30, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $8417403 | $2956588 | $50144089 | $6929119 | $3605243 |
| Affiliated issuers | 237566 | 156122 | 1443384 | 330868 | 147681 |
| Cash | 177 | 303 | 335 | 608 | 293 |
| Cash collateral received for securities on loan |  | 2182 | 14037 |  | 478 |
| Cash collateral pledged for futures contracts |  |  |  |  | 150 |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 510 | 608 | 1254 | 5444 | 1308 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  | 90 |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments |  | 2449 |  | 23471 | 4758 |
| Sales of fund's shares | 4270 | 814 | 35214 | 2867 | 4264 |
| Dividends and interest | 11835 | 4669 | 17251 | 16811 | 9797 |
| Variation margin on futures contracts |  |  |  |  | 22 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 3 | 33 | 36 | 5 | 3 |
| Other | 424 | 197 | 97 | 810 | 300 |
|  | 8672188 | 3123965 | 51655697 | 7310003 | 3774387 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  | 21824 | 140364 |  | 4784 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  | 168 |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 31663 | 5973 | 14198 | 47280 | 10534 |
| Repurchases of fund's shares | 38493 | 10483 | 187437 | 20823 | 6332 |
| Investment advisory services | 2580 | 1465 | 12329 | 2765 | 1514 |
| Insurance administrative fees | 619 | 196 | 3597 | 296 | 525 |
| Services provided by related parties | 1145 | 504 | 6608 | 959 | 437 |
| Trustees' deferred compensation | 124 | 68 | 683 | 195 | 57 |
| Variation margin on futures contracts |  |  |  |  | 2 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Non-U.S. taxes | 6022 | 16925 |  | 28851 | 22200 |
| Other | 90 | 50 | 713 | 130 | 174 |
|  | 80736 | 57488 | 365929 | 101299 | 46727 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at June 30, 2025** | $8591452 | $3066477 | $51289768 | $7208704 | $3727660 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $4832286 | $2197996 | $19661442 | $5060920 | $2275998 |
| Total distributable earnings (accumulated loss) | 3759166 | 868481 | 31628326 | 2147784 | 1451662 |
| **Net assets at June 30, 2025** | $8591452 | $3066477 | $51289768 | $7208704 | $3727660 |
| Investment securities on loan, at value | $11 | $21033 | $137026 | $— | $7151 |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 4879530 | 2155395 | 20971807 | 5063863 | 2264412 |
| Affiliated issuers | 237553 | 156110 | 1443194 | 330857 | 147673 |
| Cash denominated in currencies other than U.S. dollars, at cost | 510 | 608 | 1254 | 5444 | 1307 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **274** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $11287736 | $15216 | $1931702 | $40992508 | $380489 |
| Affiliated issuers | 366782 | 510 | 76286 | 1643318 | 15675 |
| Cash | 336 | 50 | 121 | 201 | 36 |
| Cash collateral received for securities on loan | 1 |  | 899 |  | 94 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 4 |  | 627 | 2042 | 256 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 19690 |  | 3968 |  | 621 |
| Sales of fund's shares | 6995 | 16 | 2215 | 6034 | 627 |
| Dividends and interest | 14672 | 12 | 4292 | 42203 | 1442 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income | 11 | — <br><sup>†</sup><br>| 1 | 10 | 2 |
| Other | 1 |  | 272 | 440 | 56 |
|  | 11696228 | 15804 | 2020383 | 42686756 | 399298 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 5 | 7 | 8988 |  | 937 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 9997 | 36 | 5744 | 25347 | 729 |
| Repurchases of fund's shares | 9657 | — <br><sup>†</sup><br>| 5926 | 82681 | 902 |
| Investment advisory services | 2096 | 6 | 601 | 8480 | 152 |
| Insurance administrative fees | 1177 | — <br><sup>†</sup><br>| 182 | 1699 | 114 |
| Services provided by related parties | 1296 |  | 324 | 4431 | 81 |
| Trustees' deferred compensation | 153 | — <br><sup>†</sup><br>| 33 | 704 | 14 |
| Variation margin on futures contracts |  |  |  |  |  |
| Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Non-U.S. taxes | 154 |  | 863 | 1045 | 253 |
| Other | 4 | — <br><sup>†</sup><br>| 18 | 52 | 51 |
|  | 24539 | 49 | 22679 | 124439 | 3233 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at June 30, 2025** | $11671689 | $15755 | $1997704 | $42562317 | $396065 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $6758521 | $15085 | $1120609 | $22041672 | $309180 |
| Total distributable earnings (accumulated loss) | 4913168 | 670 | 877095 | 20520645 | 86885 |
| **Net assets at June 30, 2025** | $11671689 | $15755 | $1997704 | $42562317 | $396065 |
| Investment securities on loan, at value | $4 | $7 | $8902 | $— | $891 |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 6918368 | 14602 | 1157926 | 22366500 | 275220 |
| Affiliated issuers | 366732 | 510 | 76280 | 1557595 | 15673 |
| Cash denominated in currencies other than U.S. dollars, at cost | 4 |  | 627 | 2042 | 256 |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **275** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $1415891 | $26082288 | $394091 | $10443773 | $1419926 |
| Affiliated issuers | 147304 | 2096328 | 25703 | 745797 | 56565 |
| Cash | 837 | 733 | 46 | 144 | 88 |
| Cash collateral received for securities on loan | 1754 | 235 | 154 |  |  |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 207 | 404 | 342 | 242 | 1005 |
| Unrealized appreciation on open forward currency contracts |  |  | 280 | 637 | 3338 |
| Bilateral swaps, at value |  |  | 60 | 2806 | 522 |
| Unrealized appreciation on unfunded commitments\* |  | 2 |  |  | — <br><sup>†</sup><br>|
| Receivables for: |  |  |  |  |  |
| Sales of investments | 32413 | 1054925 | 3625 | 580724 | 523 |
| Sales of fund's shares | 18606 | 6351 | 436 | 39402 | 2634 |
| Dividends and interest | 5662 | 81500 | 2051 | 84545 | 14704 |
| Variation margin on futures contracts | 248 | 3148 | 102 | 8173 | 1130 |
| Variation margin on centrally cleared swap contracts | 6 |  | 23 | 223 | 218 |
| Variation margin on options (futures style) |  |  | 9 |  | 77 |
| Securities lending income | 3 | 22 | — <br><sup>†</sup><br>|  |  |
| Other | 179 | 719 | 61 | 61 | 465 |
|  | 1623110 | 29326655 | 426983 | 11906527 | 1501195 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 17540 | 2353 | 1545 |  |  |
| Unrealized depreciation on open forward currency contracts |  |  | 601 | 2964 | 3277 |
| Bilateral swaps, at value |  |  | 284 | 1761 | 3690 |
| Options written, at value |  |  |  |  | 12 |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 36269 | 1593478 | 4947 | 924089 | 18908 |
| Repurchases of fund's shares | 1300 | 39578 | 418 | 6595 | 1783 |
| Investment advisory services | 284 | 5882 | 143 | 1795 | 514 |
| Insurance administrative fees | 431 | 4051 | 99 | 913 | 62 |
| Services provided by related parties | 184 | 2924 | 73 | 1074 | 206 |
| Trustees' deferred compensation | 15 | 431 | 6 | 178 | 32 |
| Variation margin on futures contracts | 17 | 1321 | 33 | 463 | 346 |
| Variation margin on centrally cleared swap contracts | 18 | 234 | 14 | 1126 | 230 |
| Variation margin on options (futures style) |  |  | 7 |  | 58 |
| Non-U.S. taxes | 717 | 800 | 182 |  | 20 |
| Other | 12 | 22 | 42 | 6 | 103 |
|  | 56787 | 1651074 | 8394 | 940964 | 29241 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at June 30, 2025** | $1566323 | $27675581 | $418589 | $10965563 | $1471954 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1157379 | $18236532 | $331978 | $12407733 | $1667643 |
| Total distributable earnings (accumulated loss) | 408944 | 9439049 | 86611 | (1442170)<br>| (195689)<br>|
| **Net assets at June 30, 2025** | $1566323 | $27675581 | $418589 | $10965563 | $1471954 |
| Investment securities on loan, at value | $16714 | $2306 | $1472 | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 1052673 | 18416741 | 317156 | 10550966 | 1430793 |
| Affiliated issuers | 150264 | 2120361 | 25449 | 745710 | 54976 |
| Cash denominated in currencies other than U.S. dollars, at cost | 210 | 427 | 341 | 238 | 1005 |
| Premiums received on options written |  |  | 13 |  | 121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **276** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| Unaffiliated issuers | $941867 | $132312 | $328734 | $1888566 | $27085 |
| Affiliated issuers | 45169 |  |  |  | 493877 |
| Cash | 493 | 148 | 106 | 2239 |  |
| Cash collateral received for securities on loan |  |  |  |  |  |
| Cash collateral pledged for futures contracts | 257 |  |  |  | 967 |
| Cash collateral pledged for swap contracts | 1348 |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 2 |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* | 2 |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| Sales of investments | 897 | 19309 |  | 198469 | 1981 |
| Sales of fund's shares | 1131 | 536 | 71 | 8809 | 40 |
| Dividends and interest | 14530 | 455 |  | 10099 | 79 |
| Variation margin on futures contracts | 18 | 74 |  | 1211 | 92 |
| Variation margin on centrally cleared swap contracts |  | 1 |  | 546 |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Securities lending income |  |  |  |  |  |
| Other | 5 | 1 |  |  |  |
|  | 1005719 | 152836 | 328911 | 2109939 | 524121 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Purchases of investments | 8748 | 34514 |  | 287995 | 2850 |
| Repurchases of fund's shares | 1378 | 80 | 4484 | 2734 | 829 |
| Investment advisory services | 229 | 21 | 70 | 315 | 42 |
| Insurance administrative fees | 117 | 36 | 46 | 320 | 304 |
| Services provided by related parties | 175 | 22 | 69 | 302 | 99 |
| Trustees' deferred compensation | 33 | 4 | 12 | 48 | 6 |
| Variation margin on futures contracts | 9 | 8 |  | 104 | 46 |
| Variation margin on centrally cleared swap contracts | 91 | 10 |  | 742 |  |
| Variation margin on options (futures style) |  |  |  |  |  |
| Non-U.S. taxes |  |  |  |  |  |
| Other |  |  |  | 1 |  |
|  | 10780 | 34695 | 4681 | 292561 | 4176 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at June 30, 2025** | $994939 | $118141 | $324230 | $1817378 | $519945 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1276070 | $128755 | $317685 | $2060022 | $436834 |
| Total distributable earnings (accumulated loss) | (281131)<br>| (10614)<br>| 6545 | (242644)<br>| 83111 |
| **Net assets at June 30, 2025** | $994939 | $118141 | $324230 | $1817378 | $519945 |
| Investment securities on loan, at value | $— | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |  |
| Unaffiliated issuers | 925675 | 132614 | 328764 | 1920972 | 27757 |
| Affiliated issuers | 45164 |  |  |  | 376228 |
| Cash denominated in currencies other than U.S. dollars, at cost | 2 |  |  |  |  |
| Premiums received on options written |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **277** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Assets:** |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| Unaffiliated issuers | $5189 | $15864 | $114157 | $96984 |
| Affiliated issuers | 108264 | 302153 | 2010818 | 1858219 |
| Cash |  |  |  |  |
| Cash collateral received for securities on loan |  |  |  |  |
| Cash collateral pledged for futures contracts | 673 | 722 | 6046 | 1606 |
| Cash collateral pledged for swap contracts |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |
| Receivables for: |  |  |  |  |
| Sales of investments | 593 | 585 | 13194 | 2675 |
| Sales of fund's shares | 7 | 6 | 22 | 162 |
| Dividends and interest | 18 | 53 | 357 | 347 |
| Variation margin on futures contracts | — <br><sup>†</sup><br>| 112 | 1112 | 234 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |
| Securities lending income |  |  |  |  |
| Other |  |  |  |  |
|  | 114744 | 319495 | 2145706 | 1960227 |
| **Liabilities:** |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Options written, at value |  |  |  |  |
| Payables for: |  |  |  |  |
| Purchases of investments | 502 | 800 | 13902 | 1501 |
| Repurchases of fund's shares | 60 | 292 | 6786 | 2977 |
| Investment advisory services | 9 | 26 | 171 | 158 |
| Insurance administrative fees | 68 | 190 | 1257 | 1177 |
| Services provided by related parties | 22 | 62 | 53 | 390 |
| Trustees' deferred compensation | 2 | 5 | 26 | 38 |
| Variation margin on futures contracts |  | 56 | 556 | 117 |
| Variation margin on centrally cleared swap contracts |  |  |  |  |
| Variation margin on options (futures style) |  |  |  |  |
| Non-U.S. taxes |  |  |  |  |
| Other |  |  |  |  |
|  | 663 | 1431 | 22751 | 6358 |
| Commitments and contingencies\* |  |  |  |  |
| **Net assets at June 30, 2025** | $114081 | $318064 | $2122955 | $1953869 |
| **Net assets consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | $139237 | $288277 | $1694131 | $1732385 |
| Total distributable earnings (accumulated loss) | (25156)<br>| 29787 | 428824 | 221484 |
| **Net assets at June 30, 2025** | $114081 | $318064 | $2122955 | $1953869 |
| Investment securities on loan, at value | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |
| Unaffiliated issuers | 5426 | 16638 | 122322 | 97778 |
| Affiliated issuers | 87766 | 242340 | 1782227 | 1681795 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
| Premiums received on options written |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **278** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $3826307 | $885004 | $23219776 | $3273585 | $1963422 |
|  | Shares outstanding | 106790 | 46087 | 179874 | 163697 | 66495 |
|  | Net asset value per share | $35.83 | $19.20 | $129.09 | $20.00 | $29.53 |
| **Class 1A:** | Net assets | $23541 | $6080 | $394214 | $14290 | $12395 |
|  | Shares outstanding | 662 | 322 | 3092 | 719 | 423 |
|  | Net asset value per share | $35.56 | $18.89 | $127.48 | $19.87 | $29.34 |
| **Class 2:** | Net assets | $3658494 | $1785308 | $21211228 | $3398928 | $851450 |
|  | Shares outstanding | 103962 | 99231 | 166854 | 170971 | 29249 |
|  | Net asset value per share | $35.19 | $17.99 | $127.12 | $19.88 | $29.11 |
| **Class 3:** | Net assets |  |  | $286572 | $15420 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2195 | 769 | Not applicable |
|  | Net asset value per share |  |  | $130.57 | $20.06 |  |
| **Class 4:** | Net assets | $1083110 | $390085 | $6177978 | $506481 | $900393 |
|  | Shares outstanding | 31244 | 21761 | 50128 | 25929 | 31253 |
|  | Net asset value per share | $34.67 | $17.93 | $123.24 | $19.53 | $28.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small and** <br> **Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $6487868 | $10 | $611606 | $25261729 | $31530 |
|  | Shares outstanding | 379415 | 1 | 36247 | 404854 | 2559 |
|  | Net asset value per share | $17.10 | $10.45 | $16.87 | $62.40 | $12.32 |
| **Class 1A:** | Net assets | $34514 | $10 | $10701 | $47962 | $7639 |
|  | Shares outstanding | 2030 | 1 | 639 | 776 | 639 |
|  | Net asset value per share | $17.00 | $10.45 | $16.75 | $61.80 | $11.96 |
| **Class 2:** | Net assets | $3097649 | $11 | $1060266 | $14111614 | $164143 |
|  | Shares outstanding | 185220 | 1 | 63087 | 231203 | 13720 |
|  | Net asset value per share | $16.72 | $10.45 | $16.81 | $61.04 | $11.96 |
| **Class 3:** | Net assets |  |  |  | $154690 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 2474 | Not applicable |
|  | Net asset value per share |  |  |  | $62.54 |  |
| **Class 4:** | Net assets | $2051658 | $15724 | $315131 | $2986322 | $192753 |
|  | Shares outstanding | 124370 | 1505 | 19301 | 50082 | 16407 |
|  | Net asset value per share | $16.50 | $10.45 | $16.33 | $59.63 | $11.75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **279** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Capital** <br>**Income** <br>**Builder**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $793538 | $16240337 | $96777 | $6713270 | $619493 |
|  | Shares outstanding | 57708 | 622968 | 7093 | 700832 | 59346 |
|  | Net asset value per share | $13.75 | $26.07 | $13.64 | $9.58 | $10.44 |
| **Class 1A:** | Net assets | $13755 | $44955 | $4073 | $259363 | $26030 |
|  | Shares outstanding | 1002 | 1737 | 301 | 27296 | 2519 |
|  | Net asset value per share | $13.73 | $25.87 | $13.54 | $9.50 | $10.33 |
| **Class 2:** | Net assets | $20266 | $4400629 | $149204 | $2710252 | $754851 |
|  | Shares outstanding | 1475 | 171759 | 11005 | 287705 | 73192 |
|  | Net asset value per share | $13.74 | $25.62 | $13.56 | $9.42 | $10.31 |
| **Class 3:** | Net assets |  | $33494 |  |  |  |
|  | Shares outstanding | Not applicable | 1284 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | $26.09 |  |  |  |
| **Class 4:** | Net assets | $738764 | $6956166 | $168535 | $1282678 | $71580 |
|  | Shares outstanding | 53861 | 274415 | 12672 | 137094 | 7060 |
|  | Net asset value per share | $13.72 | $25.35 | $13.30 | $9.36 | $10.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $248752 | $17791 | $34289 | $269845 |  |
|  | Shares outstanding | 26289 | 1879 | 2993 | 27050 | Not applicable |
|  | Net asset value per share | $9.46 | $9.47 | $11.46 | $9.98 |  |
| **Class 1A:** | Net assets | $3290 | $3037 | $127 | $276893 |  |
|  | Shares outstanding | 350 | 325 | 11 | 27940 | Not applicable |
|  | Net asset value per share | $9.41 | $9.33 | $11.44 | $9.91 |  |
| **Class 2:** | Net assets | $534801 | $41346 | $227700 | $1029394 |  |
|  | Shares outstanding | 58049 | 4418 | 20602 | 104700 | Not applicable |
|  | Net asset value per share | $9.21 | $9.36 | $11.05 | $9.83 |  |
| **Class 3:** | Net assets | $8031 |  | $3782 | $5264 |  |
|  | Shares outstanding | 844 | Not applicable | 338 | 526 | Not applicable |
|  | Net asset value per share | $9.51 |  | $11.21 | $10.00 |  |
| **Class 4:** | Net assets | $200065 | $55967 | $58332 | $235982 |  |
|  | Shares outstanding | 19314 | 6068 | 5249 | 24059 | Not applicable |
|  | Net asset value per share | $10.36 | $9.22 | $11.11 | $9.81 |  |
| **Class P1:** | Net assets |  |  |  |  | $13806 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 1031 |
|  | Net asset value per share |  |  |  |  | $13.39 |
| **Class P2:** | Net assets |  |  |  |  | $506139 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 38220 |
|  | Net asset value per share |  |  |  |  | $13.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **280** |

---

------

Financial statements (continued) unaudited

**Statements of assets and liabilities** at June 30, 2025 (continued)

(dollars and shares in thousands, except per-share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |  |
| **Class P1:** | Net assets | $1954 | $2740 | $1855636 | $12050 |
|  | Shares outstanding | 233 | 226 | 131460 | 946 |
|  | Net asset value per share | $8.40 | $12.11 | $14.12 | $12.74 |
| **Class P2:** | Net assets | $112127 | $315324 | $267319 | $1941819 |
|  | Shares outstanding | 13401 | 26237 | 19091 | 157980 |
|  | Net asset value per share | $8.37 | $12.02 | $14.00 | $12.29 |

---

\*

Refer to Note 5 for further information on unfunded commitments and refer to Note 7 for further information on expense recoupment.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **281** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $78930 | $22148 | $127325 | $103236 | $40021 |
| Affiliated issuers |  | 2399 | 28944 | 6773 | 2879 |
|  | 78930 | 24547 | 156269 | 110009 | 42900 |
| Interest from unaffiliated issuers | 322 | 544 | 47 | 326 | 5531 |
| Securities lending income (net of fees) | 24 | 170 | 101 | 30 | 33 |
|  | 79276 | 25261 | 156417 | 110365 | 48464 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 18949 | 9266 | 71060 | 16287 | 9926 |
| Distribution services | 5501 | 2468 | 31424 | 4641 | 2023 |
| Insurance administrative services | 1233 | 392 | 7157 | 592 | 1046 |
| Transfer agent services | 1 | — <br><sup>†</sup><br>| 5 | 1 | — <br><sup>†</sup><br>|
| Administrative services | 1197 | 430 | 7012 | 1022 | 516 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 32 | 15 | 216 | 27 | 10 |
| Registration statement and prospectus | 10 | 4 | 74 | 11 | 4 |
| Trustees' compensation | 14 | 5 | 81 | 12 | 6 |
| Auditing and legal | 18 | 38 | 45 | 23 | 16 |
| Custodian | 340 | 210 | 358 | 480 | 564 |
| Other | 5 | 22 | 24 | 4 | 25 |
| Total fees and expenses before waivers and/or reimbursements | 27300 | 12850 | 117456 | 23100 | 14136 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 4251 | 622 |  |  | 1204 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 4251 | 622 |  |  | 1204 |
| Total fees and expenses after waivers and/or reimbursements | 23049 | 12228 | 117456 | 23100 | 12932 |
| Net investment income | 56227 | 13033 | 38961 | 87265 | 35532 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 212755 | 98985 | 2508111 | 442791 | 117197 |
| Affiliated issuers | (41)<br>| 2156 | (73)<br>| (59)<br>| (15)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | 50 |
| Forward currency contracts |  |  |  |  | (253)<br>|
| Swap contracts |  |  |  |  | (88)<br>|
| Currency transactions | (1087)<br>| 51 | 454 | 2634 | (175)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 211627 | 101192 | 2508492 | 445366 | 116716 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 616756 | 126975 | 2234698 | 259557 | 355998 |
| Affiliated issuers | (39)<br>| (12779)<br>| (7)<br>| (34)<br>| (8)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  | 50 |
| Forward currency contracts |  |  |  |  | (158)<br>|
| Swap contracts |  |  |  |  | 104 |
| Currency translations | 501 | 219 | 142 | 1164 | 458 |
|  | 617218 | 114415 | 2234833 | 260687 | 356444 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 828845 | 215607 | 4743325 | 706053 | 473160 |
| **Net increase (decrease) in net assets resulting from operations** | $885072 | $228640 | $4782286 | $793318 | $508692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **282** |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **U.S. Small** <br>**and Mid** <br>**Cap Equity** <br>**Fund**<br>| **Capital** <br>**World Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $105376 | $85 | $22810 | $272732 | $7423 |
| Affiliated issuers | 7099 | 7 | 1606 | 37275 | 272 |
|  | 112475 | 92 | 24416 | 310007 | 7695 |
| Interest from unaffiliated issuers | 14 | 1 | 80 | 83 | 2 |
| Securities lending income (net of fees) | 66 | 1 | 8 | 29 | 5 |
|  | 112555 | 94 | 24504 | 310119 | 7702 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 20532 | 33 | 4458 | 49976 | 841 |
| Distribution services | 5985 | — <br><sup>†</sup><br>| 1600 | 20214 | 403 |
| Insurance administrative services | 2337 | — <br><sup>†</sup><br>| 361 | 3435 | 218 |
| Transfer agent services | 1 |  | — <br><sup>†</sup><br>| 5 | — <br><sup>†</sup><br>|
| Administrative services | 1647 | 2 | 282 | 6001 | 53 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 11 | 2 | 5 | 186 | 6 |
| Registration statement and prospectus | 6 | 2 | 1 | 64 | — <br><sup>†</sup><br>|
| Trustees' compensation | 19 | — <br><sup>†</sup><br>| 4 | 69 | — <br><sup>†</sup><br>|
| Auditing and legal | 24 | 21 | 15 | 41 | 14 |
| Custodian | 111 | — <br><sup>†</sup><br>| 69 | 150 | 34 |
| Other | 6 | — <br><sup>†</sup><br>| 1 | 22 | — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | 30679 | 60 | 6796 | 80163 | 1569 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 7873 |  | 939 |  |  |
| Miscellaneous fee reimbursement |  | 21 |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 7873 | 21 | 939 |  |  |
| Total fees and expenses after waivers and/or reimbursements | 22806 | 39 | 5857 | 80163 | 1569 |
| Net investment income | 89749 | 55 | 18647 | 229956 | 6133 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 466620 | 1 | 94134 | 1545351 | 3484 |
| Affiliated issuers | (31)<br>| — <br><sup>†</sup><br>| (8)<br>| 6213 | — <br><sup>†</sup><br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (19)<br>|
| Swap contracts |  |  |  |  |  |
| Currency transactions | (10)<br>|  | 146 | (671)<br>| 26 |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 466579 | 1 | 94272 | 1550893 | 3491 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 422904 | 1052 | 120534 | 1519959 | 58509 |
| Affiliated issuers | (37)<br>| — <br><sup>†</sup><br>| (2)<br>| (101573)<br>| (1)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Forward currency contracts |  |  |  |  | (10)<br>|
| Swap contracts |  |  |  |  |  |
| Currency translations | 8 |  | 261 | 696 | 100 |
|  | 422875 | 1052 | 120793 | 1419082 | 58598 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 889454 | 1053 | 215065 | 2969975 | 62089 |
| **Net increase (decrease) in net assets resulting from operations** | $979203 | $1108 | $233712 | $3199931 | $68222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **283** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>| **American** <br> **Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $22301 | $115625 | $3666 | $— | $87 |
| Affiliated issuers | 2604 | 57784 | 637 | 16350 | 1371 |
|  | 24905 | 173409 | 4303 | 16350 | 1458 |
| Interest from unaffiliated issuers | 4788 | 173336 | 2702 | 250561 | 32199 |
| Securities lending income (net of fees) | 19 | 67 | 1 |  |  |
|  | 29712 | 346812 | 7006 | 266911 | 33657 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 2550 | 35056 | 884 | 19253 | 3116 |
| Distribution services | 854 | 13524 | 374 | 4906 | 1018 |
| Insurance administrative services | 847 | 8266 | 196 | 1815 | 126 |
| Transfer agent services | — <br><sup>†</sup><br>| 3 | — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Administrative services | 214 | 3972 | 60 | 1641 | 217 |
| Accounting and administrative services |  |  |  |  |  |
| Reports to shareholders | 6 | 58 | 5 | 48 | 6 |
| Registration statement and prospectus | 7 | 35 | 1 | 42 | 1 |
| Trustees' compensation | 3 | 45 | 1 | 18 | 3 |
| Auditing and legal | 29 | 39 | 20 | 8 | 1 |
| Custodian | 50 | 102 | 51 | 79 | 119 |
| Other | 1 | 17 | — <br><sup>†</sup><br>| 6 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 4561 | 61117 | 1592 | 27817 | 4608 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 929 |  | 27 | 8204 |  |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 929 |  | 27 | 8204 |  |
| Total fees and expenses after waivers and/or reimbursements | 3632 | 61117 | 1565 | 19613 | 4608 |
| Net investment income | 26080 | 285695 | 5441 | 247298 | 29049 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 32418 | 1657001 | 10337 | (28295)<br>| (17007)<br>|
| Affiliated issuers |  | (136762)<br>| (3)<br>| 94 | (1)<br>|
| Options purchased (futures style) |  |  | (44)<br>|  | (399)<br>|
| Options written |  |  | 27 |  | 297 |
| Futures contracts | (329)<br>| 5194 | (227)<br>| (29364)<br>| (425)<br>|
| Forward currency contracts |  |  | (4788)<br>| (8500)<br>| 1112 |
| Swap contracts | 60 | (455)<br>| 6 | 5186 | 404 |
| Currency transactions | 4 | (536)<br>| (66)<br>| 22 | (406)<br>|
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 32153 | 1524442 | 5242 | (60857)<br>| (16425)<br>|
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 106144 | 112140 | 25483 | 205102 | 97958 |
| Affiliated issuers | 561 | 148001 | 70 | (208)<br>| 385 |
| Options purchased (futures style) |  |  | 7 |  | 64 |
| Options written |  |  | (5)<br>|  | 15 |
| Futures contracts | 2387 | 21662 | 519 | 71589 | 5267 |
| Forward currency contracts |  |  | (140)<br>| (4153)<br>| 118 |
| Swap contracts | (216)<br>| (884)<br>| 204 | 3548 | 3041 |
| Currency translations | 179 | 646 | 96 | 133 | 753 |
|  | 109055 | 281565 | 26234 | 276011 | 107601 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 141208 | 1806007 | 31476 | 215154 | 91176 |
| **Net increase (decrease) in net assets resulting from operations** | $167288 | $2091702 | $36917 | $462452 | $120225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **284** |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond Fund**<br>| **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |  |
| Dividends: |  |  |  |  |  |
| Unaffiliated issuers | $789 | $— | $— | $— | $421 |
| Affiliated issuers | 863 |  |  |  | 1309 |
|  | 1652 |  |  |  | 1730 |
| Interest from unaffiliated issuers | 33248 | 3012 | 7558 | 42463 |  |
| Securities lending income (net of fees) |  |  |  |  |  |
|  | 34900 | 3012 | 7558 | 42463 | 1730 |
| Fees and expenses\*: |  |  |  |  |  |
| Investment advisory services | 1918 | 168 | 439 | 2661 | 333 |
| Distribution services | 888 | 117 | 382 | 1571 | 608 |
| Insurance administrative services | 225 | 69 | 88 | 638 | 625 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services | 143 | 17 | 51 | 271 |  |
| Accounting and administrative services |  |  |  |  | 30 |
| Reports to shareholders | 7 | 5 | 6 | 8 |  |
| Registration statement and prospectus | 2 | 1 | 1 | 3 | 5 |
| Trustees' compensation | 1 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 3 | 1 |
| Auditing and legal | 9 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Custodian | 12 | 8 | — <br><sup>†</sup><br>| 17 | 4 |
| Other | 10 | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or reimbursements | 3215 | 385 | 967 | 5174 | 1606 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| Investment advisory services waivers | 570 | 44 |  | 661 | 83 |
| Miscellaneous fee reimbursement |  |  |  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 570 | 44 |  | 661 | 83 |
| Total fees and expenses after waivers and/or reimbursements | 2645 | 341 | 967 | 4513 | 1523 |
| Net investment income | 32255 | 2671 | 6591 | 37950 | 207 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 730 | (49)<br>|  | 454 | (2283)<br>|
| Affiliated issuers | (6)<br>|  |  |  | 45859 |
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts | 160 | 243 |  | 6752 | (15006)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (1)<br>| 9 |  | 2638 |  |
| Currency transactions | 9 |  |  |  | 123 |
| Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | 892 | 203 |  | 9844 | 62988 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| Investments in: |  |  |  |  |  |
| Unaffiliated issuers | 5595 | 1749 | (53)<br>| 23033 | 15 |
| Affiliated issuers | 2 |  |  |  | (34869)<br>|
| Options purchased (futures style) |  |  |  |  |  |
| Options written |  |  |  |  |  |
| Futures contracts | 214 | 920 |  | 16396 | (403)<br>|
| Forward currency contracts |  |  |  |  |  |
| Swap contracts | (525)<br>| (41)<br>|  | (2276)<br>|  |
| Currency translations | 3 |  |  |  |  |
|  | 5289 | 2628 | (53)<br>| 37153 | (35257)<br>|
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 6181 | 2831 | (53)<br>| 46997 | 27731 |
| **Net increase (decrease) in net assets resulting from operations** | $38436 | $5502 | $6538 | $84947 | $27938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **285** | American Funds Insurance Series |

---

------

Financial statements (continued) unaudited

**Statements of operations** for the six months ended June 30, 2025 (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br> **Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **Investment income:** |  |  |  |  |
| Income (net of non-U.S. taxes<sup>\*</sup>): |  |  |  |  |
| Dividends: |  |  |  |  |
| Unaffiliated issuers | $100 | $280 | $1932 | $1845 |
| Affiliated issuers | 163 | 1190 | 6829 | 8184 |
|  | 263 | 1470 | 8761 | 10029 |
| Interest from unaffiliated issuers |  |  |  |  |
| Securities lending income (net of fees) |  |  |  |  |
|  | 263 | 1470 | 8761 | 10029 |
| Fees and expenses\*: |  |  |  |  |
| Investment advisory services | 75 | 208 | 1390 | 1290 |
| Distribution services | 138 | 388 | 327 | 2402 |
| Insurance administrative services | 141 | 391 | 2602 | 2416 |
| Transfer agent services | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Administrative services |  |  |  |  |
| Accounting and administrative services | 26 | 28 | 45 | 44 |
| Reports to shareholders |  |  |  |  |
| Registration statement and prospectus | 5 | 5 | 4 | 5 |
| Trustees' compensation | — <br><sup>†</sup><br>| 1 | 3 | 3 |
| Auditing and legal | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 2 | 1 |
| Custodian | 4 | 3 | 4 | 4 |
| Other | — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| 1 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 389 | 1024 | 4378 | 6166 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| Investment advisory services waivers | 19 | 52 | 349 | 324 |
| Miscellaneous fee reimbursement | — <br><sup>†</sup><br>|  |  |  |
| Total waivers and/or reimbursements of fees and expenses | 19 | 52 | 349 | 324 |
| Total fees and expenses after waivers and/or reimbursements | 370 | 972 | 4029 | 5842 |
| Net investment income | (107)<br>| 498 | 4732 | 4187 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (561)<br>| (1416)<br>| (14007)<br>| (1782)<br>|
| Affiliated issuers | 2768 | 10111 | 54214 | (5123)<br>|
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (6387)<br>| (9931)<br>| (54893)<br>| (49874)<br>|
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency transactions | 33 | 47 | 205 | 177 |
| Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (4147)<br>| 16716 | 264311 | 71058 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| Investments in: |  |  |  |  |
| Unaffiliated issuers | (152)<br>| (135)<br>| (1473)<br>| (299)<br>|
| Affiliated issuers | 8715 | (3939)<br>| (193572)<br>| 13191 |
| Options purchased (futures style) |  |  |  |  |
| Options written |  |  |  |  |
| Futures contracts | (227)<br>| 372 | 4222 | 1361 |
| Forward currency contracts |  |  |  |  |
| Swap contracts |  |  |  |  |
| Currency translations |  |  |  |  |
|  | 8336 | (3702)<br>| (190823)<br>| 14253 |
| Net realized gain (loss) and unrealized appreciation <br>(depreciation)<br>| 4189 | 13014 | 73488 | 85311 |
| **Net increase (decrease) in net assets resulting from operations** | $4082 | $13512 | $78220 | $89498 |

---

\*

Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **286** |

---

------

Financial statements (continued)

**Statements of changes in net assets**

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Growth Fund** | **Global Growth Fund** | **Global Small** <br>**Capitalization Fund** | **Global Small** <br>**Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $56227 | $83934 | $13033 | $14439 | $38961 | $123765 |
| Net realized gain (loss) | 211627 | 1058571 | 101192 | 67213 | 2508492 | 3989653 |
| Net unrealized appreciation (depreciation) | 617218 | (106961)<br>| 114415 | (6037)<br>| 2234833 | 7880200 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 885072 | 1035544 | 228640 | 75615 | 4782286 | 11993618 |
| **Distributions paid to shareholders** | (1069091)<br>| (362247)<br>| (65735)<br>| (145595)<br>| (4035332)<br>| (1183768)<br>|
| **Net capital share transactions** | 717148 | (305156)<br>| (86887)<br>| (124117)<br>| 2839871 | (2405717)<br>|
| **Total increase (decrease) in net assets** | 533129 | 368141 | 76018 | (194097)<br>| 3586825 | 8404133 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
| End of period | $8591452 | $8058323 | $3066477 | $2990459 | $51289768 | $47702943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual** <br>**Investors Fund** | **Washington Mutual** <br>**Investors Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $87265 | $80016 | $35532 | $49823 | $89749 | $178541 |
| Net realized gain (loss) | 445366 | 335500 | 116716 | 148263 | 466579 | 784826 |
| Net unrealized appreciation (depreciation) | 260687 | (158907)<br>| 356444 | 26354 | 422875 | 937617 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 793318 | 256609 | 508692 | 224440 | 979203 | 1900984 |
| **Distributions paid to shareholders** | (2865)<br>| (91320)<br>| (152884)<br>| (66666)<br>| (812730)<br>| (270276)<br>|
| **Net capital share transactions** | (368267)<br>| (557783)<br>| (39747)<br>| (124462)<br>| 439202 | (851035)<br>|
| **Total increase (decrease) in net assets** | 422186 | (392494)<br>| 316061 | 33312 | 605675 | 779673 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
| End of period | $7208704 | $6786518 | $3727660 | $3411599 | $11671689 | $11066014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **287** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small and Mid** <br>**Cap Equity Fund** | **U.S. Small and Mid** <br>**Cap Equity Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Capital** <br>**World Growth** <br>**and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Period <br>ended <br>December 31,<br>2024<sup>2</sup> | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $55 | $13 | $18647 | $29625 | $229956 | $464425 |
| Net realized gain (loss) | 1 | 4 | 94272 | 142599 | 1550893 | 6999624 |
| Net unrealized appreciation (depreciation) | 1052 | (438)<br>| 120793 | 78887 | 1419082 | 1206283 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 1108 | (421)<br>| 233712 | 251111 | 3199931 | 8670332 |
| **Distributions paid to shareholders** | (5)<br>| (13)<br>| (75167)<br>| (32476)<br>| (7076713)<br>| (2264497)<br>|
| **Net capital share transactions** | 73 | 15013 | (49160)<br>| (191651)<br>| 5184105 | (2602817)<br>|
| **Total increase (decrease) in net assets** | 1176 | 14579 | 109385 | 26984 | 1307323 | 3803018 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 14579 |  | 1888319 | 1861335 | 41254994 | 37451976 |
| End of period | $15755 | $14579 | $1997704 | $1888319 | $42562317 | $41254994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**International Growth** <br>**and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $6133 | $7648 | $26080 | $42544 | $285695 | $590761 |
| Net realized gain (loss) | 3491 | (1592)<br>| 32153 | 24024 | 1524442 | 1925378 |
| Net unrealized appreciation (depreciation) | 58598 | 5162 | 109055 | 61325 | 281565 | 1576776 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 68222 | 11218 | 167288 | 127893 | 2091702 | 4092915 |
| **Distributions paid to shareholders** | (1423)<br>| (8098)<br>| (16131)<br>| (45676)<br>| (2025651)<br>| (1743267)<br>|
| **Net capital share transactions** | 6613 | (9047)<br>| 46498 | 35182 | 523850 | (949298)<br>|
| **Total increase (decrease) in net assets** | 73412 | (5927)<br>| 197655 | 117399 | 589901 | 1400350 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
| End of period | $396065 | $322653 | $1566323 | $1368668 | $27675581 | $27085680 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **288** |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** <br>**Global Balanced Fund** | **American Funds** <br>**Global Balanced Fund** | **The Bond Fund** <br>**of America** | **The Bond Fund** <br>**of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $5441 | $9318 | $247298 | $501464 | $29049 | $61225 |
| Net realized gain (loss) | 5242 | 16800 | (60857)<br>| (134500)<br>| (16425)<br>| (22949)<br>|
| Net unrealized appreciation (depreciation) | 26234 | (1065)<br>| 276011 | (207188)<br>| 107601 | (80072)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 36917 | 25053 | 462452 | 159776 | 120225 | (41796)<br>|
| **Distributions paid to shareholders** | (16555)<br>| (7048)<br>| (96658)<br>| (475626)<br>| (3588)<br>| (33915)<br>|
| **Net capital share transactions** | 5945 | (14487)<br>| (567129)<br>| 474834 | (92920)<br>| (16393)<br>|
| **Total increase (decrease) in net assets** | 26307 | 3518 | (201335)<br>| 158984 | 23717 | (92104)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
| End of period | $418589 | $392282 | $10965563 | $11166898 | $1471954 | $1448237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**High-Income Trust** | **American** <br>**High-Income Trust** | **American Funds** <br>**Mortgage Fund** | **American Funds** <br>**Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $32255 | $60672 | $2671 | $5237 | $6591 | $16889 |
| Net realized gain (loss) | 892 | 3094 | 203 | (1054)<br>|  | — <br><sup>3</sup><br>|
| Net unrealized appreciation (depreciation) | 5289 | 19028 | 2628 | (3372)<br>| (53)<br>| 130 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 38436 | 82794 | 5502 | 811 | 6538 | 17019 |
| **Distributions paid to shareholders** | (10773)<br>| (59402)<br>| (896)<br>| (5001)<br>| (2557)<br>| (17633)<br>|
| **Net capital share transactions** | 35313 | 34726 | 2704 | 7230 | (18429)<br>| (33462)<br>|
| **Total increase (decrease) in net assets** | 62976 | 58118 | 7310 | 3040 | (14448)<br>| (34076)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
| End of period | $994939 | $931963 | $118141 | $110831 | $324230 | $338678 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **289** | American Funds Insurance Series |

---

------

Financial statements (continued)

**Statements of changes in net assets** (continued)

(dollars in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government** <br>**Securities Fund** | **U.S. Government** <br>**Securities Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**Growth Fund** | **Managed Risk** <br>**International Fund** | **Managed Risk** <br>**International Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $37950 | $72049 | $207 | $2764 | $(107)<br>| $1470 |
| Net realized gain (loss) | 9844 | (1294)<br>| 62988 | 37612 | (4147)<br>| (2539)<br>|
| Net unrealized appreciation (depreciation) | 37153 | (55237)<br>| (35257)<br>| 69526 | 8336 | 1155 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 84947 | 15518 | 27938 | 109902 | 4082 | 86 |
| **Distributions paid to shareholders** | (14197)<br>| (73267)<br>| (24752)<br>| (2419)<br>| (1480)<br>| (1561)<br>|
| **Net capital share transactions** | (73399)<br>| 353747 | (9503)<br>| (88856)<br>| (2829)<br>| (8399)<br>|
| **Total increase (decrease) in net assets** | (2649)<br>| 295998 | (6317)<br>| 18627 | (227)<br>| (9874)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
| End of period | $1817378 | $1820027 | $519945 | $526262 | $114081 | $114308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Washington Mutual** <br>**Investors Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Growth-Income Fund** | **Managed Risk** <br>**Asset Allocation Fund** | **Managed Risk** <br>**Asset Allocation Fund** |
|  | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 | Six months <br>ended <br>June 30,<br>2025<sup>1</sup> | Year ended <br> December 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $498 | $4979 | $4732 | $33950 | $4187 | $37923 |
| Net realized gain (loss) | 16716 | (4225)<br>| 264311 | 73326 | 71058 | 123915 |
| Net unrealized appreciation (depreciation) | (3702)<br>| 42170 | (190823)<br>| 261435 | 14253 | 124394 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 13512 | 42924 | 78220 | 368711 | 89498 | 286232 |
| **Distributions paid to shareholders** | (4680)<br>| (5475)<br>| (109558)<br>| (65908)<br>| (156085)<br>| (69126)<br>|
| **Net capital share transactions** | (12974)<br>| (39434)<br>| (22573)<br>| (313193)<br>| (5394)<br>| (294452)<br>|
| **Total increase (decrease) in net assets** | (4142)<br>| (1985)<br>| (53911)<br>| (10390)<br>| (71981)<br>| (77346)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
| End of period | $318064 | $322206 | $2122955 | $2176866 | $1953869 | $2025850 |

---

<sup>1</sup>

Unaudited.

<sup>2</sup>

For the period November 15, 2024, commencement of operations, to December 31, 2024.

<sup>3</sup>

Amount less than one thousand.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **290** |

---

------

Notes to financial statementsunaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.

**U.S. Small and Mid Cap Equity Fund** — To provide capital appreciation.

**Capital World Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Growth-Income Fund** — To achieve long-term growth of capital and income.

**International Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Capital Income Builder** — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund** — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** — To provide as high a level of current income as is consistent with the preservation of capital.

**Capital World Bond Fund** — To provide, over the long term, a high level of total return consistent with prudent investment management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **291** | American Funds Insurance Series |

---

------

**American High-Income Trust** — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

**American Funds Mortgage Fund** — To provide current income and preservation of capital.

**Ultra-Short Bond Fund** — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund**— To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** — To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** — To produce income and to provide an opportunity for growth of principal consistent with sound common stock investing while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

------

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **292** |

---

------

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends and capital gain distributions are recorded on each fund's ex-dividend date.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**New accounting pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("the ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

**3. Valuation**

------

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **293** | American Funds Insurance Series |

---

------

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing <br> models such as yield measures calculated using factors such as cash <br> flows, financial or collateral performance and other reference data <br> (collectively referred to as "standard inputs")<br>|
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information<br>|
| Municipal securities | &nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs <br> that include, but are not limited to, financial statements and debt <br> contracts <br>|

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **294** |

---

------

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of June 30, 2025, were as follows (dollars in thousands):

**Global Growth Fund**

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

**Global Small Capitalization Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $689754 | $— | $— | $689754 |
| Financials | 473223 |  |  | 473223 |
| Information technology | 403781 |  | 428 | 404209 |
| Consumer discretionary | 382656 |  |  | 382656 |
| Health care | 353674 |  |  | 353674 |
| Materials | 181377 |  |  | 181377 |
| Communication services | 134493 |  |  | 134493 |
| Real estate | 79192 |  |  | 79192 |
| Consumer staples | 76756 |  |  | 76756 |
| Energy | 76013 |  |  | 76013 |
| Utilities | 58664 |  |  | 58664 |
| Preferred securities  | 9138 |  | 14522 | 23660 |
| Convertible stocks  | 13046 |  |  | 13046 |
| Convertible bonds & notes  |  | 4039 |  | 4039 |
| Short-term securities | 161954 |  |  | 161954 |
| Total | $3093721 | $4039 | $14950 | $3112710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **295** | American Funds Insurance Series |

---

------

**Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $13898317 | $— | $5985 | $13904302 |
| Communication services | 10248832 |  |  | 10248832 |
| Consumer discretionary | 7058073 |  |  | 7058073 |
| Health care | 5661824 |  | 9825 | 5671649 |
| Industrials | 5401182 |  | 2633 | 5403815 |
| Financials | 4094384 |  |  | 4094384 |
| Consumer staples | 1049326 |  | 2671 | 1051997 |
| Energy | 1016036 |  |  | 1016036 |
| Materials | 726868 |  |  | 726868 |
| Utilities | 358047 |  |  | 358047 |
| Real estate | 309468 |  |  | 309468 |
| Preferred securities  |  |  | 146802 | 146802 |
| Rights & warrants  |  |  | 22672 | 22672 |
| Convertible stocks  | 4131 |  | 686 | 4817 |
| Short-term securities | 1569711 |  |  | 1569711 |
| Total | $51396199 | $— | $191274 | $51587473 |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $1316771 | $— | $— | $1316771 |
| Financials | 1183785 |  |  | 1183785 |
| Information technology | 951942 |  | 6168 | 958110 |
| Communication services | 655458 |  |  | 655458 |
| Consumer discretionary | 650213 |  |  | 650213 |
| Health care | 621389 |  |  | 621389 |
| Materials | 567220 |  |  | 567220 |
| Consumer staples | 430268 |  |  | 430268 |
| Energy | 396129 |  |  | 396129 |
| Utilities | 116308 |  |  | 116308 |
| Preferred securities  | 32903 |  | 565 | 33468 |
| Rights & warrants  |  |  | —<br> \*<br>| —<br> \*<br>|
| Short-term securities | 330868 |  |  | 330868 |
| Total | $7253254 | $— | $6733 | $7259987 |

---

\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **296** |

---

------

**New World Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $704693 | $2554 | $—<br> \*<br>| $707247 |
| Information technology | 676770 |  | 493 | 677263 |
| Consumer discretionary | 450359 |  |  | 450359 |
| Industrials | 412982 |  |  | 412982 |
| Communication services | 363276 |  |  | 363276 |
| Health care | 228078 |  |  | 228078 |
| Consumer staples | 224042 |  |  | 224042 |
| Materials | 183568 |  | —<br> \*<br>| 183568 |
| Energy | 83019 |  | —<br> \*<br>| 83019 |
| Real estate | 63806 |  |  | 63806 |
| Utilities | 51736 |  |  | 51736 |
| Preferred securities  | 18723 |  | 8801 | 27524 |
| Rights & warrants  |  | 26 |  | 26 |
| Convertible stocks  | 183 |  |  | 183 |
| Bonds, notes & other debt instruments  |  | 127378 |  | 127378 |
| Short-term securities | 151987 | 450 |  | 152437 |
| Total | $3613222 | $130408 | $9294 | $3752924 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $65 | $— | $— | $65 |
| Unrealized appreciation on open forward currency contracts |  | 90 |  | 90 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (4)<br>|  |  | (4)<br>|
| Unrealized depreciation on open forward currency contracts |  | (168)<br>|  | (168)<br>|
| Total  | $61 | $(78)<br>| $— | $(17)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts and forward currency contracts are not included in the fund's investment portfolio.

**Washington Mutual Investors Fund**

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

**U.S. Small and Mid Cap Equity Fund**

As of June 30, 2025, all of the fund's investment securities were classified as Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **297** | American Funds Insurance Series |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $427048 | $— | $— | $427048 |
| Financials | 316727 |  | —<br> \*<br>| 316727 |
| Industrials | 302352 |  |  | 302352 |
| Consumer discretionary | 181256 |  |  | 181256 |
| Health care | 168013 |  |  | 168013 |
| Communication services | 165844 |  |  | 165844 |
| Consumer staples | 120918 |  |  | 120918 |
| Materials | 104031 | 1918 |  | 105949 |
| Energy | 79674 |  |  | 79674 |
| Utilities | 32792 | 976 |  | 33768 |
| Real estate | 15467 |  |  | 15467 |
| Preferred securities  | 5091 |  |  | 5091 |
| Bonds, notes & other debt instruments  |  | 1506 |  | 1506 |
| Short-term securities | 84375 |  |  | 84375 |
| Total | $2003588 | $4400 | $—<br> \*<br>| $2007988 |

---

\*

Amount less than one thousand.

**Growth-Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $11838678 | $— | $— | $11838678 |
| Industrials | 6589703 |  |  | 6589703 |
| Financials | 5204392 |  |  | 5204392 |
| Consumer discretionary | 4605290 |  |  | 4605290 |
| Health care | 3953251 |  |  | 3953251 |
| Communication services | 3823894 |  |  | 3823894 |
| Consumer staples | 1335169 |  |  | 1335169 |
| Energy | 1274412 |  |  | 1274412 |
| Materials | 1159101 |  |  | 1159101 |
| Utilities | 838420 |  |  | 838420 |
| Real estate | 751153 |  |  | 751153 |
| Bonds, notes & other debt instruments  |  | 988 |  | 988 |
| Short-term securities | 1261375 |  |  | 1261375 |
| Total | $42634838 | $988 | $— | $42635826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **298** |

---

------

**International Growth and Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $95865 | $— | $—<br> \*<br>| $95865 |
| Industrials | 63371 |  |  | 63371 |
| Information technology | 44238 |  |  | 44238 |
| Consumer staples | 34875 |  |  | 34875 |
| Consumer discretionary | 32588 |  |  | 32588 |
| Communication services | 28978 |  |  | 28978 |
| Health care | 25844 |  |  | 25844 |
| Materials | 20585 |  | —<br> \*<br>| 20585 |
| Energy | 18005 |  | —<br> \*<br>| 18005 |
| Utilities | 10944 |  |  | 10944 |
| Real estate | 4179 |  |  | 4179 |
| Preferred securities  | 174 |  |  | 174 |
| Short-term securities | 16518 |  |  | 16518 |
| Total | $396164 | $— | $—<br> \*<br>| $396164 |

---

\*

Amount less than one thousand.

**Capital Income Builder** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Financials | $233645 | $— | $—<br> \*<br>| $233645 |
| Information technology | 152382 |  |  | 152382 |
| Industrials | 135755 |  |  | 135755 |
| Consumer staples | 134741 |  |  | 134741 |
| Health care | 126930 |  |  | 126930 |
| Utilities | 82013 | 866 |  | 82879 |
| Consumer discretionary | 76037 |  |  | 76037 |
| Energy | 72713 |  |  | 72713 |
| Communication services | 55015 |  |  | 55015 |
| Real estate | 53644 |  |  | 53644 |
| Materials | 50592 |  |  | 50592 |
| Convertible stocks  | 6728 |  |  | 6728 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations |  | 87131 | 100 | 87231 |
| U.S. Treasury bonds & notes |  | 77098 |  | 77098 |
| Corporate bonds, notes & loans |  | 38408 | 262 | 38670 |
| Asset-backed obligations |  | 14904 |  | 14904 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 805 |  | 805 |
| Municipals |  | 336 |  | 336 |
| Investment funds  | 32235 |  |  | 32235 |
| Short-term securities  | 130855 |  |  | 130855 |
| Total | $1343285 | $219548 | $362 | $1563195 |

---

Refer to the next page for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **299** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $1481 | $— | $— | $1481 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 243 |  | 243 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 12 |  | 12 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (72)<br>|  |  | (72)<br>|
| Unrealized appreciation on centrally cleared interest rate swaps |  | —<br> \*<br>|  | —<br> \*<br>|
| Total  | $1409 | $255 | $— | $1664 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Asset Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $4662762 | $— | $— | $4662762 |
| Financials | 3370748 |  | —<br> \*<br>| 3370748 |
| Industrials | 2515815 |  |  | 2515815 |
| Consumer discretionary | 1937291 |  | 807 | 1938098 |
| Health care | 1864589 |  | 13914 | 1878503 |
| Materials | 1333988 |  | —<br> \*<br>| 1333988 |
| Consumer staples | 1196955 |  |  | 1196955 |
| Communication services | 1045984 |  |  | 1045984 |
| Energy | 355595 |  | 498 | 356093 |
| Real estate | 147440 |  |  | 147440 |
| Utilities | 133008 |  |  | 133008 |
| Preferred securities  |  |  | 647 | 647 |
| Rights & warrants  | 54 |  | —<br> \*<br>| 54 |
| Convertible stocks  | 38180 |  |  | 38180 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations |  | 2908850 |  | 2908850 |
| Corporate bonds, notes & loans |  | 2009713 | 9271 | 2018984 |
| U.S. Treasury bonds & notes |  | 1906954 |  | 1906954 |
| Asset-backed obligations |  | 567592 |  | 567592 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 37148 |  | 37148 |
| Municipals |  | 22367 |  | 22367 |
| Investment funds | 772826 |  |  | 772826 |
| Short-term securities  | 1325620 |  |  | 1325620 |
| Total | $20700855 | $7452624 | $25137 | $28178616 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $24259 | $— | $— | $24259 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (5521)<br>|  |  | (5521)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (860)<br>|  | (860)<br>|
| Total  | $18738 | $(860)<br>| $— | $17878 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Futures contracts and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **300** |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Information technology | $44529 | $— | $— | $44529 |
| Financials | 42226 |  |  | 42226 |
| Industrials | 35996 |  |  | 35996 |
| Health care | 34097 |  |  | 34097 |
| Communication services | 21542 |  |  | 21542 |
| Consumer discretionary | 19611 |  |  | 19611 |
| Consumer staples | 18188 |  |  | 18188 |
| Materials | 17133 | 371 |  | 17504 |
| Utilities | 13084 |  |  | 13084 |
| Energy | 9643 |  |  | 9643 |
| Real estate | 2881 |  |  | 2881 |
| Convertible stocks  | 2596 |  |  | 2596 |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 58518 |  | 58518 |
| Corporate bonds, notes & loans |  | 25698 |  | 25698 |
| Mortgage-backed obligations |  | 23721 |  | 23721 |
| U.S. Treasury bonds & notes |  | 19996 |  | 19996 |
| Asset-backed obligations |  | 2436 |  | 2436 |
| Municipals |  | 127 |  | 127 |
| Federal agency bonds & notes |  | 116 |  | 116 |
| Investment funds  | 4121 |  |  | 4121 |
| Short-term securities  | 22973 | 191 |  | 23164 |
| Total | $288620 | $131174 | $— | $419794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options purchased (futures style) | $7 | $— | $— | $7 |
| Unrealized appreciation on futures contracts | 338 |  |  | 338 |
| Unrealized appreciation on open forward currency contracts |  | 280 |  | 280 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 126 |  | 126 |
| Unrealized appreciation on bilateral interest rate swaps |  | 60 |  | 60 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 8 |  | 8 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on options written (futures style) | (5)<br>|  |  | (5)<br>|
| Unrealized depreciation on futures contracts | (57)<br>|  |  | (57)<br>|
| Unrealized depreciation on open forward currency contracts |  | (601)<br>|  | (601)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (5)<br>|  | (5)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (284)<br>|  | (284)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (32)<br>|  | (32)<br>|
| Total  | $283 | $(448)<br>| $— | $(165)<br>|

---

\*

Options purchased (futures style), options written, future contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **301** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $3790654 | $1423 | $3792077 |
| Corporate bonds, notes & loans |  | 3612824 | 7595 | 3620419 |
| U.S. Treasury bonds & notes |  | 2148907 |  | 2148907 |
| Asset-backed obligations |  | 594080 |  | 594080 |
| Municipals |  | 160265 |  | 160265 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 116286 |  | 116286 |
| Federal agency bonds & notes |  | 11725 |  | 11725 |
| Common stocks  |  | 14 |  | 14 |
| Short-term securities  | 745797 |  |  | 745797 |
| Total | $745797 | $10434755 | $9018 | $11189570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $44636 | $— | $— | $44636 |
| Unrealized appreciation on open forward currency contracts |  | 637 |  | 637 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 1464 |  | 1464 |
| Unrealized appreciation on bilateral interest rate swaps |  | 2806 |  | 2806 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 461 |  | 461 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (3297)<br>|  |  | (3297)<br>|
| Unrealized depreciation on open forward currency contracts |  | (2964)<br>|  | (2964)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (3389)<br>|  | (3389)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (1761)<br>|  | (1761)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (2599)<br>|  | (2599)<br>|
| Total  | $41339 | $(5345)<br>| $— | $35994 |

---

\*

Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **302** |

---

------

**Capital World Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Euros | $— | $330337 | $— | $330337 |
| Japanese yen |  | 129364 |  | 129364 |
| British pounds |  | 67533 |  | 67533 |
| Brazilian reais |  | 38886 |  | 38886 |
| Canadian dollars |  | 30396 |  | 30396 |
| Australian dollars |  | 30298 |  | 30298 |
| South Korean won |  | 25218 |  | 25218 |
| Chinese yuan renminbi |  | 23928 |  | 23928 |
| Malaysian ringgits |  | 22767 |  | 22767 |
| Mexican pesos |  | 16479 |  | 16479 |
| Indian rupees |  | 15703 |  | 15703 |
| Indonesian rupiah |  | 9657 |  | 9657 |
| Norwegian kroner |  | 6698 |  | 6698 |
| South African rand |  | 6637 |  | 6637 |
| Danish kroner |  | 6546 |  | 6546 |
| Polish zloty |  | 3940 |  | 3940 |
| Chilean pesos |  | 2739 |  | 2739 |
| Turkish lira |  | 1942 |  | 1942 |
| Colombian pesos |  | 1052 |  | 1052 |
| Czech korunas |  | 851 |  | 851 |
| U.S. dollars |  | 643452 | 690 | 644142 |
| Preferred securities  |  |  | 68 | 68 |
| Common stocks  | 1781 | 6 | 45 | 1832 |
| Investment funds  | 22047 |  |  | 22047 |
| Short-term securities | 34518 | 2878 |  | 37396 |
| Options purchased on foreign currencies (equity style) |  | 35 |  | 35 |
| Total | $58346 | $1417342 | $803 | $1476491 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on options purchased (futures style) | $64 | $— | $— | $64 |
| Unrealized appreciation on futures contracts | 3955 |  |  | 3955 |
| Unrealized appreciation on open forward currency contracts |  | 3338 |  | 3338 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 1002 |  | 1002 |
| Unrealized appreciation on bilateral interest rate swaps |  | 522 |  | 522 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 15 |  | 15 |
| Liabilities: |  |  |  |  |
| Value of options written (equity style) |  | (12)<br>|  | (12)<br>|
| Unrealized depreciation on options written (futures style) | (39)<br>|  |  | (39)<br>|
| Unrealized depreciation on futures contracts | (616)<br>|  |  | (616)<br>|
| Unrealized depreciation on open forward currency contracts |  | (3277)<br>|  | (3277)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (494)<br>|  | (494)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (3690)<br>|  | (3690)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (424)<br>|  | (424)<br>|
| Total  | $3364 | $(3020)<br>| $— | $344 |

---

\*

Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **303** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Corporate bonds, notes & loans | $— | $873946 | $3291 | $877237 |
| Other |  | 430 | 603 | 1033 |
| Convertible bonds & notes  |  | 447 |  | 447 |
| Common stocks  | 35992 | 802 | 22325 | 59119 |
| Preferred securities  |  | 2515 | 1468 | 3983 |
| Rights & warrants  | 47 |  |  | 47 |
| Short-term securities  | 45170 |  |  | 45170 |
| Total | $81209 | $878140 | $27687 | $987036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $197 | $— | $— | $197 |
| Unrealized appreciation on centrally cleared credit default swaps |  | — <br><sup>2</sup><br>|  | — <br><sup>2</sup><br>|
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (59)<br>|  |  | (59)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (482)<br>|  | (482)<br>|
| Total  | $138 | $(482)<br>| $— | $(344)<br>|

---

<sup>1</sup>

Futures contracts and credit default swaps are not included in the fund's investment portfolio.

<sup>2</sup>

Amount less than one thousand.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended June 30, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**1/1/2025**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>3</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>4</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>4</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>3</sup> <br>| **Ending** <br>**value at** <br>**6/30/2025**<br>|
| Investment securities | &nbsp;&nbsp; $36440 | &nbsp;&nbsp; $1869 | &nbsp;&nbsp; $6147 | &nbsp;&nbsp; $(4347)<br>| &nbsp;&nbsp; $390 | &nbsp;&nbsp; $(9061)<br>| &nbsp;&nbsp; $(3751)<br>| &nbsp;&nbsp; $27687 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at June 30, 2025 | &nbsp;&nbsp; $(6171)<br>|

---

<sup>3</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>4</sup>

Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **304** |

---

------

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**6/30/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average\***<br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>†</sup> <br>|
| Bonds, notes & other <br> debt instruments | $3894 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3894 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3894 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments | $3894 | &nbsp;&nbsp; Indicative market <br> quotation<br>| Broker quote | Not applicable | Not applicable | Not applicable |
| Common stocks | $22325 | &nbsp;&nbsp; Estimated <br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | $22325 | &nbsp;&nbsp; Estimated <br> recovery value | Discount for uncertainty  | 20% | 20% | Decrease |
| Common stocks | $22325 | &nbsp;&nbsp; Estimated <br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.1x | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA-CAPEX multiple | 9.9x | 9.9x | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | &nbsp;&nbsp; Premium to EV/EBITDA-CAPEX <br> multiple<br>| 5% | 5% | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | P/BV multiple | 0.7x | 0.7x | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | Premium to P/BV multiple | 40% | 40% | Increase |
| Common stocks | $22325 | &nbsp;&nbsp; Market <br> comparables | DLOM | 9% - 15% | 9% | Decrease |
| Preferred securities | $1468 | &nbsp;&nbsp; Market <br> comparables | EV/EBITDA multiple | 4.4x | 4.4x | Increase |
| Preferred securities | $1468 | &nbsp;&nbsp; Market <br> comparables | DLOM | 15% | 15% | Decrease |
|  | $27687 |  |  |  |  |  |

---

\*

Weighted average is by relative fair value.

<sup>†</sup>

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

---

| |
|:---|
| **Key to abbreviations** |
| CAPEX = Capital expenditures |
| DLOM = Discount for lack of marketability |
| EBITDA = Earnings before interest, taxes, depreciation and amortization |
| EV = Enterprise value |
| P/BV = Price to book value |

---

**American Funds Mortgage Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $105527 | $— | $105527 |
| U.S. Treasury bonds & notes |  | 5070 |  | 5070 |
| Asset-backed obligations |  | 1603 |  | 1603 |
| Short-term securities  |  | 20107 |  | 20107 |
| Options purchased on futures (equity style) | 5 |  |  | 5 |
| Total | $5 | $132307 | $— | $132312 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **305** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $603 | $— | $— | $603 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 101 |  | 101 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (24)<br>|  |  | (24)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1)<br>|  | (1)<br>|
| Total  | $579 | $100 | $— | $679 |

---

\*

Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Ultra-Short Bond Fund**

As of June 30, 2025, all of the fund's investment securities were classified as Level 2.

**U.S. Government Securities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Mortgage-backed obligations | $— | $844043 | $— | $844043 |
| U.S. Treasury bonds & notes |  | 686092 |  | 686092 |
| Federal agency bonds & notes |  | 51206 |  | 51206 |
| Short-term securities  |  | 307019 |  | 307019 |
| Options purchased on futures (equity style) | 206 |  |  | 206 |
| Total | $206 | $1888360 | $— | $1888566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $9883 | $— | $— | $9883 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 14278 |  | 14278 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (404)<br>|  |  | (404)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (2762)<br>|  | (2762)<br>|
| Total  | $9479 | $11516 | $— | $20995 |

---

\*

Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Managed Risk Growth Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk International Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Washington Mutual Investors Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Growth-Income Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Asset Allocation Fund**

As of June 30, 2025, all of the fund's investments were classified as Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **306** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Risk factors**

------

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in income-oriented stocks** — The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small companies** — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing in small and mid-capitalization companies** — Investing in small and mid-capitalization companies may pose additional risks. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **307** | American Funds Insurance Series |

---

------

interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

**Investing in developing countries** — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage-or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **308** |

---

------

higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in future delivery contracts** — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund's market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **309** | American Funds Insurance Series |

---

------

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

**Investing in securities backed by the U.S. government** — U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Investing in repurchase agreements** — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

**Interest rate risk** — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** — A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

**Nondiversification** — The fund is nondiversified, which allows it to invest a greater percentage of its assets in any one issuer than would otherwise be the case. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund's investment results.

**Management** — The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **310** |

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Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

**Management** — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** — Because the managed risk funds' investments consist of investments in underlying funds, the managed risk funds' risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts** — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **311** | American Funds Insurance Series |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Certain investment techniques**

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**Securities lending** — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds**  | <br>**Value of** <br>**investment** <br>**securities** <br>**on loan**<br>| **Cash**  | **U.S. government** <br>**securities** <br>| <br>**Value of** <br>**investment** <br>**securities** <br>**purchased** <br>|
| Global Growth Fund | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $— |
| Global Small Capitalization Fund | &nbsp;&nbsp; 21033 | &nbsp;&nbsp; 21824 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 19642 |
| Growth Fund | &nbsp;&nbsp; 137026 | &nbsp;&nbsp; 140364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126327 |
| New World Fund | &nbsp;&nbsp; 7151 | &nbsp;&nbsp; 4784 | &nbsp;&nbsp; 2898 | &nbsp;&nbsp; 4306 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 8902 | &nbsp;&nbsp; 8988 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 8089 |
| International Growth and Income Fund | &nbsp;&nbsp; 891 | &nbsp;&nbsp; 937 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 843 |
| Capital Income Builder | &nbsp;&nbsp; 16714 | &nbsp;&nbsp; 17540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15786 |
| Asset Allocation Fund | &nbsp;&nbsp; 2306 | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2118 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1391 |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **312** |

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**Loan transactions** — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** — Global Small Capitalization Fund, Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of June 30, 2025, the maximum exposure from these unfunded commitments for Global Small Capitalization Fund, Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $490,000, $3,151,000, $8,000 and $1,158,000, respectively, which would represents 0.02% for Global Small Capitalization Fund, 0.01% for Asset Allocation Fund, less than 0.01% for Capital World Bond Fund and 0.05% for American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was less than $1,000 for Capital World Bond Fund, $2,000 for Asset Allocation Fund and $1,000 for American High-Income Trust, and is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities. Unrealized appreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund's statement of operations.

**Option contracts** — Some of the funds have entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **313** | American Funds Insurance Series |

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fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. The net realized gains or losses and net unrealized appreciation or depreciation from futures style options are recorded in options purchased (futures style) in the fund's statement of operations and statement of changes in net assets.

Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

**Options on equity indexes** — As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.

**Options on futures** — Some of the funds have entered into options on future contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

**Options on foreign currencies** — One of the funds has entered into options on foreign currencies to seek to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. An option on a foreign currency gives the holder of the option the right to buy or sell a foreign currency from or to the writer of the option, at a specified price on or before the specified expiration date.

**Futures contracts** — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

**Forward currency contracts** — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **314** |

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**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **315** | American Funds Insurance Series |

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The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Options** <br>**on** <br>**futures**<br>| **Options** <br>**on** <br>**foreign currencies**<br>| **Futures** <br>**contracts**<br>| **Forward** <br>**currency** <br>**contracts**<br>| **Interest** <br>**rate** <br>**swaps**<br>| **Credit** <br>**default** <br>**swaps**<br>|
| New World Fund | Not applicable | Not applicable | &nbsp;&nbsp; $15751  | &nbsp;&nbsp; $19587  | &nbsp;&nbsp; $1,702\*  | Not applicable |
| International Growth and <br> Income Fund<br>| Not applicable | Not applicable | Not applicable | &nbsp;&nbsp; 645\*  | Not applicable | Not applicable |
| Capital Income Builder | Not applicable | Not applicable | &nbsp;&nbsp; 165704  | Not applicable | &nbsp;&nbsp; 7379  | &nbsp;&nbsp; 5160  |
| Asset Allocation Fund | Not applicable | Not applicable | &nbsp;&nbsp; 2375438  | Not applicable | &nbsp;&nbsp; 585,466\*  | &nbsp;&nbsp; 58451  |
| Global Balanced Fund | &nbsp;&nbsp; $13706 | Not applicable | &nbsp;&nbsp; 49536  | &nbsp;&nbsp; 67771  | &nbsp;&nbsp; 17473  | &nbsp;&nbsp; 7108  |
| The Bond Fund of America | Not applicable | Not applicable | &nbsp;&nbsp; 5974302  | &nbsp;&nbsp; 234959  | &nbsp;&nbsp; 627191  | &nbsp;&nbsp; 145756  |
| Capital World Bond Fund | &nbsp;&nbsp; 72254 | &nbsp;&nbsp; $20561 | &nbsp;&nbsp; 669768  | &nbsp;&nbsp; 490321  | &nbsp;&nbsp; 255025  | &nbsp;&nbsp; 92993  |
| American High-Income Trust | Not applicable | Not applicable | &nbsp;&nbsp; 40053  | Not applicable | Not applicable | &nbsp;&nbsp; 14703  |
| American Funds Mortgage Fund | &nbsp;&nbsp; 25546 | Not applicable | &nbsp;&nbsp; 101434  | Not applicable | &nbsp;&nbsp; 1820  | Not applicable |
| U.S. Government Securities <br> Fund<br>| &nbsp;&nbsp; 900592 | Not applicable | &nbsp;&nbsp; 2057761  | Not applicable | &nbsp;&nbsp; 1084428  | Not applicable |
| Managed Risk Growth Fund | &nbsp;&nbsp; 429063 | Not applicable | &nbsp;&nbsp; 1746 | Not applicable | Not applicable | Not applicable |
| Managed Risk International <br> Fund<br>| &nbsp;&nbsp; 84769 | Not applicable | &nbsp;&nbsp; 573 | Not applicable | Not applicable | Not applicable |
| Managed Risk Washington <br> Mutual Investors Fund<br>| &nbsp;&nbsp; 265317 | Not applicable | &nbsp;&nbsp; 3801 | Not applicable | Not applicable | Not applicable |
| Managed Risk Growth-Income <br> Fund<br>| &nbsp;&nbsp; 2964611 | Not applicable | &nbsp;&nbsp; 59458 | Not applicable | Not applicable | Not applicable |
| Managed Risk Asset Allocation | &nbsp;&nbsp; 353919 | Not applicable | &nbsp;&nbsp; 35924 | Not applicable | Not applicable | Not applicable |

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\*

No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| American Funds Insurance Series | **316** |

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The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended, June 30, 2025 (dollars in thousands):

**New World Fund** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $65 | Unrealized depreciation<sup>1</sup> <br>| $4 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 90 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 168 |
|  |  |  | $155 |  | $172 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $50 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $50 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (158)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 104 |
|  |  |  | $(291)<br>|  | $(4)<br>|

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $1481<br> Unrealized depreciation<sup>1</sup> <br>| $72 |
| Swap (centrally <br> cleared)<br>| Interest<br> Unrealized appreciation<sup>1</sup> <br>| 243<br> Unrealized depreciation<sup>1</sup> <br>| — <br><sup>2</sup><br>|
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| 12<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1736 | $72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $(329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $2387 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 51 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (228)<br>|
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 9 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 12 |
|  |  |  | $(269)<br>|  | $2171 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **317** | American Funds Insurance Series |

---

------

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $24259<br> Unrealized depreciation<sup>1</sup> <br>| $5521 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 860 |
|  |  | $24259 | $6381 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $5194 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $21662 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (439)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 119 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (1003)<br>|
|  |  |  | $4739 |  | $20778 |

---

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| $7 | Unrealized depreciation<sup>1</sup> <br>| $— |
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 5 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 338 | Unrealized depreciation<sup>1</sup> <br>| 57 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 280 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 601 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 126 | Unrealized depreciation<sup>1</sup> <br>| 5 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 60 | Bilateral swaps, at value | 284 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 8 | Unrealized depreciation<sup>1</sup> <br>| 32 |
|  |  |  | $819 |  | $984 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **318** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| $(44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| $7 |
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| (5)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 519 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (4788)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (140)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 24 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 223 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (19)<br>|
|  |  |  | $(5026)<br>|  | $585 |

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| $44636 | Unrealized depreciation<sup>1</sup> <br>| $3297 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 637 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 2964 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1464 | Unrealized depreciation<sup>1</sup> <br>| 3389 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 2806 | Bilateral swaps, at value | 1761 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 461 | Unrealized depreciation<sup>1</sup> <br>| 2599 |
|  |  |  | $50004 |  | $14010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $(29364)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $71589 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (8500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| (4153)<br>|
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 4209 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 5700 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 977 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2152)<br>|
|  |  |  | $(32678)<br>|  | $70984 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **319** | American Funds Insurance Series |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Currency | Investment securities | $35 | Investment securities | $— |
| Options written <br> (equity style)<br>| Currency | Options written, at value |  | Options written, at value | 12 |
| Options purchased <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 64 | Unrealized depreciation<sup>1</sup> <br>|  |
| Options written <br> (futures style)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>|  | Unrealized depreciation<sup>1</sup> <br>| 39 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 3955 | Unrealized depreciation<sup>1</sup> <br>| 616 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open <br> forward currency contracts<br>| 3338 | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open <br> forward currency contracts<br>| 3277 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 1002 | Unrealized depreciation<sup>1</sup> <br>| 494 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 522 | Bilateral swaps, at value | 3690 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation<sup>1</sup> <br>| 15 | Unrealized depreciation<sup>1</sup> <br>| 424 |
|  |  |  | $8931 |  | $8552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $18 |
| Options purchased <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| 180 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| 31 |
| Options written <br> (equity style)<br>| Currency | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 52 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| 54 |
| Options purchased <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> purchased (futures style)<br>| (399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options <br> purchased (futures style)<br>| 64 |
| Options written <br> (futures style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on options <br> written<br>| 245 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on options written<br>| (39)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 5267 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| 1112 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on forward currency <br> contracts<br>| 118 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| 3337 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 609 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (296)<br>|
|  |  |  | $1167 |  | $8554 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **320** |

---

------

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Futures | Interest<br> Unrealized appreciation<sup>1</sup> <br>| $197<br> Unrealized depreciation<sup>1</sup> <br>| $59 |
| Swap (centrally <br> cleared)<br>| Credit<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 482 |
|  |  | $197 | $541 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $160 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $214 |
| Swap | Credit | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (525)<br>|
|  |  |  | $159 |  | $(311)<br>|

---

**American Funds Mortgage Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $5 | Investment securities | $— |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 603 | Unrealized depreciation<sup>1</sup> <br>| 24 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 101 | Unrealized depreciation<sup>1</sup> <br>| 1 |
|  |  |  | $709 |  | $25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(7)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 243 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 920 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 9 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (41)<br>|
|  |  |  | $242 |  | $872 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **321** | American Funds Insurance Series |

---

------

**U.S. Government Securities Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $206 | Investment securities | $— |
| Futures | Interest | Unrealized appreciation<sup>1</sup> <br>| 9883 | Unrealized depreciation<sup>1</sup> <br>| 404 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation<sup>1</sup> <br>| 14278 | Unrealized depreciation<sup>1</sup> <br>| 2762 |
|  |  |  | $24367 |  | $3166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | &nbsp;&nbsp; Net realized gain (loss) on <br> investments<br>| $(336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments<br>| $(296)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6752 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 16396 |
| Swap | Interest | &nbsp;&nbsp; Net realized gain (loss) on swap <br> contracts<br>| 2638 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on swap contracts<br>| (2276)<br>|
|  |  |  | $9054 |  | $13824 |

---

**Managed Risk Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $3271<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Currency<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 6 |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 66<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $3337 | $6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(2283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $15<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (10)<br>|
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (14664)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (397)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 8 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4 |
|  |  |  | $(17289)<br>|  | $(388)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **322** |

---

------

**Managed Risk International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $481<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| —<br> Unrealized depreciation<sup>1</sup> <br>| 126 |
|  |  | $481 | $126 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(152)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (6393)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| (230)<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 6 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 3 |
|  |  |  | $(6948)<br>|  | $(379)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $1203<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 298<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $1501<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(1416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(135)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (9762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 364 |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 14 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 8 |
|  |  |  | $(11347)<br>|  | $237 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **323** | American Funds Insurance Series |

---

------

**Managed Risk Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $14515<br>&nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 3205<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $17720<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(14007)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(1473)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (1347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (53591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 4197<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 45 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 25 |
|  |  |  | $(68900)<br>|  | $2749 |

---

**Managed Risk Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contracts** | <br>**Risk Type** | **Assets**<br>**Value** | **Liabilities**<br>**Value** |
| Options purchased <br> (equity style)<br>| Equity<br> &nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $2833<br> &nbsp;&nbsp;&nbsp;&nbsp; Investment securities from <br> unaffiliated issuers<sup>3</sup> <br>| $— |
| Futures | Equity<br> Unrealized appreciation<sup>1</sup> <br>| 638<br> Unrealized depreciation<sup>1</sup> <br>|  |
|  |  | $3471<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Equity | &nbsp;&nbsp; Net realized gain (loss) on <br> investments in unaffiliated issuers<br>| $(1782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments in <br> unaffiliated issuers<br>| $(299)<br>|
| Futures | Currency | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>|  |
| Futures | Equity | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| (50070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 1047<br>|
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| 709 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| 314 |
|  |  |  | $(51656)<br>|  | $1062 |

---

<sup>1</sup>

Includes cumulative appreciation/depreciation on futures style options, futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Includes options purchased as reported in each fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **324** |

---

------

**Collateral** — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For options on foreign currencies, forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**Rights of offset** — Funds that hold forward currency contracts, options on foreign currencies and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund's forward currency contracts, options on foreign currencies and bilateral swaps by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of June 30, 2025, if close-out netting was exercised (dollars in thousands):

**New World Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| BNP Paribas | $18<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16<br>|
| Citibank | 62<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br>|
| HSBC Bank | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| Morgan Stanley | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | $90<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $61<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61<br>|
| Bank of New York Mellon | 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<br>|
| BNP Paribas | 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 18<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br>|
| JPMorgan Chase | 9<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<br>|
| Morgan Stanley | 23<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21<br>|
| Standard Chartered Bank | 28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br>|
| Total | $168<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **325** | American Funds Insurance Series |

---

------

**American Funds Global Balanced Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $15<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 44<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br>|
| BNP Paribas | 64<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 10<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 116<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 46<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 11<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 7<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | 19<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 8<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $340<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(324)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $45<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Bank of New York Mellon | 5<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<br>|
| Barclays Bank PLC | 28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 70<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6<br>|
| Citibank | 78<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68<br>|
| Goldman Sachs | 223<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>|
| JPMorgan Chase | 20<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 207<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200<br>|
| Standard Chartered Bank | 48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br>|
| UBS AG | 113<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105<br>|
| Total | $885<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(324)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(146)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $415<br>|

---

**The Bond Fund of America** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $191<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(190)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1<br>|
| Barclays Bank PLC | 864<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (533)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331<br>|
| BNP Paribas | 126<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 412<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412<br>|
| Goldman Sachs | 1701<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1207<br>|
| HSBC Bank | 78<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 71<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $3443<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1492)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1951<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $190<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(190)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 533<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (533)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 2672<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2475)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71<br>|
| Goldman Sachs | 494<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 81<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br>|
| JPMorgan Chase | 620<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549<br>|
| UBS AG | 135<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135<br>|
| Total | $4725<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1492)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2475)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $758<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **326** |

---

------

**Capital World Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Bank of America | $995<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(809)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $186<br>|
| Bank of New York Mellon | 119<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119<br>|
| Barclays Bank PLC | 446<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 319<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | 675<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (675)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | 215<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | 845<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (310)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177<br>|
| JPMorgan Chase | 5<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | 80<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | 162<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 34<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | $3895<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3103)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(310)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $482<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | $809<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(809)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | 558<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | 670<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (288)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63<br>|
| Citibank | 683<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (675)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br>|
| Goldman Sachs | 2520<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2298)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br>|
| HSBC Bank | 358<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | 26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6<br>|
| Morgan Stanley | 145<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65<br>|
| Standard Chartered Bank | 449<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | 761<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (340)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387<br>|
| Total | $6979<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3103)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3340)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $536<br>|

---

\*

Collateral is shown on a settlement basis.

<sup>†</sup>

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **327** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Taxation and distributions**

------

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the six months ended June 30, 2025, some of the funds recognized EU reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| Global Growth Fund | &nbsp;&nbsp; $587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $285 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| International Fund | &nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 |
| International Growth and Income Fund | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **328** |

---

------

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $36695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $592960 | &nbsp;&nbsp; $2838 | &nbsp;&nbsp; $15572 | &nbsp;&nbsp; $91745 |
| Late year ordinary loss deferral<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5889)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Undistributed long-term capital gains | &nbsp;&nbsp; 1032377 | &nbsp;&nbsp; 65722 | &nbsp;&nbsp; 3442300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 137294 | &nbsp;&nbsp; 720853 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (206867)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 333805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 3672153 | &nbsp;&nbsp; 874249 | &nbsp;&nbsp; 29669987 | &nbsp;&nbsp; 1970140 | &nbsp;&nbsp; 1386903 | &nbsp;&nbsp; 4493198 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (175826)<br>| &nbsp;&nbsp; (96526)<br>| &nbsp;&nbsp; (588478)<br>| &nbsp;&nbsp; (120463)<br>| &nbsp;&nbsp; (66083)<br>| &nbsp;&nbsp; (136080)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 3496327 | &nbsp;&nbsp; 777723 | &nbsp;&nbsp; 29081509 | &nbsp;&nbsp; 1849677 | &nbsp;&nbsp; 1320820 | &nbsp;&nbsp; 4357118 |
| Cost of investments | &nbsp;&nbsp; 5158642 | &nbsp;&nbsp; 2334987 | &nbsp;&nbsp; 22505964 | &nbsp;&nbsp; 5410310 | &nbsp;&nbsp; 2432087 | &nbsp;&nbsp; 7297400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid Cap** <br> **Equity Fund**<br>| **Capital World** <br>**Growth and** <br>**Income Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| **Asset** <br>**Allocation** <br>**Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $4026 | &nbsp;&nbsp; $485763 | &nbsp;&nbsp; $1421 | &nbsp;&nbsp; $14631 | &nbsp;&nbsp; $274951 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 71132 | &nbsp;&nbsp; 6590885 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1750583 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (25671)<br>| &nbsp;&nbsp; (6862)<br>| &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 69742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18956 | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 812185 | &nbsp;&nbsp; 18907142 | &nbsp;&nbsp; 114299 | &nbsp;&nbsp; 385128 | &nbsp;&nbsp; 8199326 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (894)<br>| &nbsp;&nbsp; (47504)<br>| &nbsp;&nbsp; (167029)<br>| &nbsp;&nbsp; (11155)<br>| &nbsp;&nbsp; (26553)<br>| &nbsp;&nbsp; (567859)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 614 | &nbsp;&nbsp; 764681 | &nbsp;&nbsp; 18740113 | &nbsp;&nbsp; 103144 | &nbsp;&nbsp; 358575 | &nbsp;&nbsp; 7631467 |
| Cost of investments | &nbsp;&nbsp; 15112 | &nbsp;&nbsp; 1243307 | &nbsp;&nbsp; 23895713 | &nbsp;&nbsp; 293020 | &nbsp;&nbsp; 1206185 | &nbsp;&nbsp; 20569509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br>**Fund of** <br>**America**<br>| **Capital** <br>**World** <br>**Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br>**Funds** <br>**Mortgage** <br>**Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $919 | &nbsp;&nbsp; $96579 | &nbsp;&nbsp; $3576 | &nbsp;&nbsp; $10769 | &nbsp;&nbsp; $895 | &nbsp;&nbsp; $2554 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 15632 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1584772)<br>| &nbsp;&nbsp; (199982)<br>| &nbsp;&nbsp; (329227)<br>| &nbsp;&nbsp; (14210)<br>| &nbsp;&nbsp; (1)<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; 3502 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 86169 | &nbsp;&nbsp; 200273 | &nbsp;&nbsp; 58927 | &nbsp;&nbsp; 54453 | &nbsp;&nbsp; 2127 | &nbsp;&nbsp; 1 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (9941)<br>| &nbsp;&nbsp; (244004)<br>| &nbsp;&nbsp; (64856)<br>| &nbsp;&nbsp; (38953)<br>| &nbsp;&nbsp; (1403)<br>| &nbsp;&nbsp; (31)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 76228 | &nbsp;&nbsp; (43731)<br>| &nbsp;&nbsp; (5929)<br>| &nbsp;&nbsp; 15500 | &nbsp;&nbsp; 724 | &nbsp;&nbsp; (30)<br>|
| Cost of investments | &nbsp;&nbsp; 343260 | &nbsp;&nbsp; 11273203 | &nbsp;&nbsp; 1483160 | &nbsp;&nbsp; 972704 | &nbsp;&nbsp; 132267 | &nbsp;&nbsp; 328764 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **329** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| **As of December 31, 2024:** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; $14192 | &nbsp;&nbsp; $3030 | &nbsp;&nbsp; $1479 | &nbsp;&nbsp; $4678 | &nbsp;&nbsp; $29096 | &nbsp;&nbsp; $34222 |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 21721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80444 | &nbsp;&nbsp; 121846 |
| Capital loss carryforward<sup>1</sup> <br>| &nbsp;&nbsp; (285585)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17954)<br>| &nbsp;&nbsp; (22352)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital loss carryforward utilized | &nbsp;&nbsp; — | &nbsp;&nbsp; 12281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **As of June 30, 2025:** |  |  |  |  |  |  |
| Gross unrealized appreciation on <br> investments<br>| &nbsp;&nbsp; 45694 | &nbsp;&nbsp; 117719 | &nbsp;&nbsp; 20510 | &nbsp;&nbsp; 60113 | &nbsp;&nbsp; 231817 | &nbsp;&nbsp; 177065 |
| Gross unrealized depreciation on <br> investments<br>| &nbsp;&nbsp; (50484)<br>| &nbsp;&nbsp; (64383)<br>| &nbsp;&nbsp; (22277)<br>| &nbsp;&nbsp; (25719)<br>| &nbsp;&nbsp; (76928)<br>| &nbsp;&nbsp; (47264)<br>|
| Net unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (4790)<br>| &nbsp;&nbsp; 53336 | &nbsp;&nbsp; (1767)<br>| &nbsp;&nbsp; 34394 | &nbsp;&nbsp; 154889 | &nbsp;&nbsp; 129801 |
| Cost of investments | &nbsp;&nbsp; 1914351 | &nbsp;&nbsp; 467686 | &nbsp;&nbsp; 115094 | &nbsp;&nbsp; 283921 | &nbsp;&nbsp; 1973291 | &nbsp;&nbsp; 1826040 |

---

<sup>1</sup>

Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

<sup>2</sup>

This deferral is considered incurred in the subsequent year.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $17222 | $455982 | $473204 | &nbsp;&nbsp;&nbsp;&nbsp; $65173 | $99126 | $164299 |
| Class 1A | &nbsp;&nbsp; 96 | 2766 | 2862 | &nbsp;&nbsp;&nbsp;&nbsp; 319 | 536 | 855 |
| Class 2 | &nbsp;&nbsp; 15237 | 443236 | 458473 | &nbsp;&nbsp;&nbsp;&nbsp; 57169 | 103301 | 160470 |
| Class 4 | &nbsp;&nbsp; 4149 | 130403 | 134552 | &nbsp;&nbsp;&nbsp;&nbsp; 12745 | 23878 | 36623 |
| Total | &nbsp;&nbsp; $36704 | $1032387 | $1069091 | &nbsp;&nbsp;&nbsp;&nbsp; $135406 | $226841 | $362247 |

---

**Global Small Capitalization Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $— | $19199 | $19199 | &nbsp;&nbsp;&nbsp;&nbsp; $24044 | $21820 | $45864 |
| Class 1A | &nbsp;&nbsp; — | 126 | 126 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | 119 | 239 |
| Class 2 | &nbsp;&nbsp; — | 39094 | 39094 | &nbsp;&nbsp;&nbsp;&nbsp; 42943 | 43051 | 85994 |
| Class 4 | &nbsp;&nbsp; — | 7316 | 7316 | &nbsp;&nbsp;&nbsp;&nbsp; 6428 | 7070 | 13498 |
| Total | &nbsp;&nbsp; $— | $65735 | $65735 | &nbsp;&nbsp;&nbsp;&nbsp; $73535 | $72060 | $145595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **330** |

---

------

**Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $271740 | $1543000 | $1814740 | &nbsp;&nbsp;&nbsp;&nbsp; $121696 | $433019 | $554715 |
| Class 1A | &nbsp;&nbsp; 4439 | 26100 | 30539 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 | 7268 | 8596 |
| Class 2 | &nbsp;&nbsp; 243730 | 1433339 | 1677069 | &nbsp;&nbsp;&nbsp;&nbsp; 72492 | 433759 | 506251 |
| Class 3 | &nbsp;&nbsp; 3240 | 18878 | 22118 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 | 5725 | 6848 |
| Class 4 | &nbsp;&nbsp; 69855 | 421011 | 490866 | &nbsp;&nbsp;&nbsp;&nbsp; 9370 | 97988 | 107358 |
| Total | &nbsp;&nbsp; $593004 | $3442328 | $4035332 | &nbsp;&nbsp;&nbsp;&nbsp; $206009 | $977759 | $1183768 |

---

**International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $2080 | $— | $2080 | &nbsp;&nbsp;&nbsp;&nbsp; $46267 | $— | $46267 |
| Class 1A | &nbsp;&nbsp; 4 |  | 4 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |  | 157 |
| Class 2 | &nbsp;&nbsp; 776 |  | 776 | &nbsp;&nbsp;&nbsp;&nbsp; 40220 |  | 40220 |
| Class 3 | &nbsp;&nbsp; 5 |  | 5 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |  | 191 |
| Class 4 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |  | 4485 |
| Total | &nbsp;&nbsp; $2865 | $— | $2865 | &nbsp;&nbsp;&nbsp;&nbsp; $91320 | $— | $91320 |

---

**New World Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class 1 | &nbsp;&nbsp; $8656 | $71532 | $80188 | &nbsp;&nbsp;&nbsp;&nbsp; $29713 | $8227 | $37940 |
| Class 1A | &nbsp;&nbsp; 49 | 453 | 502 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | 49 | 216 |
| Class 2 | &nbsp;&nbsp; 3487 | 31619 | 35106 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 | 3828 | 15121 |
| Class 4 | &nbsp;&nbsp; 3394 | 33694 | 37088 | &nbsp;&nbsp;&nbsp;&nbsp; 9604 | 3785 | 13389 |
| Total | &nbsp;&nbsp; $15586 | $137298 | $152884 | &nbsp;&nbsp;&nbsp;&nbsp; $50777 | $15889 | $66666 |

---

**Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $52115 | $397175 | $449290 | &nbsp;&nbsp;&nbsp;&nbsp; $111395 | $50394 | $161789 |
| Class 1A | &nbsp;&nbsp; 264 | 2103 | 2367 | &nbsp;&nbsp;&nbsp;&nbsp; 426 | 202 | 628 |
| Class 2 | &nbsp;&nbsp; 24149 | 193815 | 217964 | &nbsp;&nbsp;&nbsp;&nbsp; 46990 | 24567 | 71557 |
| Class 4 | &nbsp;&nbsp; 15307 | 127802 | 143109 | &nbsp;&nbsp;&nbsp;&nbsp; 23694 | 12608 | 36302 |
| Total | &nbsp;&nbsp; $91835 | $720895 | $812730 | &nbsp;&nbsp;&nbsp;&nbsp; $182505 | $87771 | $270276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **331** | American Funds Insurance Series |

---

------

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **For the period November 15, 2024**<sup>3</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to** <br> **December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to** <br> **December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $— <br><sup>4</sup><br>| $— <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>4</sup><br>| $— | $— <br><sup>4</sup><br>|
| Class 1A | &nbsp;&nbsp; — <br><sup>4</sup><br>| — <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>4</sup><br>|  | — <br><sup>4</sup><br>|
| Class 2 | &nbsp;&nbsp; — <br><sup>4</sup><br>| — <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>4</sup><br>|  | — <br><sup>4</sup><br>|
| Class 4 | &nbsp;&nbsp; 5<br>— <br><sup>4</sup><br>| 5 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |  | 13 |
| Total | &nbsp;&nbsp; $5<br>$— <br><sup>4</sup><br>| $5 | &nbsp;&nbsp;&nbsp;&nbsp; $13 | $— | $13 |

---

**Capital World Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1434 | $21740 | $23174 | &nbsp;&nbsp;&nbsp;&nbsp; $11350 | $— | $11350 |
| Class 1A | &nbsp;&nbsp; 21 | 363 | 384 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |  | 144 |
| Class 2 | &nbsp;&nbsp; 2061 | 37773 | 39834 | &nbsp;&nbsp;&nbsp;&nbsp; 17039 |  | 17039 |
| Class 4 | &nbsp;&nbsp; 519 | 11256 | 11775 | &nbsp;&nbsp;&nbsp;&nbsp; 3943 |  | 3943 |
| Total | &nbsp;&nbsp; $4035 | $71132 | $75167 | &nbsp;&nbsp;&nbsp;&nbsp; $32476 | $— | $32476 |

---

**Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $290697 | $3878399 | $4169096 | &nbsp;&nbsp;&nbsp;&nbsp; $338365 | $1023186 | $1361551 |
| Class 1A | &nbsp;&nbsp; 526 | 7252 | 7778 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | 1702 | 2197 |
| Class 2 | &nbsp;&nbsp; 159838 | 2211126 | 2370964 | &nbsp;&nbsp;&nbsp;&nbsp; 163135 | 597677 | 760812 |
| Class 3 | &nbsp;&nbsp; 1732 | 23742 | 25474 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 | 6513 | 8392 |
| Class 4 | &nbsp;&nbsp; 33021 | 470380 | 503401 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 | 105495 | 131545 |
| Total | &nbsp;&nbsp; $485814 | $6590899 | $7076713 | &nbsp;&nbsp;&nbsp;&nbsp; $529924 | $1734573 | $2264497 |

---

**International Growth and Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $112 | $— | $112 | &nbsp;&nbsp;&nbsp;&nbsp; $461 | $— | $461 |
| Class 1A | &nbsp;&nbsp; 28 |  | 28 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |  | 156 |
| Class 2 | &nbsp;&nbsp; 614 |  | 614 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |  | 3897 |
| Class 4 | &nbsp;&nbsp; 669 |  | 669 | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |  | 3584 |
| Total | &nbsp;&nbsp; $1423 | $— | $1423 | &nbsp;&nbsp;&nbsp;&nbsp; $8098 | $— | $8098 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **332** |

---

------

**Capital Income Builder** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $9077 | $— | $9077 | &nbsp;&nbsp;&nbsp;&nbsp; $25390 | $— | $25390 |
| Class 1A | &nbsp;&nbsp; 143 |  | 143 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |  | 397 |
| Class 2 | &nbsp;&nbsp; 212 |  | 212 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |  | 575 |
| Class 4 | &nbsp;&nbsp; 6699 |  | 6699 | &nbsp;&nbsp;&nbsp;&nbsp; 19314 |  | 19314 |
| Total | &nbsp;&nbsp; $16131 | $— | $16131 | &nbsp;&nbsp;&nbsp;&nbsp; $45676 | $— | $45676 |

---

**Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $164502 | $1019238 | $1183740 | &nbsp;&nbsp;&nbsp;&nbsp; $374078 | $678739 | $1052817 |
| Class 1A | &nbsp;&nbsp; 434 | 2795 | 3229 | &nbsp;&nbsp;&nbsp;&nbsp; 848 | 1422 | 2270 |
| Class 2 | &nbsp;&nbsp; 43502 | 280960 | 324462 | &nbsp;&nbsp;&nbsp;&nbsp; 92429 | 187595 | 280024 |
| Class 3 | &nbsp;&nbsp; 326 | 2081 | 2407 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | 1326 | 2019 |
| Class 4 | &nbsp;&nbsp; 66287 | 445526 | 511813 | &nbsp;&nbsp;&nbsp;&nbsp; 127247 | 278890 | 406137 |
| Total | &nbsp;&nbsp; $275051 | $1750600 | $2025651 | &nbsp;&nbsp;&nbsp;&nbsp; $595295 | $1147972 | $1743267 |

---

**American Funds Global Balanced Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $254 | $3585 | $3839 | &nbsp;&nbsp;&nbsp;&nbsp; $1963 | $— | $1963 |
| Class 1A | &nbsp;&nbsp; 9 | 152 | 161 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |  | 64 |
| Class 2 | &nbsp;&nbsp; 335 | 5617 | 5952 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |  | 2714 |
| Class 4 | &nbsp;&nbsp; 324 | 6279 | 6603 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |  | 2307 |
| Total | &nbsp;&nbsp; $922 | $15633 | $16555 | &nbsp;&nbsp;&nbsp;&nbsp; $7048 | $— | $7048 |

---

**The Bond Fund of America** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $60306 | $— | $60306 | &nbsp;&nbsp;&nbsp;&nbsp; $305561 | $— | $305561 |
| Class 1A | &nbsp;&nbsp; 2233 |  | 2233 | &nbsp;&nbsp;&nbsp;&nbsp; 8909 |  | 8909 |
| Class 2 | &nbsp;&nbsp; 23485 |  | 23485 | &nbsp;&nbsp;&nbsp;&nbsp; 115243 |  | 115243 |
| Class 4 | &nbsp;&nbsp; 10634 |  | 10634 | &nbsp;&nbsp;&nbsp;&nbsp; 45913 |  | 45913 |
| Total | &nbsp;&nbsp; $96658 | $— | $96658 | &nbsp;&nbsp;&nbsp;&nbsp; $475626 | $— | $475626 |

---

**Capital World Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $1662 | $— | $1662 | &nbsp;&nbsp;&nbsp;&nbsp; $15387 | $— | $15387 |
| Class 1A | &nbsp;&nbsp; 53 |  | 53 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |  | 983 |
| Class 2 | &nbsp;&nbsp; 1727 |  | 1727 | &nbsp;&nbsp;&nbsp;&nbsp; 16410 |  | 16410 |
| Class 4 | &nbsp;&nbsp; 146 |  | 146 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |  | 1135 |
| Total | &nbsp;&nbsp; $3588 | $— | $3588 | &nbsp;&nbsp;&nbsp;&nbsp; $33915 | $— | $33915 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **333** | American Funds Insurance Series |

---

------

**American High-Income Trust** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $2793 | $— | $2793 | &nbsp;&nbsp;&nbsp;&nbsp; $15191 | $— | $15191 |
| Class 1A | &nbsp;&nbsp; 37 |  | 37 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |  | 199 |
| Class 2 | &nbsp;&nbsp; 5937 |  | 5937 | &nbsp;&nbsp;&nbsp;&nbsp; 35147 |  | 35147 |
| Class 3 | &nbsp;&nbsp; 87 |  | 87 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |  | 529 |
| Class 4 | &nbsp;&nbsp; 1919 |  | 1919 | &nbsp;&nbsp;&nbsp;&nbsp; 8336 |  | 8336 |
| Total | &nbsp;&nbsp; $10773 | $— | $10773 | &nbsp;&nbsp;&nbsp;&nbsp; $59402 | $— | $59402 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $143 | $— | $143 | &nbsp;&nbsp;&nbsp;&nbsp; $804 | $— | $804 |
| Class 1A | &nbsp;&nbsp; 23 |  | 23 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |  | 121 |
| Class 2 | &nbsp;&nbsp; 316 |  | 316 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |  | 1928 |
| Class 4 | &nbsp;&nbsp; 414 |  | 414 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |  | 2148 |
| Total | &nbsp;&nbsp; $896 | $— | $896 | &nbsp;&nbsp;&nbsp;&nbsp; $5001 | $— | $5001 |

---

**Ultra-Short Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $267 | $— | $267 | &nbsp;&nbsp;&nbsp;&nbsp; $1996 | $— | $1996 |
| Class 1A | &nbsp;&nbsp; 1 |  | 1 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |  | 6 |
| Class 2 | &nbsp;&nbsp; 1787 |  | 1787 | &nbsp;&nbsp;&nbsp;&nbsp; 12857 |  | 12857 |
| Class 3 | &nbsp;&nbsp; 29 |  | 29 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |  | 205 |
| Class 4 | &nbsp;&nbsp; 473 |  | 473 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 |  | 2569 |
| Total | &nbsp;&nbsp; $2557 | $— | $2557 | &nbsp;&nbsp;&nbsp;&nbsp; $17633 | $— | $17633 |

---

**U.S. Government Securities Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class 1 | &nbsp;&nbsp; $2151 | $— | $2151 | &nbsp;&nbsp;&nbsp;&nbsp; $11248 | $— | $11248 |
| Class 1A | &nbsp;&nbsp; 2157 |  | 2157 | &nbsp;&nbsp;&nbsp;&nbsp; 11344 |  | 11344 |
| Class 2 | &nbsp;&nbsp; 8060 |  | 8060 | &nbsp;&nbsp;&nbsp;&nbsp; 42551 |  | 42551 |
| Class 3 | &nbsp;&nbsp; 41 |  | 41 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |  | 204 |
| Class 4 | &nbsp;&nbsp; 1788 |  | 1788 | &nbsp;&nbsp;&nbsp;&nbsp; 7920 |  | 7920 |
| Total | &nbsp;&nbsp; $14197 | $— | $14197 | &nbsp;&nbsp;&nbsp;&nbsp; $73267 | $— | $73267 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $111 | $558 | $669 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | $— | $93 |
| Class P2 | &nbsp;&nbsp; 2919 | 21164 | 24083 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |  | 2326 |
| Total | &nbsp;&nbsp; $3030 | $21722 | $24752 | &nbsp;&nbsp;&nbsp;&nbsp; $2419 | $— | $2419 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **334** |

---

------

**Managed Risk International Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $30 | $— | $30 | &nbsp;&nbsp;&nbsp;&nbsp; $29 | $— | $29 |
| Class P2 | &nbsp;&nbsp; 1450 |  | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |  | 1532 |
| Total | &nbsp;&nbsp; $1480 | $— | $1480 | &nbsp;&nbsp;&nbsp;&nbsp; $1561 | $— | $1561 |

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $40 | $— | $40 | &nbsp;&nbsp;&nbsp;&nbsp; $53 | $— | $53 |
| Class P2 | &nbsp;&nbsp; 4640 |  | 4640 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |  | 5422 |
| Total | &nbsp;&nbsp; $4680 | $— | $4680 | &nbsp;&nbsp;&nbsp;&nbsp; $5475 | $— | $5475 |

---

**Managed Risk Growth-Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $25511 | $70237 | $95748 | &nbsp;&nbsp;&nbsp;&nbsp; $33022 | $25142 | $58164 |
| Class P2 | &nbsp;&nbsp; 3596 | 10214 | 13810 | &nbsp;&nbsp;&nbsp;&nbsp; 4085 | 3659 | 7744 |
| Total | &nbsp;&nbsp; $29107 | $80451 | $109558 | &nbsp;&nbsp;&nbsp;&nbsp; $37107 | $28801 | $65908 |

---

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| **Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class P1 | &nbsp;&nbsp; $208 | $722 | $930 | &nbsp;&nbsp;&nbsp;&nbsp; $226 | $138 | $364 |
| Class P2 | &nbsp;&nbsp; 34023 | 121132 | 155155 | &nbsp;&nbsp;&nbsp;&nbsp; 39976 | 28786 | 68762 |
| Total | &nbsp;&nbsp; $34231 | $121854 | $156085 | &nbsp;&nbsp;&nbsp;&nbsp; $40202 | $28924 | $69126 |

---

<sup>3</sup>

Commencement of operations.

<sup>4</sup>

Amount less than one thousand.

**7. Fees and transactions**

------

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company® ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the six months ended June 30, 2025, total investment advisory services fees waived by CRMC were $26,151,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **335** | American Funds Insurance Series |

---

------

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Rates** | **Rates** | **Net asset level** <br>**(in billions)** | **Net asset level** <br>**(in billions)** | **For the** <br>**six months** <br> **ended** <br>**June 30,** <br>**2025,** <br>**before waiver** | **For the** <br>**six months** <br> **ended** <br>**June 30,** <br>**2025,** <br>**after waiver** |
| **Fund** | **Beginning** <br>**with**<br>| **Ending** <br>**with**<br>| **Up to** | **In excess** <br>**of**<br>| **For the** <br>**six months** <br> **ended** <br>**June 30,** <br>**2025,** <br>**before waiver** | **For the** <br>**six months** <br> **ended** <br>**June 30,** <br>**2025,** <br>**after waiver** |
| Global Growth Fund | .475<br> %<br>| .435<br> %<br>| $15.0 | $15.0 | .475<br> %<br>| .368<br> %<br>|
| Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .604 |
| Growth Fund | .500 | .275 | .6 | 44.0 | .304 | .304 |
| International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 |
| New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 |
| Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .231 |
| U.S. Small and Mid Cap Equity Fund | .450 |  | all |  | .450 | .450 |
| Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .375 |
| Growth-Income Fund | .500 | .217 | .6 | 44.0 | .250 | .250 |
| International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .478 |
| Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .227 |
| Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .265 | .265 |
| American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .433 |
| The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .202 |
| Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 |
| American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .284 |
| American Funds Mortgage Fund  | .295 | .280 | 15.0 | 15.0 | .295 | .218 |
| Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 |
| U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .222 |
| Managed Risk Growth Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk International Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Washington Mutual Investors Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Growth-Income Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Asset Allocation Fund\* | .100 |  | all |  | .150 | .100 |

---

\*

For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%. Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Class 2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class 3 | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Class 4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P1 | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Class P2 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **336** |

---

------

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $534 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 4295 | Not applicable | 515 |
| Class 4 | 1206 | 1207 | 145 |
| Total class-specific <br> expenses<br>| $5501 | $1233 | $1197 |

---

**Global Small Capitalization Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $133 |
| Class 1A | $— | $7 | 1 |
| Class 2 | 2083 | Not applicable | 250 |
| Class 4 | 385 | 385 | 46 |
| Total class-specific <br> expenses<br>| $2468 | $392 | $430 |

---

**Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $3171 |
| Class 1A | $— | $489 | 59 |
| Class 2 | 24517 | Not applicable | 2942 |
| Class 3 | 239 | Not applicable | 40 |
| Class 4 | 6668 | 6668 | 800 |
| Total class-specific <br> expenses<br>| $31424 | $7157 | $7012 |

---

**International Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $463 |
| Class 1A | $— | $16 | 2 |
| Class 2 | 4053 | Not applicable | 486 |
| Class 3 | 13 | Not applicable | 2 |
| Class 4 | 575 | 576 | 69 |
| Total class-specific <br> expenses<br>| $4641 | $592 | $1022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **337** | American Funds Insurance Series |

---

------

**New World Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $271 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 992 | Not applicable | 119 |
| Class 4 | 1031 | 1031 | 124 |
| Total class-specific <br> expenses<br>| $2023 | $1046 | $516 |

---

**Washington Mutual Investors Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $924 |
| Class 1A | $— | $38 | 5 |
| Class 2 | 3686 | Not applicable | 442 |
| Class 4 | 2299 | 2299 | 276 |
| Total class-specific <br> expenses<br>| $5985 | $2337 | $1647 |

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $—<br> \*<br>|
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 |  | Not applicable | —<br> \*<br>|
| Class 4 | —<br> \*<br>| —<br> \*<br>| 2 |
| Total class-specific <br> expenses<br>| $—<br> \*<br>| $—<br> \*<br>| $2 |

---

**Capital World Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $88 |
| Class 1A | $— | $12 | 2 |
| Class 2 | 1251 | Not applicable | 150 |
| Class 4 | 349 | 349 | 42 |
| Total class-specific <br> expenses<br>| $1600 | $361 | $282 |

---

**Growth-Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $3562 |
| Class 1A | $— | $54 | 7 |
| Class 2 | 16700 | Not applicable | 2004 |
| Class 3 | 133 | Not applicable | 22 |
| Class 4 | 3381 | 3381 | 406 |
| Total class-specific <br> expenses<br>| $20214 | $3435 | $6001 |

---

**International Growth and Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $4 |
| Class 1A | $— | $9 | 1 |
| Class 2 | 194 | Not applicable | 23 |
| Class 4 | 209 | 209 | 25 |
| Total class-specific <br> expenses<br>| $403 | $218 | $53 |

---

**Capital Income Builder** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $110 |
| Class 1A | $— | $16 | 2 |
| Class 2 | 23 | Not applicable | 3 |
| Class 4 | 831 | 831 | 99 |
| Total class-specific <br> expenses<br>| $854 | $847 | $214 |

---

**Asset Allocation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $2341 |
| Class 1A | $— | $52 | 6 |
| Class 2 | 5281 | Not applicable | 634 |
| Class 3 | 28 | Not applicable | 5 |
| Class 4 | 8215 | 8214 | 986 |
| Total class-specific <br> expenses<br>| $13524 | $8266 | $3972 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **338** |

---

------

**American Funds Global Balanced Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $14 |
| Class 1A | $— | $5 | 1 |
| Class 2 | 183 | Not applicable | 22 |
| Class 4 | 191 | 191 | 23 |
| Total class-specific <br> expenses<br>| $374 | $196 | $60 |

---

**The Bond Fund of America** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $1017 |
| Class 1A | $— | $290 | 35 |
| Class 2 | 3381 | Not applicable | 406 |
| Class 4 | 1525 | 1525 | 183 |
| Total class-specific <br> expenses<br>| $4906 | $1815 | $1641 |

---

**Capital World Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $89 |
| Class 1A | $— | $46 | 6 |
| Class 2 | 937 | Not applicable | 112 |
| Class 4 | 81 | 80 | 10 |
| Total class-specific <br> expenses<br>| $1018 | $126 | $217 |

---

**American High-Income Trust** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $35 |
| Class 1A | $— | $4 | 1 |
| Class 2 | 660 | Not applicable | 79 |
| Class 3 | 7 | Not applicable | 1 |
| Class 4 | 221 | 221 | 27 |
| Total class-specific <br> expenses<br>| $888 | $225 | $143 |

---

**American Funds Mortgage Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $3 |
| Class 1A | $— | $3 | —<br> \*<br>|
| Class 2 | 51 | Not applicable | 6 |
| Class 4 | 66 | 66 | 8 |
| Total class-specific <br> expenses<br>| $117 | $69 | $17 |

---

**Ultra-Short Bond Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $5 |
| Class 1A | $— | $—<br> \*<br>| —<br> \*<br>|
| Class 2 | 291 | Not applicable | 35 |
| Class 3 | 3 | Not applicable | 1 |
| Class 4 | 88 | 88 | 10 |
| Total class-specific <br> expenses<br>| $382 | $88 | $51 |

---

**U.S. Government Securities Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class 1 | Not applicable | Not applicable | $39 |
| Class 1A | $— | $358 | 43 |
| Class 2 | 1287 | Not applicable | 154 |
| Class 3 | 4 | Not applicable | 1 |
| Class 4 | 280 | 280 | 34 |
| Total class-specific <br> expenses<br>| $1571 | $638 | $271 |

---

**Managed Risk Growth Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $16 |
| Class P2 | $608 | 609 |
| Total class-specific <br> expenses<br>| $608 | $625 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **339** | American Funds Insurance Series |

---

------

**Managed Risk International Fund** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $2 |
| Class P2 | $138 | 139 |
| Total class-specific <br> expenses<br>| $138 | $141 |

---

**Managed Risk Washington Mutual Investors Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $3 |
| Class P2 | $388 | 388 |
| Total class-specific <br> expenses<br>| $388 | $391 |

---

**Managed Risk Growth-Income Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $2275 |
| Class P2 | $327 | 327 |
| Total class-specific <br> expenses<br>| $327 | $2602 |

---

**Managed Risk Asset Allocation Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Insurance** <br>**administrative** <br>**services**<br>|
| Class P1 | Not applicable | $15 |
| Class P2 | $2402 | 2401 |
| Total class-specific <br> expenses<br>| $2402 | $2416 |

---

\*

Amount less than one thousand.

**Miscellaneous fee reimbursements** — CRMC reimbursed a portion of miscellaneous fees and expenses for U.S. Small and Mid Cap Equity Fund and Managed Risk International Fund. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the six months ended June 30, 2025, total fees and expenses reimbursed by CRMC were $21,000. CRMC may recoup all or a portion of these reimbursements during the current fiscal year. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | **Increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total trustees'** <br>**compensation**<br>|
| Global Growth Fund | &nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Growth Fund | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| International Fund | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| New World Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Capital World Growth and Income Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Growth-Income Fund | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| International Growth and Income Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Capital Income Builder | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Asset Allocation Fund | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| The Bond Fund of America | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Capital World Bond Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| American High-Income Trust | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| American Funds Mortgage Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Ultra-Short Bond Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| U.S. Government Securities Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Managed Risk Growth Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Managed Risk International Fund | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **340** |

---

------

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**Investments in CCBF and CCF** — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of June 30, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | **Net** <br>**realized** <br>**gain (loss)**<br>|
| Global Growth Fund | &nbsp;&nbsp; $88976 | &nbsp;&nbsp; $14964 | &nbsp;&nbsp; $2923 |
| Global Small Capitalization Fund | &nbsp;&nbsp; 17787 | &nbsp;&nbsp; 7499 | &nbsp;&nbsp; 1872 |
| Growth Fund | &nbsp;&nbsp; 262208 | &nbsp;&nbsp; 192926 | &nbsp;&nbsp; 65081 |
| International Fund | &nbsp;&nbsp; 95968 | &nbsp;&nbsp; 38929 | &nbsp;&nbsp; 6168 |
| New World Fund | &nbsp;&nbsp; 9610 | &nbsp;&nbsp; 29959 | &nbsp;&nbsp; 5791 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 73880 | &nbsp;&nbsp; 101813 | &nbsp;&nbsp; 14322 |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 21390 | &nbsp;&nbsp; 27562 | &nbsp;&nbsp; 6719 |
| Growth-Income Fund | &nbsp;&nbsp; 332042 | &nbsp;&nbsp; 383247 | &nbsp;&nbsp; 101737 |
| International Growth and Income Fund | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 138 |
| Capital Income Builder | &nbsp;&nbsp; 14710 | &nbsp;&nbsp; 14805 | &nbsp;&nbsp; 4080 |
| Asset Allocation Fund | &nbsp;&nbsp; 199278 | &nbsp;&nbsp; 71009 | &nbsp;&nbsp; 43548 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 2269 | &nbsp;&nbsp; 3535 | &nbsp;&nbsp; 909 |

---

**8. Indemnifications**

------

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Committed line of credit**

------

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **341** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $132465 | 3800 | &nbsp;&nbsp; $473203 | 13844 | &nbsp;&nbsp; $(297705)<br>| (8075)<br>| &nbsp;&nbsp; $307963 | 9569 |
| Class 1A | 1877 | 52 | &nbsp;&nbsp; 2862 | 84 | &nbsp;&nbsp; (1125)<br>| (31)<br>| &nbsp;&nbsp; 3614 | 105 |
| Class 2 | 18094 | 501 | &nbsp;&nbsp; 458474 | 13654 | &nbsp;&nbsp; (244822)<br>| (6757)<br>| &nbsp;&nbsp; 231746 | 7398 |
| Class 4 | 88558 | 2477 | &nbsp;&nbsp; 134552 | 4068 | &nbsp;&nbsp; (49285)<br>| (1386)<br>| &nbsp;&nbsp; 173825 | 5159 |
| Total net increase (decrease) | $240994 | 6830 | &nbsp;&nbsp; $1069091 | 31650 | &nbsp;&nbsp; $(592937)<br>| (16249)<br>| &nbsp;&nbsp; $717148 | 22231 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $182743 | 4922 | &nbsp;&nbsp; $164299 | 4426 | &nbsp;&nbsp; $(478156)<br>| (12907)<br>| &nbsp;&nbsp; $(131114)<br>| (3559)<br>|
| Class 1A | 3593 | 97 | &nbsp;&nbsp; 855 | 23 | &nbsp;&nbsp; (3164)<br>| (85)<br>| &nbsp;&nbsp; 1284 | 35 |
| Class 2 | 64877 | 1789 | &nbsp;&nbsp; 160470 | 4397 | &nbsp;&nbsp; (544385)<br>| (14948)<br>| &nbsp;&nbsp; (319038)<br>| (8762)<br>|
| Class 4 | 187863 | 5186 | &nbsp;&nbsp; 36623 | 1016 | &nbsp;&nbsp; (80774)<br>| (2235)<br>| &nbsp;&nbsp; 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | &nbsp;&nbsp; $362247 | 9862 | &nbsp;&nbsp; $(1106479)<br>| (30175)<br>| &nbsp;&nbsp; $(305156)<br>| (8319)<br>|

---

**Global Small Capitalization Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $41857 | 2403 | &nbsp;&nbsp;&nbsp; $19028 | 1042 | &nbsp;&nbsp;&nbsp; $(166307)<br>| (9259)<br>| &nbsp;&nbsp;&nbsp; $(105422)<br>| (5814)<br>|
| Class 1A | 339 | 19 | &nbsp;&nbsp;&nbsp; 126 | 7 | &nbsp;&nbsp;&nbsp; (191)<br>| (11)<br>| &nbsp;&nbsp;&nbsp; 274 | 15 |
| Class 2 | 21045 | 1286 | &nbsp;&nbsp;&nbsp; 39095 | 2285 | &nbsp;&nbsp;&nbsp; (102502)<br>| (6007)<br>| &nbsp;&nbsp;&nbsp; (42362)<br>| (2436)<br>|
| Class 4 | 72171 | 4238 | &nbsp;&nbsp;&nbsp; 7315 | 429 | &nbsp;&nbsp;&nbsp; (18863)<br>| (1119)<br>| &nbsp;&nbsp;&nbsp; 60623 | 3548 |
| Total net increase (decrease) | $135412 | 7946 | &nbsp;&nbsp;&nbsp; $65564 | 3763 | &nbsp;&nbsp;&nbsp; $(287863)<br>| (16396)<br>| &nbsp;&nbsp;&nbsp; $(86887)<br>| (4687)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $82737 | 4519 | &nbsp;&nbsp;&nbsp; $45699 | 2557 | &nbsp;&nbsp;&nbsp; $(168033)<br>| (9099)<br>| &nbsp;&nbsp;&nbsp; $(39597)<br>| (2023)<br>|
| Class 1A | 766 | 43 | &nbsp;&nbsp;&nbsp; 239 | 14 | &nbsp;&nbsp;&nbsp; (637)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; 368 | 22 |
| Class 2 | 58585 | 3367 | &nbsp;&nbsp;&nbsp; 85994 | 5139 | &nbsp;&nbsp;&nbsp; (246897)<br>| (14207)<br>| &nbsp;&nbsp;&nbsp; (102318)<br>| (5701)<br>|
| Class 4 | 41322 | 2398 | &nbsp;&nbsp;&nbsp; 13498 | 810 | &nbsp;&nbsp;&nbsp; (37390)<br>| (2159)<br>| &nbsp;&nbsp;&nbsp; 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | &nbsp;&nbsp;&nbsp; $145430 | 8520 | &nbsp;&nbsp;&nbsp; $(452957)<br>| (25500)<br>| &nbsp;&nbsp;&nbsp; $(124117)<br>| (6653)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **342** |

---

------

**Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $1154878 | 9350 | &nbsp;&nbsp; $1813129 | 14793 | &nbsp;&nbsp; $(1579414)<br>| (12694)<br>| &nbsp;&nbsp; $1388593 | 11449 |
| Class 1A | 73719 | 595 | &nbsp;&nbsp; 30539 | 252 | &nbsp;&nbsp; (97203)<br>| (749)<br>| &nbsp;&nbsp; 7055 | 98 |
| Class 2 | 248965 | 2034 | &nbsp;&nbsp; 1677068 | 13892 | &nbsp;&nbsp; (1393936)<br>| (11137)<br>| &nbsp;&nbsp; 532097 | 4789 |
| Class 3 | 553 | 5 | &nbsp;&nbsp; 22118 | 178 | &nbsp;&nbsp; (16524)<br>| (130)<br>| &nbsp;&nbsp; 6147 | 53 |
| Class 4 | 589030 | 4934 | &nbsp;&nbsp; 490866 | 4194 | &nbsp;&nbsp; (173917)<br>| (1448)<br>| &nbsp;&nbsp; 905979 | 7680 |
| Total net increase (decrease) | $2067145 | 16918 | &nbsp;&nbsp; $4033720 | 33309 | &nbsp;&nbsp; $(3260994)<br>| (26158)<br>| &nbsp;&nbsp; $2839871 | 24069 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $1283657 | 11196 | &nbsp;&nbsp; $554066 | 4995 | &nbsp;&nbsp; $(2581742)<br>| (22564)<br>| &nbsp;&nbsp; $(744019)<br>| (6373)<br>|
| Class 1A | 43180 | 381 | &nbsp;&nbsp; 8596 | 79 | &nbsp;&nbsp; (33697)<br>| (304)<br>| &nbsp;&nbsp; 18079 | 156 |
| Class 2 | 414661 | 3673 | &nbsp;&nbsp; 506251 | 4690 | &nbsp;&nbsp; (3189792)<br>| (28372)<br>| &nbsp;&nbsp; (2268880)<br>| (20009)<br>|
| Class 3 | 1071 | 10 | &nbsp;&nbsp; 6848 | 62 | &nbsp;&nbsp; (32036)<br>| (278)<br>| &nbsp;&nbsp; (24117)<br>| (206)<br>|
| Class 4 | 874214 | 7971 | &nbsp;&nbsp; 107359 | 1032 | &nbsp;&nbsp; (368353)<br>| (3358)<br>| &nbsp;&nbsp; 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | &nbsp;&nbsp; $1183120 | 10858 | &nbsp;&nbsp; $(6205620)<br>| (54876)<br>| &nbsp;&nbsp; $(2405717)<br>| (20787)<br>|

---

**International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $63294 | 3490 | &nbsp;&nbsp; $2080 | 108 | &nbsp;&nbsp; $(231772)<br>| (12501)<br>| &nbsp;&nbsp; $(166398)<br>| (8903)<br>|
| Class 1A | 530 | 29 | &nbsp;&nbsp; 4 | — <br><sup>2</sup><br>| &nbsp;&nbsp; (639)<br>| (35)<br>| &nbsp;&nbsp; (105)<br>| (6)<br>|
| Class 2 | 94000 | 5226 | &nbsp;&nbsp; 776 | 41 | &nbsp;&nbsp; (307337)<br>| (16707)<br>| &nbsp;&nbsp; (212561)<br>| (11440)<br>|
| Class 3 | 100 | 5 | &nbsp;&nbsp; 5 | — <br><sup>2</sup><br>| &nbsp;&nbsp; (956)<br>| (50)<br>| &nbsp;&nbsp; (851)<br>| (45)<br>|
| Class 4 | 34797 | 1938 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; (23149)<br>| (1275)<br>| &nbsp;&nbsp; 11648 | 663 |
| Total net increase (decrease) | $192721 | 10688 | &nbsp;&nbsp; $2865 | 149 | &nbsp;&nbsp; $(563853)<br>| (30568)<br>| &nbsp;&nbsp; $(368267)<br>| (19731)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $103818 | 5617 | &nbsp;&nbsp; $46267 | 2445 | &nbsp;&nbsp; $(505047)<br>| (27104)<br>| &nbsp;&nbsp; $(354962)<br>| (19042)<br>|
| Class 1A | 2421 | 132 | &nbsp;&nbsp; 158 | 9 | &nbsp;&nbsp; (2072)<br>| (114)<br>| &nbsp;&nbsp; 507 | 27 |
| Class 2 | 294279 | 16201 | &nbsp;&nbsp; 40220 | 2136 | &nbsp;&nbsp; (554239)<br>| (30168)<br>| &nbsp;&nbsp; (219740)<br>| (11831)<br>|
| Class 3 | 2 | — <br><sup>2</sup><br>| &nbsp;&nbsp; 191 | 10 | &nbsp;&nbsp; (2572)<br>| (137)<br>| &nbsp;&nbsp; (2379)<br>| (127)<br>|
| Class 4 | 64019 | 3511 | &nbsp;&nbsp; 4485 | 242 | &nbsp;&nbsp; (49713)<br>| (2726)<br>| &nbsp;&nbsp; 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | &nbsp;&nbsp; $91321 | 4842 | &nbsp;&nbsp; $(1113643)<br>| (60249)<br>| &nbsp;&nbsp; $(557783)<br>| (29946)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **343** | American Funds Insurance Series |

---

------

**New World Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $71378 | 2538 | &nbsp;&nbsp;&nbsp; $80187 | 2838 | &nbsp;&nbsp;&nbsp; $(176169)<br>| (6345)<br>| &nbsp;&nbsp;&nbsp; $(24604)<br>| (969)<br>|
| Class 1A | 408 | 15 | &nbsp;&nbsp;&nbsp; 502 | 18 | &nbsp;&nbsp;&nbsp; (1825)<br>| (67)<br>| &nbsp;&nbsp;&nbsp; (915)<br>| (34)<br>|
| Class 2 | 30481 | 1122 | &nbsp;&nbsp;&nbsp; 35106 | 1260 | &nbsp;&nbsp;&nbsp; (87236)<br>| (3178)<br>| &nbsp;&nbsp;&nbsp; (21649)<br>| (796)<br>|
| Class 4 | 41929 | 1547 | &nbsp;&nbsp;&nbsp; 37088 | 1345 | &nbsp;&nbsp;&nbsp; (71596)<br>| (2638)<br>| &nbsp;&nbsp;&nbsp; 7421 | 254 |
| Total net increase (decrease) | $144196 | 5222 | &nbsp;&nbsp;&nbsp; $152883 | 5461 | &nbsp;&nbsp;&nbsp; $(336826)<br>| (12228)<br>| &nbsp;&nbsp;&nbsp; $(39747)<br>| (1545)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $211139 | 7770 | &nbsp;&nbsp;&nbsp; $37940 | 1389 | &nbsp;&nbsp;&nbsp; $(310526)<br>| (11467)<br>| &nbsp;&nbsp;&nbsp; $(61447)<br>| (2308)<br>|
| Class 1A | 2546 | 92 | &nbsp;&nbsp;&nbsp; 216 | 8 | &nbsp;&nbsp;&nbsp; (1406)<br>| (52)<br>| &nbsp;&nbsp;&nbsp; 1356 | 48 |
| Class 2 | 97709 | 3717 | &nbsp;&nbsp;&nbsp; 15121 | 562 | &nbsp;&nbsp;&nbsp; (163082)<br>| (6131)<br>| &nbsp;&nbsp;&nbsp; (50252)<br>| (1852)<br>|
| Class 4 | 79272 | 3006 | &nbsp;&nbsp;&nbsp; 13389 | 502 | &nbsp;&nbsp;&nbsp; (106780)<br>| (4055)<br>| &nbsp;&nbsp;&nbsp; (14119)<br>| (547)<br>|
| Total net increase (decrease) | $390666 | 14585 | &nbsp;&nbsp;&nbsp; $66666 | 2461 | &nbsp;&nbsp;&nbsp; $(581794)<br>| (21705)<br>| &nbsp;&nbsp;&nbsp; $(124462)<br>| (4659)<br>|

---

**Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $101514 | 6077 | &nbsp;&nbsp; $447861 | 27045 | &nbsp;&nbsp; $(433964)<br>| (25486)<br>| &nbsp;&nbsp; $115411 | 7636 |
| Class 1A | 3863 | 226 | &nbsp;&nbsp; 2368 | 144 | &nbsp;&nbsp; (1054)<br>| (61)<br>| &nbsp;&nbsp; 5177 | 309 |
| Class 2 | 41877 | 2492 | &nbsp;&nbsp; 217964 | 13455 | &nbsp;&nbsp; (205682)<br>| (12318)<br>| &nbsp;&nbsp; 54159 | 3629 |
| Class 4 | 179899 | 10924 | &nbsp;&nbsp; 143109 | 8955 | &nbsp;&nbsp; (58553)<br>| (3594)<br>| &nbsp;&nbsp; 264455 | 16285 |
| Total net increase (decrease) | $327153 | 19719 | &nbsp;&nbsp; $811302 | 49599 | &nbsp;&nbsp; $(699253)<br>| (41459)<br>| &nbsp;&nbsp; $439202 | 27859 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $87079 | 5408 | &nbsp;&nbsp; $161220 | 9874 | &nbsp;&nbsp; $(948618)<br>| (58997)<br>| &nbsp;&nbsp; $(700319)<br>| (43715)<br>|
| Class 1A | 4491 | 279 | &nbsp;&nbsp; 628 | 38 | &nbsp;&nbsp; (3232)<br>| (205)<br>| &nbsp;&nbsp; 1887 | 112 |
| Class 2 | 56060 | 3529 | &nbsp;&nbsp; 71557 | 4484 | &nbsp;&nbsp; (477590)<br>| (30368)<br>| &nbsp;&nbsp; (349973)<br>| (22355)<br>|
| Class 4 | 260219 | 16589 | &nbsp;&nbsp; 36302 | 2301 | &nbsp;&nbsp; (99151)<br>| (6416)<br>| &nbsp;&nbsp; 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | &nbsp;&nbsp; $269707 | 16697 | &nbsp;&nbsp; $(1528591)<br>| (95986)<br>| &nbsp;&nbsp; $(851035)<br>| (53484)<br>|

---

**U.S. Small and Mid Cap Equity Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 1A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class 4 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; 7 |
| Total net increase (decrease) | &nbsp;&nbsp; $68 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $73 | &nbsp;&nbsp; 7 |
| **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** | **For the period November 15, 2024**<sup>3</sup> **to December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp; 1 |
| Class 1A | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 2 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class 4 | &nbsp;&nbsp; 14970 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp; 1498 |
| Total net increase (decrease) | &nbsp;&nbsp; $15000 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $15013 | &nbsp;&nbsp; 1501 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **344** |

---

------

**Capital World Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $40119 | 2660 | &nbsp;&nbsp;&nbsp; $22861 | 1414 | &nbsp;&nbsp;&nbsp; $(98762)<br>| (6251)<br>| &nbsp;&nbsp;&nbsp; $(35782)<br>| (2177)<br>|
| Class 1A | 1184 | 74 | &nbsp;&nbsp;&nbsp; 383 | 23 | &nbsp;&nbsp;&nbsp; (280)<br>| (17)<br>| &nbsp;&nbsp;&nbsp; 1287 | 80 |
| Class 2 | 9776 | 617 | &nbsp;&nbsp;&nbsp; 39834 | 2473 | &nbsp;&nbsp;&nbsp; (88441)<br>| (5547)<br>| &nbsp;&nbsp;&nbsp; (38831)<br>| (2457)<br>|
| Class 4 | 26679 | 1720 | &nbsp;&nbsp;&nbsp; 11775 | 752 | &nbsp;&nbsp;&nbsp; (14288)<br>| (925)<br>| &nbsp;&nbsp;&nbsp; 24166 | 1547 |
| Total net increase (decrease) | $77758 | 5071 | &nbsp;&nbsp;&nbsp; $74853 | 4662 | &nbsp;&nbsp;&nbsp; $(201771)<br>| (12740)<br>| &nbsp;&nbsp;&nbsp; $(49160)<br>| (3007)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $61832 | 4046 | &nbsp;&nbsp;&nbsp; $11187 | 709 | &nbsp;&nbsp;&nbsp; $(124340)<br>| (8176)<br>| &nbsp;&nbsp;&nbsp; $(51321)<br>| (3421)<br>|
| Class 1A | 1263 | 86 | &nbsp;&nbsp;&nbsp; 144 | 9 | &nbsp;&nbsp;&nbsp; (793)<br>| (51)<br>| &nbsp;&nbsp;&nbsp; 614 | 44 |
| Class 2 | 14751 | 970 | &nbsp;&nbsp;&nbsp; 17039 | 1085 | &nbsp;&nbsp;&nbsp; (177803)<br>| (11812)<br>| &nbsp;&nbsp;&nbsp; (146013)<br>| (9757)<br>|
| Class 4 | 31604 | 2138 | &nbsp;&nbsp;&nbsp; 3943 | 258 | &nbsp;&nbsp;&nbsp; (30478)<br>| (2080)<br>| &nbsp;&nbsp;&nbsp; 5069 | 316 |
| Total net increase (decrease) | $109450 | 7240 | &nbsp;&nbsp;&nbsp; $32313 | 2061 | &nbsp;&nbsp;&nbsp; $(333414)<br>| (22119)<br>| &nbsp;&nbsp;&nbsp; $(191651)<br>| (12818)<br>|

---

**Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $511559 | 7825 | &nbsp;&nbsp; $4165917 | 69688 | &nbsp;&nbsp; $(1641284)<br>| (24371)<br>| &nbsp;&nbsp; $3036192 | 53142 |
| Class 1A | 2245 | 35 | &nbsp;&nbsp; 7777 | 131 | &nbsp;&nbsp; (1976)<br>| (29)<br>| &nbsp;&nbsp; 8046 | 137 |
| Class 2 | 63453 | 961 | &nbsp;&nbsp; 2370964 | 40536 | &nbsp;&nbsp; (883298)<br>| (13297)<br>| &nbsp;&nbsp; 1551119 | 28200 |
| Class 3 | 270 | 4 | &nbsp;&nbsp; 25474 | 426 | &nbsp;&nbsp; (12167)<br>| (178)<br>| &nbsp;&nbsp; 13577 | 252 |
| Class 4 | 194913 | 2988 | &nbsp;&nbsp; 503401 | 8808 | &nbsp;&nbsp; (123143)<br>| (1891)<br>| &nbsp;&nbsp; 575171 | 9905 |
| Total net increase (decrease) | $772440 | 11813 | &nbsp;&nbsp; $7073533 | 119589 | &nbsp;&nbsp; $(2661868)<br>| (39766)<br>| &nbsp;&nbsp; $5184105 | 91636 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $332044 | 5020 | &nbsp;&nbsp; $1360424 | 21268 | &nbsp;&nbsp; $(3357393)<br>| (51220)<br>| &nbsp;&nbsp; $(1664925)<br>| (24932)<br>|
| Class 1A | 5383 | 81 | &nbsp;&nbsp; 2198 | 35 | &nbsp;&nbsp; (5242)<br>| (81)<br>| &nbsp;&nbsp; 2339 | 35 |
| Class 2 | 113447 | 1761 | &nbsp;&nbsp; 760811 | 12154 | &nbsp;&nbsp; (2068284)<br>| (32090)<br>| &nbsp;&nbsp; (1194026)<br>| (18175)<br>|
| Class 3 | 313 | 5 | &nbsp;&nbsp; 8392 | 131 | &nbsp;&nbsp; (19777)<br>| (301)<br>| &nbsp;&nbsp; (11072)<br>| (165)<br>|
| Class 4 | 332452 | 5218 | &nbsp;&nbsp; 131545 | 2144 | &nbsp;&nbsp; (199130)<br>| (3142)<br>| &nbsp;&nbsp; 264867 | 4220 |
| Total net increase (decrease) | $783639 | 12085 | &nbsp;&nbsp; $2263370 | 35732 | &nbsp;&nbsp; $(5649826)<br>| (86834)<br>| &nbsp;&nbsp; $(2602817)<br>| (39017)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **345** | American Funds Insurance Series |

---

------

**International Growth and Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $15811 | &nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp; $112 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; $(5330)<br>| &nbsp;&nbsp; (497)<br>| &nbsp;&nbsp;&nbsp; $10593 | &nbsp;&nbsp; 897 |
| Class 1A | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (350)<br>| &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp; 23 |
| Class 2 | &nbsp;&nbsp; 2119 | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 614 | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; (17536)<br>| &nbsp;&nbsp; (1614)<br>| &nbsp;&nbsp;&nbsp; (14803)<br>| &nbsp;&nbsp; (1365)<br>|
| Class 4 | &nbsp;&nbsp; 21208 | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; (11288)<br>| &nbsp;&nbsp; (1056)<br>| &nbsp;&nbsp;&nbsp; 10589 | &nbsp;&nbsp; 983 |
| Total net increase (decrease) | &nbsp;&nbsp; $39694 | &nbsp;&nbsp; 3614 | &nbsp;&nbsp;&nbsp; $1423 | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; $(34504)<br>| &nbsp;&nbsp; (3200)<br>| &nbsp;&nbsp;&nbsp; $6613 | &nbsp;&nbsp; 538 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $3051 | &nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; $461 | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; $(1958)<br>| &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp;&nbsp; $1554 | &nbsp;&nbsp; 146 |
| Class 1A | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (1296)<br>| &nbsp;&nbsp; (129)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp; (22)<br>|
| Class 2 | &nbsp;&nbsp; 5039 | &nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp; 3897 | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp; (25957)<br>| &nbsp;&nbsp; (2509)<br>| &nbsp;&nbsp;&nbsp; (17021)<br>| &nbsp;&nbsp; (1642)<br>|
| Class 4 | &nbsp;&nbsp; 22262 | &nbsp;&nbsp; 2198 | &nbsp;&nbsp;&nbsp; 3583 | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; (19235)<br>| &nbsp;&nbsp; (1887)<br>| &nbsp;&nbsp;&nbsp; 6610 | &nbsp;&nbsp; 664 |
| Total net increase (decrease) | &nbsp;&nbsp; $31302 | &nbsp;&nbsp; 3066 | &nbsp;&nbsp;&nbsp; $8097 | &nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp; $(48446)<br>| &nbsp;&nbsp; (4709)<br>| &nbsp;&nbsp;&nbsp; $(9047)<br>| &nbsp;&nbsp; (854)<br>|

---

**Capital Income Builder** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $53250 | 4104 | &nbsp;&nbsp;&nbsp; $9077 | 689 | &nbsp;&nbsp;&nbsp; $(55753)<br>| (4314)<br>| &nbsp;&nbsp;&nbsp; $6574 | 479 |
| Class 1A | 723 | 57 | &nbsp;&nbsp;&nbsp; 143 | 11 | &nbsp;&nbsp;&nbsp; (879)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| — <br><sup>2</sup><br>|
| Class 2 | 874 | 66 | &nbsp;&nbsp;&nbsp; 212 | 16 | &nbsp;&nbsp;&nbsp; (1115)<br>| (85)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| (3)<br>|
| Class 4 | 72342 | 5524 | &nbsp;&nbsp;&nbsp; 6699 | 509 | &nbsp;&nbsp;&nbsp; (39075)<br>| (3019)<br>| &nbsp;&nbsp;&nbsp; 39966 | 3014 |
| Total net increase (decrease) | $127189 | 9751 | &nbsp;&nbsp;&nbsp; $16131 | 1225 | &nbsp;&nbsp;&nbsp; $(96822)<br>| (7486)<br>| &nbsp;&nbsp;&nbsp; $46498 | 3490 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $55004 | 4532 | &nbsp;&nbsp;&nbsp; $25389 | 2057 | &nbsp;&nbsp;&nbsp; $(74884)<br>| (6100)<br>| &nbsp;&nbsp;&nbsp; $5509 | 489 |
| Class 1A | 1738 | 141 | &nbsp;&nbsp;&nbsp; 397 | 32 | &nbsp;&nbsp;&nbsp; (825)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; 1310 | 105 |
| Class 2 | 3421 | 272 | &nbsp;&nbsp;&nbsp; 575 | 47 | &nbsp;&nbsp;&nbsp; (1546)<br>| (126)<br>| &nbsp;&nbsp;&nbsp; 2450 | 193 |
| Class 4 | 82282 | 6662 | &nbsp;&nbsp;&nbsp; 19315 | 1565 | &nbsp;&nbsp;&nbsp; (75684)<br>| (6165)<br>| &nbsp;&nbsp;&nbsp; 25913 | 2062 |
| Total net increase (decrease) | $142445 | 11607 | &nbsp;&nbsp;&nbsp; $45676 | 3701 | &nbsp;&nbsp;&nbsp; $(152939)<br>| (12459)<br>| &nbsp;&nbsp;&nbsp; $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **346** |

---

------

**Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $214618 | 8406 | &nbsp;&nbsp; $1183741 | 46955 | &nbsp;&nbsp; $(1239167)<br>| (47739)<br>| &nbsp;&nbsp; $159192 | 7622 |
| Class 1A | 3528 | 137 | &nbsp;&nbsp; 3229 | 129 | &nbsp;&nbsp; (3619)<br>| (139)<br>| &nbsp;&nbsp; 3138 | 127 |
| Class 2 | 41143 | 1602 | &nbsp;&nbsp; 324461 | 13093 | &nbsp;&nbsp; (312360)<br>| (12180)<br>| &nbsp;&nbsp; 53244 | 2515 |
| Class 3 | 313 | 12 | &nbsp;&nbsp; 2407 | 96 | &nbsp;&nbsp; (1415)<br>| (54)<br>| &nbsp;&nbsp; 1305 | 54 |
| Class 4 | 189713 | 7467 | &nbsp;&nbsp; 511813 | 20873 | &nbsp;&nbsp; (394555)<br>| (15526)<br>| &nbsp;&nbsp; 306971 | 12814 |
| Total net increase (decrease) | $449315 | 17624 | &nbsp;&nbsp; $2025651 | 81146 | &nbsp;&nbsp; $(1951116)<br>| (75638)<br>| &nbsp;&nbsp; $523850 | 23132 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $189766 | 7473 | &nbsp;&nbsp; $1052819 | 42339 | &nbsp;&nbsp; $(2193455)<br>| (86366)<br>| &nbsp;&nbsp; $(950870)<br>| (36554)<br>|
| Class 1A | 9384 | 373 | &nbsp;&nbsp; 2270 | 91 | &nbsp;&nbsp; (5272)<br>| (211)<br>| &nbsp;&nbsp; 6382 | 253 |
| Class 2 | 63147 | 2538 | &nbsp;&nbsp; 280024 | 11458 | &nbsp;&nbsp; (646053)<br>| (25867)<br>| &nbsp;&nbsp; (302882)<br>| (11871)<br>|
| Class 3 | 546 | 22 | &nbsp;&nbsp; 2019 | 81 | &nbsp;&nbsp; (3219)<br>| (128)<br>| &nbsp;&nbsp; (654)<br>| (25)<br>|
| Class 4 | 595855 | 24315 | &nbsp;&nbsp; 406136 | 16791 | &nbsp;&nbsp; (703265)<br>| (28339)<br>| &nbsp;&nbsp; 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | &nbsp;&nbsp; $1743268 | 70760 | &nbsp;&nbsp; $(3551264)<br>| (140911)<br>| &nbsp;&nbsp; $(949298)<br>| (35430)<br>|

---

**American Funds Global Balanced Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $4237 | &nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp; $3840 | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; $(11565)<br>| &nbsp;&nbsp; (878)<br>| &nbsp;&nbsp;&nbsp; $(3488)<br>| &nbsp;&nbsp; (264)<br>|
| Class 1A | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp; 15 |
| Class 2 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 5951 | &nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; (14274)<br>| &nbsp;&nbsp; (1080)<br>| &nbsp;&nbsp;&nbsp; (7108)<br>| &nbsp;&nbsp; (537)<br>|
| Class 4 | &nbsp;&nbsp; 20102 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp; 6604 | &nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp; (10367)<br>| &nbsp;&nbsp; (799)<br>| &nbsp;&nbsp;&nbsp; 16339 | &nbsp;&nbsp; 1257 |
| Total net increase (decrease) | &nbsp;&nbsp; $25810 | &nbsp;&nbsp; 1979 | &nbsp;&nbsp;&nbsp; $16556 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp; $(36421)<br>| &nbsp;&nbsp; (2773)<br>| &nbsp;&nbsp;&nbsp; $5945 | &nbsp;&nbsp; 471 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $5008 | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; $1963 | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; $(13832)<br>| &nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp;&nbsp; $(6861)<br>| &nbsp;&nbsp; (530)<br>|
| Class 1A | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 819 | &nbsp;&nbsp; 62 |
| Class 2 | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; (26779)<br>| &nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp;&nbsp; (19004)<br>| &nbsp;&nbsp; (1474)<br>|
| Class 4 | &nbsp;&nbsp; 23792 | &nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 2307 | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; (15540)<br>| &nbsp;&nbsp; (1226)<br>| &nbsp;&nbsp;&nbsp; 10559 | &nbsp;&nbsp; 817 |
| Total net increase (decrease) | &nbsp;&nbsp; $34932 | &nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp; $7048 | &nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; $(56467)<br>| &nbsp;&nbsp; (4386)<br>| &nbsp;&nbsp;&nbsp; $(14487)<br>| &nbsp;&nbsp; (1125)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **347** | American Funds Insurance Series |

---

------

**The Bond Fund of America** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $413053 | 43891 | &nbsp;&nbsp; $59979 | 6381 | &nbsp;&nbsp; $(982200)<br>| (103891)<br>| &nbsp;&nbsp; $(509168)<br>| (53619)<br>|
| Class 1A | 44943 | 4815 | &nbsp;&nbsp; 2233 | 240 | &nbsp;&nbsp; (16662)<br>| (1774)<br>| &nbsp;&nbsp; 30514 | 3281 |
| Class 2 | 38712 | 4164 | &nbsp;&nbsp; 23485 | 2542 | &nbsp;&nbsp; (206373)<br>| (22197)<br>| &nbsp;&nbsp; (144176)<br>| (15491)<br>|
| Class 4 | 111809 | 12133 | &nbsp;&nbsp; 10633 | 1158 | &nbsp;&nbsp; (66741)<br>| (7230)<br>| &nbsp;&nbsp; 55701 | 6061 |
| Total net increase (decrease) | $608517 | 65003 | &nbsp;&nbsp; $96330 | 10321 | &nbsp;&nbsp; $(1271976)<br>| (135092)<br>| &nbsp;&nbsp; $(567129)<br>| (59768)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $997057 | 104811 | &nbsp;&nbsp; $303806 | 32314 | &nbsp;&nbsp; $(1023095)<br>| (106864)<br>| &nbsp;&nbsp; $277768 | 30261 |
| Class 1A | 30267 | 3210 | &nbsp;&nbsp; 8908 | 955 | &nbsp;&nbsp; (69212)<br>| (7414)<br>| &nbsp;&nbsp; (30037)<br>| (3249)<br>|
| Class 2 | 118960 | 12741 | &nbsp;&nbsp; 115243 | 12454 | &nbsp;&nbsp; (268162)<br>| (28438)<br>| &nbsp;&nbsp; (33959)<br>| (3243)<br>|
| Class 4 | 297378 | 31907 | &nbsp;&nbsp; 45913 | 4990 | &nbsp;&nbsp; (82229)<br>| (8801)<br>| &nbsp;&nbsp; 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | &nbsp;&nbsp; $473870 | 50713 | &nbsp;&nbsp; $(1442698)<br>| (151517)<br>| &nbsp;&nbsp; $474834 | 51865 |

---

**Capital World Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $53252 | 5284 | &nbsp;&nbsp;&nbsp; $1662 | 163 | &nbsp;&nbsp;&nbsp; $(71979)<br>| (7167)<br>| &nbsp;&nbsp;&nbsp; $(17065)<br>| (1720)<br>|
| Class 1A | 2275 | 236 | &nbsp;&nbsp;&nbsp; 53 | 5 | &nbsp;&nbsp;&nbsp; (18255)<br>| (1837)<br>| &nbsp;&nbsp;&nbsp; (15927)<br>| (1596)<br>|
| Class 2 | 34568 | 3519 | &nbsp;&nbsp;&nbsp; 1728 | 172 | &nbsp;&nbsp;&nbsp; (102579)<br>| (10384)<br>| &nbsp;&nbsp;&nbsp; (66283)<br>| (6693)<br>|
| Class 4 | 11296 | 1158 | &nbsp;&nbsp;&nbsp; 146 | 15 | &nbsp;&nbsp;&nbsp; (5087)<br>| (523)<br>| &nbsp;&nbsp;&nbsp; 6355 | 650 |
| Total net increase (decrease) | $101391 | 10197 | &nbsp;&nbsp;&nbsp; $3589 | 355 | &nbsp;&nbsp;&nbsp; $(197900)<br>| (19911)<br>| &nbsp;&nbsp;&nbsp; $(92920)<br>| (9359)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $50423 | 5049 | &nbsp;&nbsp;&nbsp; $15387 | 1561 | &nbsp;&nbsp;&nbsp; $(110677)<br>| (11006)<br>| &nbsp;&nbsp;&nbsp; $(44867)<br>| (4396)<br>|
| Class 1A | 39370 | 4030 | &nbsp;&nbsp;&nbsp; 983 | 100 | &nbsp;&nbsp;&nbsp; (1586)<br>| (160)<br>| &nbsp;&nbsp;&nbsp; 38767 | 3970 |
| Class 2 | 107727 | 10975 | &nbsp;&nbsp;&nbsp; 16410 | 1683 | &nbsp;&nbsp;&nbsp; (141037)<br>| (14229)<br>| &nbsp;&nbsp;&nbsp; (16900)<br>| (1571)<br>|
| Class 4 | 13021 | 1348 | &nbsp;&nbsp;&nbsp; 1135 | 119 | &nbsp;&nbsp;&nbsp; (7549)<br>| (775)<br>| &nbsp;&nbsp;&nbsp; 6607 | 692 |
| Total net increase (decrease) | $210541 | 21402 | &nbsp;&nbsp;&nbsp; $33915 | 3463 | &nbsp;&nbsp;&nbsp; $(260849)<br>| (26170)<br>| &nbsp;&nbsp;&nbsp; $(16393)<br>| (1305)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **348** |

---

------

**American High-Income Trust** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $24975 | 2760 | &nbsp;&nbsp;&nbsp; $2778 | 300 | &nbsp;&nbsp;&nbsp; $(15383)<br>| (1664)<br>| &nbsp;&nbsp;&nbsp; $12370 | 1396 |
| Class 1A | 537 | 58 | &nbsp;&nbsp;&nbsp; 37 | 4 | &nbsp;&nbsp;&nbsp; (528)<br>| (57)<br>| &nbsp;&nbsp;&nbsp; 46 | 5 |
| Class 2 | 24001 | 2639 | &nbsp;&nbsp;&nbsp; 5936 | 658 | &nbsp;&nbsp;&nbsp; (45605)<br>| (5041)<br>| &nbsp;&nbsp;&nbsp; (15668)<br>| (1744)<br>|
| Class 3 | 172 | 18 | &nbsp;&nbsp;&nbsp; 87 | 9 | &nbsp;&nbsp;&nbsp; (497)<br>| (53)<br>| &nbsp;&nbsp;&nbsp; (238)<br>| (26)<br>|
| Class 4 | 70614 | 6928 | &nbsp;&nbsp;&nbsp; 1920 | 189 | &nbsp;&nbsp;&nbsp; (33731)<br>| (3336)<br>| &nbsp;&nbsp;&nbsp; 38803 | 3781 |
| Total net increase (decrease) | $120299 | 12403 | &nbsp;&nbsp;&nbsp; $10758 | 1160 | &nbsp;&nbsp;&nbsp; $(95744)<br>| (10151)<br>| &nbsp;&nbsp;&nbsp; $35313 | 3412 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $9340 | 1009 | &nbsp;&nbsp;&nbsp; $15096 | 1627 | &nbsp;&nbsp;&nbsp; $(25253)<br>| (2709)<br>| &nbsp;&nbsp;&nbsp; $(817)<br>| (73)<br>|
| Class 1A | 996 | 107 | &nbsp;&nbsp;&nbsp; 199 | 21 | &nbsp;&nbsp;&nbsp; (720)<br>| (77)<br>| &nbsp;&nbsp;&nbsp; 475 | 51 |
| Class 2 | 18069 | 1979 | &nbsp;&nbsp;&nbsp; 35146 | 3885 | &nbsp;&nbsp;&nbsp; (64581)<br>| (7119)<br>| &nbsp;&nbsp;&nbsp; (11366)<br>| (1255)<br>|
| Class 3 | 151 | 16 | &nbsp;&nbsp;&nbsp; 529 | 57 | &nbsp;&nbsp;&nbsp; (1201)<br>| (130)<br>| &nbsp;&nbsp;&nbsp; (521)<br>| (57)<br>|
| Class 4 | 93982 | 9271 | &nbsp;&nbsp;&nbsp; 8335 | 821 | &nbsp;&nbsp;&nbsp; (55362)<br>| (5531)<br>| &nbsp;&nbsp;&nbsp; 46955 | 4561 |
| Total net increase (decrease) | $122538 | 12382 | &nbsp;&nbsp;&nbsp; $59305 | 6411 | &nbsp;&nbsp;&nbsp; $(147117)<br>| (15566)<br>| &nbsp;&nbsp;&nbsp; $34726 | 3227 |

---

**American Funds Mortgage Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; $143 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; $(98)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; $217 | &nbsp;&nbsp; 24 |
| Class 1A | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (205)<br>| &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp; 27 |
| Class 2 | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; (3788)<br>| &nbsp;&nbsp; (412)<br>| &nbsp;&nbsp;&nbsp; (2127)<br>| &nbsp;&nbsp; (232)<br>|
| Class 4 | &nbsp;&nbsp; 7786 | &nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; (3836)<br>| &nbsp;&nbsp; (422)<br>| &nbsp;&nbsp;&nbsp; 4364 | &nbsp;&nbsp; 480 |
| Total net increase (decrease) | &nbsp;&nbsp; $9735 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp; $896 | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; $(7927)<br>| &nbsp;&nbsp; (867)<br>| &nbsp;&nbsp;&nbsp; $2704 | &nbsp;&nbsp; 299 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; $804 | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; $(279)<br>| &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; $695 | &nbsp;&nbsp; 75 |
| Class 1A | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp; 97 |
| Class 2 | &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; (5636)<br>| &nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; (43)<br>|
| Class 4 | &nbsp;&nbsp; 18316 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp;&nbsp; 2148 | &nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; (14351)<br>| &nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp; 681 |
| Total net increase (decrease) | &nbsp;&nbsp; $22690 | &nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp; $5001 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; $(20461)<br>| &nbsp;&nbsp; (2193)<br>| &nbsp;&nbsp;&nbsp; $7230 | &nbsp;&nbsp; 810 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **349** | American Funds Insurance Series |

---

------

**Ultra-Short Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $6176 | 542 | &nbsp;&nbsp;&nbsp; $266 | 23 | &nbsp;&nbsp;&nbsp; $(11314)<br>| (993)<br>| &nbsp;&nbsp;&nbsp; $(4872)<br>| (428)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>2</sup><br>|
| Class 2 | 32949 | 2991 | &nbsp;&nbsp;&nbsp; 1788 | 162 | &nbsp;&nbsp;&nbsp; (54467)<br>| (4948)<br>| &nbsp;&nbsp;&nbsp; (19730)<br>| (1795)<br>|
| Class 3 | 112 | 10 | &nbsp;&nbsp;&nbsp; 29 | 3 | &nbsp;&nbsp;&nbsp; (392)<br>| (35)<br>| &nbsp;&nbsp;&nbsp; (251)<br>| (22)<br>|
| Class 4 | 43286 | 3915 | &nbsp;&nbsp;&nbsp; 473 | 43 | &nbsp;&nbsp;&nbsp; (37336)<br>| (3358)<br>| &nbsp;&nbsp;&nbsp; 6423 | 600 |
| Total net increase (decrease) | $82523 | 7458 | &nbsp;&nbsp;&nbsp; $2557 | 231 | &nbsp;&nbsp;&nbsp; $(103509)<br>| (9334)<br>| &nbsp;&nbsp;&nbsp; $(18429)<br>| (1645)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $16477 | 1429 | &nbsp;&nbsp;&nbsp; $1996 | 176 | &nbsp;&nbsp;&nbsp; $(20160)<br>| (1740)<br>| &nbsp;&nbsp;&nbsp; $(1687)<br>| (135)<br>|
| Class 1A |  |  | &nbsp;&nbsp;&nbsp; 6 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 6 | 1 |
| Class 2 | 57235 | 5128 | &nbsp;&nbsp;&nbsp; 12858 | 1175 | &nbsp;&nbsp;&nbsp; (97431)<br>| (8724)<br>| &nbsp;&nbsp;&nbsp; (27338)<br>| (2421)<br>|
| Class 3 | 370 | 32 | &nbsp;&nbsp;&nbsp; 204 | 19 | &nbsp;&nbsp;&nbsp; (841)<br>| (74)<br>| &nbsp;&nbsp;&nbsp; (267)<br>| (23)<br>|
| Class 4 | 19303 | 1714 | &nbsp;&nbsp;&nbsp; 2569 | 233 | &nbsp;&nbsp;&nbsp; (26048)<br>| (2325)<br>| &nbsp;&nbsp;&nbsp; (4176)<br>| (378)<br>|
| Total net increase (decrease) | $93385 | 8303 | &nbsp;&nbsp;&nbsp; $17633 | 1604 | &nbsp;&nbsp;&nbsp; $(144480)<br>| (12863)<br>| &nbsp;&nbsp;&nbsp; $(33462)<br>| (2956)<br>|

---

**U.S. Government Securities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class 1 | $44977 | 4581 | &nbsp;&nbsp;&nbsp; $2087 | 213 | &nbsp;&nbsp;&nbsp; $(56128)<br>| (5713)<br>| &nbsp;&nbsp;&nbsp; $(9064)<br>| (919)<br>|
| Class 1A | 15985 | 1654 | &nbsp;&nbsp;&nbsp; 2157 | 222 | &nbsp;&nbsp;&nbsp; (37901)<br>| (3880)<br>| &nbsp;&nbsp;&nbsp; (19759)<br>| (2004)<br>|
| Class 2 | 45477 | 4677 | &nbsp;&nbsp;&nbsp; 8060 | 834 | &nbsp;&nbsp;&nbsp; (115722)<br>| (11932)<br>| &nbsp;&nbsp;&nbsp; (62185)<br>| (6421)<br>|
| Class 3 | 241 | 24 | &nbsp;&nbsp;&nbsp; 41 | 4 | &nbsp;&nbsp;&nbsp; (241)<br>| (24)<br>| &nbsp;&nbsp;&nbsp; 41 | 4 |
| Class 4 | 64712 | 6659 | &nbsp;&nbsp;&nbsp; 1788 | 185 | &nbsp;&nbsp;&nbsp; (48932)<br>| (5051)<br>| &nbsp;&nbsp;&nbsp; 17568 | 1793 |
| Total net increase (decrease) | $171392 | 17595 | &nbsp;&nbsp;&nbsp; $14133 | 1458 | &nbsp;&nbsp;&nbsp; $(258924)<br>| (26600)<br>| &nbsp;&nbsp;&nbsp; $(73399)<br>| (7547)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class 1 | $68973 | 6957 | &nbsp;&nbsp;&nbsp; $10757 | 1108 | &nbsp;&nbsp;&nbsp; $(60235)<br>| (6083)<br>| &nbsp;&nbsp;&nbsp; $19495 | 1982 |
| Class 1A | 283124 | 28940 | &nbsp;&nbsp;&nbsp; 11344 | 1174 | &nbsp;&nbsp;&nbsp; (6503)<br>| (659)<br>| &nbsp;&nbsp;&nbsp; 287965 | 29455 |
| Class 2 | 101793 | 10487 | &nbsp;&nbsp;&nbsp; 42550 | 4440 | &nbsp;&nbsp;&nbsp; (132491)<br>| (13544)<br>| &nbsp;&nbsp;&nbsp; 11852 | 1383 |
| Class 3 | 881 | 89 | &nbsp;&nbsp;&nbsp; 204 | 21 | &nbsp;&nbsp;&nbsp; (1780)<br>| (181)<br>| &nbsp;&nbsp;&nbsp; (695)<br>| (71)<br>|
| Class 4 | 72367 | 7407 | &nbsp;&nbsp;&nbsp; 7920 | 827 | &nbsp;&nbsp;&nbsp; (45157)<br>| (4667)<br>| &nbsp;&nbsp;&nbsp; 35130 | 3567 |
| Total net increase (decrease) | $527138 | 53880 | &nbsp;&nbsp;&nbsp; $72775 | 7570 | &nbsp;&nbsp;&nbsp; $(246166)<br>| (25134)<br>| &nbsp;&nbsp;&nbsp; $353747 | 36316 |

---

**Managed Risk Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | $492 | 38 | &nbsp;&nbsp;&nbsp; $669 | 52 | &nbsp;&nbsp;&nbsp; $(1087)<br>| (82)<br>| &nbsp;&nbsp;&nbsp; $74 | 8 |
| Class P2 | 7709 | 598 | &nbsp;&nbsp;&nbsp; 24083 | 1898 | &nbsp;&nbsp;&nbsp; (41369)<br>| (3152)<br>| &nbsp;&nbsp;&nbsp; (9577)<br>| (656)<br>|
| Total net increase (decrease) | $8201 | 636 | &nbsp;&nbsp;&nbsp; $24752 | 1950 | &nbsp;&nbsp;&nbsp; $(42456)<br>| (3234)<br>| &nbsp;&nbsp;&nbsp; $(9503)<br>| (648)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $974 | 79 | &nbsp;&nbsp;&nbsp; $93 | 8 | &nbsp;&nbsp;&nbsp; $(2663)<br>| (220)<br>| &nbsp;&nbsp;&nbsp; $(1596)<br>| (133)<br>|
| Class P2 | 10767 | 875 | &nbsp;&nbsp;&nbsp; 2326 | 197 | &nbsp;&nbsp;&nbsp; (100353)<br>| (8347)<br>| &nbsp;&nbsp;&nbsp; (87260)<br>| (7275)<br>|
| Total net increase (decrease) | $11741 | 954 | &nbsp;&nbsp;&nbsp; $2419 | 205 | &nbsp;&nbsp;&nbsp; $(103016)<br>| (8567)<br>| &nbsp;&nbsp;&nbsp; $(88856)<br>| (7408)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **350** |

---

------

**Managed Risk International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | &nbsp;&nbsp; $113 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(79)<br>| &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; $64 | &nbsp;&nbsp; 8 |
| Class P2 | &nbsp;&nbsp; 2379 | &nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; (6722)<br>| &nbsp;&nbsp; (818)<br>| &nbsp;&nbsp;&nbsp; (2893)<br>| &nbsp;&nbsp; (349)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $2492 | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; $(6801)<br>| &nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp; $(2829)<br>| &nbsp;&nbsp; (341)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $146 | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(232)<br>| &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; $(57)<br>| &nbsp;&nbsp; (7)<br>|
| Class P2 | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; (14961)<br>| &nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp; (8342)<br>| &nbsp;&nbsp; (949)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $5233 | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; $1561 | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; $(15193)<br>| &nbsp;&nbsp; (1749)<br>| &nbsp;&nbsp;&nbsp; $(8399)<br>| &nbsp;&nbsp; (956)<br>|

---

**Managed Risk Washington Mutual Investors Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | &nbsp;&nbsp; $73 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; $40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; $(184)<br>| &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; $(71)<br>| &nbsp;&nbsp; (6)<br>|
| Class P2 | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 4640 | &nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp; (20378)<br>| &nbsp;&nbsp; (1735)<br>| &nbsp;&nbsp;&nbsp; (12903)<br>| &nbsp;&nbsp; (1096)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $2908 | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; $4680 | &nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp; $(20562)<br>| &nbsp;&nbsp; (1750)<br>| &nbsp;&nbsp;&nbsp; $(12974)<br>| &nbsp;&nbsp; (1102)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; $(607)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; $(264)<br>| &nbsp;&nbsp; (23)<br>|
| Class P2 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; (51492)<br>| &nbsp;&nbsp; (4594)<br>| &nbsp;&nbsp;&nbsp; (39170)<br>| &nbsp;&nbsp; (3487)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $7190 | &nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; $5475 | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; $(52099)<br>| &nbsp;&nbsp; (4648)<br>| &nbsp;&nbsp;&nbsp; $(39434)<br>| &nbsp;&nbsp; (3510)<br>|

---

**Managed Risk Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | $22938 | 1634 | &nbsp;&nbsp;&nbsp; $95748 | 7025 | &nbsp;&nbsp;&nbsp; $(138781)<br>| (9811)<br>| &nbsp;&nbsp;&nbsp; $(20095)<br>| (1152)<br>|
| Class P2 | 2032 | 146 | &nbsp;&nbsp;&nbsp; 13810 | 1021 | &nbsp;&nbsp;&nbsp; (18320)<br>| (1305)<br>| &nbsp;&nbsp;&nbsp; (2478)<br>| (138)<br>|
| Total net increase (decrease) | $24970 | 1780 | &nbsp;&nbsp;&nbsp; $109558 | 8046 | &nbsp;&nbsp;&nbsp; $(157101)<br>| (11116)<br>| &nbsp;&nbsp;&nbsp; $(22573)<br>| (1290)<br>|
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $16125 | 1168 | &nbsp;&nbsp;&nbsp; $58164 | 4309 | &nbsp;&nbsp;&nbsp; $(346171)<br>| (25246)<br>| &nbsp;&nbsp;&nbsp; $(271882)<br>| (19769)<br>|
| Class P2 | 4069 | 297 | &nbsp;&nbsp;&nbsp; 7744 | 582 | &nbsp;&nbsp;&nbsp; (53124)<br>| (3920)<br>| &nbsp;&nbsp;&nbsp; (41311)<br>| (3041)<br>|
| Total net increase (decrease) | $20194 | 1465 | &nbsp;&nbsp;&nbsp; $65908 | 4891 | &nbsp;&nbsp;&nbsp; $(399295)<br>| (29166)<br>| &nbsp;&nbsp;&nbsp; $(313193)<br>| (22810)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **351** | American Funds Insurance Series |

---

------

**Managed Risk Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class P1 | $12 | 1 | &nbsp;&nbsp;&nbsp; $930 | 75 | &nbsp;&nbsp;&nbsp; $(185)<br>| (14)<br>| &nbsp;&nbsp;&nbsp; $757 | 62 |
| Class P2 | 9933 | 798 | &nbsp;&nbsp;&nbsp; 155155 | 13016 | &nbsp;&nbsp;&nbsp; (171239)<br>| (13497)<br>| &nbsp;&nbsp;&nbsp; (6151)<br>| 317 |
| Total net increase (decrease) | $9945 | 799 | &nbsp;&nbsp;&nbsp; $156085 | 13091 | &nbsp;&nbsp;&nbsp; $(171424)<br>| (13511)<br>| &nbsp;&nbsp;&nbsp; $(5394)<br>| 379 |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class P1 | $1509 | 116 | &nbsp;&nbsp;&nbsp; $365 | 29 | &nbsp;&nbsp;&nbsp; $(1325)<br>| (108)<br>| &nbsp;&nbsp;&nbsp; $549 | 37 |
| Class P2 | 32478 | 2619 | &nbsp;&nbsp;&nbsp; 68762 | 5709 | &nbsp;&nbsp;&nbsp; (396241)<br>| (32260)<br>| &nbsp;&nbsp;&nbsp; (295001)<br>| (23932)<br>|
| Total net increase (decrease) | $33987 | 2735 | &nbsp;&nbsp;&nbsp; $69127 | 5738 | &nbsp;&nbsp;&nbsp; $(397566)<br>| (32368)<br>| &nbsp;&nbsp;&nbsp; $(294452)<br>| (23895)<br>|

---

<sup>1</sup>

Includes exchanges between share classes of the fund.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Commencement of operations.

**11. Investment transactions and other disclosures**

------

The following tables present additional information for each fund for the six months ended June 30, 2025 (dollars in thousands):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Fund**<br>| **Global** <br>**Small** <br>**Capitalization** <br>**Fund**<br>| **Growth** <br>**Fund**<br>| **International** <br>**Fund**<br>| **New** <br>**World** <br>**Fund**<br>| **Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $1179396 | &nbsp;&nbsp; $757557 | &nbsp;&nbsp; $6385618 | &nbsp;&nbsp; $2780244 | &nbsp;&nbsp; $785414 | &nbsp;&nbsp; $1990904 |
| Sales of investment securities\* | &nbsp;&nbsp; 1347163 | &nbsp;&nbsp; 939607 | &nbsp;&nbsp; 7875256 | &nbsp;&nbsp; 2957157 | &nbsp;&nbsp; 998449 | &nbsp;&nbsp; 2405834 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 3677 | &nbsp;&nbsp; 1787 | &nbsp;&nbsp; 3183 | &nbsp;&nbsp; 8711 | &nbsp;&nbsp; 3916 | &nbsp;&nbsp; 784 |
| Non-U.S. taxes (refunded) paid on interest <br> income<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — |
| Non-U.S. taxes refunded (paid) on realized <br> gains<br>| &nbsp;&nbsp; (829)<br>| &nbsp;&nbsp; 2490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10524 | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 5299 | &nbsp;&nbsp; 17693 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28246 | &nbsp;&nbsp; 21733 | &nbsp;&nbsp; — |
| Interest income from affiliated issuers | &nbsp;&nbsp; 5913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Small** <br> **and Mid** <br>**Cap Equity** <br> **Fund**<br>| **Capital** <br>**World** <br> **Growth** <br>**and Income** <br>**Fund**<br>| **Growth-** <br>**Income** <br>**Fund**<br>| **International** <br>**Growth** <br>**and Income** <br>**Fund**<br>| **Capital** <br>**Income** <br>**Builder**<br>| <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $3209 | &nbsp;&nbsp; $479965 | &nbsp;&nbsp; $7133302 | &nbsp;&nbsp; $99185 | &nbsp;&nbsp; $393384 | &nbsp;&nbsp; $11283114 |
| Sales of investment securities\* | &nbsp;&nbsp; 3287 | &nbsp;&nbsp; 609901 | &nbsp;&nbsp; 8577738 | &nbsp;&nbsp; 91723 | &nbsp;&nbsp; 425205 | &nbsp;&nbsp; 12909245 |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; 1359 | &nbsp;&nbsp; 3376 | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; 2655 |
| Non-U.S. taxes paid on realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **352** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** <br>**Funds** <br>**Global** <br>**Balanced** <br>**Fund**<br>| **The Bond** <br> **Fund** <br>**of America**<br>| **Capital** <br>**World Bond** <br>**Fund**<br>| **American** <br>**High-Income** <br>**Trust**<br>| **American** <br> **Funds** <br>**Mortgage** <br> **Fund**<br>| **Ultra-Short** <br>**Bond** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $172059 | &nbsp;&nbsp; $7186261 | &nbsp;&nbsp; $824354 | &nbsp;&nbsp; $216134 | &nbsp;&nbsp; $240611 | &nbsp;&nbsp; $— |
| Sales of investment securities\* | &nbsp;&nbsp; 186597 | &nbsp;&nbsp; 7700521 | &nbsp;&nbsp; 863783 | &nbsp;&nbsp; 157435 | &nbsp;&nbsp; 230976 | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on dividend income | &nbsp;&nbsp; 241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on interest income | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes paid on realized gains | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-U.S. taxes provided on unrealized <br> appreciation<br>| &nbsp;&nbsp; 181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S.** <br>**Government** <br>**Securities** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**International** <br>**Fund**<br>| **Managed** <br> **Risk** <br>**Washington** <br>**Mutual** <br>**Investors** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Growth-** <br>**Income** <br>**Fund**<br>| **Managed** <br>**Risk** <br>**Asset** <br>**Allocation** <br>**Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $2190673 | &nbsp;&nbsp; $140971 | &nbsp;&nbsp; $12970 | &nbsp;&nbsp; $52478 | &nbsp;&nbsp; $491790 | &nbsp;&nbsp; $243681 |
| Sales of investment securities\* | &nbsp;&nbsp; 2371368 | &nbsp;&nbsp; 156432 | &nbsp;&nbsp; 24362 | &nbsp;&nbsp; 62127 | &nbsp;&nbsp; 404203 | &nbsp;&nbsp; 317008 |

---

\*

Excludes short-term securities and U.S. government obligations, if any.

<sup>†</sup>

Amount less than one thousand.

**12. Ownership concentration**

------

At June 30, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 17% and 13% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. Furthermore, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 17% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, CRMC held aggregate ownership of 99% of the outstanding shares of American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund. The ownership percentage represents the seed money invested in the fund when it began operations. American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund began operations on November 15, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **353** | American Funds Insurance Series |

---

------

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $36.91 | &nbsp;&nbsp; $.29 | &nbsp;&nbsp; $3.65 | &nbsp;&nbsp; $3.94 | &nbsp;&nbsp; $(.14)<br>| &nbsp;&nbsp; $(4.88)<br>| &nbsp;&nbsp; $(5.02)<br>| &nbsp;&nbsp; $35.83 | 11.33 %<sup>6</sup><br>| &nbsp;&nbsp; $3826 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| &nbsp;&nbsp; .41 %<sup>7</sup><br>| 1.58 %<sup>7</sup><br>|
| 12/31/2024 | 33.92 | &nbsp;&nbsp; .44 | 4.29 | 4.73 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.74)<br>| 36.91 | 13.94 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.20 |
| 12/31/2023 | 30.18 | &nbsp;&nbsp; .36 | 6.30 | 6.66 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.92)<br>| 33.92 | 22.91 | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 1.13 |
| 12/31/2022 | 45.46 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.28)<br>| 30.18 | &nbsp;&nbsp; (24.54)<br>| &nbsp;&nbsp; 3104 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .46 | 1.01 |
| 12/31/2021 | 41.16 | &nbsp;&nbsp; .25 | 6.48 | 6.73 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.43)<br>| 45.46 | 16.72 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .56 |
| 12/31/2020 | 32.57 | &nbsp;&nbsp; .20 | 9.56 | 9.76 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.17)<br>| 41.16 | 30.79 | &nbsp;&nbsp; 3309 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .59 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 36.70 | &nbsp;&nbsp; .24 | 3.62 | 3.86 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.00)<br>| 35.56 | 11.19 <br><sup>6</sup><br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .66 <br><sup>7</sup><br>| 1.34 <br><sup>7</sup><br>|
| 12/31/2024 | 33.74 | &nbsp;&nbsp; .35 | 4.26 | 4.61 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.65)<br>| 36.70 | 13.67 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 30.04 | &nbsp;&nbsp; .28 | 6.26 | 6.54 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.74 | 22.60 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 45.28 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (11.31)<br>| &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 30.04 | &nbsp;&nbsp; (24.73)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .78 |
| 12/31/2021 | 41.02 | &nbsp;&nbsp; .14 | 6.46 | 6.60 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.34)<br>| 45.28 | 16.45 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .33 |
| 12/31/2020 | 32.47 | &nbsp;&nbsp; .12 | 9.52 | 9.64 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.09)<br>| 41.02 | 30.49 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .34 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 36.37 | &nbsp;&nbsp; .24 | 3.58 | 3.82 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (5.00)<br>| 35.19 | 11.17 <br><sup>6</sup><br>| &nbsp;&nbsp; 3658 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .66 <br><sup>7</sup><br>| 1.32 <br><sup>7</sup><br>|
| 12/31/2024 | 33.44 | &nbsp;&nbsp; .35 | 4.22 | 4.57 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.64)<br>| 36.37 | 13.68 | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .95 |
| 12/31/2023 | 29.79 | &nbsp;&nbsp; .28 | 6.21 | 6.49 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| 33.44 | 22.60 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .88 |
| 12/31/2022 | 44.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (11.21)<br>| &nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.19)<br>| 29.79 | &nbsp;&nbsp; (24.74)<br>| &nbsp;&nbsp; 3234 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .76 |
| 12/31/2021 | 40.72 | &nbsp;&nbsp; .13 | 6.41 | 6.54 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.32)<br>| 44.94 | 16.42 | &nbsp;&nbsp; 4559 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .30 |
| 12/31/2020 | 32.24 | &nbsp;&nbsp; .12 | 9.44 | 9.56 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.08)<br>| 40.72 | 30.47 | &nbsp;&nbsp; 4387 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .34 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 35.93 | &nbsp;&nbsp; .19 | 3.54 | 3.73 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; (4.99)<br>| 34.67 | 11.05 <br><sup>6</sup><br>| &nbsp;&nbsp; 1083 | 1.02 <br><sup>7</sup><br>| &nbsp;&nbsp; .91 <br><sup>7</sup><br>| 1.10 <br><sup>7</sup><br>|
| 12/31/2024 | 33.08 | &nbsp;&nbsp; .25 | 4.18 | 4.43 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.58)<br>| 35.93 | 13.39 | &nbsp;&nbsp; 937 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .69 |
| 12/31/2023 | 29.51 | &nbsp;&nbsp; .20 | 6.14 | 6.34 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.77)<br>| 33.08 | 22.29 | &nbsp;&nbsp; 732 | 1.02 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 44.57 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (11.12)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (4.11)<br>| 29.51 | &nbsp;&nbsp; (24.92)<br>| &nbsp;&nbsp; 584 | 1.03 | &nbsp;&nbsp; .96 | &nbsp;&nbsp; .52 |
| 12/31/2021 | 40.45 | &nbsp;&nbsp; .03 | 6.35 | 6.38 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (2.26)<br>| 44.57 | 16.14 | &nbsp;&nbsp; 744 | 1.05 | 1.04 | &nbsp;&nbsp; .07 |
| 12/31/2020 | 32.05 | &nbsp;&nbsp; .03 | 9.38 | 9.41 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.96)<br>| &nbsp;&nbsp; (1.01)<br>| 40.45 | 30.17 | &nbsp;&nbsp; 533 | 1.06 | 1.06 | &nbsp;&nbsp; .09 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **354** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $18.15 | &nbsp;&nbsp; $.10 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $(.40)<br>| &nbsp;&nbsp; $19.20 | 8.08 %<sup>6</sup><br>| &nbsp;&nbsp; $885 | &nbsp;&nbsp; .70 %<sup>7</sup><br>| &nbsp;&nbsp; .65 %<sup>7</sup><br>| 1.11 %<sup>7</sup><br>|
| 12/31/2024 | 18.57 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.88)<br>| 18.15 | 2.59 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .66 |
| 12/31/2023 | 16.22 | &nbsp;&nbsp; .11 | 2.53 | 2.64 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.29)<br>| 18.57 | 16.45 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .63 |
| 12/31/2022 | 34.17 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; (9.50)<br>| &nbsp;&nbsp; (9.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.22 | &nbsp;&nbsp; (29.37)<br>| &nbsp;&nbsp; 916 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .24 |
| 12/31/2021 | 32.64 | &nbsp;&nbsp; (.02)<br>| 2.32 | 2.30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 34.17 | 6.98 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.07)<br>|
| 12/31/2020 | 26.80 | &nbsp;&nbsp; (.01)<br>| 7.49 | 7.48 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.64)<br>| 32.64 | 30.04 | &nbsp;&nbsp; 2391 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (.06)<br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.88 | &nbsp;&nbsp; .08 | 1.33 | 1.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.40)<br>| 18.89 | 7.98 <br><sup>6</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .95 <br><sup>7</sup><br>| &nbsp;&nbsp; .90 <br><sup>7</sup><br>| &nbsp;&nbsp; .87 <br><sup>7</sup><br>|
| 12/31/2024 | 18.31 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.88 | 2.34 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .40 |
| 12/31/2023 | 16.00 | &nbsp;&nbsp; .06 | 2.50 | 2.56 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 18.31 | 16.15 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 33.93 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; (9.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 16.00 | &nbsp;&nbsp; (29.54)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>9</sup><br>|
| 12/31/2021 | 32.49 | &nbsp;&nbsp; (.07)<br>| 2.28 | 2.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 33.93 | 6.73 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.21)<br>|
| 12/31/2020 | 26.74 | &nbsp;&nbsp; (.09)<br>| 7.48 | 7.39 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.64)<br>| 32.49 | 29.72 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.33)<br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.05 | &nbsp;&nbsp; .07 | 1.27 | 1.34 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.40)<br>| 17.99 | 7.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 1785 | &nbsp;&nbsp; .95 <br><sup>7</sup><br>| &nbsp;&nbsp; .90 <br><sup>7</sup><br>| &nbsp;&nbsp; .86 <br><sup>7</sup><br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.84)<br>| 17.05 | 2.33 | &nbsp;&nbsp; 1733 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .41 |
| 12/31/2023 | 15.30 | &nbsp;&nbsp; .06 | 2.39 | 2.45 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.25)<br>| 17.50 | 16.17 | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .38 |
| 12/31/2022 | 32.94 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; (9.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.30 | &nbsp;&nbsp; (29.55)<br>| &nbsp;&nbsp; 1762 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; — <br><sup>9</sup><br>|
| 12/31/2021 | 31.56 | &nbsp;&nbsp; (.10)<br>| 2.25 | 2.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.94 | 6.74 | &nbsp;&nbsp; 2521 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (.30)<br>|
| 12/31/2020 | 26.02 | &nbsp;&nbsp; (.08)<br>| 7.25 | 7.17 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.63)<br>| 31.56 | 29.72 | &nbsp;&nbsp; 2653 | 1.00 | 1.00 | &nbsp;&nbsp; (.31)<br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.01 | &nbsp;&nbsp; .05 | 1.27 | 1.32 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.40)<br>| 17.93 | 7.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 390 | 1.20 <br><sup>7</sup><br>| 1.15 <br><sup>7</sup><br>| &nbsp;&nbsp; .61 <br><sup>7</sup><br>|
| 12/31/2024 | 17.46 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.80)<br>| 17.01 | 2.12 | &nbsp;&nbsp; 310 | 1.20 | 1.17 | &nbsp;&nbsp; .15 |
| 12/31/2023 | 15.28 | &nbsp;&nbsp; .02 | 2.37 | 2.39 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.21)<br>| 17.46 | 15.79 | &nbsp;&nbsp; 300 | 1.20 | 1.15 | &nbsp;&nbsp; .13 |
| 12/31/2022 | 32.96 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (9.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp; (8.50)<br>| 15.28 | &nbsp;&nbsp; (29.69)<br>| &nbsp;&nbsp; 261 | 1.22 | 1.19 | &nbsp;&nbsp; (.25)<br>|
| 12/31/2021 | 31.67 | &nbsp;&nbsp; (.18)<br>| 2.24 | 2.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (.77)<br>| 32.96 | 6.43 | &nbsp;&nbsp; 344 | 1.24 | 1.24 | &nbsp;&nbsp; (.53)<br>|
| 12/31/2020 | 26.16 | &nbsp;&nbsp; (.14)<br>| 7.27 | 7.13 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.62)<br>| 31.67 | 29.39 | &nbsp;&nbsp; 268 | 1.25 | 1.25 | &nbsp;&nbsp; (.56)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **355** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $127.47 | &nbsp;&nbsp; $.21 | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $12.49 | &nbsp;&nbsp; $(.26)<br>| &nbsp;&nbsp; $(10.61)<br>| &nbsp;&nbsp; $(10.87)<br>| &nbsp;&nbsp; $129.09 | 10.26 %<sup>6</sup><br>| &nbsp;&nbsp; $23220 | &nbsp;&nbsp; .34 %<sup>7</sup><br>| &nbsp;&nbsp; .33 %<sup>7</sup><br>|
| 12/31/2024 | 99.44 | &nbsp;&nbsp; .51 | 30.78 | 31.29 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.26)<br>| 127.47 | 31.96 | &nbsp;&nbsp; 21469 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .45 |
| 12/31/2023 | 76.29 | &nbsp;&nbsp; .57 | 28.16 | 28.73 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.58)<br>| 99.44 | 38.81 | &nbsp;&nbsp; 17382 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .65 |
| 12/31/2022 | 127.58 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (37.03)<br>| &nbsp;&nbsp; (36.45)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.84)<br>| 76.29 | &nbsp;&nbsp; (29.75)<br>| &nbsp;&nbsp; 13660 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .64 |
| 12/31/2021 | 120.22 | &nbsp;&nbsp; .46 | 24.29 | 24.75 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.39)<br>| 127.58 | 22.30 | &nbsp;&nbsp; 19783 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .37 |
| 12/31/2020 | 81.22 | &nbsp;&nbsp; .43 | 41.28 | 41.71 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.71)<br>| 120.22 | 52.45 | &nbsp;&nbsp; 15644 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .46 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 126.11 | &nbsp;&nbsp; .05 | 12.14 | 12.19 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 127.48 | 10.13 <br><sup>6</sup><br>| &nbsp;&nbsp; 394 | &nbsp;&nbsp; .59 <br><sup>7</sup><br>| &nbsp;&nbsp; .08 <br><sup>7</sup><br>|
| 12/31/2024 | 98.46 | &nbsp;&nbsp; .22 | 30.43 | 30.65 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.00)<br>| 126.11 | 31.61 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.61 | &nbsp;&nbsp; .35 | 27.88 | 28.23 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.38)<br>| 98.46 | 38.47 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.70 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (36.79)<br>| &nbsp;&nbsp; (36.40)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.69)<br>| 75.61 | &nbsp;&nbsp; (29.93)<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 119.59 | &nbsp;&nbsp; .16 | 24.11 | 24.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 126.70 | 21.97 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .13 |
| 12/31/2020 | 80.92 | &nbsp;&nbsp; .20 | 41.05 | 41.25 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.58)<br>| 119.59 | 52.07 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .21 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 125.79 | &nbsp;&nbsp; .05 | 12.10 | 12.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.82)<br>| 127.12 | 10.12 <br><sup>6</sup><br>| &nbsp;&nbsp; 21211 | &nbsp;&nbsp; .59 <br><sup>7</sup><br>| &nbsp;&nbsp; .08 <br><sup>7</sup><br>|
| 12/31/2024 | 98.20 | &nbsp;&nbsp; .22 | 30.34 | 30.56 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.97)<br>| 125.79 | 31.61 | &nbsp;&nbsp; 20386 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .20 |
| 12/31/2023 | 75.41 | &nbsp;&nbsp; .35 | 27.80 | 28.15 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.36)<br>| 98.20 | 38.49 | &nbsp;&nbsp; 17879 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .40 |
| 12/31/2022 | 126.28 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (36.62)<br>| &nbsp;&nbsp; (36.27)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.60)<br>| 75.41 | &nbsp;&nbsp; (29.94)<br>| &nbsp;&nbsp; 14452 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .38 |
| 12/31/2021 | 119.18 | &nbsp;&nbsp; .15 | 24.03 | 24.18 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.08)<br>| 126.28 | 21.97 | &nbsp;&nbsp; 21986 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .12 |
| 12/31/2020 | 80.57 | &nbsp;&nbsp; .19 | 40.89 | 41.08 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.47)<br>| 119.18 | 52.10 | &nbsp;&nbsp; 20594 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .21 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 128.88 | &nbsp;&nbsp; .09 | 12.43 | 12.52 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.83)<br>| 130.57 | 10.16 <br><sup>6</sup><br>| &nbsp;&nbsp; 287 | &nbsp;&nbsp; .52 <br><sup>7</sup><br>| &nbsp;&nbsp; .15 <br><sup>7</sup><br>|
| 12/31/2024 | 100.54 | &nbsp;&nbsp; .30 | 31.09 | 31.39 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (3.05)<br>| 128.88 | 31.70 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .27 |
| 12/31/2023 | 77.09 | &nbsp;&nbsp; .42 | 28.45 | 28.87 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.42)<br>| 100.54 | 38.56 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .47 |
| 12/31/2022 | 128.68 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (37.35)<br>| &nbsp;&nbsp; (36.93)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.66)<br>| 77.09 | &nbsp;&nbsp; (29.89)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .45 |
| 12/31/2021 | 121.13 | &nbsp;&nbsp; .24 | 24.47 | 24.71 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (17.16)<br>| 128.68 | 22.07 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .19 |
| 12/31/2020 | 81.84 | &nbsp;&nbsp; .26 | 41.56 | 41.82 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.53)<br>| 121.13 | 52.20 | &nbsp;&nbsp; 279 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .28 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 122.38 | &nbsp;&nbsp; (.10)<br>| 11.74 | 11.64 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (10.61)<br>| &nbsp;&nbsp; (10.78)<br>| 123.24 | 9.99 <br><sup>6</sup><br>| &nbsp;&nbsp; 6178 | &nbsp;&nbsp; .84 <br><sup>7</sup><br>| &nbsp;&nbsp; (.17 )<sup>7</sup><br>|
| 12/31/2024 | 95.70 | &nbsp;&nbsp; (.06)<br>| 29.52 | 29.46 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.78)<br>| 122.38 | 31.29 | &nbsp;&nbsp; 5195 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.06)<br>|
| 12/31/2023 | 73.64 | &nbsp;&nbsp; .13 | 27.12 | 27.25 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (5.19)<br>| 95.70 | 38.13 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .15 |
| 12/31/2022 | 123.79 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (35.87)<br>| &nbsp;&nbsp; (35.75)<br>| &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (14.31)<br>| &nbsp;&nbsp; (14.40)<br>| 73.64 | &nbsp;&nbsp; (30.11)<br>| &nbsp;&nbsp; 2409 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .14 |
| 12/31/2021 | 117.24 | &nbsp;&nbsp; (.15)<br>| 23.59 | 23.44 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (16.81)<br>| &nbsp;&nbsp; (16.89)<br>| 123.79 | 21.69 | &nbsp;&nbsp; 3214 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.13)<br>|
| 12/31/2020 | 79.41 | &nbsp;&nbsp; (.04)<br>| 40.24 | 40.20 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.37)<br>| 117.24 | 51.71 | &nbsp;&nbsp; 2347 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.04)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **356** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $17.84 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $1.92 | &nbsp;&nbsp; $2.17 | &nbsp;&nbsp; $(.01)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.01)<br>| &nbsp;&nbsp; $20.00 | 12.18 %<sup>6</sup><br>| &nbsp;&nbsp; $3274 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| 2.71 %<sup>7</sup><br>|
| 12/31/2024 | 17.50 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 17.84 | 3.40 | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; .52 | 1.26 |
| 12/31/2023 | 15.31 | &nbsp;&nbsp; .25 | 2.20 | 2.45 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.50 | 16.12 | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; .53 | 1.50 |
| 12/31/2022 | 22.70 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.94)<br>| 15.31 | &nbsp;&nbsp; (20.57)<br>| &nbsp;&nbsp; 3157 | &nbsp;&nbsp; .54 | 1.95 |
| 12/31/2021 | 23.64 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 22.70 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; 4747 | &nbsp;&nbsp; .55 | 1.57 |
| 12/31/2020 | 20.86 | &nbsp;&nbsp; .14 | 2.82 | 2.96 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 23.64 | 14.28 | &nbsp;&nbsp; 5652 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .71 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.75 | &nbsp;&nbsp; .22 | 1.91 | 2.13 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 19.87 | 11.97 <br><sup>6</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 2.47 <br><sup>7</sup><br>|
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.17 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .99 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.85 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.61 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.80)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .79 | 1.73 |
| 12/31/2021 | 23.55 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.61 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .80 | 1.39 |
| 12/31/2020 | 20.80 | &nbsp;&nbsp; .08 | 2.81 | 2.89 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 23.55 | 13.96 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .43 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.75 | &nbsp;&nbsp; .22 | 1.91 | 2.13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>8</sup><br>| 19.88 | 12.03 <br><sup>6</sup><br>| &nbsp;&nbsp; 3399 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 2.46 <br><sup>7</sup><br>|
| 12/31/2024 | 17.41 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.75 | 3.16 | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; .77 | 1.00 |
| 12/31/2023 | 15.23 | &nbsp;&nbsp; .21 | 2.19 | 2.40 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 17.41 | 15.84 | &nbsp;&nbsp; 3382 | &nbsp;&nbsp; .78 | 1.24 |
| 12/31/2022 | 22.60 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (4.76)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.90)<br>| 15.23 | &nbsp;&nbsp; (20.79)<br>| &nbsp;&nbsp; 3164 | &nbsp;&nbsp; .79 | 1.71 |
| 12/31/2021 | 23.54 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 22.60 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; 4190 | &nbsp;&nbsp; .80 | 1.35 |
| 12/31/2020 | 20.78 | &nbsp;&nbsp; .09 | 2.80 | 2.89 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.13)<br>| 23.54 | 13.97 | &nbsp;&nbsp; 4481 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .46 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.90 | &nbsp;&nbsp; .23 | 1.94 | 2.17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 20.06 | 12.11 <br><sup>6</sup><br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 <br><sup>7</sup><br>| 2.54 <br><sup>7</sup><br>|
| 12/31/2024 | 17.56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.90 | 3.19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .70 | 1.08 |
| 12/31/2023 | 15.35 | &nbsp;&nbsp; .22 | 2.22 | 2.44 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 17.56 | 15.99 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .71 | 1.32 |
| 12/31/2022 | 22.76 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.91)<br>| 15.35 | &nbsp;&nbsp; (20.76)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; .72 | 1.78 |
| 12/31/2021 | 23.69 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 22.76 | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; .73 | 1.41 |
| 12/31/2020 | 20.92 | &nbsp;&nbsp; .10 | 2.81 | 2.91 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 23.69 | 14.00 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .53 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 17.46 | &nbsp;&nbsp; .20 | 1.87 | 2.07 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 19.53 | 11.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 507 | 1.02 <br><sup>7</sup><br>| 2.24 <br><sup>7</sup><br>|
| 12/31/2024 | 17.13 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.46 | 2.93 | &nbsp;&nbsp; 441 | 1.02 | &nbsp;&nbsp; .74 |
| 12/31/2023 | 14.99 | &nbsp;&nbsp; .16 | 2.16 | 2.32 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 17.13 | 15.56 | &nbsp;&nbsp; 415 | 1.03 | &nbsp;&nbsp; .99 |
| 12/31/2022 | 22.31 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.86)<br>| 14.99 | &nbsp;&nbsp; (21.02)<br>| &nbsp;&nbsp; 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 22.31 | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; 459 | 1.05 | 1.13 |
| 12/31/2020 | 20.54 | &nbsp;&nbsp; .04 | 2.76 | 2.80 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 23.25 | 13.66 | &nbsp;&nbsp; 423 | 1.05 | &nbsp;&nbsp; .21 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **357** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $26.67 | &nbsp;&nbsp; $.31 | &nbsp;&nbsp; $3.80 | &nbsp;&nbsp; $4.11 | &nbsp;&nbsp; $(.04)<br>| &nbsp;&nbsp; $(1.21)<br>| &nbsp;&nbsp; $(1.25)<br>| &nbsp;&nbsp; $29.53 | 15.63 %<sup>6</sup><br>| &nbsp;&nbsp; $1964 | &nbsp;&nbsp; .64 %<sup>7</sup><br>| &nbsp;&nbsp; .57 %<sup>7</sup><br>| 2.24 %<sup>7</sup><br>|
| 12/31/2024 | 25.48 | &nbsp;&nbsp; .43 | 1.32 | 1.75 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.56)<br>| 26.67 | 6.86 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.60 |
| 12/31/2023 | 22.30 | &nbsp;&nbsp; .40 | 3.19 | 3.59 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 25.48 | 16.22 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .57 | 1.64 |
| 12/31/2022 | 31.83 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.73)<br>| 22.30 | &nbsp;&nbsp; (21.86)<br>| &nbsp;&nbsp; 1610 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .57 | 1.48 |
| 12/31/2021 | 31.59 | &nbsp;&nbsp; .29 | 1.38 | 1.67 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.43)<br>| 31.83 | 5.16 | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .88 |
| 12/31/2020 | 25.84 | &nbsp;&nbsp; .15 | 5.93 | 6.08 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.33)<br>| 31.59 | 23.89 | &nbsp;&nbsp; 2309 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .58 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.53 | &nbsp;&nbsp; .27 | 3.78 | 4.05 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.24)<br>| 29.34 | 15.48 <br><sup>6</sup><br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 <br><sup>7</sup><br>| &nbsp;&nbsp; .82 <br><sup>7</sup><br>| 1.95 <br><sup>7</sup><br>|
| 12/31/2024 | 25.36 | &nbsp;&nbsp; .36 | 1.31 | 1.67 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.53 | 6.58 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.33 |
| 12/31/2023 | 22.19 | &nbsp;&nbsp; .33 | 3.20 | 3.53 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 25.36 | 15.98 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.38 |
| 12/31/2022 | 31.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.15)<br>| &nbsp;&nbsp; (6.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.19 | &nbsp;&nbsp; (22.09)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.43 | &nbsp;&nbsp; .17 | 1.41 | 1.58 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.31)<br>| 31.70 | 4.90 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .54 |
| 12/31/2020 | 25.74 | &nbsp;&nbsp; .07 | 5.92 | 5.99 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.30)<br>| 31.43 | 23.63 | &nbsp;&nbsp; 18 | 1.01 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; .26 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.33 | &nbsp;&nbsp; .27 | 3.75 | 4.02 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.24)<br>| 29.11 | 15.48 <br><sup>6</sup><br>| &nbsp;&nbsp; 852 | &nbsp;&nbsp; .89 <br><sup>7</sup><br>| &nbsp;&nbsp; .82 <br><sup>7</sup><br>| 1.99 <br><sup>7</sup><br>|
| 12/31/2024 | 25.17 | &nbsp;&nbsp; .36 | 1.30 | 1.66 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.50)<br>| 26.33 | 6.55 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.36 |
| 12/31/2023 | 22.02 | &nbsp;&nbsp; .33 | 3.17 | 3.50 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 25.17 | 15.99 | &nbsp;&nbsp; 803 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 1.39 |
| 12/31/2022 | 31.48 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (6.80)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.66)<br>| 22.02 | &nbsp;&nbsp; (22.10)<br>| &nbsp;&nbsp; 764 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .82 | 1.24 |
| 12/31/2021 | 31.25 | &nbsp;&nbsp; .20 | 1.38 | 1.58 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.35)<br>| 31.48 | 4.92 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .63 |
| 12/31/2020 | 25.59 | &nbsp;&nbsp; .08 | 5.87 | 5.95 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.29)<br>| 31.25 | 23.58 | &nbsp;&nbsp; 1109 | 1.01 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .34 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.09 | &nbsp;&nbsp; .23 | 3.72 | 3.95 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.23)<br>| 28.81 | 15.31 <br><sup>6</sup><br>| &nbsp;&nbsp; 900 | 1.14 <br><sup>7</sup><br>| 1.07 <br><sup>7</sup><br>| 1.75 <br><sup>7</sup><br>|
| 12/31/2024 | 24.95 | &nbsp;&nbsp; .29 | 1.28 | 1.57 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 26.09 | 6.33 | &nbsp;&nbsp; 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | &nbsp;&nbsp; .27 | 3.14 | 3.41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 24.95 | 15.67 | &nbsp;&nbsp; 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (7.03)<br>| &nbsp;&nbsp; (6.79)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.61)<br>| 21.84 | &nbsp;&nbsp; (22.25)<br>| &nbsp;&nbsp; 701 | 1.18 | 1.07 | &nbsp;&nbsp; .99 |
| 12/31/2021 | 31.04 | &nbsp;&nbsp; .12 | 1.36 | 1.48 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.28)<br>| 31.24 | 4.63 | &nbsp;&nbsp; 906 | 1.24 | 1.06 | &nbsp;&nbsp; .38 |
| 12/31/2020 | 25.47 | &nbsp;&nbsp; .02 | 5.83 | 5.85 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.28)<br>| 31.04 | 23.29 | &nbsp;&nbsp; 807 | 1.26 | 1.14 | &nbsp;&nbsp; .08 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **358** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $16.86 | &nbsp;&nbsp; $.15 | &nbsp;&nbsp; $1.35 | &nbsp;&nbsp; $1.50 | &nbsp;&nbsp; $(.06)<br>| &nbsp;&nbsp; $(1.20)<br>| &nbsp;&nbsp; $(1.26)<br>| &nbsp;&nbsp; $17.10 | 9.17 %<sup>6</sup><br>| &nbsp;&nbsp; $6488 | &nbsp;&nbsp; .41 %<sup>7</sup><br>| &nbsp;&nbsp; .26 %<sup>7</sup><br>| 1.79 %<sup>7</sup><br>|
| 12/31/2024 | 14.49 | &nbsp;&nbsp; .29 | 2.51 | 2.80 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.43)<br>| 16.86 | 19.40 | &nbsp;&nbsp; 6269 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 1.78 |
| 12/31/2023 | 12.69 | &nbsp;&nbsp; .28 | 1.92 | 2.20 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.40)<br>| 14.49 | 17.66 | &nbsp;&nbsp; 6020 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .27 | 2.07 |
| 12/31/2022 | 18.09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (4.02)<br>| 12.69 | &nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp; 5507 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .26 | 2.13 |
| 12/31/2021 | 14.35 | &nbsp;&nbsp; .29 | 3.73 | 4.02 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 18.09 | 28.12 | &nbsp;&nbsp; 6766 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .31 | 1.79 |
| 12/31/2020 | 13.56 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .95 | 1.20 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.41)<br>| 14.35 | 9.04 | &nbsp;&nbsp; 5684 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; .43 | 2.00 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 16.79 | &nbsp;&nbsp; .13 | 1.34 | 1.47 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.26)<br>| 17.00 | 8.99 <br><sup>6</sup><br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; .66 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 1.54 <br><sup>7</sup><br>|
| 12/31/2024 | 14.43 | &nbsp;&nbsp; .25 | 2.50 | 2.75 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.79 | 19.15 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.61 | &nbsp;&nbsp; .23 | 1.92 | 2.15 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.33)<br>| 14.43 | 17.29 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.77 |
| 12/31/2022 | 17.96 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.95)<br>| 12.61 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.76 |
| 12/31/2021 | 14.28 | &nbsp;&nbsp; .27 | 3.67 | 3.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 17.96 | 27.70 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .53 | 1.62 |
| 12/31/2020 | 13.51 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .93 | 1.16 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.39)<br>| 14.28 | 8.79 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 1.78 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 16.53 | &nbsp;&nbsp; .13 | 1.32 | 1.45 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.26)<br>| 16.72 | 9.01 <br><sup>6</sup><br>| &nbsp;&nbsp; 3098 | &nbsp;&nbsp; .66 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 1.54 <br><sup>7</sup><br>|
| 12/31/2024 | 14.21 | &nbsp;&nbsp; .24 | 2.47 | 2.71 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.39)<br>| 16.53 | 19.14 | &nbsp;&nbsp; 3002 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.53 |
| 12/31/2023 | 12.46 | &nbsp;&nbsp; .24 | 1.88 | 2.12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.37)<br>| 14.21 | 17.29 | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .52 | 1.82 |
| 12/31/2022 | 17.83 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.98)<br>| 12.46 | &nbsp;&nbsp; (8.45)<br>| &nbsp;&nbsp; 2775 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .51 | 1.88 |
| 12/31/2021 | 14.15 | &nbsp;&nbsp; .25 | 3.67 | 3.92 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 17.83 | 27.78 | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .56 | 1.54 |
| 12/31/2020 | 13.39 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .91 | 1.13 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.37)<br>| 14.15 | 8.68 | &nbsp;&nbsp; 3082 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .68 | 1.75 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 16.34 | &nbsp;&nbsp; .11 | 1.30 | 1.41 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.25)<br>| 16.50 | 8.90 <br><sup>6</sup><br>| &nbsp;&nbsp; 2052 | &nbsp;&nbsp; .91 <br><sup>7</sup><br>| &nbsp;&nbsp; .76 <br><sup>7</sup><br>| 1.29 <br><sup>7</sup><br>|
| 12/31/2024 | 14.06 | &nbsp;&nbsp; .20 | 2.44 | 2.64 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.36)<br>| 16.34 | 18.85 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .76 | 1.28 |
| 12/31/2023 | 12.34 | &nbsp;&nbsp; .20 | 1.86 | 2.06 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.34)<br>| 14.06 | 16.97 | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.58 |
| 12/31/2022 | 17.71 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.96)<br>| 12.34 | &nbsp;&nbsp; (8.69)<br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .77 | 1.64 |
| 12/31/2021 | 14.06 | &nbsp;&nbsp; .21 | 3.65 | 3.86 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 17.71 | 27.51 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; .81 | 1.30 |
| 12/31/2020 | 13.31 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .91 | 1.10 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.35)<br>| 14.06 | 8.47 | &nbsp;&nbsp; 788 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 1.51 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **359** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Net assets,** <br>**end of year** <br>**(in millions)** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Net assets,** <br>**end of year** <br>**(in millions)** |
| **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.71 | &nbsp;&nbsp; $.04 | &nbsp;&nbsp; $.70 | &nbsp;&nbsp; $.74 | &nbsp;&nbsp; $— <br><sup>8</sup><br>| &nbsp;&nbsp; $— <br><sup>8</sup><br>| &nbsp;&nbsp; $— <br><sup>8</sup><br>| &nbsp;&nbsp; $10.45<br>7.56 %<sup>6</sup><br>| &nbsp;&nbsp; $— <br><sup>10</sup><br>&nbsp;&nbsp; .82 %<sup>7</sup><br>&nbsp;&nbsp; .54 %<sup>7</sup><br>&nbsp;&nbsp; .76 %<sup>7</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.81 )<sup>6</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .59 <br><sup>7</sup><br>&nbsp;&nbsp; .54 <br><sup>7</sup><br>&nbsp;&nbsp; .72 <br><sup>7</sup><br>|
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.71 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 10.45<br>7.56 <br><sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .83 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .76 <br><sup>712</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.81 )<sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .59 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .72 <br><sup>712</sup><br>|
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.71 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 10.45<br>7.56 <br><sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .82 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .76 <br><sup>712</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.81 )<sup>612</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>&nbsp;&nbsp; .59 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .72 <br><sup>712</sup><br>|
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.71 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| 10.45<br>7.56 <br><sup>612</sup><br>| &nbsp;&nbsp; 16<br>&nbsp;&nbsp; .83 <br><sup>712</sup><br>&nbsp;&nbsp; .54 <br><sup>712</sup><br>&nbsp;&nbsp; .76 <br><sup>712</sup><br>|
| 12/31/2024<sup>4,11</sup> <br>| 10.00 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.01)<br>| 9.71<br>&nbsp;&nbsp; (2.82 )<sup>612</sup><br>| &nbsp;&nbsp; 15<br>&nbsp;&nbsp; .59 <br><sup>712</sup><br>&nbsp;&nbsp; .55 <br><sup>712</sup><br>&nbsp;&nbsp; .71 <br><sup>712</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **360** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $15.53 | &nbsp;&nbsp; $.17 | &nbsp;&nbsp; $1.82 | &nbsp;&nbsp; $1.99 | &nbsp;&nbsp; $(.04)<br>| &nbsp;&nbsp; $(.61)<br>| &nbsp;&nbsp; $(.65)<br>| &nbsp;&nbsp; $16.87 | 13.03 %<sup>6</sup><br>| &nbsp;&nbsp; $612 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| &nbsp;&nbsp; .42 %<sup>7</sup><br>| 2.19 %<sup>7</sup><br>|
| 12/31/2024 | 13.85 | &nbsp;&nbsp; .27 | 1.71 | 1.98 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 15.53 | 14.24 | &nbsp;&nbsp; 597 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .42 | 1.75 |
| 12/31/2023 | 11.67 | &nbsp;&nbsp; .27 | 2.19 | 2.46 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.28)<br>| 13.85 | 21.22 | &nbsp;&nbsp; 579 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .41 | 2.08 |
| 12/31/2022 | 18.42 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.79)<br>| 11.67 | &nbsp;&nbsp; (17.13)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .41 | 2.36 |
| 12/31/2021 | 16.67 | &nbsp;&nbsp; .38 | 2.10 | 2.48 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.73)<br>| 18.42 | 15.03 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .47 | 2.14 |
| 12/31/2020 | 15.92 | &nbsp;&nbsp; .22 | 1.14 | 1.36 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.61)<br>| 16.67 | 9.03 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .66 | 1.49 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 15.44 | &nbsp;&nbsp; .16 | 1.79 | 1.95 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.64)<br>| 16.75 | 12.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .67 <br><sup>7</sup><br>| 1.97 <br><sup>7</sup><br>|
| 12/31/2024 | 13.77 | &nbsp;&nbsp; .23 | 1.70 | 1.93 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.44 | 14.00 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.50 |
| 12/31/2023 | 11.61 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 13.77 | 20.87 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.34 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.61 | &nbsp;&nbsp; (17.29)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.13 |
| 12/31/2021 | 16.62 | &nbsp;&nbsp; .37 | 2.06 | 2.43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.71)<br>| 18.34 | 14.71 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .70 | 2.08 |
| 12/31/2020 | 15.88 | &nbsp;&nbsp; .18 | 1.13 | 1.31 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.57)<br>| 16.62 | 8.78 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | 1.23 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 15.49 | &nbsp;&nbsp; .15 | 1.81 | 1.96 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.64)<br>| 16.81 | 12.88 <br><sup>6</sup><br>| &nbsp;&nbsp; 1060 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .67 <br><sup>7</sup><br>| 1.94 <br><sup>7</sup><br>|
| 12/31/2024 | 13.81 | &nbsp;&nbsp; .23 | 1.71 | 1.94 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 15.49 | 14.00 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .67 | 1.51 |
| 12/31/2023 | 11.64 | &nbsp;&nbsp; .23 | 2.18 | 2.41 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 13.81 | 20.88 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .66 | 1.83 |
| 12/31/2022 | 18.38 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.76)<br>| 11.64 | &nbsp;&nbsp; (17.33)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .66 | 2.11 |
| 12/31/2021 | 16.63 | &nbsp;&nbsp; .33 | 2.11 | 2.44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.69)<br>| 18.38 | 14.78 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .73 | 1.85 |
| 12/31/2020 | 15.89 | &nbsp;&nbsp; .18 | 1.13 | 1.31 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.57)<br>| 16.63 | 8.73 | &nbsp;&nbsp; 1349 | &nbsp;&nbsp; .91 | &nbsp;&nbsp; .91 | 1.23 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 15.08 | &nbsp;&nbsp; .13 | 1.76 | 1.89 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (.64)<br>| 16.33 | 12.73 <br><sup>6</sup><br>| &nbsp;&nbsp; 315 | 1.02 <br><sup>7</sup><br>| &nbsp;&nbsp; .92 <br><sup>7</sup><br>| 1.72 <br><sup>7</sup><br>|
| 12/31/2024 | 13.46 | &nbsp;&nbsp; .18 | 1.67 | 1.85 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 15.08 | 13.70 | &nbsp;&nbsp; 268 | 1.02 | &nbsp;&nbsp; .92 | 1.25 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .19 | 2.14 | 2.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 13.46 | 20.65 | &nbsp;&nbsp; 235 | 1.02 | &nbsp;&nbsp; .91 | 1.57 |
| 12/31/2022 | 18.04 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (3.73)<br>| 11.35 | &nbsp;&nbsp; (17.57)<br>| &nbsp;&nbsp; 188 | 1.07 | &nbsp;&nbsp; .91 | 1.86 |
| 12/31/2021 | 16.35 | &nbsp;&nbsp; .29 | 2.06 | 2.35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.66)<br>| 18.04 | 14.46 | &nbsp;&nbsp; 225 | 1.13 | &nbsp;&nbsp; .97 | 1.65 |
| 12/31/2020 | 15.63 | &nbsp;&nbsp; .14 | 1.12 | 1.26 | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; (.54)<br>| 16.35 | 8.55 | &nbsp;&nbsp; 166 | 1.16 | 1.16 | &nbsp;&nbsp; .97 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **361** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $69.59 | &nbsp;&nbsp; $.43 | &nbsp;&nbsp; $4.69 | &nbsp;&nbsp; $5.12 | &nbsp;&nbsp; $(.18)<br>| &nbsp;&nbsp; $(12.13)<br>| &nbsp;&nbsp; $(12.31)<br>| &nbsp;&nbsp; $62.40 | 8.13 %<sup>6</sup><br>| &nbsp;&nbsp; $25262 | &nbsp;&nbsp; .28 %<sup>7</sup><br>| 1.27 %<sup>7</sup><br>|
| 12/31/2024 | 59.26 | &nbsp;&nbsp; .84 | 13.33 | 14.17 | &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.84)<br>| 69.59 | 24.55 | &nbsp;&nbsp; 24476 | &nbsp;&nbsp; .28 | 1.28 |
| 12/31/2023 | 50.21 | &nbsp;&nbsp; .86 | 11.96 | 12.82 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.77)<br>| 59.26 | 26.47 | &nbsp;&nbsp; 22319 | &nbsp;&nbsp; .29 | 1.60 |
| 12/31/2022 | 67.35 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (11.50)<br>| &nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.49)<br>| 50.21 | &nbsp;&nbsp; (16.28)<br>| &nbsp;&nbsp; 19692 | &nbsp;&nbsp; .29 | 1.54 |
| 12/31/2021 | 55.38 | &nbsp;&nbsp; .79 | 12.64 | 13.43 | &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.46)<br>| 67.35 | 24.42 | &nbsp;&nbsp; 25507 | &nbsp;&nbsp; .29 | 1.28 |
| 12/31/2020 | 50.71 | &nbsp;&nbsp; .75 | 6.02 | 6.77 | &nbsp;&nbsp; (.80)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (2.10)<br>| 55.38 | 13.81 | &nbsp;&nbsp; 22903 | &nbsp;&nbsp; .29 | 1.52 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 69.10 | &nbsp;&nbsp; .34 | 4.64 | 4.98 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.28)<br>| 61.80 | 7.98 <br><sup>6</sup><br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; .53 <br><sup>7</sup><br>| 1.02 <br><sup>7</sup><br>|
| 12/31/2024 | 58.88 | &nbsp;&nbsp; .67 | 13.24 | 13.91 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.69)<br>| 69.10 | 24.25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .53 | 1.02 |
| 12/31/2023 | 49.93 | &nbsp;&nbsp; .72 | 11.87 | 12.59 | &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.64)<br>| 58.88 | 26.12 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 67.02 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (11.44)<br>| &nbsp;&nbsp; (10.73)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.36)<br>| 49.93 | &nbsp;&nbsp; (16.48)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .54 | 1.30 |
| 12/31/2021 | 55.16 | &nbsp;&nbsp; .65 | 12.55 | 13.20 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.02 | 24.08 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .53 | 1.04 |
| 12/31/2020 | 50.54 | &nbsp;&nbsp; .63 | 5.99 | 6.62 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (2.00)<br>| 55.16 | 13.55 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; .54 | 1.28 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 68.38 | &nbsp;&nbsp; .33 | 4.60 | 4.93 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.27)<br>| 61.04 | 8.00 <br><sup>6</sup><br>| &nbsp;&nbsp; 14111 | &nbsp;&nbsp; .53 <br><sup>7</sup><br>| 1.02 <br><sup>7</sup><br>|
| 12/31/2024 | 58.30 | &nbsp;&nbsp; .66 | 13.10 | 13.76 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.68)<br>| 68.38 | 24.23 | &nbsp;&nbsp; 13882 | &nbsp;&nbsp; .53 | 1.03 |
| 12/31/2023 | 49.46 | &nbsp;&nbsp; .72 | 11.75 | 12.47 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.63)<br>| 58.30 | 26.14 | &nbsp;&nbsp; 12894 | &nbsp;&nbsp; .54 | 1.35 |
| 12/31/2022 | 66.44 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (11.33)<br>| &nbsp;&nbsp; (10.63)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.35)<br>| 49.46 | &nbsp;&nbsp; (16.50)<br>| &nbsp;&nbsp; 11508 | &nbsp;&nbsp; .54 | 1.29 |
| 12/31/2021 | 54.66 | &nbsp;&nbsp; .63 | 12.45 | 13.08 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.30)<br>| 66.44 | 24.10 | &nbsp;&nbsp; 15319 | &nbsp;&nbsp; .54 | 1.03 |
| 12/31/2020 | 50.08 | &nbsp;&nbsp; .62 | 5.93 | 6.55 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.97)<br>| 54.66 | 13.54 | &nbsp;&nbsp; 14012 | &nbsp;&nbsp; .54 | 1.27 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 69.76 | &nbsp;&nbsp; .37 | 4.69 | 5.06 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.28)<br>| 62.54 | 8.02 <br><sup>6</sup><br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 <br><sup>7</sup><br>| 1.09 <br><sup>7</sup><br>|
| 12/31/2024 | 59.40 | &nbsp;&nbsp; .72 | 13.36 | 14.08 | &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.72)<br>| 69.76 | 24.32 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; .46 | 1.10 |
| 12/31/2023 | 50.33 | &nbsp;&nbsp; .77 | 11.97 | 12.74 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.67)<br>| 59.40 | 26.23 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; .47 | 1.42 |
| 12/31/2022 | 67.48 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (11.51)<br>| &nbsp;&nbsp; (10.76)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.39)<br>| 50.33 | &nbsp;&nbsp; (16.43)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; .47 | 1.36 |
| 12/31/2021 | 55.49 | &nbsp;&nbsp; .68 | 12.65 | 13.33 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.34)<br>| 67.48 | 24.18 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; .47 | 1.10 |
| 12/31/2020 | 50.81 | &nbsp;&nbsp; .66 | 6.02 | 6.68 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (2.00)<br>| 55.49 | 13.60 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; .47 | 1.34 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 67.14 | &nbsp;&nbsp; .25 | 4.49 | 4.74 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (12.13)<br>| &nbsp;&nbsp; (12.25)<br>| 59.63 | 7.85 <br><sup>6</sup><br>| &nbsp;&nbsp; 2986 | &nbsp;&nbsp; .78 <br><sup>7</sup><br>| &nbsp;&nbsp; .77 <br><sup>7</sup><br>|
| 12/31/2024 | 57.34 | &nbsp;&nbsp; .49 | 12.86 | 13.35 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (3.55)<br>| 67.14 | 23.93 | &nbsp;&nbsp; 2698 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 |
| 12/31/2023 | 48.72 | &nbsp;&nbsp; .57 | 11.57 | 12.14 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (3.52)<br>| 57.34 | 25.82 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; .79 | 1.10 |
| 12/31/2022 | 65.57 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (11.18)<br>| &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (5.66)<br>| &nbsp;&nbsp; (6.23)<br>| 48.72 | &nbsp;&nbsp; (16.70)<br>| &nbsp;&nbsp; 1630 | &nbsp;&nbsp; .79 | 1.05 |
| 12/31/2021 | 53.99 | &nbsp;&nbsp; .48 | 12.28 | 12.76 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (1.18)<br>| 65.57 | 23.80 | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .79 |
| 12/31/2020 | 49.52 | &nbsp;&nbsp; .49 | 5.85 | 6.34 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.87)<br>| 53.99 | 13.25 | &nbsp;&nbsp; 1407 | &nbsp;&nbsp; .79 | 1.02 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **362** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $10.19 | &nbsp;&nbsp; $.23 | &nbsp;&nbsp; $1.95 | &nbsp;&nbsp; $2.18 | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $12.32 | 21.40 %<sup>6</sup><br>| &nbsp;&nbsp; $31 | &nbsp;&nbsp; .54 %<sup>7</sup><br>| &nbsp;&nbsp; .54 %<sup>7</sup><br>| 4.06 %<sup>7</sup><br>|
| 12/31/2024 | 10.10 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.19 | 3.64 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | 2.62 |
| 12/31/2023 | 8.94 | &nbsp;&nbsp; .27 | 1.15 | 1.42 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 10.10 | 16.08 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .55 | 2.82 |
| 12/31/2022 | 19.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.98)<br>| 8.94 | &nbsp;&nbsp; (15.00)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 3.29 |
| 12/31/2021 | 19.01 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .53 | 1.07 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 19.62 | 5.64 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; .67 | 2.70 |
| 12/31/2020 | 18.18 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .85 | 1.12 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 19.01 | 6.24 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .68 | 1.70 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.91 | &nbsp;&nbsp; .19 | 1.90 | 2.09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.96 | 21.15 <br><sup>6</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; .79 <br><sup>7</sup><br>| &nbsp;&nbsp; .79 <br><sup>7</sup><br>| 3.60 <br><sup>7</sup><br>|
| 12/31/2024 | 9.83 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.34 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.13 | 1.37 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.83 | 15.92 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.39 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .79 | 3.15 |
| 12/31/2021 | 18.97 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .52 | 1.02 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 19.39 | 5.39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .92 | 2.50 |
| 12/31/2020 | 18.15 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .85 | 1.07 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 18.97 | 5.98 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 1.38 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.91 | &nbsp;&nbsp; .19 | 1.90 | 2.09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.96 | 21.15 <br><sup>6</sup><br>| &nbsp;&nbsp; 164 | &nbsp;&nbsp; .79 <br><sup>7</sup><br>| &nbsp;&nbsp; .79 <br><sup>7</sup><br>| 3.53 <br><sup>7</sup><br>|
| 12/31/2024 | 9.82 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.26)<br>| 9.91 | 3.48 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; .82 | 2.40 |
| 12/31/2023 | 8.70 | &nbsp;&nbsp; .24 | 1.12 | 1.36 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.82 | 15.76 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .80 | 2.54 |
| 12/31/2022 | 19.38 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.99)<br>| 8.70 | &nbsp;&nbsp; (15.25)<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; .78 | 3.24 |
| 12/31/2021 | 18.95 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .53 | 1.01 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 19.38 | 5.37 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .92 | 2.44 |
| 12/31/2020 | 18.12 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .85 | 1.08 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 18.95 | 6.01 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; .93 | 1.43 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.74 | &nbsp;&nbsp; .18 | 1.87 | 2.05 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.75 | 21.07 <br><sup>6</sup><br>| &nbsp;&nbsp; 193 | 1.04 <br><sup>7</sup><br>| 1.04 <br><sup>7</sup><br>| 3.36 <br><sup>7</sup><br>|
| 12/31/2024 | 9.67 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 9.74 | 3.11 | &nbsp;&nbsp; 150 | 1.07 | 1.07 | 2.13 |
| 12/31/2023 | 8.56 | &nbsp;&nbsp; .21 | 1.12 | 1.33 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.22)<br>| 9.67 | 15.66 | &nbsp;&nbsp; 143 | 1.06 | 1.05 | 2.29 |
| 12/31/2022 | 19.23 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; (2.71)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (7.70)<br>| &nbsp;&nbsp; (7.96)<br>| 8.56 | &nbsp;&nbsp; (15.52)<br>| &nbsp;&nbsp; 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 19.23 | 5.09 | &nbsp;&nbsp; 132 | 1.18 | 1.17 | 2.21 |
| 12/31/2020 | 18.01 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .83 | 1.02 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 18.82 | 5.73 | &nbsp;&nbsp; 112 | 1.18 | 1.18 | 1.19 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **363** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $12.39 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $1.27 | &nbsp;&nbsp; $1.52 | &nbsp;&nbsp; $(.16)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.16)<br>| &nbsp;&nbsp; $13.75 | 12.33 %<sup>6</sup><br>| &nbsp;&nbsp; $793 | &nbsp;&nbsp; .40 %<sup>7</sup><br>| &nbsp;&nbsp; .27 %<sup>7</sup><br>| 3.88 %<sup>7</sup><br>|
| 12/31/2024 | 11.63 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; .79 | 1.21 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 12.39 | 10.45 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .27 | 3.44 |
| 12/31/2023 | 10.99 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .59 | 1.00 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 11.63 | 9.28 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .26 | 3.68 |
| 12/31/2022 | 12.17 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 10.99 | &nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp; 586 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; .26 | 3.31 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .37 | 1.28 | 1.65 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 12.17 | 15.31 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .27 | 3.19 |
| 12/31/2020 | 10.73 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.87 | 4.64 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .35 | 3.07 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.38 | &nbsp;&nbsp; .23 | 1.26 | 1.49 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 13.73 | 12.12 <br><sup>6</sup><br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; .65 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 3.63 <br><sup>7</sup><br>|
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.17 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.42 |
| 12/31/2022 | 12.15 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.06)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .52 | 3.06 |
| 12/31/2021 | 10.86 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.15 | 14.95 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.94 |
| 12/31/2020 | 10.72 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.86 | 4.38 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .60 | 2.81 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.38 | &nbsp;&nbsp; .23 | 1.27 | 1.50 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.14)<br>| 13.74 | 12.20 <br><sup>6</sup><br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; .65 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 3.64 <br><sup>7</sup><br>|
| 12/31/2024 | 11.62 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .79 | 1.18 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 12.38 | 10.19 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .52 | 3.18 |
| 12/31/2023 | 10.98 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 11.62 | 9.01 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .51 | 3.43 |
| 12/31/2022 | 12.16 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 10.98 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .51 | 3.06 |
| 12/31/2021 | 10.87 | &nbsp;&nbsp; .34 | 1.27 | 1.61 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.32)<br>| 12.16 | 14.94 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .52 | 2.93 |
| 12/31/2020 | 10.72 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 10.87 | 4.48 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .60 | 2.83 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.36 | &nbsp;&nbsp; .22 | 1.27 | 1.49 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.13)<br>| 13.72 | 12.09 <br><sup>6</sup><br>| &nbsp;&nbsp; 739 | &nbsp;&nbsp; .90 <br><sup>7</sup><br>| &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 3.39 <br><sup>7</sup><br>|
| 12/31/2024 | 11.60 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .79 | 1.15 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 12.36 | 9.93 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .77 | 2.93 |
| 12/31/2023 | 10.96 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.30)<br>| 11.60 | 8.75 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .76 | 3.18 |
| 12/31/2022 | 12.14 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 10.96 | &nbsp;&nbsp; (7.37)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .76 | 2.81 |
| 12/31/2021 | 10.85 | &nbsp;&nbsp; .31 | 1.27 | 1.58 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.29)<br>| 12.14 | 14.68 | &nbsp;&nbsp; 559 | 1.03 | &nbsp;&nbsp; .77 | 2.69 |
| 12/31/2020 | 10.71 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 10.85 | 4.11 | &nbsp;&nbsp; 462 | 1.03 | &nbsp;&nbsp; .85 | 2.55 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **364** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets**<sup>3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $26.04 | &nbsp;&nbsp; $.30 | &nbsp;&nbsp; $1.76 | &nbsp;&nbsp; $2.06 | &nbsp;&nbsp; $(.12)<br>| &nbsp;&nbsp; $(1.91)<br>| &nbsp;&nbsp; $(2.03)<br>| &nbsp;&nbsp; $26.07 | 8.20 %<sup>6</sup><br>| &nbsp;&nbsp; $16240 | &nbsp;&nbsp; .30 %<sup>7</sup><br>| 2.32 %<sup>7</sup><br>|
| 12/31/2024 | 23.86 | &nbsp;&nbsp; .60 | 3.29 | 3.89 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.71)<br>| 26.04 | 16.73 | &nbsp;&nbsp; 16023 | &nbsp;&nbsp; .30 | 2.36 |
| 12/31/2023 | 22.20 | &nbsp;&nbsp; .57 | 2.54 | 3.11 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.45)<br>| 23.86 | 14.55 | &nbsp;&nbsp; 15555 | &nbsp;&nbsp; .30 | 2.49 |
| 12/31/2022 | 29.08 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.16)<br>| 22.20 | &nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp; 15138 | &nbsp;&nbsp; .30 | 2.15 |
| 12/31/2021 | 26.50 | &nbsp;&nbsp; .48 | 3.54 | 4.02 | &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.44)<br>| 29.08 | 15.40 | &nbsp;&nbsp; 18836 | &nbsp;&nbsp; .30 | 1.71 |
| 12/31/2020 | 24.05 | &nbsp;&nbsp; .43 | 2.59 | 3.02 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.57)<br>| 26.50 | 12.71 | &nbsp;&nbsp; 19238 | &nbsp;&nbsp; .30 | 1.80 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 25.88 | &nbsp;&nbsp; .27 | 1.74 | 2.01 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.02)<br>| 25.87 | 8.04 <br><sup>6</sup><br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; .55 <br><sup>7</sup><br>| 2.08 <br><sup>7</sup><br>|
| 12/31/2024 | 23.74 | &nbsp;&nbsp; .54 | 3.26 | 3.80 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.66)<br>| 25.88 | 16.41 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .55 | 2.12 |
| 12/31/2023 | 22.10 | &nbsp;&nbsp; .51 | 2.53 | 3.04 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.74 | 14.32 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .55 | 2.25 |
| 12/31/2022 | 28.97 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.11)<br>| 22.10 | &nbsp;&nbsp; (13.43)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; .55 | 1.95 |
| 12/31/2021 | 26.42 | &nbsp;&nbsp; .42 | 3.52 | 3.94 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 28.97 | 15.13 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; .55 | 1.49 |
| 12/31/2020 | 23.99 | &nbsp;&nbsp; .37 | 2.58 | 2.95 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.52)<br>| 26.42 | 12.43 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; .55 | 1.56 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 25.65 | &nbsp;&nbsp; .26 | 1.73 | 1.99 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.02)<br>| 25.62 | 8.04 <br><sup>6</sup><br>| &nbsp;&nbsp; 4401 | &nbsp;&nbsp; .55 <br><sup>7</sup><br>| 2.07 <br><sup>7</sup><br>|
| 12/31/2024 | 23.53 | &nbsp;&nbsp; .53 | 3.24 | 3.77 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.65)<br>| 25.65 | 16.44 | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; .55 | 2.11 |
| 12/31/2023 | 21.91 | &nbsp;&nbsp; .50 | 2.52 | 3.02 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.40)<br>| 23.53 | 14.27 | &nbsp;&nbsp; 4261 | &nbsp;&nbsp; .55 | 2.24 |
| 12/31/2022 | 28.74 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.10)<br>| 21.91 | &nbsp;&nbsp; (13.41)<br>| &nbsp;&nbsp; 4228 | &nbsp;&nbsp; .55 | 1.90 |
| 12/31/2021 | 26.21 | &nbsp;&nbsp; .41 | 3.49 | 3.90 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.37)<br>| 28.74 | 15.10 | &nbsp;&nbsp; 5473 | &nbsp;&nbsp; .55 | 1.46 |
| 12/31/2020 | 23.79 | &nbsp;&nbsp; .37 | 2.56 | 2.93 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.51)<br>| 26.21 | 12.46 | &nbsp;&nbsp; 5242 | &nbsp;&nbsp; .55 | 1.55 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 26.08 | &nbsp;&nbsp; .28 | 1.75 | 2.03 | &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.02)<br>| 26.09 | 8.07 <br><sup>6</sup><br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; .48 <br><sup>7</sup><br>| 2.14 <br><sup>7</sup><br>|
| 12/31/2024 | 23.90 | &nbsp;&nbsp; .56 | 3.29 | 3.85 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.67)<br>| 26.08 | 16.52 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; .48 | 2.18 |
| 12/31/2023 | 22.23 | &nbsp;&nbsp; .53 | 2.55 | 3.08 | &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.41)<br>| 23.90 | 14.37 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; .48 | 2.31 |
| 12/31/2022 | 29.12 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.12)<br>| 22.23 | &nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; .48 | 1.97 |
| 12/31/2021 | 26.53 | &nbsp;&nbsp; .43 | 3.55 | 3.98 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.39)<br>| 29.12 | 15.22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; .48 | 1.53 |
| 12/31/2020 | 24.08 | &nbsp;&nbsp; .39 | 2.59 | 2.98 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.53)<br>| 26.53 | 12.50 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; .48 | 1.62 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 25.41 | &nbsp;&nbsp; .23 | 1.72 | 1.95 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.01)<br>| 25.35 | 7.95 <br><sup>6</sup><br>| &nbsp;&nbsp; 6956 | &nbsp;&nbsp; .80 <br><sup>7</sup><br>| 1.82 <br><sup>7</sup><br>|
| 12/31/2024 | 23.34 | &nbsp;&nbsp; .46 | 3.20 | 3.66 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.59)<br>| 25.41 | 16.11 | &nbsp;&nbsp; 6649 | &nbsp;&nbsp; .80 | 1.87 |
| 12/31/2023 | 21.75 | &nbsp;&nbsp; .44 | 2.49 | 2.93 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.34)<br>| 23.34 | 14.02 | &nbsp;&nbsp; 5807 | &nbsp;&nbsp; .80 | 1.99 |
| 12/31/2022 | 28.56 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (3.04)<br>| 21.75 | &nbsp;&nbsp; (13.66)<br>| &nbsp;&nbsp; 5380 | &nbsp;&nbsp; .80 | 1.66 |
| 12/31/2021 | 26.06 | &nbsp;&nbsp; .34 | 3.47 | 3.81 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (1.31)<br>| 28.56 | 14.84 | &nbsp;&nbsp; 6337 | &nbsp;&nbsp; .80 | 1.22 |
| 12/31/2020 | 23.67 | &nbsp;&nbsp; .31 | 2.54 | 2.85 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.46)<br>| 26.06 | 12.16 | &nbsp;&nbsp; 5131 | &nbsp;&nbsp; .80 | 1.30 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **365** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $12.96 | &nbsp;&nbsp; $.20 | &nbsp;&nbsp; $1.05 | &nbsp;&nbsp; $1.25 | &nbsp;&nbsp; $(.04)<br>| &nbsp;&nbsp; $(.53)<br>| &nbsp;&nbsp; $(.57)<br>| &nbsp;&nbsp; $13.64 | 9.72 %<sup>6</sup><br>| &nbsp;&nbsp; $97 | &nbsp;&nbsp; .52 %<sup>7</sup><br>| &nbsp;&nbsp; .50 %<sup>7</sup><br>| 3.02 %<sup>7</sup><br>|
| 12/31/2024 | 12.37 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.27)<br>| 12.96 | 6.90 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .51 | 2.63 |
| 12/31/2023 | 12.55 | &nbsp;&nbsp; .33 | 1.29 | 1.62 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.80)<br>| 12.37 | 14.05 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .52 | 2.67 |
| 12/31/2022 | 14.73 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.55 | &nbsp;&nbsp; (14.33)<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .58 | 1.99 |
| 12/31/2021 | 14.19 | &nbsp;&nbsp; .18 | 1.37 | 1.55 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (1.01)<br>| 14.73 | 11.05 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 1.24 |
| 12/31/2020 | 13.51 | &nbsp;&nbsp; .17 | 1.24 | 1.41 | &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.73)<br>| 14.19 | 10.53 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .72 | 1.29 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.87 | &nbsp;&nbsp; .18 | 1.05 | 1.23 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.56)<br>| 13.54 | 9.66 <br><sup>6</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .75 <br><sup>7</sup><br>| 2.78 <br><sup>7</sup><br>|
| 12/31/2024 | 12.30 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.24)<br>| 12.87 | 6.57 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.35 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .29 | 1.30 | 1.59 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.78)<br>| 12.30 | 13.77 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .84 | 1.71 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.83 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.02 |
| 12/31/2020 | 13.49 | &nbsp;&nbsp; .14 | 1.23 | 1.37 | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.70)<br>| 14.16 | 10.25 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .97 | 1.03 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.89 | &nbsp;&nbsp; .18 | 1.05 | 1.23 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.56)<br>| 13.56 | 9.64 <br><sup>6</sup><br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 <br><sup>7</sup><br>| &nbsp;&nbsp; .75 <br><sup>7</sup><br>| 2.78 <br><sup>7</sup><br>|
| 12/31/2024 | 12.31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.23)<br>| 12.89 | 6.58 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; .76 | 2.38 |
| 12/31/2023 | 12.49 | &nbsp;&nbsp; .30 | 1.29 | 1.59 | &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.77)<br>| 12.31 | 13.83 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .77 | 2.42 |
| 12/31/2022 | 14.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.49 | &nbsp;&nbsp; (14.56)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .83 | 1.73 |
| 12/31/2021 | 14.16 | &nbsp;&nbsp; .15 | 1.36 | 1.51 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.97)<br>| 14.70 | 10.79 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 1.01 |
| 12/31/2020 | 13.48 | &nbsp;&nbsp; .14 | 1.23 | 1.37 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.69)<br>| 14.16 | 10.30 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .97 | 1.03 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.66 | &nbsp;&nbsp; .16 | 1.04 | 1.20 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; (.56)<br>| 13.30 | 9.55 <br><sup>6</sup><br>| &nbsp;&nbsp; 169 | 1.02 <br><sup>7</sup><br>| 1.00 <br><sup>7</sup><br>| 2.54 <br><sup>7</sup><br>|
| 12/31/2024 | 12.10 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .77 | &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 12.66 | 6.32 | &nbsp;&nbsp; 144 | 1.02 | 1.01 | 2.12 |
| 12/31/2023 | 12.32 | &nbsp;&nbsp; .26 | 1.27 | 1.53 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.75)<br>| 12.10 | 13.45 | &nbsp;&nbsp; 128 | 1.03 | 1.02 | 2.17 |
| 12/31/2022 | 14.53 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.07)<br>| 12.32 | &nbsp;&nbsp; (14.73)<br>| &nbsp;&nbsp; 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | &nbsp;&nbsp; .11 | 1.34 | 1.45 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.82)<br>| &nbsp;&nbsp; (.94)<br>| 14.53 | 10.46 | &nbsp;&nbsp; 135 | 1.23 | 1.23 | &nbsp;&nbsp; .77 |
| 12/31/2020 | 13.36 | &nbsp;&nbsp; .10 | 1.22 | 1.32 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; (.66)<br>| 14.02 | 10.00 | &nbsp;&nbsp; 105 | 1.22 | 1.22 | &nbsp;&nbsp; .78 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **366** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.27 | &nbsp;&nbsp; $.22 | &nbsp;&nbsp; $.18 | &nbsp;&nbsp; $.40 | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $9.58 | 4.30 %<sup>6</sup><br>| &nbsp;&nbsp; $6713 | &nbsp;&nbsp; .39 %<sup>7</sup><br>| &nbsp;&nbsp; .24 %<sup>7</sup><br>| 4.64 %<sup>7</sup><br>|
| 12/31/2024 | 9.54 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.27 | 1.50 | &nbsp;&nbsp; 6992 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .24 | 4.60 |
| 12/31/2023 | 9.41 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.35)<br>| 9.54 | 5.21 | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 4.15 |
| 12/31/2022 | 11.21 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.44)<br>| 9.41 | &nbsp;&nbsp; (12.26)<br>| &nbsp;&nbsp; 6370 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .20 | 3.09 |
| 12/31/2021 | 11.89 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.66)<br>| 11.21 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; 8555 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .26 | 1.84 |
| 12/31/2020 | 11.17 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .87 | 1.10 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.38)<br>| 11.89 | 9.96 | &nbsp;&nbsp; 6844 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | 2.00 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.20 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.50 | 4.18 <br><sup>6</sup><br>| &nbsp;&nbsp; 260 | &nbsp;&nbsp; .64 <br><sup>7</sup><br>| &nbsp;&nbsp; .49 <br><sup>7</sup><br>| 4.40 <br><sup>7</sup><br>|
| 12/31/2024 | 9.47 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.20 | 1.23 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.35 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.47 | 4.89 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.90 |
| 12/31/2022 | 11.16 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.43)<br>| 9.35 | &nbsp;&nbsp; (12.49)<br>| &nbsp;&nbsp; 220 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.15 |
| 12/31/2021 | 11.84 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.23)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.16 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .51 | 1.59 |
| 12/31/2020 | 11.13 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .87 | 1.07 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.36)<br>| 11.84 | 9.68 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | 1.74 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.12 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.42 | 4.21 <br><sup>6</sup><br>| &nbsp;&nbsp; 2710 | &nbsp;&nbsp; .64 <br><sup>7</sup><br>| &nbsp;&nbsp; .49 <br><sup>7</sup><br>| 4.39 <br><sup>7</sup><br>|
| 12/31/2024 | 9.40 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.12 | 1.16 | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .49 | 4.35 |
| 12/31/2023 | 9.27 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.33)<br>| 9.40 | 5.02 | &nbsp;&nbsp; 2879 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 3.89 |
| 12/31/2022 | 11.06 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.41)<br>| 9.27 | &nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp; 2844 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .45 | 2.84 |
| 12/31/2021 | 11.73 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.63)<br>| 11.06 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; 3729 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 1.57 |
| 12/31/2020 | 11.02 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .86 | 1.06 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.35)<br>| 11.73 | 9.73 | &nbsp;&nbsp; 3840 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .65 | 1.75 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.07 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.36 | 3.98 <br><sup>6</sup><br>| &nbsp;&nbsp; 1283 | &nbsp;&nbsp; .89 <br><sup>7</sup><br>| &nbsp;&nbsp; .74 <br><sup>7</sup><br>| 4.14 <br><sup>7</sup><br>|
| 12/31/2024 | 9.35 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.07 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .74 | 4.10 |
| 12/31/2023 | 9.23 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.31)<br>| 9.35 | 4.72 | &nbsp;&nbsp; 963 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 3.66 |
| 12/31/2022 | 11.01 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.39)<br>| 9.23 | &nbsp;&nbsp; (12.75)<br>| &nbsp;&nbsp; 787 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .70 | 2.61 |
| 12/31/2021 | 11.69 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.61)<br>| 11.01 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; 891 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .76 | 1.34 |
| 12/31/2020 | 11.00 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .85 | 1.02 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.33)<br>| 11.69 | 9.38 | &nbsp;&nbsp; 714 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .90 | 1.48 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **367** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.63 | &nbsp;&nbsp; $.21 | &nbsp;&nbsp; $.63 | &nbsp;&nbsp; $.84 | &nbsp;&nbsp; $(.03)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.03)<br>| &nbsp;&nbsp; $10.44 | 8.71 %<sup>6</sup><br>| &nbsp;&nbsp; $619 | &nbsp;&nbsp; .48 %<sup>7</sup><br>| &nbsp;&nbsp; .48 %<sup>7</sup><br>| 4.18 %<sup>7</sup><br>|
| 12/31/2024 | 10.16 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.63 | &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; 588 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 4.20 |
| 12/31/2023 | 9.55 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.16 | 6.39 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .48 | 3.33 |
| 12/31/2022 | 11.79 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.19)<br>| 9.55 | &nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .48 | 2.43 |
| 12/31/2021 | 12.94 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.55)<br>| 11.79 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; 988 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .50 | 2.06 |
| 12/31/2020 | 12.12 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .95 | 1.21 | &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.39)<br>| 12.94 | 10.17 | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .52 | 2.08 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.54 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.33 | 8.51 <br><sup>6</sup><br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; .73 <br><sup>7</sup><br>| &nbsp;&nbsp; .73 <br><sup>7</sup><br>| 3.94 <br><sup>7</sup><br>|
| 12/31/2024 | 10.08 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.29)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.25)<br>| 9.54 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .74 | 4.05 |
| 12/31/2023 | 9.50 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.08 | 6.11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.76 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.50 | &nbsp;&nbsp; (17.69)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.19 |
| 12/31/2021 | 12.91 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.53)<br>| 11.76 | &nbsp;&nbsp; (4.88)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.85 |
| 12/31/2020 | 12.10 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .95 | 1.18 | &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.37)<br>| 12.91 | 9.89 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .76 | 1.83 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.52 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.31 | 8.55 <br><sup>6</sup><br>| &nbsp;&nbsp; 755 | &nbsp;&nbsp; .73 <br><sup>7</sup><br>| &nbsp;&nbsp; .73 <br><sup>7</sup><br>| 3.93 <br><sup>7</sup><br>|
| 12/31/2024 | 10.03 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.30)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.21)<br>| 9.52 | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp; 761 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.95 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.03 | 6.14 | &nbsp;&nbsp; 817 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .73 | 3.08 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.45 | &nbsp;&nbsp; (17.70)<br>| &nbsp;&nbsp; 765 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; .73 | 2.18 |
| 12/31/2021 | 12.84 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.52)<br>| 11.70 | &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; 1030 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .75 | 1.82 |
| 12/31/2020 | 12.03 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .95 | 1.17 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.36)<br>| 12.84 | 9.90 | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .77 | 1.83 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.37 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.14 | 8.45 <br><sup>6</sup><br>| &nbsp;&nbsp; 72 | &nbsp;&nbsp; .98 <br><sup>7</sup><br>| &nbsp;&nbsp; .98 <br><sup>7</sup><br>| 3.67 <br><sup>7</sup><br>|
| 12/31/2024 | 9.88 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; (.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.19)<br>| 9.37 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 3.70 |
| 12/31/2023 | 9.33 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .28 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 9.88 | 5.89 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .98 | 2.84 |
| 12/31/2022 | 11.57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (.18)<br>| 9.33 | &nbsp;&nbsp; (17.84)<br>| &nbsp;&nbsp; 53 | 1.01 | &nbsp;&nbsp; .98 | 1.94 |
| 12/31/2021 | 12.71 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.49)<br>| 11.57 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; 66 | 1.10 | 1.00 | 1.57 |
| 12/31/2020 | 11.92 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .94 | 1.13 | &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.21)<br>| &nbsp;&nbsp; (.34)<br>| 12.71 | 9.62 | &nbsp;&nbsp; 61 | 1.09 | 1.02 | 1.58 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **368** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2,3</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.19 | &nbsp;&nbsp; $.32 | &nbsp;&nbsp; $.06 | &nbsp;&nbsp; $.38 | &nbsp;&nbsp; $(.11)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.11)<br>| &nbsp;&nbsp; $9.46 | 4.13 %<sup>6</sup><br>| &nbsp;&nbsp; $249 | &nbsp;&nbsp; .44 %<sup>7</sup><br>| &nbsp;&nbsp; .32 %<sup>7</sup><br>| 7.03 %<sup>7</sup><br>|
| 12/31/2024 | 8.94 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; (.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.64)<br>| 9.19 | 9.92 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .32 | 6.96 |
| 12/31/2023 | 8.53 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .43 | 1.06 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.65)<br>| 8.94 | 12.69 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .31 | 7.10 |
| 12/31/2022 | 10.19 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.75)<br>| 8.53 | &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; .32 | 5.95 |
| 12/31/2021 | 9.80 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; (.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.46)<br>| 10.19 | 8.74 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; .37 | 4.95 |
| 12/31/2020 | 9.87 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; (.85)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.85)<br>| 9.80 | 8.21 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .52 | 6.46 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.15 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 9.41 | 4.00 <br><sup>6</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .69 <br><sup>7</sup><br>| &nbsp;&nbsp; .57 <br><sup>7</sup><br>| 6.78 <br><sup>7</sup><br>|
| 12/31/2024 | 8.90 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.15 | 9.73 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.71 |
| 12/31/2023 | 8.51 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .41 | 1.02 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.90 | 12.40 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.90 |
| 12/31/2022 | 10.16 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.51 | &nbsp;&nbsp; (9.29)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.70 |
| 12/31/2021 | 9.78 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.16 | 8.42 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .64 | 4.75 |
| 12/31/2020 | 9.86 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.84)<br>| 9.78 | 7.94 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 | 5.85 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.96 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 9.21 | 3.97 <br><sup>6</sup><br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; .69 <br><sup>7</sup><br>| &nbsp;&nbsp; .57 <br><sup>7</sup><br>| 6.78 <br><sup>7</sup><br>|
| 12/31/2024 | 8.73 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 8.96 | 9.67 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .57 | 6.70 |
| 12/31/2023 | 8.35 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .41 | 1.00 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 8.73 | 12.45 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; .56 | 6.85 |
| 12/31/2022 | 9.98 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (.91)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.72)<br>| 8.35 | &nbsp;&nbsp; (9.26)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; .57 | 5.68 |
| 12/31/2021 | 9.61 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.98 | 8.42 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .65 | 4.80 |
| 12/31/2020 | 9.70 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.83)<br>| 9.61 | 7.94 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; .78 | 5.88 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.25 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 9.51 | 3.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; .62 <br><sup>7</sup><br>| &nbsp;&nbsp; .50 <br><sup>7</sup><br>| 6.85 <br><sup>7</sup><br>|
| 12/31/2024 | 8.99 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .88 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.62)<br>| 9.25 | 9.79 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .50 | 6.77 |
| 12/31/2023 | 8.58 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .43 | 1.04 | &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.63)<br>| 8.99 | 12.54 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .49 | 6.91 |
| 12/31/2022 | 10.24 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.73)<br>| 8.58 | &nbsp;&nbsp; (9.25)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .50 | 5.76 |
| 12/31/2021 | 9.84 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 10.24 | 8.60 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .58 | 4.86 |
| 12/31/2020 | 9.92 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.84)<br>| 9.84 | 7.93 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; .71 | 5.94 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 10.07 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.10)<br>| 10.36 | 3.90 <br><sup>6</sup><br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; .94 <br><sup>7</sup><br>| &nbsp;&nbsp; .82 <br><sup>7</sup><br>| 6.53 <br><sup>7</sup><br>|
| 12/31/2024 | 9.75 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .92 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 10.07 | 9.39 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .82 | 6.45 |
| 12/31/2023 | 9.26 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .46 | 1.09 | &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.60)<br>| 9.75 | 12.18 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; .81 | 6.62 |
| 12/31/2022 | 10.99 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.70)<br>| 9.26 | &nbsp;&nbsp; (9.53)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; .82 | 5.44 |
| 12/31/2021 | 10.54 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.99 | 8.18 | &nbsp;&nbsp; 90 | 1.03 | &nbsp;&nbsp; .89 | 4.52 |
| 12/31/2020 | 10.56 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; (.81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.81)<br>| 10.54 | 7.74 | &nbsp;&nbsp; 69 | 1.03 | 1.03 | 5.58 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **369** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.08 | &nbsp;&nbsp; $.23 | &nbsp;&nbsp; $.24 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $9.47 | 5.15 %<sup>6</sup><br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; .35 %<sup>7</sup><br>| &nbsp;&nbsp; .27 %<sup>7</sup><br>| 5.03 %<sup>7</sup><br>|
| 12/31/2024 | 9.44 | &nbsp;&nbsp; .47 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.45)<br>| 9.08 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .31 | 5.04 |
| 12/31/2023 | 9.45 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | 4.03 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; .29 | 4.76 |
| 12/31/2022 | 10.63 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.15)<br>| 9.45 | &nbsp;&nbsp; (9.76)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .70 |
| 12/31/2021 | 11.11 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.45)<br>| 10.63 | &nbsp;&nbsp; (.32)<br>| &nbsp;&nbsp; 231 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; .58 |
| 12/31/2020 | 10.56 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.19)<br>| 11.11 | 6.98 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .93 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.96 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| 9.33 | 4.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .60 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 4.78 <br><sup>7</sup><br>|
| 12/31/2024 | 9.32 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.96 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.78 |
| 12/31/2023 | 9.34 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.32 | 3.72 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; .53 | 4.38 |
| 12/31/2022 | 10.59 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.34 | &nbsp;&nbsp; (10.03)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.91 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.43)<br>| 10.59 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| 12/31/2020 | 10.55 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.17)<br>| 11.08 | 6.63 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; .61 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.98 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| 9.36 | 5.05 <br><sup>6</sup><br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; .60 <br><sup>7</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 4.78 <br><sup>7</sup><br>|
| 12/31/2024 | 9.34 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.43)<br>| 8.98 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .56 | 4.79 |
| 12/31/2023 | 9.36 | &nbsp;&nbsp; .41 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.36)<br>| 9.34 | 3.68 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .52 | 4.35 |
| 12/31/2022 | 10.61 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.20)<br>| 9.36 | &nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; .54 | 1.87 |
| 12/31/2021 | 11.09 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.42)<br>| 10.61 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .33 |
| 12/31/2020 | 10.54 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.16)<br>| 11.09 | 6.72 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .68 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.86 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .23 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.07)<br>| 9.22 | 4.86 <br><sup>6</sup><br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; .85 <br><sup>7</sup><br>| &nbsp;&nbsp; .77 <br><sup>7</sup><br>| 4.53 <br><sup>7</sup><br>|
| 12/31/2024 | 9.23 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 8.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .82 | 4.53 |
| 12/31/2023 | 9.25 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.23 | 3.51 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; .78 | 4.12 |
| 12/31/2022 | 10.49 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.18)<br>| 9.25 | &nbsp;&nbsp; (10.16)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; .79 | 1.66 |
| 12/31/2021 | 10.97 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; (.40)<br>| 10.49 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .08 |
| 12/31/2020 | 10.44 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .67 | &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; (.14)<br>| 10.97 | 6.38 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; .98 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .41 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **370** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return** | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $11.31 | &nbsp;&nbsp; $.23 | &nbsp;&nbsp; $.01 | &nbsp;&nbsp; $.24 | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.09)<br>| &nbsp;&nbsp; $11.46 | 2.13 %<sup>6</sup><br>| &nbsp;&nbsp; $34 | &nbsp;&nbsp; .29 %<sup>7</sup><br>| 4.13 %<sup>7</sup><br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .57 | &nbsp;&nbsp; (.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.61)<br>| 11.31 | 5.08 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; .30 | 4.98 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.35 | 4.94 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; .30 | 4.81 |
| 12/31/2022 | 11.27 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.42 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .32 | 1.48 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.27 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.28)<br>|
| 12/31/2020 | 11.30 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.03)<br>| 11.31 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .16 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.31 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 11.44 | 1.91 <br><sup>6</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .52 <br><sup>7</sup><br>| 3.91 <br><sup>7</sup><br>|
| 12/31/2024 | 11.35 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.31 | 4.86 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .53 | 4.74 |
| 12/31/2023 | 11.35 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.35 | 4.79 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .53 | 4.69 |
| 12/31/2022 | 11.28 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.35 | 1.32 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .31 | 1.40 |
| 12/31/2021 | 11.31 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.28 | &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .36 | &nbsp;&nbsp; (.28)<br>|
| 12/31/2020 | 11.30 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.03)<br>| 11.31 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; .35 | &nbsp;&nbsp; .26 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 10.93 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 11.05 | 1.88 <br><sup>6</sup><br>| &nbsp;&nbsp; 228 | &nbsp;&nbsp; .54 <br><sup>7</sup><br>| 3.88 <br><sup>7</sup><br>|
| 12/31/2024 | 10.98 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.58)<br>| 10.93 | 4.89 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; .55 | 4.73 |
| 12/31/2023 | 11.00 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.53)<br>| 10.98 | 4.64 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; .55 | 4.56 |
| 12/31/2022 | 10.93 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.00 | 1.17 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; .57 | 1.23 |
| 12/31/2021 | 10.99 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.93 | &nbsp;&nbsp; (.55)<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.53)<br>|
| 12/31/2020 | 11.01 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 10.99 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; 288 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.05)<br>|
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.08 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .22 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.09)<br>| 11.21 | 1.96 <br><sup>6</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .47 <br><sup>7</sup><br>| 3.95 <br><sup>7</sup><br>|
| 12/31/2024 | 11.13 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.59)<br>| 11.08 | 4.91 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.79 |
| 12/31/2023 | 11.14 | &nbsp;&nbsp; .52 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .53 | &nbsp;&nbsp; (.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.54)<br>| 11.13 | 4.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .48 | 4.64 |
| 12/31/2022 | 11.07 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.06)<br>| 11.14 | 1.19 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .50 | 1.19 |
| 12/31/2021 | 11.12 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.07 | &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (.46)<br>|
| 12/31/2020 | 11.13 | &nbsp;&nbsp; — <br><sup>8</sup><br>| &nbsp;&nbsp; .02 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.03)<br>| 11.12 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; .03 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.00 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 11.11 | 1.76 <br><sup>6</sup><br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; .79 <br><sup>7</sup><br>| 3.63 <br><sup>7</sup><br>|
| 12/31/2024 | 11.05 | &nbsp;&nbsp; .50 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; (.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.56)<br>| 11.00 | 4.62 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; .80 | 4.47 |
| 12/31/2023 | 11.05 | &nbsp;&nbsp; .48 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.49)<br>| 11.05 | 4.44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; .80 | 4.28 |
| 12/31/2022 | 11.00 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.04)<br>| 11.05 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; .82 | 1.05 |
| 12/31/2021 | 11.08 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 11.00 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.79)<br>|
| 12/31/2020 | 11.13 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; .01 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.02)<br>| 11.08 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; .87 | &nbsp;&nbsp; (.35)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **371** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimbursements**<sup>2</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |
| **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  | **Class 1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $9.59 | &nbsp;&nbsp; $.22 | &nbsp;&nbsp; $.25 | &nbsp;&nbsp; $.47 | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(.08)<br>| &nbsp;&nbsp; $9.98 | 4.94 %<sup>6</sup><br>| &nbsp;&nbsp; $270 | &nbsp;&nbsp; .33 %<sup>7</sup><br>| &nbsp;&nbsp; .26 %<sup>7</sup><br>| 4.45 %<sup>7</sup><br>|
| 12/31/2024 | 9.91 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.42)<br>| 9.59 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .27 | 4.53 |
| 12/31/2023 | 9.99 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.39)<br>| 9.91 | 3.21 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; .33 | &nbsp;&nbsp; .21 | 4.05 |
| 12/31/2022 | 11.67 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.44)<br>| 9.99 | &nbsp;&nbsp; (10.75)<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .22 | 2.90 |
| 12/31/2021 | 13.04 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; (.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>| 11.67 | &nbsp;&nbsp; (.44)<br>| &nbsp;&nbsp; 522 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .29 | 1.50 |
| 12/31/2020 | 12.34 | &nbsp;&nbsp; .16 | 1.07 | 1.23 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.53)<br>| 13.04 | 10.09 | &nbsp;&nbsp; 429 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .38 | 1.21 |
| **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  | **Class 1A:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.53 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.91 | 4.82 <br><sup>6</sup><br>| &nbsp;&nbsp; 277 | &nbsp;&nbsp; .58 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 4.20 <br><sup>7</sup><br>|
| 12/31/2024 | 9.87 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.53 | &nbsp;&nbsp; .70 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .51 | 4.23 |
| 12/31/2023 | 9.96 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.87 | 2.88 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.83 |
| 12/31/2022 | 11.63 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.96 | &nbsp;&nbsp; (10.93)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .47 | 2.70 |
| 12/31/2021 | 13.00 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.63 | &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .53 | 1.28 |
| 12/31/2020 | 12.32 | &nbsp;&nbsp; .09 | 1.10 | 1.19 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.51)<br>| 13.00 | 9.75 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .69 |
| **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  | **Class 2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.46 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.83 | 4.75 <br><sup>6</sup><br>| &nbsp;&nbsp; 1029 | &nbsp;&nbsp; .58 <br><sup>7</sup><br>| &nbsp;&nbsp; .51 <br><sup>7</sup><br>| 4.20 <br><sup>7</sup><br>|
| 12/31/2024 | 9.78 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.46 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .52 | 4.28 |
| 12/31/2023 | 9.87 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; (.09)<br>| &nbsp;&nbsp; .28 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.78 | 2.89 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; .46 | 3.80 |
| 12/31/2022 | 11.53 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 9.87 | &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; 1059 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .47 | 2.69 |
| 12/31/2021 | 12.89 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.15)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.26)<br>| 11.53 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 1391 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .54 | 1.24 |
| 12/31/2020 | 12.21 | &nbsp;&nbsp; .09 | 1.10 | 1.19 | &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.51)<br>| 12.89 | 9.80 | &nbsp;&nbsp; 1439 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; .73 |
| **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  | **Class 3:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.62 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 10.00 | 4.79 <br><sup>6</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 <br><sup>7</sup><br>| &nbsp;&nbsp; .44 <br><sup>7</sup><br>| 4.27 <br><sup>7</sup><br>|
| 12/31/2024 | 9.94 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.40)<br>| 9.62 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .44 | 4.35 |
| 12/31/2023 | 10.02 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.37)<br>| 9.94 | 3.00 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; .51 | &nbsp;&nbsp; .39 | 3.85 |
| 12/31/2022 | 11.70 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.41)<br>| 10.02 | &nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; .40 | 2.76 |
| 12/31/2021 | 13.07 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; (.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>| 11.70 | &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .47 | 1.31 |
| 12/31/2020 | 12.37 | &nbsp;&nbsp; .10 | 1.12 | 1.22 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.52)<br>| 13.07 | 9.91 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; .78 |
| **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  | **Class 4:**  |
| 6/30/2025<sup>4,5</sup> <br>| 9.44 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.08)<br>| 9.81 | 4.73 <br><sup>6</sup><br>| &nbsp;&nbsp; 236 | &nbsp;&nbsp; .83 <br><sup>7</sup><br>| &nbsp;&nbsp; .76 <br><sup>7</sup><br>| 3.95 <br><sup>7</sup><br>|
| 12/31/2024 | 9.77 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; .05 | &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.44 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .77 | 4.02 |
| 12/31/2023 | 9.86 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; (.10)<br>| &nbsp;&nbsp; .25 | &nbsp;&nbsp; (.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.34)<br>| 9.77 | 2.62 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .71 | 3.54 |
| 12/31/2022 | 11.52 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (.38)<br>| 9.86 | &nbsp;&nbsp; (11.19)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; .85 | &nbsp;&nbsp; .72 | 2.45 |
| 12/31/2021 | 12.88 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.12)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.23)<br>| 11.52 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; 238 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .79 | &nbsp;&nbsp; .98 |
| 12/31/2020 | 12.22 | &nbsp;&nbsp; .05 | 1.10 | 1.15 | &nbsp;&nbsp; (.22)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.49)<br>| 12.88 | 9.48 | &nbsp;&nbsp; 272 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .89 | &nbsp;&nbsp; .42 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **372** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>13</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,13</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,5,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Year ended** | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>13</sup>  | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>2,13</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>2,5,14</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup>  |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $13.35 | $.02 | $.70 | $.72 | $(.11)<br>| $(.57)<br>| $(.68)<br>| $13.39 | 5.67 %<sup>6</sup><br>| $14 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .68 %<sup>7</sup><br>| .33 %<sup>7</sup><br>|
| 12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09)<br>|  | (.09)<br>| 13.35 | 23.82 | 14 | .42 | .37 | .69 | .81 |
| 12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08)<br>| (2.79)<br>| (2.87)<br>| 10.86 | 23.77 | 13 | .42 | .37 | .70 | .77 |
| 12/31/2022 | 18.53 | .06 | (4.46)<br>| (4.40)<br>| (.22)<br>| (2.54)<br>| (2.76)<br>| 11.37 | (24.62)<br>| 9 | .41 | .36 | .68 | .47 |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18)<br>| (.74)<br>| (.92)<br>| 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
| 12/31/2020 | 13.78 | .07 | 4.20 | 4.27 | (.12)<br>| (.68)<br>| (.80)<br>| 17.25 | 32.45 | 11 | .42 | .37 | .72 | .49 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 13.19 | — <br><sup>8</sup><br>| .70 | .70 | (.08)<br>| (.57)<br>| (.65)<br>| 13.24 | 5.53 <br><sup>6</sup><br>| 506 | .65 <br><sup>7</sup><br>| .62 <br><sup>7</sup><br>| .94 <br><sup>7</sup><br>| .08 <br><sup>7</sup><br>|
| 12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06)<br>|  | (.06)<br>| 13.19 | 23.50 | 513 | .67 | .62 | .94 | .52 |
| 12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07)<br>| (2.79)<br>| (2.86)<br>| 10.73 | 23.50 | 495 | .67 | .62 | .95 | .43 |
| 12/31/2022 | 18.42 | .03 | (4.45)<br>| (4.42)<br>| (.18)<br>| (2.54)<br>| (2.72)<br>| 11.28 | (24.88)<br>| 445 | .67 | .62 | .94 | .20 |
| 12/31/2021 | 17.11 | (.01)<br>| 2.16 | 2.15 | (.10)<br>| (.74)<br>| (.84)<br>| 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07)<br>|
| 12/31/2020 | 13.71 | .03 | 4.16 | 4.19 | (.11)<br>| (.68)<br>| (.79)<br>| 17.11 | 32.03 | 554 | .67 | .62 | .97 | .20 |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $8.23 | $— <br><sup>8</sup><br>| $.30 | $.30 | $(.13)<br>| $— | $(.13)<br>| $8.40 | 3.73 %<sup>6</sup><br>| $2 | .43 %<sup>7</sup><br>| .39 %<sup>7</sup><br>| .86 %<sup>7</sup><br>| .08 %<sup>7</sup><br>|
| 12/31/2024 | 8.36 | .13 | (.12)<br>| .01 | (.14)<br>|  | (.14)<br>| 8.23 | (.05)<br>| 2 | .46 | .37 | .84 | 1.50 |
| 12/31/2023 | 8.61 | .13 | .41 | .54 | (.15)<br>| (.64)<br>| (.79)<br>| 8.36 | 6.36 | 2 | .46 | .36 | .84 | 1.60 |
| 12/31/2022 | 10.55 | .15 | (1.75)<br>| (1.60)<br>| (.34)<br>|  | (.34)<br>| 8.61 | (15.27)<br>| 2 | .44 | .37 | .85 | 1.70 |
| 12/31/2021 | 11.07 | .24 | (.67)<br>| (.43)<br>| (.09)<br>|  | (.09)<br>| 10.55 | (3.92)<br>| 2 | .44 | .36 | .86 | 2.12 |
| 12/31/2020 | 11.01 | .08 | .22 | .30 | (.16)<br>| (.08)<br>| (.24)<br>| 11.07 | 3.13 | 2 | .43 | .35 | .86 | .82 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 8.18 | (.01)<br>| .31 | .30 | (.11)<br>|  | (.11)<br>| 8.37 | 3.69 <br><sup>6</sup><br>| 112 | .69 <br><sup>7</sup><br>| .66 <br><sup>7</sup><br>| 1.13 <br><sup>7</sup><br>| (.19 )<sup>7</sup><br>|
| 12/31/2024 | 8.32 | .10 | (.13)<br>| (.03)<br>| (.11)<br>|  | (.11)<br>| 8.18 | (.45)<br>| 112 | .72 | .63 | 1.10 | 1.19 |
| 12/31/2023 | 8.58 | .10 | .42 | .52 | (.14)<br>| (.64)<br>| (.78)<br>| 8.32 | 6.22 | 122 | .73 | .63 | 1.11 | 1.21 |
| 12/31/2022 | 10.48 | .12 | (1.74)<br>| (1.62)<br>| (.28)<br>|  | (.28)<br>| 8.58 | (15.54)<br>| 124 | .70 | .63 | 1.11 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65)<br>| (.45)<br>| (.06)<br>|  | (.06)<br>| 10.48 | (4.13)<br>| 160 | .71 | .63 | 1.13 | 1.79 |
| 12/31/2020 | 10.92 | .04 | .23 | .27 | (.12)<br>| (.08)<br>| (.20)<br>| 10.99 | 2.80 | 168 | .71 | .63 | 1.14 | .42 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $11.76 | $.03 | $.50 | $.53 | $(.18)<br>| $— | $(.18)<br>| $12.11 | 4.56 %<sup>6</sup><br>| $3 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .61 %<sup>7</sup><br>| .57 %<sup>7</sup><br>|
| 12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22)<br>|  | (.22)<br>| 11.76 | 14.20 | 3 | .41 | .36 | .61 | 1.80 |
| 12/31/2023 | 11.24 | .20 | .79 | .99 | (.24)<br>| (1.49)<br>| (1.73)<br>| 10.50 | 10.04 | 3 | .42 | .37 | .63 | 1.91 |
| 12/31/2022 | 12.95 | .23 | (1.38)<br>| (1.15)<br>| (.56)<br>|  | (.56)<br>| 11.24 | (8.92)<br>| 3 | .41 | .36 | .60 | 1.96 |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24)<br>|  | (.24)<br>| 12.95 | 17.46 | 2 | .41 | .36 | .66 | 1.33 |
| 12/31/2020 | 12.01 | .18 | (.35)<br>| (.17)<br>| (.26)<br>| (.34)<br>| (.60)<br>| 11.24 | (.93)<br>| 2 | .40 | .35 | .76 | 1.66 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 11.69 | .02 | .49 | .51 | (.18)<br>|  | (.18)<br>| 12.02 | 4.39 <br><sup>6</sup><br>| 315 | .66 <br><sup>7</sup><br>| .62 <br><sup>7</sup><br>| .87 <br><sup>7</sup><br>| .32 <br><sup>7</sup><br>|
| 12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19)<br>|  | (.19)<br>| 11.69 | 13.99 | 319 | .68 | .63 | .88 | 1.51 |
| 12/31/2023 | 11.18 | .18 | .77 | .95 | (.21)<br>| (1.49)<br>| (1.70)<br>| 10.43 | 9.73 | 322 | .68 | .63 | .89 | 1.71 |
| 12/31/2022 | 12.88 | .19 | (1.37)<br>| (1.18)<br>| (.52)<br>|  | (.52)<br>| 11.18 | (9.16)<br>| 321 | .67 | .62 | .86 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20)<br>|  | (.20)<br>| 12.88 | 17.11 | 371 | .68 | .62 | .92 | .91 |
| 12/31/2020 | 11.91 | .13 | (.33)<br>| (.20)<br>| (.19)<br>| (.34)<br>| (.53)<br>| 11.18 | (1.25)<br>| 355 | .68 | .63 | 1.04 | 1.18 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **373** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>13</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,13</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,5,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Year ended** | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value, end**<br> **of year** | **Total return**<sup>2</sup> | **Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average** <br> **net assets**<br> **before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>13</sup> | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>2,13</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>2,5,14</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>2</sup> |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $14.35 | $.03 | $.50 | $.53 | $(.20)<br>| $(.56)<br>| $(.76)<br>| $14.12 | 3.89 %<sup>6</sup><br>| $1856 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .63 %<sup>7</sup><br>| .49 %<sup>7</sup><br>|
| 12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23)<br>| (.18)<br>| (.41)<br>| 14.35 | 18.03 | 1903 | .41 | .36 | .63 | 1.55 |
| 12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21)<br>| (1.62)<br>| (1.83)<br>| 12.53 | 16.17 | 1910 | .41 | .36 | .63 | 1.64 |
| 12/31/2022 | 15.73 | .18 | (2.79)<br>| (2.61)<br>| (.30)<br>| (.31)<br>| (.61)<br>| 12.51 | (16.74)<br>| 1833 | .41 | .36 | .62 | 1.33 |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21)<br>| (.20)<br>| (.41)<br>| 15.73 | 15.32 | 2328 | .41 | .36 | .64 | .96 |
| 12/31/2020 | 13.76 | .17 | 1.08 | 1.25 | (.26)<br>| (.74)<br>| (1.00)<br>| 14.01 | 9.85 | 2120 | .41 | .36 | .66 | 1.24 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 14.25 | .02 | .49 | .51 | (.20)<br>| (.56)<br>| (.76)<br>| 14.00 | 3.72 <br><sup>6</sup><br>| 267 | .64 <br><sup>7</sup><br>| .61 <br><sup>7</sup><br>| .88 <br><sup>7</sup><br>| .24 <br><sup>7</sup><br>|
| 12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20)<br>| (.18)<br>| (.38)<br>| 14.25 | 17.69 | 274 | .66 | .61 | .88 | 1.29 |
| 12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18)<br>| (1.62)<br>| (1.80)<br>| 12.45 | 15.90 | 277 | .66 | .61 | .88 | 1.39 |
| 12/31/2022 | 15.64 | .15 | (2.78)<br>| (2.63)<br>| (.26)<br>| (.31)<br>| (.57)<br>| 12.44 | (16.93)<br>| 268 | .66 | .61 | .87 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17)<br>| (.20)<br>| (.37)<br>| 15.64 | 15.05 | 340 | .66 | .61 | .89 | .70 |
| 12/31/2020 | 13.69 | .14 | 1.07 | 1.21 | (.23)<br>| (.74)<br>| (.97)<br>| 13.93 | 9.58 | 315 | .66 | .61 | .91 | 1.02 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |
| **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  | **Class P1:**  |
| 6/30/2025<sup>4,5</sup> <br>| $13.20 | $.05 | $.56 | $.61 | $(.24)<br>| $(.83)<br>| $(1.07)<br>| $12.74 | 4.83 %<sup>6</sup><br>| $12 | .39 %<sup>7</sup><br>| .36 %<sup>7</sup><br>| .65 %<sup>7</sup><br>| .70 %<sup>7</sup><br>|
| 12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27)<br>| (.17)<br>| (.44)<br>| 13.20 | 14.90 | 12 | .41 | .36 | .65 | 2.28 |
| 12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26)<br>| (1.45)<br>| (1.71)<br>| 11.90 | 10.51 | 10 | .41 | .36 | .66 | 2.61 |
| 12/31/2022 | 15.33 | .24 | (2.34)<br>| (2.10)<br>| (.32)<br>| (.48)<br>| (.80)<br>| 12.43 | (13.75)<br>| 7 | .41 | .36 | .65 | 1.80 |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27)<br>|  | (.27)<br>| 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
| 12/31/2020 | 13.81 | .25 | .51 | .76 | (.21)<br>| (.52)<br>| (.73)<br>| 13.84 | 6.10 | 5 | .41 | .36 | .66 | 1.91 |
| **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  | **Class P2:**  |
| 6/30/2025<sup>4,5</sup> <br>| 12.78 | .03 | .54 | .57 | (.23)<br>| (.83)<br>| (1.06)<br>| 12.29 | 4.71 <br><sup>6</sup><br>| 1942 | .64 <br><sup>7</sup><br>| .61 <br><sup>7</sup><br>| .90 <br><sup>7</sup><br>| .43 <br><sup>7</sup><br>|
| 12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24)<br>| (.17)<br>| (.41)<br>| 12.78 | 14.63 | 2014 | .66 | .61 | .90 | 1.81 |
| 12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22)<br>| (1.45)<br>| (1.67)<br>| 11.53 | 10.23 | 2093 | .66 | .61 | .91 | 1.86 |
| 12/31/2022 | 14.93 | .18 | (2.25)<br>| (2.07)<br>| (.29)<br>| (.48)<br>| (.77)<br>| 12.09 | (13.97)<br>| 2182 | .66 | .61 | .90 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20)<br>|  | (.20)<br>| 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |
| 12/31/2020 | 13.46 | .15 | .56 | .71 | (.20)<br>| (.52)<br>| (.72)<br>| 13.45 | 5.88 | 2773 | .66 | .61 | .91 | 1.15 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **374** |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Six months ended** <br>**June 30, 2025**<sup>4,5,6</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**excluding mortgage dollar roll transactions**<sup>15,16</sup>  | **Six months ended** <br>**June 30, 2025**<sup>4,5,6</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Capital Income Builder | &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110<br> %<br>|
| Asset Allocation Fund | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| The Bond Fund of America | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| Capital World Bond Fund | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| U.S. Government Securities Fund | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Six months ended** <br>**June 30, 2025**<sup>4,5,6</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes** <br>**including mortgage dollar roll transactions, if any**<sup>15,16</sup>  | **Six months ended** <br>**June 30, 2025**<sup>4,5,6</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Global Growth Fund | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| Global Small Capitalization Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Growth Fund | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| International Fund | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| New World Fund | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| Washington Mutual Investors Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| U.S. Small and Mid Cap Equity Fund | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 4 <br><sup>4611</sup><br>|  |  |  |  |
| Capital World Growth and Income Fund | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Growth-Income Fund | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| International Growth and Income Fund | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| Capital Income Builder | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |
| Asset Allocation Fund | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| American Funds Global Balanced Fund | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| The Bond Fund of America | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| Capital World Bond Fund | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| American High-Income Trust | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| American Funds Mortgage Fund | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| Ultra-Short Bond Fund | &nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>17</sup><br>|
| U.S. Government Securities Fund | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
| Managed Risk Growth Fund | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| Managed Risk International Fund | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| Managed Risk Washington Mutual Investors Fund | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| Managed Risk Growth-Income Fund | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Managed Risk Asset Allocation Fund | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> Based on operations for a period that is less than a full year.

<sup>5</sup> Unaudited.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

<sup>8</sup> Amount less than $.01.

<sup>9</sup> Amount less than .01%.

<sup>10</sup> Amount less than $1 million.

<sup>11</sup> For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>12</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services and/or insur- ance administrative services, as applicable, are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>13</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>14</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. 

<sup>15</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>16</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>17</sup> Amount is either less than 1% or there is no turnover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **375** | American Funds Insurance Series |

---

------

Changes in and disagreements with accountants

------

None

Matters submitted for shareholder vote

------

None

Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **376** |

---

------

Approval of Investment Advisory and Service Agreement — American Funds Insurance Series

------

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an additional one-year term through April 30, 2026. The agreement was amended to add U.S. Small and Mid Cap Equity Fund. The board approved the agreement following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

**1. Nature, extent and quality of services**

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund's shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

**2. Investment results**

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results have been satisfactory for renewal of the agreement, and that CRMC's record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

**3. Advisory fees and total expenses**

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that the advisory fees and total expenses of each fund generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in each fund's advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase.

In addition, the board and committee reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **377** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Ancillary benefits**

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the series and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the series' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid to CRMC by the funds.

**5. Adviser financial information**

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **378** |

---

------

Approval of Investment Advisory and Service Agreement and Subadvisory Agreement — American Funds Insurance Series Managed Risk Funds

------

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "advisory agreement") with Capital Research and Management Company ("CRMC") with respect to the Managed Risk Funds for an additional one-year term through April 30, 2026. The advisory agreement was amended to permanently reduce the advisory fee for each fund within the series from 15 basis points to 10 basis points. The board has also approved the series' Subadvisory Agreement (the "subadvisory agreement") with CRMC and Milliman Financial Risk Management LLC ("Milliman FRM") with respect to these funds for the same term. The advisory and subadvisory agreements are jointly referred to below as the "agreements." The board approved the agreements following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and Milliman FRM and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

**1. Nature, extent and quality of services**

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM's services provided by CRMC, administrative and shareholder services provided by CRMC to the funds under the advisory agreement and other agreements, as well as the benefits to each fund's shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

The board and the committee also considered the depth and quality of Milliman FRM's investment management process, including its experience in applying the Milliman Managed Risk Strategy to other funds in the series and risk management services for other clients; the experience, capability and integrity of its senior management and other personnel; and the services provided to each fund under the subadvisory agreement. The board and the committee concluded that the nature, extent and quality of the services provided by Milliman FRM have benefited and should continue to benefit each fund and its shareholders.

**2. Investment results**

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. The board and the committee also considered the volatility of the funds compared with the S&P 500 Managed Risk indexes and those of a group of funds with volatility management strategies identified by management over various periods (including each fund's lifetime) through September 30, 2024. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreements, and that CRMC's and Milliman FRM's record in managing the funds indicated that their continued management should benefit each fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **379** | American Funds Insurance Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Advisory fees and total expenses**

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. The board and the committee noted that CRMC had agreed to eliminate its waiver of 5 basis points of the advisory fee for each of the funds and to permanently reduce the advisory fee of the funds from 15 basis points to 10 basis points, and that CRMC agreed to continue to pay the fees due to Milliman FRM under the subadvisory agreement. They observed that each fund's advisory fees and total expenses were generally competitive with those of other similar funds included in the comparable Lipper category.

The board and the committee also considered the breakpoint discounts in each underlying fund's advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

**4. Ancillary benefits**

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the series' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by each fund.

**5. Adviser financial information**

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| American Funds Insurance Series | **380** |

---

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable to the registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to the registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders
The registrant does not have procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

#### Item 16. Controls and Procedures
(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
(a) Not applicable.

(b) Not applicable.

------

#### Item 19. Exhibits
(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d847693dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)(1) [The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d847693dex99906cert.htm)

(b)(2) [The certification required under Section 906 of the Sarbanes-Oxley Act of 2002, regarding American Funds Growth Portfolio, a series of the Trust, by American Funds Insurance Series, is attached hereto.](d847693dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### BRIGHTHOUSE FUNDS TRUST I

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

---

Date: September 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

---

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |

---

Date: September 5, 2025

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Kristi Slavin, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

---

------

I, Alan R. Otis, certify that:

1. I have reviewed this report on Form N-CSR of Brighthouse Funds Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | /s/ Alan R. Otis |
|  | Alan R. Otis |
|  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 19(b)(1)** 

**SECTION 906 CERTIFICATION** 

Kristi Slavin, and Alan R. Otis, of Brighthouse Funds Trust I (the "Trust") each certify that:

1. This Form N-CSR filing for the Trust (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Kristi Slavin |
|  | Kristi Slavin |
|  | President and Chief Executive Officer |

---

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | /s/ Alan R.Otis |
|  | Alan R.Otis |
|  | Chief Financial Officer and Treasurer |

---

Date: September 5, 2025

------

**Exhibit 19(b)(2)** 

**AMERICAN FUNDS CERTIFICATION PURSUANT TO SECTION 906** 

I, Courtney R. Taylor, in my capacity as Secretary of the American Funds Insurance Series, certify that in compliance with Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and Item 11 of Form N-CSR, the Principal Executive Officer and Treasurer of American Funds Insurance Series ("AFIS") intend to certify to the U.S. Securities and Exchange Commission ("SEC") with respect to the attached PDFs of the Series (Quarterly, Semi-annual or Annual) report and disclose that they have concluded without qualification that the disclosure controls and procedures relating to AFIS are effective. Brighthouse Funds Trust I may rely on these certifications, which will be made in connection with AFIS' filings with the SEC on forms N-CSR and N-PORT, which can be found at

---

| | |
|:---|:---|
| /s/ Courtney R. Taylor | August 27, 2025 |
| Courtney R. Taylor | Date |
| Secretary, |  |

---

American Funds Insurance Series